(Oslo, Norway – August 8, 2024) Nordic Semiconductor ASA reported revenue of USD 128 million for the second quarter 2024, a decline of 17% from the second quarter last year and a sharp increase of 72% from the previous quarter. Gross margin was 42% including a write-down of USD 10 million of Long-range components, and 50% when adjusted for the write-down. Reported EBITDA showed a loss of USD 7 million for the second quarter and a positive USD 3 million when adjusted for the write-down.
For the first half year 2024, revenue decreased by 32% to USD 202 million. Reported EBITDA declined from USD 43 million in the first half 2023 to a loss of USD 30 million in the first half 2024.
The sequential revenue improvement in the second quarter reflects both increasing underlying demand and seasonality, as well as less adverse effects of distributor inventory adjustments. Going forward, the company expects revenue of USD 150-170 million in the third quarter, which historically is the seasonally strongest quarter of the year.
-We are progressing to plan in a stabilizing market, and our guidance for the third quarter marks the return to year-on-year revenue growth. This reflects improving underlying demand among key customers as well as in the broad market, and it is good to see design activity picking up across our customer base, says CEO Vegard Wollan in Nordic Semiconductor.
The third quarter revenue guidance corresponds with a year-on-year revenue increase of 11%-26% compared to the third quarter last year, and a sequential increase of 17%-33% from the second quarter 2024.
Nordic expects a gross margin of around 50% for the third quarter, in line with the adjusted gross margin for the second quarter, and the company reiterates its long-term ambition to maintain a gross margin level above 50%.
The company will present its strategy and longer-term ambitions in more detail on a Capital Markets Day in Oslo on September 26, 2024.
Practical arrangements
CFO Pål Elstad and CEO Vegard Wollan will host a webcast presenting the second quarter 2024 results today at 08:00 CEST. The presentation will be held in English and can be followed live via webcast on the IR pages at www.nordicsemi.com, with a recorded version being made available after conclusion of the presentation. The virtual audience will be given the opportunity to ask questions through a Q&A dial-in function.
Please see call-in details below if you want to join the conference by telephone.
PIN Code for all countries: 286203
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646 787 0157
DK: +45 7876 8490
SE: +46 8 1241 0952
DE: +49 30 2178 9327
FR: +33 1 8122 1259
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 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 considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Kine-Elena Reigstad, VP International Finance, Nordic Semiconductor ASA, on August 8, 2024, at 07:00 CEST.