Napatech A/S Due Diligence

Run due diligence on Napatech A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Independent (Denmark) · napatech.com · 28 vendors

Napatech is the leading provider of programmable Smart Network Interface Cards (SmartNICs) and Data Processing Units (DPUs) solutions that accelerate AI, network, storage, and security workloads for cloud, enterprise, and telecom datacenters worldwide. The company specializes in high-speed packet capture, network acceleration, and FPGA-based solutions.

Resilience scores

Technology vendors

Services catalogue

2 services in catalogue across 2 categories; runs on 28 sub-vendors.

Insights

Last updated 2026-09-13 · revision 22

28 direct vendors, 216 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

8 in-scope frameworks identified; showing 3.

Cyber Resilience Act (source) — No public evidence

Evidence: https://www.napatech.com/psirt/, https://www.napatech.com/about/certifications/, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202402847, https://www.enisa.europa.eu/topics/cybersecurity-policy/cyber-resilience-act

RoHS — Evidence found

Evidence: https://www.napatech.com/about/certifications/

ISO 27001 (source) — No public evidence

Evidence: https://www.napatech.com/about/certifications/, https://www.napatech.com/psirt/, https://www.napatech.com/solutions/cyber-security/, https://www.napatech.com/solutions/infrastructure-and-defense/

Financials

Three-year financials

Financial Resilience Score: 6/10

Napatech A/S presents a mixed financial resilience profile. On the positive side, the company has a very strong balance sheet with cash of DKK 127.5M at year-end 2025, an equity ratio of approximately 75%, and a current ratio of 457%. Management explicitly states that 2026 operations are fully funded. The company operates a differentiated high-margin business (~70% gross margin) with meaningful IP in SmartNIC/DPU technology and secular tailwinds from AI infrastructure demand. Return to growth in 2025 (+26% DKK, +33% USD) and 27 new design wins support the outlook. However, resilience is undermined by persistent operating losses (EBIT negative every year 2022-2025), significant negative free cash flow (DKK -42.2M in 2025), and accumulated losses of DKK -452.8M. The company has funded losses through repeated dilutive equity raises (DKK 145.6M in 2024 and DKK 130.7M in 2025), with share count up ~22% over two years. Customer concentration is elevated (top 2 customers = 35% of revenue), geographic concentration in the US is high (69%), and all revenue is USD-denominated creating FX exposure. Management's 2026 guidance still implies negative EBITDA (~DKK -25M at midpoint), meaning profitability remains uncertain in the near term.

Key strengths: Strong liquidity: DKK 127.5M cash at YE 2025, High equity ratio (~75%) with low interest-bearing debt (~DKK 28M), Excellent current ratio of 457%, High gross margin business (~70%), Return to growth in 2025 (+26% DKK / +33% USD), 27 unique design wins in 2025 feeding pipeline, 2026 operations fully funded per management, Strategic exposure to AI infrastructure demand

Risk factors: Persistent operating losses every year 2022-2025, Accumulated losses of DKK -452.8M at YE 2025, Negative free cash flow of DKK -42.2M in 2025, Repeated dilutive equity raises (~22% share count growth over 2 years), Customer concentration: top 2 customers = 35% of revenue, Geographic concentration: 69% of revenue from USA, FX exposure: all revenue in USD vs. DKK functional currency, 2026 guidance still implies negative EBITDA (~DKK -25M midpoint), Competition against much larger silicon players, DKK 40M floating charge on assets securing bank facilities

Revenue by geography

Revenue by product/service

Workforce by country

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report