We expect NOD to deliver Q4 revenues of USD 168m, in line with mid-point of guidance (USD 155-175m) and FactSet consensus, implying -6% growth q/q. For Q1/26, we expect revenues of USD 153m (-9% q/q), vs FactSet consensus at USD 164m, which stands in contrast to historical seasonality in Q1 figures (Q1 historically ~10% lower than Q4). While we see some downside to the Q1 guidance, we argue this should be well-reflected in the share, as NOD has underperformed semiconductor peers since its Q3 rep ....
