Nordic Semiconductor

Earnings Release • Apr 24, 2024

NOD: Results for the first quarter 2024

NOD: Results for the first quarter 2024

(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.