NORDIC SEMICONDUCTOR ACQUIRES MEMFAULT

Launches first complete chip-to-cloud platform for lifecycle management

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This presentation was prepared in connection with the acquisition of Memfault announced on June 24, 2025. Information contained herein will not be updated. The following slides should also be read and considered in connection with the information given orally during the presentation.

Today's presenters

Vegard Wollan CEO

Kjetil Holstad EVP Corporate Strategy

Pål Elstad CFO

Introduction

Key highlights

Transaction overview

Q&A

Nordic Semiconductor

A complete solution provider at the core of IoT

Long-standing partners

Memfault founded by Chris, Tyler, and Francois developing their cloud platform for lifecycle management

Nordic and Memfault entered into strategic partnership providing value-added services to customers

Nordic and Memfault join forces transforming how connected products are built, deployed and upgraded

The complete chip-to-cloud solution partner

A global leader in low-power wireless connectivity solutions	The leading cloud platform provider for large-scale deployments of connected products	A complete chip-to-cloud solution partner for connected products

Addressing a paradigm shift in product development

Customer Challenge	Our Solution	Impact for Customers
Growing software complexity Rising regulatory and security expectations Continuous software updates becoming the norm	Provide a complete solution for how connected devices are built, deployed and monitored, maintained and managed	Accelerated time-to-market Reduce field issues and returns Deliver a better end-user experience

Memfault – key highlights

Providing software services that empower device manufacturers to monitor, update, and improve millions of devices in the field - building better products faster.
Founded 2018, HQ San Francisco, with about 60 employees in the US and EU

▪ More than 100 customers

All trademarks are the property of their respective owners and are used with their permission.

With Memfault, we have seen customer support calls dropping. We've seen churn decrease. And our Amazon reviews have jumped up above four stars.

Chad Baucom Director, Product at Gabb

Joint go-to-market strategy

customers

Upsell to existing and new customers

Continue winning new customers

Cross-sell to Nordic Strong synergies in customer base

Key transaction highlights

Transaction structure	Nordic Semiconductor ASA to acquire 100% of the shares of Memfault Inc. ▪

Consideration	▪ Consideration based on agreed enterprise value of USD 120 million ▪ The final equity purchase price is subject to customary net debt and normalized working capital adjustments

Financing	Financed through cash and bridge loan facility of USD 110 million ▪

Management reinvestment	The founders will reinvest 30% of their proceeds in Nordic stock (USD ▪ 13 million).

Timeline	▪ Closing is expected to be in July 2025

This is a declaration of intent

Together, we enable thousands of customers to continuously interact with millions of devices in the field.

Vegard Wollan CEO of Nordic Semiconductor

ARR growth of 49% last three years with continued strong ARR growth expected in 2025 with +50% growth
- Going forward ARR growth will be driven by significant up-sell and cross-sell opportunities from the Nordic customer base
- Memfault to continue to win new customers outside the Nordic customer base
- Attractive historical net retention rate (NRR) of some 115-120%
Acquisition will be accretive on Nordic's gross margin given Memfault's typical software gross margins
Current Memfault cost base of some USD 12 million expected to increase slightly but with significant scalability
Targeting profitability within 24 months

AI Terminal

Nordic Semiconductor

3680_iss_2025-06-24_9fb2db06-88e7-4b41-b0c5-cc0a5b65e3ca.pdf

NORDIC SEMICONDUCTOR ACQUIRES MEMFAULT

Disclaimer