Nordic Semiconductor ASA

Nordic reported Q2 2026 revenue of $219 million, up 33% from Q2 2025 and 14% from Q1 2026, the highest quarterly revenue it has ever reported. Gross profit was $116 million and gross margin was 53.1%, versus 50.7% last year; adjusted EBITDA was $36 million, up from $21 million a year ago. On a rolling 12-month basis, revenue was $759 million, up 21%. Segmentwise, short-range revenue rose 29% to around $200 million, long-range revenue almost doubled to $15 million, and other revenue rose to $4 million. For Q3 2026, management guided revenue to $220 million-$240 million, implying 23%-34% year-over-year growth and 1%-10% sequential growth, and expects gross margin to remain above 50%.

Vegard Wollan said Q2 was “another solid quarter” and framed the results as evidence that Nordic’s product renewal program, software tools, and cloud services are strengthening its competitive position and expanding its addressable market. He emphasized the company’s “chip-to-cloud” strategy, noting strong momentum in nRF54, long-range, AI-assisted development tools, and nRF cloud services. His tone was confident but measured: he repeatedly stressed execution, broad-based growth, and that the company is still early in realizing the full financial impact of the renewal program.

Pål Elstad highlighted the hard numbers behind the quarter: revenue of $219 million, gross profit of $116 million, gross margin of 53.1%, and adjusted EBITDA of $36 million. He said the margin improvement came from product mix, stronger broad-market sales, and higher-margin cloud services, and he reiterated a long-term ambition to keep gross margin above 50%. He also pointed to cash costs of about $80 million versus around $63 million a year ago, CapEx of $8 million, net working capital of $200 million versus a target of 25% of trailing revenue, and cash and cash equivalents of $276 million plus an unused $200 million credit facility.

Analysts focused on whether the strong revenue trend reflected pull-ins amid supply tightness, how long-range growth breaks down between Memfault and hardware, pricing and input costs, and the sustainability of recent momentum. Management said it does not see evidence of pull-ins among key customers, though it cannot rule out some customers advancing orders because of capacity concerns; it also said Q3 guidance was based on detailed customer dialogue. On long-range, Nordic said both cloud services and hardware are growing but would not split them out; on pricing and costs, management declined to discuss specific customer prices or supplier costs, but said it is balancing growth and margins in a tight supply environment.