Napatech

Hello and welcome to Napa Tech's Q3 2020 Interim Management Statement. Today, I'm pleased to present CEO Ray Smets and CFO Heiner Torsgaard. Please go ahead with your meeting.

Good morning. I'm pleased to welcome you all to Napa Tech's third quarter 2020 Interim Management Statement presentation webcast. I'm Ray Smets, CEO of Napa Tech. I'm in our Copenhagen headquarters today with Heine Thorsgaard, our chief financial officer. Today's third quarter 2020 IMS was released earlier this morning on the OSC and is available on the investor relations page on our website at napotech.com. For your information, a recording of this webcast will also be available on the Napa Tech website as soon as possible later today. Despite the ebbs and flows of the global pandemic, I hope you all are doing well. I'm happy to report that our NAPA Tech family is healthy with no known COVID-19 cases, and we've been working virtually, again, per the recommendations of the Danish authorities in managing our global workforce to keep them safe and healthy as well. Next slide, please. As always, we want to be available to answer your questions, whether live, directly following our presentation today, or any time via email. We will conduct Q&A following our presentation, and we'll be taking your questions via text, which you can submit at any time on the webcast page using the button below the presentation. Alternatively, you can also submit your questions by call, calling the phone number. If you'd like to ask a question, follow the instructions on this slide. Next slide, please. Please note that this presentation contains forward-looking statements that are subject to a number of risks and uncertainties. Our actual results may differ from those discussed in forward-looking statements. Next slide, please. During this presentation, I will present our third quarter 2020 business highlights, including a summary of key financial achievements. I will also provide an update of how Napa Tech is doing within the SmartNIC market, including several more detailed customer case studies. Raina will then provide a detailed review of our Q3 financial results, and then I will close with our outlook for the full year of 2020. Next slide, please. Let's start with business highlights. Next slide, please. Despite being our seasonally and traditionally lowest quarter of the year, Napa Tech delivered another solid quarter in Q3, building on the momentum we have shown in the first half of 2020. A positive and hopefully pleasant surprise for our investors, Q3 demonstrated good year over year growth, strong gross margins, and positive free cash flow.

Specifically about our revenue in Q3, we maintained our momentum and delivered solid growth of 22% year over year in USD.