(Oslo, Norway - April 24, 2024) Nordic Semiconductor ASA reported revenue of USD
74 million for the first quarter 2024, in a quarter where Nordic has actively
adjusted inventory within its distribution channel. Gross profit was USD 36
million with a gross margin of 48%, and with operating costs of USD 59 million
the company showed an EBITDA-loss of USD 23 million for the quarter. Nordic's
guidance for the second quarter 2024 is for revenue of USD 115-135 million with
a gross margin of around 50%. 

"The low revenue in the first quarter reflects our efforts to lower the
inventory level in the distribution channel. We now see improving demand from
both tier-1s and broad market customers, and revenue in the second quarter will
also be supported by seasonally higher demand," says CEO Vegard Wollan. 

After the end of the first quarter, Nordic announced the establishment of the
four new business areas Short-range, Long-range, Wi-Fi and Power Management.
Nordic expects the reorganization to clarify strategic direction, improve
autonomy and accountability in the different areas, sharpen the focus on
products and development roadmaps, and enable a customer centric and agile
approach to improve market responsiveness and shorten time-to-market. 

"We invest significant resources in product development, and the new
product-centric organizational structure is an important step forward towards
generating higher returns on our investment over time. Our overarching goal is
to return to revenue growth and restore profitability," says Wollan.

Practical arrangements

CEO Vegard Wollan and CFO Pål Elstad will host a webcast presenting the first
quarter results today at 08:00 CEST. 

A live webcast of the presentation and call-in instructions can be found at
https://www.nordicsemi.com/Investor-Relations, and a recorded version of the
presentation will also be available after the event. 

The company will only be accepting question asked live through the Q&A dial-in
function. The dial-in details are only applicable if you want to ask questions. 

Please see the details below. 

PIN Code for all countries: 286203 
NO: +47 21 95 63 42 
UK: +44 203 769 68 19 
US: +1 646 787 01 57 
DK: +45 78 76 84 90 
SE: +46 8 12 41 09 52 
DE: +49 30 21 78 93 27
FR: +33 1 81 22 12 59

For further information, please contact:
Pål Elstad, CFO / EVP Finance - Nordic Semiconductor ASA
Phone: +47 991 66 293

Ståle "Steel" Ytterdal, SVP IR - Nordic Semiconductor ASA
Phone: +47 930 37 430

About Nordic Semiconductor: 
Nordic Semiconductor has been a pioneer in ultra-low power wireless solutions,
from proprietary technologies for PC accessories to today's Bluetooth low energy
and multiprotocol products and long-range cellular IoT solutions. Nordic
Semiconductor is the clear market leader in the ultra-low power wireless
segment, serving a growing market in consumer electronics, wearables, building
and retail, healthcare and an increasing number of other verticals and
applications. Nordic Semiconductor (NOD) is a public company listed on the Oslo
stock exchange in Norway. 

For more information, go to www.nordicsemi.com 

This information is subject to the disclosure requirements according to §5-12 in
the Norwegian Securities Trading Act.

This stock exchange announcement was published by Pål Elstad, CFO, on April 24,
2024 at 07.00 CEST.