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Napatech A/S: Q4 2021 Financial Results

08:00 / 24 February 2022 Napatech Press release

(Copenhagen, 24 February 2022) Napatech A/S ("Napatech", OSE: NAPA) reported
revenues of DKK 55.0 million in the fourth quarter of 2021 (52.5 million in the
fourth quarter of 2020), and an EBITDA of DKK 23.1 million (11.7). In USD terms,
the company grew revenues by 2% in the fourth quarter of 2021. Although revenues
were lower than expected in 2021, Napatech delivered the strongest financial
results in the history of the company. Napatech confirms its strong outlook and
expects 2022 revenues of USD 37 to 41 million.

"As communicated in our revenue guidance update 3 January 2022, certain
deliveries were delayed into 2022 due to supply chain impacts and customers
deferrals. Building off our solid market position with our leading SmartNIC
solutions, the strong order intake in the quarter highlights how we capture the
opportunities we see in fast-growing virtual networking. We will accelerate our
investments going into 2022, expects solid growth, and reiterate our strong
outlook," says Ray Smets, CEO of Napatech.

Napatech is a global leader of FPGA-based SmartNICs focused on high-speed
solutions for cloud, mobile, telecom, and enterprises with a goal of putting a
SmartNIC in every server requiring faster applications, better networking, and
more effective security applications.

Napatech reported revenues of DKK 55 million in the fourth quarter of 2021 (52.5
million in the fourth quarter 2020), representing an increase of 5%, with an
EBITDA of DKK 23.1 million (11.7). The revenues were guided in the market update
on 3 January 2022.

In USD, the company grew revenues by 2% in the fourth quarter of 2021 compared
to the fourth quarter of 2020. The net cash flow from operating activities ended
at DKK 15.2 million (14.8). In 2021, Napatech reported revenues of DKK 195.5
million (DKK 194.2 million in 2020), with an EBITDA of DKK 52.9 million (35.4).
At the end of the period, Napatech had cash and cash equivalents of DKK 39.4
million (62.7).

"Datacenters are the most important investment by network operators in cloud and
edge computing, mobile-telecom, and enterprises. We remain highly optimistic
about our potential to unlock higher growth within this market with innovative
SmartNIC solutions that deliver market-leading performance for our customers,"
Smets concludes.

Napatech's outlook for 2022 is:
- Revenue in the range of DKK 235-260 million
- Gross margin 69-71%
- Staff expenses and other external costs in the range of DKK 155-165 million
- Staff costs transferred to capitalized development costs DKK 28-33 million
- Depreciation and amortization in the range of DKK 23-28 million

With performance in the middle of the guided ranges, EBITDAC would be positive
DKK 13.3 million and EBIT would be positive DKK 18.3 million.

For more information, please see the attached Interim Management Statement for
Q4 2021.

Napatech will host a webcast presentation and a conference call of its
Q4 2021 report today at 09:00 (CET). The presentation will be given by Ray Smets
(CEO) and Heine Thorsgaard (CFO).

The presentation will be delivered by webcast on:

The presentation and link to the webcast will also be available on the Napatech
Investor Information section.

Dial-in details for the conference call are:

Participant Access Code: 383767

DK: +45 80 82 00 35
NO: +47 80 02 49 73
US: +1 646 664 1960
UK: +44 2039 362 999

EBITDA and other alternative performance measures (APMs) are defined on page 2
in the attached report for Q4 2021.

For additional information, please contact:

Heine Thorsgaard, Chief Financial Officer
Phone: +45 4596 1500

Media inquiries:
Geir Bjørlo, Corporate Communications AS
Telephone: +47 915 40 000

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Heine Thorsgaard, CFO, Napatech A/S, on 24
February 2022 at 08:00 CET.
Oslo Børs

This information was distributed by Oslo Børs