Q4 2025 Nordic Semiconductor ASA Earnings Call Transcript
Key Points
- Nordic Semiconductor ASA (NDCVF) reported a 13% year-on-year revenue increase in Q4 2025, reaching $170 million, which was at the higher end of their guidance range.
- The company achieved a gross margin of 55% in Q4, with a healthy adjusted gross margin of 52%, showing improvement from the previous year.
- The nRF54 Series products are beginning to have a meaningful impact, accounting for about 15% of certifications in Q4, indicating strong market acceptance.
- Nordic Semiconductor ASA (NDCVF) has established connectivity across multiple leading satellite operators, enhancing their position in satellite-enabled IoT connectivity.
- The strategic acquisition of Memfault has positively contributed to cloud services revenue, aligning with the company's transition to a complete solutions provider.
- Revenue from the broad market remains around one-third below peak levels, indicating a slower recovery in this segment.
- R&D costs increased by 24% to $50 million in Q4, reflecting ongoing product renewal processes and increased activity, impacting profitability.
- The company's adjusted EBITDA margin, while improved, remains at 10%, below the long-term ambition of 25%.
- Currency fluctuations, particularly NOK/euro compared to US dollars, increased quarterly operating expenses by approximately $3.7 million.
- Inventory levels increased by $12 million to $155 million, driven by strategic builds, which could impact cash flow if not managed carefully.
Welcome to Nordic Semiconductors Q4 2025 presentation.
(Operator Instructions) This call is being recorded.
I'll now hand it over to Stale. Please begin.
Thank you, Kjell, and good morning everyone. Please note that this presentation is being recorded and will be accessible on the Nordic website in the Investor Relations section. Additionally, for those of you who missed the release, you can find the earnings press release, quarterly report, and presentation material also on our IR website.
With me today we have the CEO Vegard Wollan and our CFO Pal Elstad. They will share details about our recent financial performance and updates on key business developments.
Following the presentation, we will move on to the Q&A segment. During this time, live questions can be submitted through the Q&A dial-in features. For instructions on how to dial in, please refer to the earnings call invitation available under Stock Exchange Notice on our
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