We forecast Q2 revenue of DKK 33m
Following a soft Q1 with revenue of DKK 21.5m (inventory reduction at a large customer), we forecast Q2 revenue of DKK 33m, a decline of 14% y-o-y. Napatech has guided for FY'24 revenue of DKK 170-180m, which compares to our revenue estimate of DKK 161m. We expect the year to be back-end loaded, with DKK 107m in revenue in H2 vs. DKK 54m in H1 driven by: 1) no inventory adjustment effects in H2, and 2) USD 2m in non-recurring engineering costs (one-time revenue) related to the first IPU design win.
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