Napatech Q3 2026 Interim Management Statement
Napatech A/S: Q3 2026 Financial Results
(Copenhagen, 5 November 2026) Napatech A/S (“Napatech”, OSE: NAPA) reported revenues of USD 10.3 million in Q3 2026, corresponding to DKK 66.9 million, representing 64% growth in USD and 67% growth in DKK compared to Q3 2025. A growth of 39% quarter-over-quarter and the highest third quarter revenue in Napatech history. Gross margin for the quarter was 55.4%. This was due to a one-time temporary lag in repricing of the initial ramp order within AI Infrastructure. A revised pricing structure takes effect in Q4 improving our gross margin considerably, supporting our unchanged full-year revenue and gross-margin guidance.
The company’s EBITDA in Q3 2026 improved to close to break-even from negative DKK 6.1 million in Q3 2025. Cash flow from operating activities was negative DKK 15.3 million in Q3 2026, primarily impacted by backloaded invoicing. Net working capital at quarter-end amounted to DKK 116.1 million, reflecting backloaded invoicing and higher inventories. Cash and cash equivalents amounted to DKK 45.5 million, with total available liquidity of DKK 67.1 million, including undrawn committed facilities.
The third quarter of 2026 marked an important milestone in Napatech's transformation, with our first AI Infrastructure production shipments complementing continued Core Infrastructure growth. This represents tangible progress in translating our AI strategy into commercial results.
With a strong Core business and AI Infrastructure entering commercial production, Napatech is positioned for its next phase of growth. The focus remains on scaling customer programs, converting opportunities into revenue, and delivering sustainable, profitable growth. Based on current performance and visibility, the company maintains its financial guidance for 2026 unchanged:
| Revenue: | DKK 200-240 million |
| Units sold: | 7,700-9,700 |
| Gross Margin: | 60-70% |
| Staff Expenses & Other External Costs: | DKK 170-180 million |
| Staff Costs Capitalized to Development: | DKK 5-8 million |
For more information, please see the attached report for the third quarter of 2026.
Napatech will host a webcast presentation and a conference call to discuss its third-quarter 2026 report today at 09:00 (CET). The presentation will be given by Kartik Srinivasan (CEO) and Klaus H. Skovrup (CFO).
The presentation will be delivered by webcast on:
https://events.q4inc.com/attendee/498133964
Dial-in details for the conference call are:
DK: +45 32 74 07 10
NO: +47 57 98 94 30
US: +1 646 307 1963
UK, and all other locations: +44 20 3481 4247
Access Code: 3809116