Napatech: New '26/'27 guidance, announces equity raise - ABG
Q1 revenue was DKK 24m, 22% below ABGSCe Guides for 10.7k units shipped in '26 and 32k in '27 Announces min. NOK 150m equity raise, with interest exceeding that
ANNONS
Q1: Revenue DKK 24m, 22% below
Revenue was DKK 24m, 22% below ABGSCe of DKK 31m. This corresponds to y-o-y growth of 11% vs. -35% in Q4'24. The gross margin was 70.3% vs. ABGSCe of 68.9%. Cash opex (incl capitalised dev. costs) was DKK 49m, 16% higher than ABGSCe of DKK 42m. This gave an EBITDAC of DKK -32m, 11m below ABGSCe of DKK -21m. Staff costs in Q1’25 were up 26% compared to Q1’24 due to the build-up of development staff to serve the increased design win pipeline, but according to the new guidance, the company expects opex to come down again in '26/'27. FCF incl. leases was DKK -30m vs. ABGSCe of DKK 61m. As a result, the cash position ended at DKK 35m vs. ABGSCe of DKK 125m. Napatech also says that net working capital has had an unfortunate development for the past five quarters, but that it has planned and implemented a number of improvement initiatives to bring NWC down over the coming quarters. Also, it expects a more optimised logistics setup, as it implements new design wins in its supply chain. In turn, it anticipates that most of the new business will be based on large-volume orders rather than producing for stock.
