(Copenhagen, 28 April 2021) Napatech A/S ("Napatech", OSE: NAPA) reported
revenues of DKK 46.8 million in the first quarter of 2021 (48.5 million in the
first quarter of 2021), and an EBITDA of DKK 8.8 million (3.9). In USD terms,
the company grew revenues by 6% in the first quarter of 2021. Napatech
reiterates its outlook for 2021.

"Napatech started 2021 with year-over-year USD revenue growth and solid
earnings. We continue to display resiliency and strength as we build strong
momentum for future growth," says Ray Smets, CEO of Napatech. 

Napatech is a global leader of FPGA-based SmartNICs focused on high-speed
solutions for cloud, mobile, telecom, and enterprises with a goal of putting a
SmartNIC in every server requiring faster applications, better networking, and
more effective security applications. 

Napatech reported revenues of DKK 46.8 million in the first quarter of 2021
(48.5 million in the first quarter 2020), representing a decrease of 4%, with an
EBITDA of DKK 8.8 million (3.9). In USD terms, the company grew revenues by 6%
in the first quarter of 2021 compared to the first quarter of 2020. The net cash
flow from operating activities ended at negative DKK 12.0 million in the quarter
(3.4). At the end of the period, Napatech had cash and cash equivalents of DKK
40.8 million (63.7). 

"In 2021, we are executing on our strategy to unlock higher growth by focusing
on our core competencies based on a solid foundation of FPGA-based SmartNIC and
software technology excellence, and building key new partnerships that will
grant us access to broader areas of the market," Smets concludes.

Napatech reiterates its outlook for 2021: 
- Revenue in the range of DKK 210-230 million
- Gross margin 70-72%
- Staff expenses and other external costs in the range of DKK 125-135 million 
- Staff costs transferred to capitalized development costs DKK 20-25 million 
- Depreciation and amortization in the range of DKK 20-25 million

With performance in the middle of the guided ranges, EBITDAC and EBIT would be
positive DKK 26.2 million. 

For more information, please see the attached management statement for the first
quarter of 2021. 

Napatech will host a webcast presentation and a conference call of its
first quarter 2021 results today at 09:00 (CET). The presentation will be given
by Ray Smets (CEO) and Heine Thorsgaard (CFO). 

The presentation will be delivered by webcast on: 

https://streams.eventcdn.net/napatech/2021q1/

The presentation and link to the webcast will also be available on the Napatech
Investor Information section.

Dial-in details for the conference call are:

DK: +45 78 15 01 07 
NO: +47 23 50 02 36 
US: +1 844 625 1570 
UK: +44 3333 009 264

EBITDA and other alternative performance measures (APMs) are defined on page 2
in the attached report for the first quarter of 2021.

For additional information, please contact:

Heine Thorsgaard, Chief Financial Officer
Phone: +45 4596 1500
E-mail: htg@napatech.com

Media inquiries: 
Geir Bjørlo, Corporate Communications AS
Telephone: +47 915 40 000
E-mail: geir.bjorlo@corpcom.no