Napatech reported a 55% year-over-year revenue increase to $7.4 million in Q2 2026, driven by strong demand in its core infrastructure segment. The company, which provides link-capture solutions for enterprise, telecom and cybersecurity markets, posted gross margins of 67.3% for the quarter, while EBITDA losses narrowed to negative DKK 6.6 million.
For the first half of 2026, total revenue reached $13.1 million, up 61% from the prior-year period. Core infrastructure sales accounted for $12.8 million of H1 revenue, a 65% increase, supported by 12 new design wins. In contrast, AI infrastructure revenue declined to $0.3 million from $0.4 million a year earlier, remaining in early production stages.
The company sold 2,671 units in H1, a 20% rise, though full-year unit volume guidance was lowered to 7,700–9,700 units from a previous 8,700–10,700 range. This reflects a shift toward higher-speed, higher-average-selling-price products. Staff and external costs are projected at DKK 170–180 million, with DKK 5–8 million in development costs capitalized.
Geographically, the Americas contributed $7.3 million in H1 revenue, up 27%, while other markets generated $5.9 million, a 141% increase. Cash and equivalents stood at DKK 62.7 million at quarter-end, with total liquidity of DKK 84.3 million including undrawn credit facilities.
Napatech maintained its full-year 2026 revenue guidance of DKK 200–240 million and gross margin range of 60–70%, while projecting EBITDA losses of around DKK 25 million. The stock traded flat at $41.60, near the midpoint of its 52-week range of $20.4 to $60.
