(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.