Napatech: Delayed ramp-up of IPU volumes - ABG

'25 guidance ~50% below (likely due to delayed ramp-up of IPU volumes)
One new design (~2k units), otherwise limited news
Concl.: negative reaction likely due to limited news and soft '25 guidance


Q4: Revenue DKK 36m, 5% above

Revenue was DKK 38m, 5% above ABGSCe of DKK 36m. This corresponds to a y-o-y growth of -35% vs. 71% in Q4'23. Gross profit was DKK 25m, 2% below ABGSCe of DKK 25m, corresponding to a gross margin of 65.3% vs. ABGSCe of 70.1%. Cash opex (incl capitalized dev costs) was DKK 45m, 5% lower than ABGSCe of DKK 47m. This gave an EBITDAC of DKK -20m, 2m above ABGSCe of DKK -22m, corresponding to a margin of -53% vs. 12% in Q4'23. FCF incl leases (cash burn) was DKK -37m vs. ABGSCe of DKK -34m. As a result, the cash position ended at DKK 64m vs. ABGSCe of DKK 69m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Napatech/Equity-research/2025/2/napatech---delayed-ramp-up-of-ipu-volumes/