Napatech: Reiterates 4-6 design wins in 2024 - ABG

Q1 EBITDAC below on costs, reiterates FY'24 guidance
Expect continued positive momentum
New guidance implies EPS of NOK 4.8-9.6


Q1 EBITDAC below on higher costs

Q1 top-line, EBITDA and FCF was pre-announced on May 2. Napatech delivered sales of DKK 21.5m, down 42% y-o-y, as pre-announced. The gross margin, was 72%, vs. ABGSCe at 71%. Consequently, gross profit came in DKK 15.4m, in-line with ABGSCe at DKK 15.3m. Operating costs were DKK -40.6m, 16% above our estimate of DKK -35m. As a result, EBITDAC was DKK 25.2m, DKK -5m below ABGSCe at DKK -19.7m.