Nordic Semiconductor Earnings: We Welcome Fourth-Quarter Results but More Uncertainty Lies Ahead

Nordic Semiconductor delivered fourth-quarter results that exceeded expectations, with revenue reaching $150 million, in the top part of its guided $130 million-$150 million range. For next quarter, management expects revenue of $140 million-$160 million, which we consider acceptable considering Nordic’s rough path in the past 12 months. When asked if Nordic’s sales will follow the common seasonal pattern of sequential acceleration through the year, management gave a vague response. We model $596 million in revenue for 2025, which would represent an average of $150 million in revenue per quarter, up from $511 million in 2024. Shares are up 18% in morning trading on Feb. 5 to NOK 134 per share, compared with our NOK 127 fair value estimate, which we maintain.