Nordic Semiconductor (NOD) Q4 2025 Post Call earnings summary

Executive summary

• Q4 2025 revenue reached USD 170 million, up 13% year-over-year, with gross margin at 54.9% (52% adjusted for inventory write-down reversal).

• Full-year 2025 revenue was USD 668 million, up 31% year-over-year, with full-year gross margin at 51.8% (51.1% adjusted).

• EBITDA for Q4 was USD 15.0 million (USD 12.7 million adjusted); full-year EBITDA was USD 66.3 million (USD 66.5 million adjusted).

• Strategic acquisitions (Memfault, Atlazo, Neuton) completed, enhancing software, cloud services, and lifecycle management capabilities.

• Leadership in Bluetooth Low Energy certifications, with a 32% share of end-product certifications over the last 12 months.

Financial highlights

• Q4 revenue: USD 169.5 million (+13% YoY); full-year: USD 667.6 million (+30.5% YoY).

• Q4 gross margin: 54.9% (52% adjusted); full-year: 51.8% (51.1% adjusted).

• Adjusted EBITDA margin was 7.5% in Q4; Q4 operating profit (EBIT) was USD 1.6 million.

• Cash and cash equivalents at year-end: USD 307.4 million, with continued positive cash generation.

• Capex intensity over the last 12 months was 3.4% of revenue.

Outlook and guidance

• Q1 2026 revenue guidance is USD 175–195 million, representing 13% to 26% year-over-year growth.

• Gross margin expected to remain above 50% in Q1 2026; long-term ambition to maintain gross margin above 50%.

• Targeting average annual revenue growth above 20% through the end of the decade and ~25% EBITDA margin.

• Contribution from nRF54 expected to be lower in Q1 than in Q4, providing a potential tailwind for later quarters.