Nordic Semiconductor ASA

Strong Q3 performance (record results) - Revenue $235m, +32% YoY and +8% QoQ; highest quarterly revenue ever (prev high $219m last quarter). - Rolling 12 months revenue: $816m, +26% YoY (all-time high). - Gross margin 52.8% (up from 51.9% YoY, slightly below 53.1% QoQ). - Adjusted EBITDA ~ $40m, up from $18m YoY (and $36m QoQ). Adjusted EBITDA margin 16.9% vs 10% a year ago → clear operating leverage.

Growth drivers: broad market + chip-to-cloud + product cycle - Growth is described as broad across thousands of customers; strongest momentum cited in the “broad market” segment (a key priority to regain traction). - Evidence of momentum: Nordic has ~30% share of BLE certifications over last 12 months, with ~3x the certifications of closest competitors; nRF54-based designs are >25% of certifications, expected to keep increasing. - Management stressed these are design-count metrics, not directly translatable to revenue/volume shares (important nuance).

Segment/market mix and what’s scaling - Short-range revenue $216m (+30% YoY) = 92% of total. - nRF52/53 still most of the base; nRF54 gradually increasing revenue. - Long-range revenue $17m (+70% YoY), +14% QoQ, driven by both cellular and satellite, a broader customer portfolio, and growing nRF cloud services revenue. - Consumer revenue $146m (+31% YoY), now 62% of total. - Industrial & Healthcare $81m (+30% YoY) = 35% of total (but -6% QoQ, management notes quarterly customer concentration effects). - Other revenue $8m (3% of total), mainly online catalog sales supporting broad market.