Nordic Semiconductor (NOD) CMD 2024 summary

Strategic priorities and organizational changes

• Launched Nordic 2.0 to sharpen strategic focus, enhance engineering execution, and strengthen accountability, with resource reallocation to accelerate key projects and put others on hold.

• Established four autonomous business units: Short Range, Long Range, Wi-Fi, and PMIC, each with dedicated leadership and accountability to drive growth and restore profitability.

• Enhanced engineering autonomy and accountability to improve execution and accelerate time to market.

• Emphasis on operational agility, customer-centricity, and accelerated product roadmaps to regain market traction and improve ROI.

• Sustainability and supply chain resilience prioritized through dual sourcing on 22nm nodes and partnerships with TSMC and Global Foundries.

Product innovation and roadmap

• nRF54 Series SoCs launched on 22nm technology, offering over 2x processing power and energy efficiency, with first commercial shipments starting now.

• nRF54L and nRF54H support Bluetooth 6 and future features, with significant improvements in processing, energy efficiency, and security.

• Ambition to launch 2–4 new product families per year, leveraging a unified software ecosystem for rapid customer adoption.

• New products in Long Range (nRF9151) and upcoming nRF92 Series target asset tracking, metering, and industrial IoT with lower cost and higher value.

• Wi-Fi (nRF71 Series) and PMIC businesses aim for $50M revenue and profitability by 2028, leveraging ultra-low power and integration.

Market outlook and growth drivers

• Serviceable market for Short Range expected to grow at 17% CAGR, with ambition to outpace market growth over the decade.

• Long Range business targets profitability by 2028 with $100M+ revenue, focusing on asset tracking, metering, and industrial IoT.

• Wi-Fi and PMIC units also target profitability by 2028, with strong synergies across business units.

• AI/ML and edge computing are key trends, with new products enabling smarter, more efficient devices.

• Sustainability and supply chain resilience are emphasized, with dual sourcing and advanced manufacturing partnerships.