Napatech A/S: Q4 2025 Financial Results

(Copenhagen, 26 February 2026) Napatech A/S (“Napatech”, OSE: NAPA) reported revenues of USD 7.9 million in Q4 2025, up 48% compared to Q4 2024. This corresponds to DKK 51.1 million in revenue in Q4 2025 and DKK 146.6m for FY-2025. Gross margins for the year were in line with expectations at 69%. The company’s EBITDA came in at negative DKK 58.6m for the full year, which is an improvement of DKK 27.7 million compared to the previous year.

2025 was a defining year for Napatech—one that validated our strategy and set the stage for an exciting future. We committed to transforming Napatech into an indispensable acceleration platform for the AI data center era, and our results show clear and measurable momentum. This year, we delivered strong financial performance, expanded our technology leadership, deepened our ecosystem, and reinforced the foundation for scalable, long‑term growth.

We ended 2025 with excellent financial execution, delivering Q4 revenue of $7.9m, a 48% year‑over‑year increase and 26% sequential growth. Full‑year revenue reached $22.4m, up 33% from 2024. Gross margins remained robust at 69.5%, driven by a strong product mix and disciplined operations. We continued to strengthen our financial position with improved EBITDA, positive free cash flow, reduced net working capital, and a cash position that nearly doubled. Successfully completing a NOK 200m capital raise further enables us to support our rapidly expanding design‑win pipeline.

2025 also marked significant advances in our product and technology leadership. We expanded our SmartNIC and DPU portfolio with new Altera- and Intel‑based solutions, including products specified by a tier‑1 server OEM. Our collaboration with d-Matrix positions us at the center of next‑generation AI inferencing architectures.

We grew our presence across AI, storage, networking, cybersecurity, and fintech, adding new customers in high‑growth segments and strengthening our ecosystem with leading partners. With 27 new design wins, we have built a durable foundation for multi‑year growth.

As we enter 2026, we do so with confidence, momentum, and a clear path forward. Napatech is scaling for the AI data center era—and we are just getting started.

Napatech’s financial guidance for 2026 is:
Units sold: 	DKK 8,700–10,700 million
Revenue: 	DKK 200–240 million
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 fourth quarter of 2025. 

Napatech will host a webcast presentation and a conference call to discuss its fourth-quarter 2025 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/767139777

Dial-in details for the conference call are: 

DK: +45 89 87 50 45
NO: +47 81 50 33 08
US: +1 646 233 4753
UK, and all other locations: +44 20 3936 2999

Access Code: 791391

For additional information, please contact: 
Klaus H. Skovrup, Chief Financial 
Officer Phone: +45 4596 1500 
E-mail: ksk@napatech.com

About Napatech 
Napatech is a leading supplier of programmable FPGA-based Data Processing Unit and SmartNIC solutions used in telecom, cloud, enterprise, cybersecurity, and financial applications worldwide. Through commercial-grade software suites integrated with robust, high-performance hardware, Napatech accelerates telecom, networking, and security workloads to deliver best-in-class system-level performance while maximizing the availability of server compute resources for running applications and services.

www.napatech.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Klaus H. Skovrup, CFO, Napatech A/S, on 26 February 2026 at 08:00 CET.