NORDIC SEMICONDUCTOR (Oslo, Norway -February 7, 2023 )Nordic Semiconductor ASA reported revenue ofUSD 191 million for the fourth quarter 2022, an increase of 12% from the fourth quarter last year. Revenue growth continues to be capped by limited wafer availability. Gross profit was stable atUSD 101 million , with a gross margin of 53%. EBITDA wasUSD 39 million in the fourth quarter, corresponding to an EBITDA-margin of 20%. Revenue for the full year 2022 increased by 27% toUSD 777 million with a gross margin of 56%. Full year EBITDA wasUSD 206 million and the EBITDA-margin 26%. "We report strong revenue growth also for 2022 and have seen average annual growth of close to 40% for the past three years. Our largest customers maintain a high demand for our feature rich Bluetooth low energy products, although production capacity will remain curbed by the persisting wafer shortage also in 2023," says CEOSvenn-Tore Larsen inNordic Semiconductor . During the second half of 2022 the company has seen lower demand for its proprietary products and first-generation Bluetooth low energy products, a temporary slowdown in cellular IoT, and generally weak demand inChina . As a result, the company expects a revenue decline and guides for a revenue range ofUSD 140-160 million in the first quarter 2023. Nordic sees higher wafer allocations later in the year. This will increase delivery capacity. The first quarter is hence expected to be a low-point in terms of revenue. Given the slow start to the year, Nordic no longer expect to meet itsUSD 1 billion revenue ambition already in 2023, although the company expects to reach an annual run-rate ofUSD 1 billion in the second half of the year. Nordic maintains a positive longer-term market outlook, and the company's strong financial position enables the company to continue investing to build a leadership position in a market with significant growth potential. However, these growth ambitions lean on assumptions of economic growth and increasing product demand from both consumers and industrial customers. The company will adapt its investment plans as deemed necessary to reflect any persistent major changes in economic conditions and/or customer behavior. Gross margin was 53% in the fourth quarter and 56% for the full year 2022. The company expects a gross margin level above 52% for the first quarter 2023. The company reiterates its long-term ambition to maintain a gross margin level above 50%. Practical arrangements The management team will host a webcast presenting the fourth quarter results today at08:00 CET . 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. For further information, please contact:Pål Elstad , CFO / EVP Finance -Nordic Semiconductor ASA Phone: +47 991 66 293Ståle Ytterdal , SVP IR -Nordic Semiconductor ASA Phone: +47 930 37 430 AboutNordic 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 theOslo stock exchange inNorway . 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.
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