Napatech

Thank you for standing by and welcome to Navitek's first quarter 2026 interim management statement. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. And finally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Klaus Skogrup, CFO, to begin the conference. Klaus, over to you.

Good morning. I'm Klaus Skogrup, CFO of Navatech. I am pleased to welcome you all to Navatech's presentation for the first quarter of 2026. Joining me today is our CEO, Karthik Srinivasan. Our first quarter 2026 report was released earlier this morning on the Oslo Stock Exchange and is also available on the investor relations section of the Navitek website. For your information, a recording of this webcast will be available later today. There will be a question and answer session following the presentation. During and after these prepared remarks, you may submit your question via text on the webcast page or we can take your questions on the phone. If you would like to ask a question, please follow the instructions on this slide. Please note that this presentation contains forward-looking statements that are subject to risks and uncertainties. Our actual results may differ from those discussed in forward-looking statements. For further information on risk factors, please see company announcement and the slides prepared for this presentation. With that, over to you, Karthik.

Thank you, Claus. And hello, everyone. Let me start with a brief summary of the quarter. We saw continued strengthening in our financial performance and early signs of demand recovery in the core infrastructure market, supported by disciplined execution across the business. At the same time, we are seeing accelerating momentum in our design wind pipeline across both core and infrastructure. Importantly, this pipeline is increasingly progressing toward production. which we expect to translate into revenue over time. Finally, our product positioning remains highly differentiated. As AI workloads scale, the network has emerged as a critical bottleneck and our deterministic programmable architecture is well aligned with these evolving requirements. Overall, the quarter reflects improving fundamentals, building momentum, and a clear positioning for the next phase of growth. Turning into our financial performance for the quarter, we delivered revenue of 5.7 million, representing 69% year-over-year growth, primarily driven by our improved demand in our core infrastructure business. Gross margins remained strong at 70%, reflecting a favorable product mix and continued discipline in execution. We're also seeing improvement in revenue trends, indicating early signs of recovery in our core infrastructure markets. With all this, while our guidance for 2026 remains unchanged, we continue to focus on consistent execution and converting pipeline into revenue over the course of the year. Turning to business momentum. On the core infrastructure side, we saw solid activity in the quarter with five new design wins, continued pipeline expansion across verticals, and new customer engagements. We also converted a key design win in the financial infrastructure. This is a production-oriented engagement with a multi-year opportunity, and importantly, we view this as a repeatable use case across similar customers. I will go into a bit more detail on this space in my next slide. On the AI infrastructure side, we continue to make steady and tangible progress. Our technical deliverables are on track, and validation and testing activities are progressing as planned. At the same time, we are seeing continued collaboration as we advance overall solution readiness towards production. In parallel, our engagement with the tier one server OEM continues to progress with use cases defined, product deliverables aligned, and commercial discussions underway. Overall, we are seeing strong execution in core infrastructure alongside meaningful progress in AI as both areas contribute meaningfully to our growth trajectory. I'll now take a moment to highlight one of our core infrastructure verticals, financial trading networks. These are mission-critical, latency-sensitive environments where performance is defined not just by speed, but by consistency and determinism. Typical applications in this space include real-time market data capture and normalization, feed handling, trading signal generation, and order execution, where even microseconds of variation can impact outcomes. Our customers in this segment include global banks, hedge funds, proprietary trading firms, and exchanges, all operating highly performance sensitive infrastructure. In these environments, the network sits directly in the critical path and increasingly becomes the limiting factor for performance. This is where Napotex architecture is well aligned, enabling deterministic ultra low latency processing with high reliability. Importantly, this is a repeatable use case with deployments across leading financial institutions and clear expansion potential over time. Let me now turn to AI infrastructure and how Nappertech's role in this space is becoming increasingly critical. As AI workloads scale, performance is increasingly constrained by the network rather than compute. Moving data efficiently between AI compute, memory and storage has become a critical challenge. Importantly, we view this not as a linear or evolutionary shift, but as a more fundamental change in how compute, networking and memory interact, requiring a different architecture to scale efficiently, both from a performance and energy standpoint. traditional networking introduces variability, congestion, and CPU overhead, which limits overall system efficiency and utilization. What we enable is a fundamentally different approach, deterministic, programmable networking that sits directly in the data path. This allows for consistent low latency movement, improved utilization of compute resources, and more efficient scaling of AI workloads. In practical terms, this applies across applications such as distributed inference pipelines, data preprocessing, and storage access used by hyperscalers and enterprise AI deployments. Overall, we see this as a structural shift in the market where networking becomes a key lever for performance and efficiency and where our architecture is well aligned. Before I hand it over, just to summarize, we are seeing strengthening financial performance, solid momentum in our core infrastructure business, and continued progress in AI as we position for the next phase of growth. With that, I'll turn it over to Klaus to walk through the financials in more detail and provide an update on our outlook.