Nordic Semiconductor (NOD) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $170 million, up 13% year-over-year, with full-year revenue at $668 million, up 31% year-over-year.

• Gross margin improved to 54.9% (reported) and 52% (adjusted), reflecting better product/customer mix and cloud services contribution.

• Adjusted EBITDA for Q4 was $13 million (7.5% margin); full-year Adjusted EBITDA rose to $67 million (10% margin).

• Strategic acquisitions (Memfault, Neuton.AI) enhanced cloud and AI capabilities, supporting transition to a solutions provider.

• Net profit after tax in Q4 was $4.2 million, reversing a loss in Q4 2024; full-year net profit was $16.4 million.

Financial highlights

• Q4 gross profit was $93 million, up 26% year-over-year; full-year gross profit was $346 million, up 43%.

• Operating expenses excluding depreciation and amortization rose to $78.1 million in Q4, mainly due to payroll and acquisition-related costs.

• Cash and cash equivalents at year-end were $307.4 million, up from $287.9 million.

• Net working capital decreased to 21.8% of LTM revenue from 34.1% a year earlier.

• Inventory reduced to $155 million from $171.9 million year-over-year.

Outlook and guidance

• Q1 2026 revenue guidance: $175–$195 million, implying up to 26% YoY growth.

• Gross margin expected to remain above 50% in Q1 2026.

• Long-term targets: revenue growth >20% CAGR (2024–2030), EBITDA margin target of 25%.