Napatech A/S — Call Transcript 2026

Thank you for standing by, and welcome to Napatech's Q1 2026 interim management statement. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by one on your telephone keypad. If you would like to withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Klaus Skovrup, CFO, to begin the conference. Klaus, over to you. Good morning. I'm Klaus Skovrup, CFO of Napatech. I am pleased to welcome you all to Napatech's presentation for the Q1 of 2026. Joining me today is our CEO, Kartik Srinivasan. Our Q1 2026 report was released earlier this morning on the Oslo Stock Exchange and is also available on the investor relations section of the Napatech website. For your information, a recording of this webcast will be available later today. There will be a question and answer session following the presentation. During and after these prepared remarks, you may submit your question via text on the webcast page, or we can take your questions on the phone. If you would like to ask a question, please follow the instructions on this slide. Please note that this presentation contains forward-looking statements that are subject to risks and uncertainties. Our actual results may differ from those discussed in forward-looking statements. For further information on risk factors, please see company announcement and the slides prepared for this presentation. With that, over to you, Kartik. Thank you, Klaus, and hello, everyone. Let me start with a brief summary of the quarter. We saw continued strengthening in our financial performance and early signs of demand recovery in the core infrastructure market, supported by disciplined execution across the business. At the same time, we are seeing accelerating momentum in our design win pipeline across both core and AI infrastructures. Importantly, this pipeline is increasingly progressing toward production, which we expect to translate into revenue over time. Finally, our product positioning remains highly differentiated. As AI workloads scale, the network has emerged as a critical bottleneck, and our deterministic programmable architecture is well aligned with these evolving requirements. Overall, the quarter reflects improving fundamentals, building momentum, and a clear positioning for the next phase of growth. Turning into our financial performance for the quarter, we delivered revenue of $5.7 million, representing 69% year-over-year growth, primarily driven by our improved demand in our core infrastructure business. Gross margins remain strong at 70%, reflecting a favorable product mix and continued discipline in execution. We're also seeing improvement in revenue trends, indicating early signs of recovery in our core infrastructure markets. With all this, while our guidance for 2026 remains unchanged, we continue to focus on consistent execution and converting pipeline into revenue over the course of the year. Turning to business momentum. On the core infrastructure side, we saw solid activity in the quarter with five new design wins, continued pipeline expansion across verticals, and new customer engagements. We also converted a key design win in the financial infrastructure. This is a production-oriented engagement with a multi-year opportunity. Importantly, we view this as a repeatable use case across similar customers. I will go into a bit more detail on this space in my next slide. On the AI infrastructure side, we continued to make steady and tangible progress. Our technical deliverables are on track. Validation and testing activities are progressing as planned. At the same time, we are seeing continued collaboration as we advance overall solution readiness towards production. In parallel, our engagement with the tier-1 server OEM continues to progress with use cases defined, product deliverables aligned, and commercial discussions underway. Overall, we are seeing strong execution in core infrastructure alongside meaningful progress in AI as both areas contribute meaningfully to our growth trajectory. I'll now take a moment to highlight one of our core infrastructure verticals, financial trading networks. These are mission-critical, latency-sensitive environments where performance is defined not just by speed, but by consistency and determinism. Typical applications in this space include real-time market data capture and normalization, feed handling, trading signal generation, and order execution, where even microseconds of variation can impact outcomes. Our customers in this segment include global banks, hedge funds, proprietary trading firms, and exchanges, all operating highly performance-sensitive infrastructure. In these environments, the network sits directly in the critical path and increasingly becomes the limiting factor for performance. This is where Napatech's architecture is well aligned, enabling deterministic, ultra-low latency processing with high reliability. Importantly, this is a repeatable use case with deployments across leading financial institutions and clear expansion potential over time. Let me now turn to AI infrastructure and how Napatech's role in this space is becoming increasingly critical. As AI workloads scale, performance is increasingly constrained by the network rather than compute. Moving data efficiently between AI compute, memory, and storage has become a critical challenge. Importantly, we view this not as a linear or evolutionary shift, but as a more fundamental change in how compute, networking, and memory interact, requiring a different architecture to scale efficiently, both from a performance and energy standpoint. Traditional networking introduces variability, congestion, and CPU overhead, which limits overall system efficiency and utilization. What we enable is a fundamentally different approach, deterministic programmable networking that sits directly in the data path. This allows for consistent low latency movement, improved utilization of compute resources, and more efficient scaling of AI workloads. In practical terms, this applies across applications such as distributed inference pipelines, data pre-processing, and storage access used by hyperscalers and enterprise AI deployments. Overall, we see this as a structural shift in the market where networking becomes a key lever for performance and efficiency and where our architecture is well aligned. Before I hand it over, just to summarize, we are seeing strengthening financial performance, solid momentum in our core infrastructure business, and continued progress in AI as we position for the next phase of growth. With that, I'll turn it over to Klaus to walk through the financials in more detail and provide an update on our outlook. Thank you, Kartik. We entered the year with a strong revenue in Q1 of $5.7 million, up 69% compared to Q1 last year. As Kartik mentioned, the performance reflects continued customer engagement across our core infrastructure segment solutions. Our gross margin in Q1 was 70% in line with last year. Our staff costs and other external costs in Q1 amounted to DKK 44.5 million, down 9% compared to Q1 2025, mainly due to reduced costs of subcontractors and personnel during 2025 to balance cost to the revenue. In Q1, we capitalized DKK 810,000 compared to DKK 3.1 million in Q1 2025. You can also read that our EBITDA in Q1 2026 amounted to a negative amount of DKK 18 million, which is an improvement of DKK 11 million compared to Q1 last year. Free cash flow in Q1 was negative of DKK 5.8 million following the negative EBITDA, which was partly covered by an improvement in our working capital. We still have more than DKK 120 million in available cash. While we still have focus on reducing inventory, we are increasingly also pre-ordering to make sure we can meet customer demand, especially now where we do see increased lead times for a range of components. The positive development in receivables was driven by customers paying their invoices from December 2025 during Q1 2026. Net working capital at the end of Q1 was DKK 73 million, a reduction of DKK 8 million compared to Q4 2025. Net cash flow from financing activities for Q1 was negative DKK 23 million, as we did not draw on our credit facilities by the end of Q1. We continue to manage the business with a strong focus on cost discipline and cash preservation. Our guidance for the full year 2026 is unchanged compared to our latest reporting, as Kartik mentioned. Here we are guiding units to be sold to be expected between 8,700 and 10,700. We expect a revenue between $32 million and $38 million, which corresponds to around DKK 200 million to DKK 240 million. Ending in the middle of the range would be equal to a growth of more than 50% compared to 2025. Our gross margin interval is expected to end between 60% and 70%, and we expect staff expenses and other external costs to end in the range of DKK 170 million-DKK 180 million. Staff costs transferred to capitalized development costs are expected to be DKK 5 million-DKK 8 million in 2026. As we wrap up today's presentation, we would like to invite you to visit Napatech at one of these upcoming events. Our full year event plan is shown online at the link provided, and if you happen to be in one of these great cities during the coming period, we would love to meet you in person. With that, we are now ready for the Q&A. Operator, we are now ready to take the first question. Thank you, Klaus. As mentioned, we will now begin the Q&A session, and we'll take questions first from the phone. A reminder, if you are listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. And to withdraw your question, press the star one again. When called to ask a question, please use your device handset and ensure you are not on mute. Again that is star one to raise your hand and join the queue, and we will pause for a moment for any questions. Your first question comes from the line of Christoffer Bjørnsen of DNB Carnegie. Please go ahead. Thank you. Can you just give some more color on how you are progressing both with the tier-1 server OEM and with the d-Matrix relationships on the server OEM? Perhaps a bit more flavor on where you are in terms of the steps towards commercialization. How you think about the, timing there. In general, in most of them, especially on d-Matrix, whether you feel that the inventory that you added in the quarter is kind of sufficient to prep you for the ramp with d-Matrix, or if we should see a proper increase in Q2. Thank you, Christoffer, for that question. I'll kind of break this into two parts. One is on the AI inference customer. We are progressing from our technical deliverables standpoint as well as commercial deliverables standpoint on track. We remain convinced and excited about that opportunity. Again, the variable here is just the timing of this. To your question about, are we changing our supply or planning in terms of how we wanna fulfill it, we're sticking to what our guidance is there. We had already factored in orders coming in from them, there's no change to that plan as far as that AI infrastructure customer is concerned. As far as the tier-1 server OEM, Christoffer, that's progressing well on plan. We have alignment on the statement of work. We have alignment on the features, performance, cost, schedule, et cetera. Things are looking good there. Again, the same kind of response applies. We are delivering to our requirements. When that converts into some sort of meaningful thing remains to be seen. We have some amount of orders in 2026 baked in from the tier-1 server OEM as well, which, we are not changing right now. All right. Thank you. A reminder, if you are on the phone, please press star one on your telephone keypad to raise your hand and join the queue, and we will pause for any final questions. You have a question from Anders Newson, private investor. Please go ahead. Yeah. Hi, guys. Thank you for allowing me in. Just on the five design wins, could you perhaps give us a bit more flavor on those in terms of potential and also, timeline? Are they impacting 2026 by any means? Also, on the recent design win within the financials, when do we expect to see it convert into the revenue that you have guided for? Is that in Q2 or in Q4? When is that gonna happen? Yeah. Thank you. Thank you for the question. The design win momentum that we speak about, both of those are pertaining to the core infrastructure. The five new design wins that we had, each of them will track a different kind of path towards production. Some of these may actually impact 2026, again, no change to our plan there. These tend to be a bit drawn in how they convert from a design win into full production. It can be anywhere between six and nine months for an existing product, which is why the core infrastructure market is so lucrative for us. We do turnkey solutions in that space to an existing well-known, robust customer base. On the other side of the key design win that we announced on the financial side, we are expecting the first NOK 1.5 million that we spoke about. That is expected within the next couple of months. That will definitely hit our 2026 revenue, and that's kind of part of our plan. The rest of the opportunity will kind of extend into 2027 and beyond there. That's kind of how the timing of the financial institution revenue looks like. Thank you. Was the financial design win baked into your original guidance? Yeah. The way this works is, we do have a lot of proof of concept designs that we do on an annual basis. At any given point, each one of these or a few of these can actually convert into a design win like this for us. We run data analytics, based on how we are engaging with these customers or segments, and we bake that into our assessment for 2026. This was not something that came as a complete surprise. This is already baked in into what we were expecting. Perfect. Thank you very much. Your next question is from the line of Øystein Lodgaard of ABG. Please go ahead. Yes. Thank you. Good morning. Congrats on the strong growth in Q1. I guess this kind of reflects the good momentum in your traditional SmartNIC business. Can you say kind of what kind of verticals, what kind of use cases are you seeing strong growth and how you kind of expect kind of the traditional SmartNIC business to move throughout the year? Should we anticipate kind of normal seasonality from here, that it strengthens in the H2, or it's kind of some kind of a large one-off contract or something in Q1, we shouldn't kind of fully extrapolate that? Yeah. Fantastic question. Thank you for asking that. There is a reason why we place the definitions of our market segments as core infrastructure and AI infrastructure. Within the core infrastructure, which is where we are seeing early signs of demand recovery, that breaks down for us into at least four big verticals. That is fintech, telco, cybersecurity, and network packet monitoring. Each one of those segments represents individual growth areas for us. Like we announced in the fintech space, we converted a design win into revenue. We also expect alongside the cybersecurity packet monitoring and telco businesses are showing signs of early recovery as well. We're expecting that to play a part in our 2026 performance. Thank you very much. When in Kind of can you say something about in terms of new design wins in the AI infrastructure area, are you working on many leads there? What are you seeing in that area in terms of new potential design wins? Yeah, there is a lot of engagement there. That is actually the more fascinating place for how fast that space is evolving. One thing I can definitely tell you with a lot of confidence is the AI infrastructure is no longer a compute problem. It is an efficiency problem, which immediately translates to two components of the data center that come into question. One is networking, and the other is memory. You will see that's why there is a lot of requirements, a lot of specifications, a lot of consortium being formed around what to do in the space of networking. Big hyperscalers are putting out specs, consortiums are putting out specs. This is an exciting time for a company like Napatech because we are fundamentally based on programmable networking. Our architecture, our products are built to deliver to an evolving paradigm, which is what the AI infrastructure market is going through right now. I am very confident and excited about this space and, there's a lot of activity that we are currently in, and, I'll be first one to come here and tell you as they convert into some sort of design wins. Okay. Thank you. Thank you very much. I'll move back to the back of the queue. This does conclude our Q&A session via the phone. I would like to hand back to management for any written questions and closing remarks. Thank you. We do have some written questions here. I'll just see whether I can group them a little bit. There's one here from Lars Knudsen. A few question. What is your visibility on H2 AI orders? How will ramp look like? Maybe we'll just start with that, then we'll take the rest of the question. I think you spoke a little bit into it already, Kartik. Yeah. The H2 of our 2026 is going to be exciting as well because that's when we start seeing some of our AI infrastructure revenue starting to materialize. I think we had mentioned that a good chunk of the 2026 revenue for us will still be based on core infrastructure and the AI infrastructure will probably be about 20%, and that's kind of still the mix that we're expecting for 2026. Regarding, the tier-1 OEM, have you lost any opportunities? Oh, no. Actually, we have not. In fact, we are in a very favorable position within the tier-1 OEM. I remember using an expression the last time I was here called the hub and spoke model, which basically translates to we are very much engaged with the technology team, which is the hub, and then there is a few spokes that lead to the product teams. That model is still strong for us, and we are excited about delivering what we are calling the next generation data reduction technology, which is extremely important in the AI infrastructure world. As you're loading in huge, large language models, compression and deduplication becomes a very important aspect of how our data gets rolled out, and that's exactly the critical application or use case that we are delivering in this proof of concept. Maybe just jumping to Per Olav Gimnæs, who has a question here. How is the progress and proof of concept with the tier-1? That's what you just explained. Yeah. When can we expect to be part of their sales and their server sales? The conversion of these designs into revenue and productization, that's kind of the variable in play here. We do have some level of early orders baked into our 2026 revenue like we discussed, but when that converts into material production and revenue, that remains to be seen. Yeah. A follow-up question for Lars Knudsen here. Are there other opportunities arising with other players within AI infrastructure? Yes. That was the engagement, or the set of engagements that I've been talking about. We do have, to the capability that we have as a company to deliver, we are being selective on how we engage, because at the end of the day, we have to prioritize how we deliver and make sure that our deliverable is robust. Yes, there is a set of engagements that we have on the AI infrastructure, which follows our design win pipeline, four-stage pipeline routine. Thank you. There's a question here from Ola [Melingstad], sorry. You write that first orders from AI infrastructure will come in H2. Could you be specific how many dollars of your 26 guidance of $30 million-$37 million assume AI infrastructure deliveries? If H2 AI orders come in at[inaudible], how does that change the full-year picture? Yeah. Our 2026 revenue profile will still be significantly biased towards the core infrastructure. I think last time we were here, we said about 20% of that is gonna be coming in from AI. That's what the numbers look like. Of course, if the H2 AI orders don't materialize, then that's what the impact is gonna be. Yeah. Thank you. Let me just see were there other related to this. I think there is. In earlier presentation, this is Per Olav Gimnæs. In earlier presentation, it has been said just 20% of the forecast from d-Matrix is taken into Napatech's forecast for 2026. Is this still valid? Yeah. Yeah, so I think that observation of yours is still what we're tracking for 2026. I think the point here is that d-Matrix may have a higher forecast, and then we've only taken 20% of that in. I think the point is that currently our guidance that's based on our expectations of what orders are coming from d-Matrix. Right. Right. Correct. Yeah. There's one here from Ola [Melingstad] again. d-Matrix acquired GigaIO to build a complete rack scale system. How has that changed your role at d-Matrix? Are you still the scale-out NIC in the SWAT rack reference architecture, or is there a risk they switch to a different supplier as they build out their own stack? Oh, no, a good question, and I'm sure a lot of people had the same thing, and I'm so Ola, I'm glad that you asked it. Our relationship with them remains as strong as ever. In fact, it's even getting stronger because of the requirements that are unfolding for us as they themselves are evolving in this landscape very rapidly. The requirements are coming in towards production, and we've completed the first stage, and we're already embarking on the next generation kind of engagement to see what that looks like. Of course, a lot of these questions are for d-Matrix to answer, the acquisition that they made of the GigaIO data center assets, that definitely enables them to build a more of a rack scale architecture of which we are the singularly the component delivering scale-out networking. Cool. Then there's a question here from Lisa [Vimier]. You cite commercial discussions underway on the tier-1 server OEM design win. Does that mean that proof of concept has been achieved? Where currently in the qualification process? As part of the design win engagement that we are having with the tier-1, starting commercial discussions typically indicates that there is activity across the three groups that make decisions at these kind of places. So we have alignment with the executives, we have alignment with product management and engineering, now we are working on alignment with Commercial. Once all of those move forward, that converts into product and converts into revenue. Moving into the commercial stage or activating the commercial stage is a strong indication that things are making good progress towards production. Yes. Also from Lisa here, can you also give some color on expected revenue ramp-up for the remainder of the year, given that Q1 was seasonally very strong? Yeah. There is definitely seasonality that we will still continue tracking throughout our 2026 revenue. Because our 2026 revenue is still heavily based on core infrastructure, the seasonality will mimic prior year seasonality, not necessarily in the absolute dollars, but at least in direction. You can expect some of that to be similar in 2026. Yeah. A question here from Terry Jensen. Why is revenue for Q1 lower than revenue in Q4? I think that was what you just explained, Kartik, also that we do see seasonality, and usually Q1 is our weakest quarter, whereas Q4 is the strongest. Yeah. There's the last question here from Lars Christian Iuel. What's the timeline from your order cart to you have it in stock? Any limitations? Yeah. Again, very good question across the overall supply chain management and planning there. Our demand planning cycle, or at least process, is no longer limited by demand. It's actually just how we manage our supply. The lead times across critical components that we put in our adapters and solutions, including the likes of FPGAs and the memory components, are seeing longer lead times and of course, volatility in availability. The good news is that our engagement with our customers allows us to have a solid level of visibility into how we plan our quarterly delivery, and we have put some mitigation factors in place as well by some level of pre-purchasing of these parts, both across FPGAs and memory. This allows us to deliver our products to plan, to the NOK 26 revenue, as well as towards what the customer requirements are in the quarterly distribution of our products. Good. I think that summed up the last question we had in written form as in the Q&A. Good. I don't think there's more coming in here. Operator, is there more questions on the line? There are no further questions on the phones. Thank you. I want to thank everyone for listening in. Enjoy the day, everyone. Thank you. Thank you. This concludes today's call. Thank you for joining. You may now disconnect.

Speaker 5: Thank you for standing by, and welcome to Napatech's Q1 2026 interim management statement. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by one on your telephone keypad. If you would like to withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Klaus Skovrup, CFO, to begin the conference. Klaus, over to you. Thank you for standing by, and welcome to Napatech's Q1 2026 interim management statement. thank you for standing by and welcome to napatech's q1 2026 interim management statement All lines have been placed on mute to prevent any background noise. all lines have been placed on mute to prevent any background noise After the speaker's remarks, there will be a question and answer session. after the speaker's remarks there will be a question and answer session If you would like to ask a question during this time, simply press star followed by one on your telephone keypad. if you would like to ask a question during this time simply press star followed by one on your telephone keypad If you would like to withdraw your question, press the star one again. if you would like to withdraw your question press the star one again For operator assistance throughout the call, please press star zero. for operator assistance throughout the call please press star zero Finally, I would like to advise all participants that this call is being recorded. finally i would like to advise all participants that this call is being recorded I'd now like to welcome Klaus Skovrup , CFO, to begin the conference. Klaus , over to you. i'd now like to welcome klaus skovrup cfo to begin the conference klaus over to you

Speaker 4: Good morning. I'm Klaus Skovrup, CFO of Napatech. I am pleased to welcome you all to Napatech's presentation for the Q1 of 2026. Joining me today is our CEO, Kartik Srinivasan. Our Q1 2026 report was released earlier this morning on the Oslo Stock Exchange and is also available on the investor relations section of the Napatech website. For your information, a recording of this webcast will be available later today. There will be a question and answer session following the presentation. During and after these prepared remarks, you may submit your question via text on the webcast page, or we can take your questions on the phone. Good morning. good morning I'm Klaus Skovrup , CFO of Napatech. i'm klaus skovrup cfo of napatech I am pleased to welcome you all to Napatech's presentation for the Q1 of 2026. i am pleased to welcome you all to napatech's presentation for the q1 of 2026 Joining me today is our CEO, Kartik Srinivasan. joining me today is our ceo kartik srinivasan Our Q1 2026 report was released earlier this morning on the Oslo Stock Exchange and is also available on the investor relations section of the Napatech website. our q1 2026 report was released earlier this morning on the oslo stock exchange and is also available on the investor relations section of the napatech website For your information, a recording of this webcast will be available later today. for your information a recording of this webcast will be available later today There will be a question and answer session following the presentation. there will be a question and answer session following the presentation During and after these prepared remarks, you may submit your question via text on the webcast page, or we can take your questions on the phone. during and after these prepared remarks you may submit your question via text on the webcast page or we can take your questions on the phone If you would like to ask a question, please follow the instructions on this slide. Please note that this presentation contains forward-looking statements that are subject to risks and uncertainties. Our actual results may differ from those discussed in forward-looking statements. For further information on risk factors, please see company announcement and the slides prepared for this presentation. With that, over to you, Kartik. If you would like to ask a question, please follow the instructions on this slide. if you would like to ask a question please follow the instructions on this slide Please note that this presentation contains forward-looking statements that are subject to risks and uncertainties. please note that this presentation contains forward-looking statements that are subject to risks and uncertainties Our actual results may differ from those discussed in forward-looking statements. our actual results may differ from those discussed in forward-looking statements For further information on risk factors, please see company announcement and the slides prepared for this presentation. for further information on risk factors please see company announcement and the slides prepared for this presentation With that, over to you, Kartik. with that over to you kartik

Speaker 3: Thank you, Klaus, and hello, everyone. Let me start with a brief summary of the quarter. We saw continued strengthening in our financial performance and early signs of demand recovery in the core infrastructure market, supported by disciplined execution across the business. At the same time, we are seeing accelerating momentum in our design win pipeline across both core and AI infrastructures. Importantly, this pipeline is increasingly progressing toward production, which we expect to translate into revenue over time. Finally, our product positioning remains highly differentiated. As AI workloads scale, the network has emerged as a critical bottleneck, and our deterministic programmable architecture is well aligned with these evolving requirements. Overall, the quarter reflects improving fundamentals, building momentum, and a clear positioning for the next phase of growth. Thank you, Klaus, and hello, everyone. thank you klaus and hello everyone Let me start with a brief summary of the quarter. let me start with a brief summary of the quarter We saw continued strengthening in our financial performance and early signs of demand recovery in the core infrastructure market, supported by disciplined execution across the business. we saw continued strengthening in our financial performance and early signs of demand recovery in the core infrastructure market supported by disciplined execution across the business At the same time, we are seeing accelerating momentum in our design win pipeline across both core and AI infrastructures. at the same time we are seeing accelerating momentum in our design win pipeline across both core and ai infrastructures Importantly, this pipeline is increasingly progressing toward production, which we expect to translate into revenue over time. importantly this pipeline is increasingly progressing toward production which we expect to translate into revenue over time Finally, our product positioning remains highly differentiated. finally our product positioning remains highly differentiated As AI workloads scale, the network has emerged as a critical bottleneck, and our deterministic programmable architecture is well aligned with these evolving requirements. as ai workloads scale the network has emerged as a critical bottleneck and our deterministic programmable architecture is well aligned with these evolving requirements Overall, the quarter reflects improving fundamentals, building momentum, and a clear positioning for the next phase of growth. overall the quarter reflects improving fundamentals building momentum and a clear positioning for the next phase of growth Turning into our financial performance for the quarter, we delivered revenue of $5.7 million, representing 69% year-over-year growth, primarily driven by our improved demand in our core infrastructure business. Gross margins remain strong at 70%, reflecting a favorable product mix and continued discipline in execution. We're also seeing improvement in revenue trends, indicating early signs of recovery in our core infrastructure markets. With all this, while our guidance for 2026 remains unchanged, we continue to focus on consistent execution and converting pipeline into revenue over the course of the year. Turning to business momentum. On the core infrastructure side, we saw solid activity in the quarter with five new design wins, continued pipeline expansion across verticals, and new customer engagements. We also converted a key design win in the financial infrastructure. Turning into our financial performance for the quarter, we delivered revenue of $5.7 million, representing 69% year-over-year growth, primarily driven by our improved demand in our core infrastructure business. turning into our financial performance for the quarter we delivered revenue of $5.7 million representing 69% year-over-year growth primarily driven by our improved demand in our core infrastructure business Gross margins remain strong at 70%, reflecting a favorable product mix and continued discipline in execution. gross margins remain strong at 70% reflecting a favorable product mix and continued discipline in execution We're also seeing improvement in revenue trends, indicating early signs of recovery in our core infrastructure markets. we're also seeing improvement in revenue trends indicating early signs of recovery in our core infrastructure markets With all this, while our guidance for 2026 remains unchanged, we continue to focus on consistent execution and converting pipeline into revenue over the course of the year. with all this while our guidance for 2026 remains unchanged we continue to focus on consistent execution and converting pipeline into revenue over the course of the year Turning to business momentum. turning to business momentum On the core infrastructure side, we saw solid activity in the quarter with five new design wins, continued pipeline expansion across verticals, and new customer engagements. on the core infrastructure side we saw solid activity in the quarter with five new design wins continued pipeline expansion across verticals and new customer engagements We also converted a key design win in the financial infrastructure. we also converted a key design win in the financial infrastructure This is a production-oriented engagement with a multi-year opportunity. Importantly, we view this as a repeatable use case across similar customers. I will go into a bit more detail on this space in my next slide. On the AI infrastructure side, we continued to make steady and tangible progress. Our technical deliverables are on track. Validation and testing activities are progressing as planned. At the same time, we are seeing continued collaboration as we advance overall solution readiness towards production. In parallel, our engagement with the tier-1 server OEM continues to progress with use cases defined, product deliverables aligned, and commercial discussions underway. Overall, we are seeing strong execution in core infrastructure alongside meaningful progress in AI as both areas contribute meaningfully to our growth trajectory. I'll now take a moment to highlight one of our core infrastructure verticals, financial trading networks. This is a production-oriented engagement with a multi-year opportunity. this is a production-oriented engagement with a multi-year opportunity Importantly, we view this as a repeatable use case across similar customers. importantly we view this as a repeatable use case across similar customers I will go into a bit more detail on this space in my next slide. i will go into a bit more detail on this space in my next slide On the AI infrastructure side, we continued to make steady and tangible progress. on the ai infrastructure side we continued to make steady and tangible progress Our technical deliverables are on track. our technical deliverables are on track Validation and testing activities are progressing as planned. validation and testing activities are progressing as planned At the same time, we are seeing continued collaboration as we advance overall solution readiness towards production. at the same time we are seeing continued collaboration as we advance overall solution readiness towards production In parallel, our engagement with the tier -1 server OEM continues to progress with use cases defined, product deliverables aligned, and commercial discussions underway. in parallel our engagement with the tier -1 server oem continues to progress with use cases defined product deliverables aligned and commercial discussions underway Overall, we are seeing strong execution in core infrastructure alongside meaningful progress in AI as both areas contribute meaningfully to our growth trajectory. overall we are seeing strong execution in core infrastructure alongside meaningful progress in ai as both areas contribute meaningfully to our growth trajectory I'll now take a moment to highlight one of our core infrastructure verticals, financial trading networks. i'll now take a moment to highlight one of our core infrastructure verticals financial trading networks These are mission-critical, latency-sensitive environments where performance is defined not just by speed, but by consistency and determinism. Typical applications in this space include real-time market data capture and normalization, feed handling, trading signal generation, and order execution, where even microseconds of variation can impact outcomes. Our customers in this segment include global banks, hedge funds, proprietary trading firms, and exchanges, all operating highly performance-sensitive infrastructure. In these environments, the network sits directly in the critical path and increasingly becomes the limiting factor for performance. This is where Napatech's architecture is well aligned, enabling deterministic, ultra-low latency processing with high reliability. Importantly, this is a repeatable use case with deployments across leading financial institutions and clear expansion potential over time. Let me now turn to AI infrastructure and how Napatech's role in this space is becoming increasingly critical. These are mission-critical, latency-sensitive environments where performance is defined not just by speed, but by consistency and determinism. these are mission-critical latency-sensitive environments where performance is defined not just by speed but by consistency and determinism Typical applications in this space include real-time market data capture and normalization, feed handling, trading signal generation, and order execution, where even microseconds of variation can impact outcomes. typical applications in this space include real-time market data capture and normalization feed handling trading signal generation and order execution where even microseconds of variation can impact outcomes Our customers in this segment include global banks, hedge funds, proprietary trading firms, and exchanges, all operating highly performance-sensitive infrastructure. our customers in this segment include global banks hedge funds proprietary trading firms and exchanges all operating highly performance-sensitive infrastructure In these environments, the network sits directly in the critical path and increasingly becomes the limiting factor for performance. in these environments the network sits directly in the critical path and increasingly becomes the limiting factor for performance This is where Napatech's architecture is well aligned, enabling deterministic, ultra-low latency processing with high reliability. this is where napatech's architecture is well aligned enabling deterministic ultra-low latency processing with high reliability Importantly, this is a repeatable use case with deployments across leading financial institutions and clear expansion potential over time. importantly this is a repeatable use case with deployments across leading financial institutions and clear expansion potential over time Let me now turn to AI infrastructure and how Napatech's role in this space is becoming increasingly critical. let me now turn to ai infrastructure and how napatech's role in this space is becoming increasingly critical As AI workloads scale, performance is increasingly constrained by the network rather than compute. Moving data efficiently between AI compute, memory, and storage has become a critical challenge. Importantly, we view this not as a linear or evolutionary shift, but as a more fundamental change in how compute, networking, and memory interact, requiring a different architecture to scale efficiently, both from a performance and energy standpoint. Traditional networking introduces variability, congestion, and CPU overhead, which limits overall system efficiency and utilization. What we enable is a fundamentally different approach, deterministic programmable networking that sits directly in the data path. This allows for consistent low latency movement, improved utilization of compute resources, and more efficient scaling of AI workloads. In practical terms, this applies across applications such as distributed inference pipelines, data pre-processing, and storage access used by hyperscalers and enterprise AI deployments. As AI workloads scale, performance is increasingly constrained by the network rather than compute. Moving data efficiently between AI compute, memory, and storage has become a critical challenge. as ai workloads scale performance is increasingly constrained by the network rather than compute. moving data efficiently between ai compute memory and storage has become a critical challenge Importantly, we view this not as a linear or evolutionary shift, but as a more fundamental change in how compute, networking, and memory interact, requiring a different architecture to scale efficiently, both from a performance and energy standpoint. importantly we view this not as a linear or evolutionary shift but as a more fundamental change in how compute networking and memory interact requiring a different architecture to scale efficiently both from a performance and energy standpoint Traditional networking introduces variability, congestion, and CPU overhead, which limits overall system efficiency and utilization. traditional networking introduces variability congestion and cpu overhead which limits overall system efficiency and utilization What we enable is a fundamentally different approach, deterministic programmable networking that sits directly in the data path. what we enable is a fundamentally different approach deterministic programmable networking that sits directly in the data path This allows for consistent low latency movement, improved utilization of compute resources, and more efficient scaling of AI workloads. this allows for consistent low latency movement improved utilization of compute resources and more efficient scaling of ai workloads In practical terms, this applies across applications such as distributed inference pipelines, data pre-processing, and storage access used by hyperscalers and enterprise AI deployments. in practical terms this applies across applications such as distributed inference pipelines data pre-processing and storage access used by hyperscalers and enterprise ai deployments Overall, we see this as a structural shift in the market where networking becomes a key lever for performance and efficiency and where our architecture is well aligned. Before I hand it over, just to summarize, we are seeing strengthening financial performance, solid momentum in our core infrastructure business, and continued progress in AI as we position for the next phase of growth. With that, I'll turn it over to Klaus to walk through the financials in more detail and provide an update on our outlook. Overall, we see this as a structural shift in the market where networking becomes a key lever for performance and efficiency and where our architecture is well aligned. overall we see this as a structural shift in the market where networking becomes a key lever for performance and efficiency and where our architecture is well aligned Before I hand it over, just to summarize, we are seeing strengthening financial performance, solid momentum in our core infrastructure business, and continued progress in AI as we position for the next phase of growth. before i hand it over just to summarize we are seeing strengthening financial performance solid momentum in our core infrastructure business and continued progress in ai as we position for the next phase of growth With that, I'll turn it over to Klaus to walk through the financials in more detail and provide an update on our outlook. with that i'll turn it over to klaus to walk through the financials in more detail and provide an update on our outlook

Speaker 4: Thank you, Kartik. We entered the year with a strong revenue in Q1 of $5.7 million, up 69% compared to Q1 last year. As Kartik mentioned, the performance reflects continued customer engagement across our core infrastructure segment solutions. Our gross margin in Q1 was 70% in line with last year. Our staff costs and other external costs in Q1 amounted to DKK 44.5 million, down 9% compared to Q1 2025, mainly due to reduced costs of subcontractors and personnel during 2025 to balance cost to the revenue. In Q1, we capitalized DKK 810,000 compared to DKK 3.1 million in Q1 2025. Thank you, Kartik. thank you kartik We entered the year with a strong revenue in Q1 of $5.7 million, up 69% compared to Q1 last year. we entered the year with a strong revenue in q1 of $5.7 million up 69% compared to q1 last year As Kartik mentioned, the performance reflects continued customer engagement across our core infrastructure segment solutions. as kartik mentioned the performance reflects continued customer engagement across our core infrastructure segment solutions Our gross margin in Q1 was 70% in line with last year. our gross margin in q1 was 70% in line with last year Our staff costs and other external costs in Q1 amounted to DKK 44.5 million, down 9% compared to Q1 2025, mainly due to reduced costs of subcontractors and personnel during 2025 to balance cost to the revenue. our staff costs and other external costs in q1 amounted to dkk 44.5 million down 9% compared to q1 2025 mainly due to reduced costs of subcontractors and personnel during 2025 to balance cost to the revenue In Q1, we capitalized DKK 810,000 compared to DKK 3.1 million in Q1 2025. in q1 we capitalized dkk 810,000 compared to dkk 3.1 million in q1 2025 You can also read that our EBITDA in Q1 2026 amounted to a negative amount of DKK 18 million, which is an improvement of DKK 11 million compared to Q1 last year. Free cash flow in Q1 was negative of DKK 5.8 million following the negative EBITDA, which was partly covered by an improvement in our working capital. We still have more than DKK 120 million in available cash. While we still have focus on reducing inventory, we are increasingly also pre-ordering to make sure we can meet customer demand, especially now where we do see increased lead times for a range of components. The positive development in receivables was driven by customers paying their invoices from December 2025 during Q1 2026. You can also read that our EBITDA in Q1 2026 amounted to a negative amount of DKK 18 million, which is an improvement of DKK 11 million compared to Q1 last year. you can also read that our ebitda in q1 2026 amounted to a negative amount of dkk 18 million which is an improvement of dkk 11 million compared to q1 last year Free cash flow in Q1 was negative of DKK 5.8 million following the negative EBITDA, which was partly covered by an improvement in our working capital. free cash flow in q1 was negative of dkk 5.8 million following the negative ebitda which was partly covered by an improvement in our working capital We still have more than DKK 120 million in available cash. we still have more than dkk 120 million in available cash While we still have focus on reducing inventory, we are increasingly also pre-ordering to make sure we can meet customer demand, especially now where we do see increased lead times for a range of components. while we still have focus on reducing inventory we are increasingly also pre-ordering to make sure we can meet customer demand especially now where we do see increased lead times for a range of components The positive development in receivables was driven by customers paying their invoices from December 2025 during Q1 2026. the positive development in receivables was driven by customers paying their invoices from december 2025 during q1 2026 Net working capital at the end of Q1 was DKK 73 million, a reduction of DKK 8 million compared to Q4 2025. Net cash flow from financing activities for Q1 was negative DKK 23 million, as we did not draw on our credit facilities by the end of Q1. We continue to manage the business with a strong focus on cost discipline and cash preservation. Our guidance for the full year 2026 is unchanged compared to our latest reporting, as Kartik mentioned. Here we are guiding units to be sold to be expected between 8,700 and 10,700. We expect a revenue between $32 million and $38 million, which corresponds to around DKK 200 million to DKK 240 million. Net working capital at the end of Q1 was DKK 73 million, a reduction of DKK 8 million compared to Q4 2025. net working capital at the end of q1 was dkk 73 million a reduction of dkk 8 million compared to q4 2025 Net cash flow from financing activities for Q1 was negative DKK 23 million, as we did not draw on our credit facilities by the end of Q1. net cash flow from financing activities for q1 was negative dkk 23 million as we did not draw on our credit facilities by the end of q1 We continue to manage the business with a strong focus on cost discipline and cash preservation. we continue to manage the business with a strong focus on cost discipline and cash preservation Our guidance for the full year 2026 is unchanged compared to our latest reporting, as Kartik mentioned. our guidance for the full year 2026 is unchanged compared to our latest reporting as kartik mentioned Here we are guiding units to be sold to be expected between 8,700 and 10,700. here we are guiding units to be sold to be expected between 8,700 and 10,700 We expect a revenue between $32 million and $38 million, which corresponds to around DKK 200 million to DKK 240 million. we expect a revenue between $32 million and $38 million which corresponds to around dkk 200 million to dkk 240 million Ending in the middle of the range would be equal to a growth of more than 50% compared to 2025. Our gross margin interval is expected to end between 60% and 70%, and we expect staff expenses and other external costs to end in the range of DKK 170 million-DKK 180 million. Staff costs transferred to capitalized development costs are expected to be DKK 5 million-DKK 8 million in 2026. As we wrap up today's presentation, we would like to invite you to visit Napatech at one of these upcoming events. Our full year event plan is shown online at the link provided, and if you happen to be in one of these great cities during the coming period, we would love to meet you in person. With that, we are now ready for the Q&A. Operator, we are now ready to take the first question. Ending in the middle of the range would be equal to a growth of more than 50% compared to 2025. ending in the middle of the range would be equal to a growth of more than 50% compared to 2025 Our gross margin interval is expected to end between 60% and 70%, and we expect staff expenses and other external costs to end in the range of DKK 170 million-DKK 180 million. our gross margin interval is expected to end between 60% and 70% and we expect staff expenses and other external costs to end in the range of dkk 170 million-dkk 180 million Staff costs transferred to capitalized development costs are expected to be DKK 5 million-DKK 8 million in 2026. staff costs transferred to capitalized development costs are expected to be dkk 5 million-dkk 8 million in 2026 As we wrap up today's presentation, we would like to invite you to visit Napatech at one of these upcoming events. as we wrap up today's presentation we would like to invite you to visit napatech at one of these upcoming events Our full year event plan is shown online at the link provided, and if you happen to be in one of these great cities during the coming period, we would love to meet you in person. our full year event plan is shown online at the link provided and if you happen to be in one of these great cities during the coming period we would love to meet you in person With that, we are now ready for the Q&A. with that we are now ready for the q&a Operator, we are now ready to take the first question. operator we are now ready to take the first question

Speaker 5: Thank you, Klaus. As mentioned, we will now begin the Q&A session, and we'll take questions first from the phone. A reminder, if you are listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. And to withdraw your question, press the star one again. When called to ask a question, please use your device handset and ensure you are not on mute. Again that is star one to raise your hand and join the queue, and we will pause for a moment for any questions. Your first question comes from the line of Christoffer Bjørnsen of DNB Carnegie. Please go ahead. Thank you, Klaus. thank you klaus As mentioned, we will now begin the Q&A session, and we'll take questions first from the phone. A reminder, if you are listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. And to withdraw your question, press the star one again. When called to ask a question, please use your device handset and ensure you are not on mute. Again that is star one to raise your hand and join the queue, and we will pause for a moment for any questions. as mentioned we will now begin the q&a session and we'll take questions first from the phone. a reminder, if you are listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. and to withdraw your question, press the star one again. when called to ask a question, please use your device handset and ensure you are not on mute. again that is star one to raise your hand and join the queue, and we will pause for a moment for any questions Your first question comes from the line of Christoffer Bjørnsen of DNB Carnegie. your first question comes from the line of christoffer bjørnsen of dnb carnegie Please go ahead. please go ahead

Speaker 2: Thank you. Can you just give some more color on how you are progressing both with the tier-1 server OEM and with the d-Matrix relationships on the server OEM? Perhaps a bit more flavor on where you are in terms of the steps towards commercialization. How you think about the, timing there. In general, in most of them, especially on d-Matrix, whether you feel that the inventory that you added in the quarter is kind of sufficient to prep you for the ramp with d-Matrix, or if we should see a proper increase in Q2. Thank you. thank you Can you just give some more color on how you are progressing both with the tier-1 server OEM and with the d-Matrix relationships on the server OEM? can you just give some more color on how you are progressing both with the tier-1 server oem and with the d-matrix relationships on the server oem Perhaps a bit more flavor on where you are in terms of the steps towards commercialization. How you think about the, t iming there. perhaps a bit more flavor on where you are in terms of the steps towards commercialization. how you think about the, t iming there In general, in most of them, especially on d-Matrix, whether you feel that the inventory that you added in the quarter is kind of sufficient to prep you for the ramp with d-Matrix, or if we should see a proper increase in Q2. in general in most of them especially on d-matrix whether you feel that the inventory that you added in the quarter is kind of sufficient to prep you for the ramp with d-matrix or if we should see a proper increase in q2

Speaker 3: Thank you, Christoffer, for that question. I'll kind of break this into two parts. One is on the AI inference customer. We are progressing from our technical deliverables standpoint as well as commercial deliverables standpoint on track. We remain convinced and excited about that opportunity. Again, the variable here is just the timing of this. To your question about, are we changing our supply or planning in terms of how we wanna fulfill it, we're sticking to what our guidance is there. We had already factored in orders coming in from them, there's no change to that plan as far as that AI infrastructure customer is concerned. As far as the tier-1 server OEM, Christoffer, that's progressing well on plan. Thank you, Christoffer, for that question. thank you christoffer for that question I'll kind of break this into two parts. i'll kind of break this into two parts One is on the AI inference customer. one is on the ai inference customer We are progressing from our technical deliverables standpoint as well as commercial deliverables standpoint on track. we are progressing from our technical deliverables standpoint as well as commercial deliverables standpoint on track We remain convinced and excited about that opportunity. we remain convinced and excited about that opportunity Again, the variable here is just the timing of this. again the variable here is just the timing of this To your question about, are we changing our supply or planning in terms of how we wanna fulfill it, we're sticking to what our guidance is there. to your question about are we changing our supply or planning in terms of how we wanna fulfill it we're sticking to what our guidance is there We had already factored in orders coming in from them, there's no change to that plan as far as that AI infrastructure customer is concerned. we had already factored in orders coming in from them there's no change to that plan as far as that ai infrastructure customer is concerned As far as the tier- 1 server OEM, Christoffer, that's progressing well on plan. as far as the tier- 1 server oem christoffer that's progressing well on plan We have alignment on the statement of work. We have alignment on the features, performance, cost, schedule, et cetera. Things are looking good there. Again, the same kind of response applies. We are delivering to our requirements. When that converts into some sort of meaningful thing remains to be seen. We have some amount of orders in 2026 baked in from the tier-1 server OEM as well, which, we are not changing right now. We have alignment on the statement of work. we have alignment on the statement of work We have alignment on the features, performance, cost, schedule, et cetera. we have alignment on the features performance cost schedule et cetera Things are looking good there. things are looking good there Again, the same kind of response applies. again the same kind of response applies We are delivering to our requirements. we are delivering to our requirements When that converts into some sort of meaningful thing remains to be seen. when that converts into some sort of meaningful thing remains to be seen We have some amount of orders in 2026 baked in from the tier- 1 server OEM as well, which, we are not changing right now. we have some amount of orders in 2026 baked in from the tier- 1 server oem as well which we are not changing right now

Speaker 2: All right. Thank you. All right. all right Thank you. thank you

Speaker 5: A reminder, if you are on the phone, please press star one on your telephone keypad to raise your hand and join the queue, and we will pause for any final questions. You have a question from Anders Newson, private investor. Please go ahead. A reminder, if you are on the phone, please press star one on your telephone keypad to raise your hand and join the queue, and we will pause for any final questions. a reminder if you are on the phone please press star one on your telephone keypad to raise your hand and join the queue and we will pause for any final questions You have a question from Anders Newson, private investor. you have a question from anders newson private investor Please go ahead. please go ahead

Speaker 1: Yeah. Hi, guys. Thank you for allowing me in. Just on the five design wins, could you perhaps give us a bit more flavor on those in terms of potential and also, timeline? Are they impacting 2026 by any means? Also, on the recent design win within the financials, when do we expect to see it convert into the revenue that you have guided for? Is that in Q2 or in Q4? When is that gonna happen? Yeah. yeah Hi, guys. hi guys Thank you for allowing me in. thank you for allowing me in Just on the five design wins, could you perhaps give us a bit more flavor on those in terms of potential and also, timeline? just on the five design wins could you perhaps give us a bit more flavor on those in terms of potential and also timeline Are they impacting 2026 by any means? are they impacting 2026 by any means Also, on the recent design win within the financials, when do we expect to see it convert into the revenue that you have guided for? also on the recent design win within the financials when do we expect to see it convert into the revenue that you have guided for Is that in Q2 or in Q4? is that in q2 or in q4 When is that gonna happen? when is that gonna happen

Speaker 3: Yeah. Thank you. Thank you for the question. The design win momentum that we speak about, both of those are pertaining to the core infrastructure. The five new design wins that we had, each of them will track a different kind of path towards production. Some of these may actually impact 2026, again, no change to our plan there. These tend to be a bit drawn in how they convert from a design win into full production. It can be anywhere between six and nine months for an existing product, which is why the core infrastructure market is so lucrative for us. We do turnkey solutions in that space to an existing well-known, robust customer base. Yeah. yeah Thank you. thank you Thank you for the question. thank you for the question The design win momentum that we speak about, both of those are pertaining to the core infrastructure. the design win momentum that we speak about both of those are pertaining to the core infrastructure The five new design wins that we had, each of them will track a different kind of path towards production. the five new design wins that we had each of them will track a different kind of path towards production Some of these may actually impact 2026, again, no change to our plan there. some of these may actually impact 2026 again no change to our plan there These tend to be a bit drawn in how they convert from a design win into full production. these tend to be a bit drawn in how they convert from a design win into full production It can be anywhere between six and nine months for an existing product, which is why the core infrastructure market is so lucrative for us. it can be anywhere between six and nine months for an existing product which is why the core infrastructure market is so lucrative for us We do turnkey solutions in that space to an existing well-known, robust customer base. we do turnkey solutions in that space to an existing well-known robust customer base On the other side of the key design win that we announced on the financial side, we are expecting the first NOK 1.5 million that we spoke about. That is expected within the next couple of months. That will definitely hit our 2026 revenue, and that's kind of part of our plan. The rest of the opportunity will kind of extend into 2027 and beyond there. That's kind of how the timing of the financial institution revenue looks like. On the other side of the key design win that we announced on the financial side, we are expecting the first NOK 1.5 million that we spoke about. on the other side of the key design win that we announced on the financial side we are expecting the first nok 1.5 million that we spoke about That is expected within the next couple of months. that is expected within the next couple of months That will definitely hit our 2026 revenue, and that's kind of part of our plan. that will definitely hit our 2026 revenue and that's kind of part of our plan The rest of the opportunity will kind of extend into 2027 and beyond there. the rest of the opportunity will kind of extend into 2027 and beyond there That's kind of how the timing of the financial institution revenue looks like. that's kind of how the timing of the financial institution revenue looks like

Speaker 1: Thank you. Was the financial design win baked into your original guidance? Thank you. thank you Was the financial design win baked into your original guidance? was the financial design win baked into your original guidance

Speaker 3: Yeah. The way this works is, we do have a lot of proof of concept designs that we do on an annual basis. At any given point, each one of these or a few of these can actually convert into a design win like this for us. We run data analytics, based on how we are engaging with these customers or segments, and we bake that into our assessment for 2026. This was not something that came as a complete surprise. This is already baked in into what we were expecting. Yeah. yeah The way this works is, we do have a lot of proof of concept designs that we do on an annual basis. the way this works is we do have a lot of proof of concept designs that we do on an annual basis At any given point, each one of these or a few of these can actually convert into a design win like this for us. at any given point each one of these or a few of these can actually convert into a design win like this for us We run data analytics, based on how we are engaging with these customers or segments, and we bake that into our assessment for 2026. we run data analytics based on how we are engaging with these customers or segments and we bake that into our assessment for 2026 This was not something that came as a complete surprise. this was not something that came as a complete surprise This is already baked in into what we were expecting. this is already baked in into what we were expecting

Speaker 1: Perfect. Thank you very much. Perfect. perfect Thank you very much. thank you very much

Speaker 5: Your next question is from the line of Øystein Lodgaard of ABG. Please go ahead. Your next question is from the line of Øystein Lodgaard of ABG. your next question is from the line of øystein lodgaard of abg Please go ahead. please go ahead

Speaker 6: Yes. Thank you. Good morning. Congrats on the strong growth in Q1. I guess this kind of reflects the good momentum in your traditional SmartNIC business. Can you say kind of what kind of verticals, what kind of use cases are you seeing strong growth and how you kind of expect kind of the traditional SmartNIC business to move throughout the year? Should we anticipate kind of normal seasonality from here, that it strengthens in the H2, or it's kind of some kind of a large one-off contract or something in Q1, we shouldn't kind of fully extrapolate that? Yes. yes Thank you. thank you Good morning. good morning Congrats on the strong growth in Q1. congrats on the strong growth in q1 I guess this kind of reflects the good momentum in your traditional SmartNIC business. i guess this kind of reflects the good momentum in your traditional smartnic business Can you say kind of what kind of verticals, what kind of use cases are you seeing strong growth and how you kind of expect kind of the traditional SmartNIC business to move throughout the year? can you say kind of what kind of verticals what kind of use cases are you seeing strong growth and how you kind of expect kind of the traditional smartnic business to move throughout the year Should we anticipate kind of normal seasonality from here, that it strengthens in the H2 , or it's kind of some kind of a large one-off contract or something in Q1, we shouldn't kind of fully extrapolate that? should we anticipate kind of normal seasonality from here that it strengthens in the h2 or it's kind of some kind of a large one-off contract or something in q1 we shouldn't kind of fully extrapolate that

Speaker 3: Yeah. Fantastic question. Thank you for asking that. There is a reason why we place the definitions of our market segments as core infrastructure and AI infrastructure. Within the core infrastructure, which is where we are seeing early signs of demand recovery, that breaks down for us into at least four big verticals. That is fintech, telco, cybersecurity, and network packet monitoring. Each one of those segments represents individual growth areas for us. Like we announced in the fintech space, we converted a design win into revenue. We also expect alongside the cybersecurity packet monitoring and telco businesses are showing signs of early recovery as well. We're expecting that to play a part in our 2026 performance. Yeah. yeah Fantastic question. fantastic question Thank you for asking that. thank you for asking that There is a reason why we place the definitions of our market segments as core infrastructure and AI infrastructure. there is a reason why we place the definitions of our market segments as core infrastructure and ai infrastructure Within the core infrastructure, which is where we are seeing early signs of demand recovery, that breaks down for us into at least four big verticals. within the core infrastructure which is where we are seeing early signs of demand recovery that breaks down for us into at least four big verticals That is fintech, telco, cybersecurity, and network packet monitoring. that is fintech telco cybersecurity and network packet monitoring Each one of those segments represents individual growth areas for us. each one of those segments represents individual growth areas for us Like we announced in the fintech space, we converted a design win into revenue. like we announced in the fintech space we converted a design win into revenue We also expect alongside the cybersecurity packet monitoring and telco businesses are showing signs of early recovery as well. we also expect alongside the cybersecurity packet monitoring and telco businesses are showing signs of early recovery as well We're expecting that to play a part in our 2026 performance. we're expecting that to play a part in our 2026 performance

Speaker 6: Thank you very much. When in Kind of can you say something about in terms of new design wins in the AI infrastructure area, are you working on many leads there? What are you seeing in that area in terms of new potential design wins? Thank you very much. thank you very much When in Kind of can you say something about in terms of new design wins in the AI infrastructure area, are you working on many leads there? when in kind of can you say something about in terms of new design wins in the ai infrastructure area are you working on many leads there What are you seeing in that area in terms of new potential design wins? what are you seeing in that area in terms of new potential design wins

Speaker 3: Yeah, there is a lot of engagement there. That is actually the more fascinating place for how fast that space is evolving. One thing I can definitely tell you with a lot of confidence is the AI infrastructure is no longer a compute problem. It is an efficiency problem, which immediately translates to two components of the data center that come into question. One is networking, and the other is memory. You will see that's why there is a lot of requirements, a lot of specifications, a lot of consortium being formed around what to do in the space of networking. Big hyperscalers are putting out specs, consortiums are putting out specs. This is an exciting time for a company like Napatech because we are fundamentally based on programmable networking. Yeah, there is a lot of engagement there. yeah there is a lot of engagement there That is actually the more fascinating place for how fast that space is evolving. that is actually the more fascinating place for how fast that space is evolving One thing I can definitely tell you with a lot of confidence is the AI infrastructure is no longer a compute problem. one thing i can definitely tell you with a lot of confidence is the ai infrastructure is no longer a compute problem It is an efficiency problem, which immediately translates to two components of the data center that come into question. it is an efficiency problem which immediately translates to two components of the data center that come into question One is networking, and the other is memory. one is networking and the other is memory You will see that's why there is a lot of requirements, a lot of specifications, a lot of consortium being formed around what to do in the space of networking. you will see that's why there is a lot of requirements a lot of specifications a lot of consortium being formed around what to do in the space of networking Big hyperscalers are putting out specs, consortiums are putting out specs. big hyperscalers are putting out specs consortiums are putting out specs This is an exciting time for a company like Napatech because we are fundamentally based on programmable networking. this is an exciting time for a company like napatech because we are fundamentally based on programmable networking Our architecture, our products are built to deliver to an evolving paradigm, which is what the AI infrastructure market is going through right now. I am very confident and excited about this space and, there's a lot of activity that we are currently in, and, I'll be first one to come here and tell you as they convert into some sort of design wins. Our architecture, our products are built to deliver to an evolving paradigm, which is what the AI infrastructure market is going through right now. our architecture our products are built to deliver to an evolving paradigm which is what the ai infrastructure market is going through right now I am very confident and excited about this space and, there's a lot of activity that we are currently in, and, I'll be first one to come here and tell you as they convert into some sort of design wins. i am very confident and excited about this space and there's a lot of activity that we are currently in and i'll be first one to come here and tell you as they convert into some sort of design wins

Speaker 6: Okay. Thank you. Thank you very much. I'll move back to the back of the queue. Okay. okay Thank you. thank you Thank you very much. thank you very much I'll move back to the back of the queue. i'll move back to the back of the queue

Speaker 5: This does conclude our Q&A session via the phone. I would like to hand back to management for any written questions and closing remarks. This does conclude our Q&A session via the phone. this does conclude our q&a session via the phone I would like to hand back to management for any written questions and closing remarks. i would like to hand back to management for any written questions and closing remarks

Speaker 4: Thank you. We do have some written questions here. I'll just see whether I can group them a little bit. There's one here from Lars Knudsen. A few question. What is your visibility on H2 AI orders? How will ramp look like? Maybe we'll just start with that, then we'll take the rest of the question. I think you spoke a little bit into it already, Kartik. Thank you. thank you We do have some written questions here. we do have some written questions here I'll just see whether I can group them a little bit. i'll just see whether i can group them a little bit There's one here from Lars Knudsen. there's one here from lars knudsen A few question. a few question What is your visibility on H2 AI orders? what is your visibility on h2 ai orders How will ramp look like? how will ramp look like Maybe we'll just start with that, then we'll take the rest of the question. maybe we'll just start with that then we'll take the rest of the question I think you spoke a little bit into it already, Kartik. i think you spoke a little bit into it already kartik

Speaker 3: Yeah. The H2 of our 2026 is going to be exciting as well because that's when we start seeing some of our AI infrastructure revenue starting to materialize. I think we had mentioned that a good chunk of the 2026 revenue for us will still be based on core infrastructure and the AI infrastructure will probably be about 20%, and that's kind of still the mix that we're expecting for 2026. Yeah. yeah The H2 of our 2026 is going to be exciting as well because that's when we start seeing some of our AI infrastructure revenue starting to materialize. the h2 of our 2026 is going to be exciting as well because that's when we start seeing some of our ai infrastructure revenue starting to materialize I think we had mentioned that a good chunk of the 2026 revenue for us will still be based on core infrastructure and the AI infrastructure will probably be about 20%, and that's kind of still the mix that we're expecting for 2026. i think we had mentioned that a good chunk of the 2026 revenue for us will still be based on core infrastructure and the ai infrastructure will probably be about 20% and that's kind of still the mix that we're expecting for 2026

Speaker 4: Regarding, the tier-1 OEM, have you lost any opportunities? Regarding, the tier- 1 OEM, have you lost any opportunities? regarding the tier- 1 oem have you lost any opportunities

Speaker 3: Oh, no. Actually, we have not. In fact, we are in a very favorable position within the tier-1 OEM. I remember using an expression the last time I was here called the hub and spoke model, which basically translates to we are very much engaged with the technology team, which is the hub, and then there is a few spokes that lead to the product teams. That model is still strong for us, and we are excited about delivering what we are calling the next generation data reduction technology, which is extremely important in the AI infrastructure world. As you're loading in huge, large language models, compression and deduplication becomes a very important aspect of how our data gets rolled out, and that's exactly the critical application or use case that we are delivering in this proof of concept. Oh, no. oh no Actually, we have not. actually we have not In fact, we are in a very favorable position within the tier- 1 OEM. in fact we are in a very favorable position within the tier- 1 oem I remember using an expression the last time I was here called the hub and spoke model, which basically translates to we are very much engaged with the technology team, which is the hub, and then there is a few spokes that lead to the product teams. i remember using an expression the last time i was here called the hub and spoke model which basically translates to we are very much engaged with the technology team which is the hub and then there is a few spokes that lead to the product teams That model is still strong for us, and we are excited about delivering what we are calling the next generation data reduction technology, which is extremely important in the AI infrastructure world. that model is still strong for us and we are excited about delivering what we are calling the next generation data reduction technology which is extremely important in the ai infrastructure world As you're loading in huge, large language models, compression and deduplication becomes a very important aspect of how our data gets rolled out, and that's exactly the critical application or use case that we are delivering in this proof of concept. as you're loading in huge large language models compression and deduplication becomes a very important aspect of how our data gets rolled out and that's exactly the critical application or use case that we are delivering in this proof of concept

Speaker 4: Maybe just jumping to Per Olav Gimnæs, who has a question here. How is the progress and proof of concept with the tier-1? That's what you just explained. Maybe just jumping to Per Olav Gimnæs, who has a question here. maybe just jumping to per olav gimnæs who has a question here How is the progress and proof of concept with the tier- 1? how is the progress and proof of concept with the tier- 1 That's what you just explained. that's what you just explained

Speaker 3: Yeah. Yeah. yeah

Speaker 4: When can we expect to be part of their sales and their server sales? When can we expect to be part of their sales and their server sales? when can we expect to be part of their sales and their server sales

Speaker 3: The conversion of these designs into revenue and productization, that's kind of the variable in play here. We do have some level of early orders baked into our 2026 revenue like we discussed, but when that converts into material production and revenue, that remains to be seen. The conversion of these designs into revenue and productization, that's kind of the variable in play here. the conversion of these designs into revenue and productization that's kind of the variable in play here We do have some level of early orders baked into our 2026 revenue like we discussed, but when that converts into material production and revenue, that remains to be seen. we do have some level of early orders baked into our 2026 revenue like we discussed but when that converts into material production and revenue that remains to be seen

Speaker 4: Yeah. A follow-up question for Lars Knudsen here. Are there other opportunities arising with other players within AI infrastructure? Yeah. yeah A follow-up question for Lars Knudsen here. a follow-up question for lars knudsen here Are there other opportunities arising with other players within AI infrastructure? are there other opportunities arising with other players within ai infrastructure

Speaker 3: Yes. That was the engagement, or the set of engagements that I've been talking about. We do have, to the capability that we have as a company to deliver, we are being selective on how we engage, because at the end of the day, we have to prioritize how we deliver and make sure that our deliverable is robust. Yes, there is a set of engagements that we have on the AI infrastructure, which follows our design win pipeline, four-stage pipeline routine. Yes. yes That was the engagement, or the set of engagements that I've been talking about. that was the engagement or the set of engagements that i've been talking about We do have, to the capability that we have as a company to deliver, we are being selective on how we engage, because at the end of the day, we have to prioritize how we deliver and make sure that our deliverable is robust. we do have to the capability that we have as a company to deliver we are being selective on how we engage because at the end of the day we have to prioritize how we deliver and make sure that our deliverable is robust Yes, there is a set of engagements that we have on the AI infrastructure, which follows our design win pipeline, four-stage pipeline routine. yes there is a set of engagements that we have on the ai infrastructure which follows our design win pipeline four-stage pipeline routine

Speaker 4: Thank you. There's a question here from Ola [Melingstad], sorry. You write that first orders from AI infrastructure will come in H2. Could you be specific how many dollars of your 26 guidance of $30 million-$37 million assume AI infrastructure deliveries? If H2 AI orders come in at[inaudible], how does that change the full-year picture? Thank you. thank you There's a question here from Ola [Melingstad], sorry. there's a question here from ola [melingstad] sorry You write that first orders from AI infrastructure will come in H2. you write that first orders from ai infrastructure will come in h2 Could you be specific how many dollars of your 26 guidance of $30 million-$37 million assume AI infrastructure deliveries? could you be specific how many dollars of your 26 guidance of $30 million-$37 million assume ai infrastructure deliveries If H2 AI orders come in at [inaudible], how does that change the full- year picture? if h2 ai orders come in at [inaudible] how does that change the full- year picture

Speaker 3: Yeah. Our 2026 revenue profile will still be significantly biased towards the core infrastructure. I think last time we were here, we said about 20% of that is gonna be coming in from AI. That's what the numbers look like. Of course, if the H2 AI orders don't materialize, then that's what the impact is gonna be. Yeah. Our 2026 revenue profile will still be significantly biased towards the core infrastructure. yeah. our 2026 revenue profile will still be significantly biased towards the core infrastructure I think last time we were here, we said about 20% of that is gonna be coming in from AI. i think last time we were here we said about 20% of that is gonna be coming in from ai That's what the numbers look like. that's what the numbers look like Of course, if the H2 AI orders don't materialize, then that's what the impact is gonna be. of course if the h2 ai orders don't materialize then that's what the impact is gonna be

Speaker 4: Yeah. Thank you. Let me just see were there other related to this. I think there is. In earlier presentation, this is Per Olav Gimnæs. In earlier presentation, it has been said just 20% of the forecast from d-Matrix is taken into Napatech's forecast for 2026. Is this still valid? Yeah. yeah Thank you. thank you Let me just see were there other related to this. let me just see were there other related to this I think there is. i think there is In earlier presentation, this is Per Olav Gimnæs. in earlier presentation this is per olav gimnæs In earlier presentation, it has been said just 20% of the forecast from d-Matrix is taken into Napatech's forecast for 2026. in earlier presentation it has been said just 20% of the forecast from d-matrix is taken into napatech's forecast for 2026 Is this still valid? is this still valid

Speaker 3: Yeah. Yeah, so I think that observation of yours is still what we're tracking for 2026. Yeah. yeah Yeah, so I think that observation of yours is still what we're tracking for 2026. yeah so i think that observation of yours is still what we're tracking for 2026

Speaker 4: I think the point here is that d-Matrix may have a higher forecast, and then we've only taken 20% of that in. I think the point is that currently our guidance that's based on our expectations of what orders are coming from d-Matrix. I think the point here is that d-Matrix may have a higher forecast, and then we've only taken 20% of that in. i think the point here is that d-matrix may have a higher forecast and then we've only taken 20% of that in I think the point is that currently our guidance that's based on our expectations of what orders are coming from d-Matrix. i think the point is that currently our guidance that's based on our expectations of what orders are coming from d-matrix

Speaker 3: Right. Right. Correct. Right. right Right. right Correct. correct

Speaker 4: Yeah. There's one here from Ola [Melingstad] again. d-Matrix acquired GigaIO to build a complete rack scale system. How has that changed your role at d-Matrix? Are you still the scale-out NIC in the SWAT rack reference architecture, or is there a risk they switch to a different supplier as they build out their own stack? Yeah. yeah There's one here from Ola [Melingstad] again. d-Matrix acquired GigaIO to build a complete rack scale system. there's one here from ola [melingstad] again d-matrix acquired gigaio to build a complete rack scale system How has that changed your role at d-Matrix? how has that changed your role at d-matrix Are you still the scale-out NIC in the SWAT rack reference architecture, or is there a risk they switch to a different supplier as they build out their own stack? are you still the scale-out nic in the swat rack reference architecture or is there a risk they switch to a different supplier as they build out their own stack

Speaker 3: Oh, no, a good question, and I'm sure a lot of people had the same thing, and I'm so Ola, I'm glad that you asked it. Our relationship with them remains as strong as ever. In fact, it's even getting stronger because of the requirements that are unfolding for us as they themselves are evolving in this landscape very rapidly. The requirements are coming in towards production, and we've completed the first stage, and we're already embarking on the next generation kind of engagement to see what that looks like. Of course, a lot of these questions are for d-Matrix to answer, the acquisition that they made of the GigaIO data center assets, that definitely enables them to build a more of a rack scale architecture of which we are the singularly the component delivering scale-out networking. Oh, no, a good question, and I'm sure a lot of people had the same thing, and I'm so Ola, I'm glad that you asked it. oh no a good question and i'm sure a lot of people had the same thing and i'm so ola i'm glad that you asked it Our relationship with them remains as strong as ever. our relationship with them remains as strong as ever In fact, it's even getting stronger because of the requirements that are unfolding for us as they themselves are evolving in this landscape very rapidly. in fact it's even getting stronger because of the requirements that are unfolding for us as they themselves are evolving in this landscape very rapidly The requirements are coming in towards production, and we've completed the first stage, and we're already embarking on the next generation kind of engagement to see what that looks like. the requirements are coming in towards production and we've completed the first stage and we're already embarking on the next generation kind of engagement to see what that looks like Of course, a lot of these questions are for d-Matrix to answer, the acquisition that they made of the GigaIO data center assets, that definitely enables them to build a more of a rack scale architecture of which we are the singularly the component delivering scale-out networking. of course a lot of these questions are for d-matrix to answer the acquisition that they made of the gigaio data center assets that definitely enables them to build a more of a rack scale architecture of which we are the singularly the component delivering scale-out networking

Speaker 4: Cool. Then there's a question here from Lisa [Vimier]. You cite commercial discussions underway on the tier-1 server OEM design win. Does that mean that proof of concept has been achieved? Where currently in the qualification process? Cool. cool Then there's a question here from Lisa [Vimier]. then there's a question here from lisa [vimier] You cite commercial discussions underway on the tier- 1 server OEM design win. you cite commercial discussions underway on the tier- 1 server oem design win Does that mean that proof of concept has been achieved? does that mean that proof of concept has been achieved Where currently in the qualification process? where currently in the qualification process

Speaker 3: As part of the design win engagement that we are having with the tier-1, starting commercial discussions typically indicates that there is activity across the three groups that make decisions at these kind of places. So we have alignment with the executives, we have alignment with product management and engineering, now we are working on alignment with Commercial. Once all of those move forward, that converts into product and converts into revenue. Moving into the commercial stage or activating the commercial stage is a strong indication that things are making good progress towards production. As part of the design win engagement that we are having with the tier- 1, starting commercial discussions typically indicates that there is activity across the three groups that make decisions at these kind of places. as part of the design win engagement that we are having with the tier- 1 starting commercial discussions typically indicates that there is activity across the three groups that make decisions at these kind of places So we have alignment with the executives, we have alignment with product management and engineering, now we are working on alignment with Commercial. so we have alignment with the executives we have alignment with product management and engineering now we are working on alignment with commercial Once all of those move forward, that converts into product and converts into revenue. once all of those move forward that converts into product and converts into revenue Moving into the commercial stage or activating the commercial stage is a strong indication that things are making good progress towards production. moving into the commercial stage or activating the commercial stage is a strong indication that things are making good progress towards production

Speaker 4: Yes. Also from Lisa here, can you also give some color on expected revenue ramp-up for the remainder of the year, given that Q1 was seasonally very strong? Yes. yes Also from Lisa here, can you also give some color on expected revenue ramp-up for the remainder of the year, given that Q1 was seasonally very strong? also from lisa here can you also give some color on expected revenue ramp-up for the remainder of the year given that q1 was seasonally very strong

Speaker 3: Yeah. There is definitely seasonality that we will still continue tracking throughout our 2026 revenue. Because our 2026 revenue is still heavily based on core infrastructure, the seasonality will mimic prior year seasonality, not necessarily in the absolute dollars, but at least in direction. You can expect some of that to be similar in 2026. Yeah. There is definitely seasonality that we will still continue tracking throughout our 2026 revenue. yeah. there is definitely seasonality that we will still continue tracking throughout our 2026 revenue Because our 2026 revenue is still heavily based on core infrastructure, the seasonality will mimic prior year seasonality, not necessarily in the absolute dollars, but at least in direction. because our 2026 revenue is still heavily based on core infrastructure the seasonality will mimic prior year seasonality not necessarily in the absolute dollars but at least in direction You can expect some of that to be similar in 2026. you can expect some of that to be similar in 2026

Speaker 4: Yeah. A question here from Terry Jensen. Why is revenue for Q1 lower than revenue in Q4? I think that was what you just explained, Kartik, also that we do see seasonality, and usually Q1 is our weakest quarter, whereas Q4 is the strongest. Yeah. yeah A question here from Terry Jensen. a question here from terry jensen Why is revenue for Q1 lower than revenue in Q4? why is revenue for q1 lower than revenue in q4 I think that was what you just explained, Kartik, also that we do see seasonality, and usually Q1 is our weakest quarter, whereas Q4 is the strongest. i think that was what you just explained kartik also that we do see seasonality and usually q1 is our weakest quarter whereas q4 is the strongest

Speaker 3: Yeah. Yeah. yeah

Speaker 4: There's the last question here from Lars Christian Iuel. What's the timeline from your order cart to you have it in stock? Any limitations? There's the last question here from Lars Christian Iuel. there's the last question here from lars christian iuel What's the timeline from your order cart to you have it in stock? what's the timeline from your order cart to you have it in stock Any limitations? any limitations

Speaker 3: Yeah. Again, very good question across the overall supply chain management and planning there. Our demand planning cycle, or at least process, is no longer limited by demand. It's actually just how we manage our supply. The lead times across critical components that we put in our adapters and solutions, including the likes of FPGAs and the memory components, are seeing longer lead times and of course, volatility in availability. The good news is that our engagement with our customers allows us to have a solid level of visibility into how we plan our quarterly delivery, and we have put some mitigation factors in place as well by some level of pre-purchasing of these parts, both across FPGAs and memory. This allows us to deliver our products to plan, to the NOK 26 revenue, as well as towards what the customer requirements are in the quarterly distribution of our products. Yeah. Again, very good question across the overall supply chain management and planning there. yeah. again very good question across the overall supply chain management and planning there Our demand planning cycle, or at least process, is no longer limited by demand. our demand planning cycle or at least process is no longer limited by demand It's actually just how we manage our supply. it's actually just how we manage our supply The lead times across critical components that we put in our adapters and solutions, including the likes of FPGAs and the memory components, are seeing longer lead times and of course, volatility in availability. the lead times across critical components that we put in our adapters and solutions including the likes of fpgas and the memory components are seeing longer lead times and of course volatility in availability The good news is that our engagement with our customers allows us to have a solid level of visibility into how we plan our quarterly delivery, and we have put some mitigation factors in place as well by some level of pre-purchasing of these parts, both across FPGAs and memory. the good news is that our engagement with our customers allows us to have a solid level of visibility into how we plan our quarterly delivery and we have put some mitigation factors in place as well by some level of pre-purchasing of these parts both across fpgas and memory This allows us to deliver our products to plan, to the NOK 26 revenue, as well as towards what the customer requirements are in the quarterly distribution of our products. this allows us to deliver our products to plan to the nok 26 revenue as well as towards what the customer requirements are in the quarterly distribution of our products

Speaker 4: Good. I think that summed up the last question we had in written form as in the Q&A. Good. I don't think there's more coming in here. Operator, is there more questions on the line? Good. good I think that summed up the last question we had in written form as in the Q&A. i think that summed up the last question we had in written form as in the q&a Good. good I don't think there's more coming in here. i don't think there's more coming in here Operator, is there more questions on the line? operator is there more questions on the line

Speaker 5: There are no further questions on the phones. There are no further questions on the phones. there are no further questions on the phones

Speaker 4: Thank you. I want to thank everyone for listening in. Enjoy the day, everyone. Thank you. Thank you. thank you I want to thank everyone for listening in. i want to thank everyone for listening in Enjoy the day, everyone. enjoy the day everyone Thank you. thank you

Speaker 3: Thank you. Thank you. thank you

Speaker 5: This concludes today's call. Thank you for joining. You may now disconnect. This concludes today's call. this concludes today's call Thank you for joining. thank you for joining You may now disconnect. you may now disconnect