(Oslo, Norway – July 11, 2023) Nordic Semiconductor ASA reported revenue of USD 154 million for the second quarter 2023, an increase of 6% from the previous quarter and a decline of 23% from the second quarter last year. Gross profit was USD 82 million with a gross margin of 53%, and the EBITDA of USD 29 million corresponds to an EBITDA-margin of 18.5%.
Bluetooth low energy revenue increased by 9% from the first quarter and declined by 15% year-on-year, and Nordic maintains a high and stable design win market share in this technology.
For the first half year 2023, revenue decreased by 22% to USD 300 million, with EBITDA decreasing to USD 43 million from USD 107 million in the first half 2022.
The current demand outlook indicates a revenue level of USD 145-165 million in the third quarter, in line with the second quarter . The gross margin is expected to remain above 52% in the third quarter, and the company reiterates its long-term ambition to maintain a gross margin level above 50%.
“We see clear growth opportunities in many verticals going forward, but many customers remain cautious in the current economic climate and the timing of the market recovery is uncertain. The revenue visibility is hence low beyond the current quarter, with a wide range of outcomes,” says CEO Svenn-Tore Larsen in Nordic Semiconductor.
In reflection of the continued high uncertainty, the company is intentionally not providing any outlook on the fourth quarter 2023. This statement replaces any previous communication from the company on 2023 outlook.
Nordic continues to invest in building a leadership position in markets with significant growth potential and maintains a positive long-term market outlook but have initiated targeted cost initiatives to mitigate a more challenging market. This is expected to impact financials positively during the second half of the year.
Practical arrangements
The management team will host a webcast presenting the second quarter results today at 08:00 CEST. The presentation will be held in English. For Q&A there will be a call-in function. 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.
In addition to asking questions by following the link on the webcast, participants can call in and ask questions live. 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: +47-21956342
UK: +44-203-7696819
US: +1-646-787-0157
DK: +45-78768490
SE: +46-8-12410952
DE: +49-89-61429299
FR: +33-1-81221259
For further information, please contact:
Pål Elstad, CFO / EVP Finance - Nordic Semiconductor ASA
Phone: +47 991 66 293
Ståle 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, industrial, 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.