Napatech Q3 in-line, small new design win - ABG

Q3 results in-line, cash burn of DKK 27m
Small new design win (~1k units), reiterates target of 4-6 design wins
Limited news in the report, neutral to the investment case


Revenue 3% below, EBITDAC DKK 1.7m below

Revenue was DKK 34.0, 3% below ABGSCe of DKK 35.0m. This corresponds to a decline of 31% y-o-y, but a sequential increase of 47% q-o-q. The gross margin was 71.3%, vs. ABGSCe of 70.5%. Total opex incl. capitalised development costs was DKK 43.2m, above ABGSCe of DKK 41.9m. As a result, EBITDAC was DKK -18.9m, DKK 1.7m below ABGSCe of DKK -17.2m. Cash burn in the quarter was DKK 27m, of which DKK 8m in working capital build. This was partially offset by issuance of short-term debt, i.e. cash position was flat at DKK 103m q-o-q. This was above our estimate of DKK 79m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Napatech/Equity-research/2024/11/napatech---q3-in-line-small-new-design-win/