Nordic Semiconductor, a wireless chip company, said it is on track to generate $1 billion in revenue by 2023 and hopes to double its revenue by 2026.

However, TSMC's wafer allocation limits Nordic Semiconductor's revenue and reduces its ability to backlog orders. The company said it is bringing in two other foundries, GF and Silterra, to expand its wafer supply. Related equipment will ship from both foundries in 2023.

The company posted revenue of $200.2 million and net income of $33 million in the second quarter of 2022, doubling its quarterly profit from the previous year on a 35.6% increase in revenue.

In the first half of 2022, the company had revenue of $383.3 million and a net profit of $66.7 million.

Svenn Tore Larsen, CEO of Nordic Semiconductor, said in a statement: "Although we passed a milestone with quarterly revenue exceeding $200 million for the first time, our delivery capacity was negatively hit by a prolonged wafer shortage. Bluetooth Demand for low energy products is still well above current capacity, and with the current wafer supply shortage, revenue will continue to be determined by supply rather than demand. In this case, we work 24 hours a day to find good products for our customers s solution." 

Nordic Semiconductor's order backlog in the fourth quarter of 2021 is valued at approximately $1.7 billion.

In the second quarter of 2022, cellular IoT revenue was negatively impacted by filter component issues. That has now been resolved, so Nordic expects its revenue to increase significantly in the second half of 2022, with third-quarter revenue expected to be between $190 million and $210 million.