Nordic Semiconductor said recently that the company is on track to achieve $1 billion in revenue by 2023 and hopes to double its revenue by 2026.

The company said it is bringing in two other foundries, GlobalFoundries and Silterra, to expand its wafer supply as TSMC's wafer allocation limits Nordic Semiconductor's revenue. Devices manufactured by GF and Silterra will begin shipping in 2023.

"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. Demand for Bluetooth low energy products is still well above our current capacity. However, with the current wafer supply shortage, revenue will be determined by supply rather than demand. In this case, we are working 24 hours a day to find good solutions for our customers,” said Svenn Tore Larsen, CEO of Nordic Semiconductor.