Nordic Semiconductor ASA

Record growth + profitability (good): Nordic reported Q3 2026 revenue of $235m, +32% YoY and +8% QoQ, the highest quarterly revenue ever (prior high $219m in Q2). Rolling 12 months revenue: $816m (+26% YoY). Gross margin: 52.8% (vs 51.9% in Q3’25; slightly below 53.1% in Q2’26). Adjusted EBITDA ~ $40m, up from $18m in Q3’25 and $36m in Q2’26; adjusted EBITDA margin 16.9% (vs 10% YoY).

Demand broad-based; “broad market” rebound highlighted (good/surprising): Management emphasized growth is broad across thousands of customers. Strongest momentum came from regaining traction in the broad market (existing returning + new customers). For end-product Bluetooth LE certifications, Nordic claims ~30% share over last 12 months and ~3x certifications vs closest competitors. Designs based on nRF54 Series are >25% of certifications, expected to increase further. (Surprise/positive: this is presented as stronger than peers despite wider consumer-electronics weakness in the industry.)

Segment performance (good, with nuance): - Short-range: $216m revenue (+30% YoY) = 92% of total; nRF52/53 still majority, nRF54 gradually increasing. - Long-range: $17m (+70% YoY), +14% QoQ, driven by cellular and satellite product sales plus growing nRF cloud services revenue. - Consumer: $146m (+31% YoY) = 62% of revenue. - Industrial & Healthcare: $81m (+30% YoY) = 35% (but -6% QoQ, attributed to customer/quarter timing—still more dependent on large customers).