Q1: Better cash flow driven by lower-than-expected capex
Napatech delivered Q1 sales of DKK 37m, down 29% y-o-y as enterprise pipeline orders continued to be affected by customers' buying behaviour. However, this was9% better than our estimate of DKK 34m. The gross margin came in at 55%, below ABGSC at 60% and consequently gross profit came in 1% above ABGSC. The lower gross margin is explained by extraordinary component costs related to components purchased in 2022, but note that the margin is up from 51% in Q1 last year which was affected by a hardware-only order. Operating costs were DKK 38m, i.e. slightly below our estimate of DKK 39m. This resulted in an EBITDAC of DKK -17.9m vs ABGSC at DKK -19m. Furthermore, capex in the quarter was DKK 6.1m, below our estimate of DKK 11m. Consequently, EBITDA-capex came in at DKK -18.9m vs. our estimate of DKK -24m. Operating cash flow was also slightly better at DKK 23.3m vs ABGSC at DKK 22m. Note that the postiive WC change is driven by the Intel payment received in January.
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