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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Asetek
Asetek (ASTK) investor relations material
Asetek has been delisted
Asetek Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary8 Apr, 2026
Executive summary
Revenue for 2025 was $41.5 million, down 21% year-over-year due to macroeconomic uncertainty, U.S. tariffs, and reduced orders from major liquid cooling customers who shifted to dual-sourcing.
Gross margin was 41.2%, slightly lower than 41.8% in 2024, reflecting product mix changes and price sensitivity.
Adjusted EBITDA was negative $1.7 million, compared to positive $0.3 million in 2024, with an operating loss of $10.0 million.
A major long-term agreement was secured in October 2025 with a global PC gaming component provider, including a $35 million minimum revenue commitment over two years.
In April 2026, all shares will be acquired by CQXA Holdings Pte. Ltd., a subsidiary of Suzhou Chunqiu, providing liquidity and operational funding.
Financial highlights
Revenue: $41.5 million (2024: $52.5 million), gross profit: $17.1 million (2024: $21.9 million).
Operating loss: $10.0 million (2024: $19.2 million loss).
Net loss: $10.9 million (2024: $23.9 million loss).
Gross margin: 41.2% (2024: 41.8%).
Adjusted EBITDA: negative $1.7 million (2024: positive $0.3 million).
Cash and cash equivalents at year-end: $3.6 million.
Working capital: $5.7 million (2024: $4.4 million).
Outlook and guidance
2026 revenue expected at $55–60 million, with adjusted EBITDA around zero.
Liquid Cooling segment revenue expected at $44–48 million, SimSports at $11–12 million.
Gross margin guidance: 35–40% for Liquid Cooling, 28–32% for SimSports.
Renewed growth anticipated from 2026, supported by new agreements and product launches.
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Latest events from Asetek
- Revenue fell, but a $35M liquid cooling deal and new launches support 2026 growth.ASTK
Q3 2025 - Q2 2025 revenue fell but stable margins and new products support a positive 2025 outlook.ASTKQ2 2025
- 2024 guidance unchanged; rights issue to fund SimSports and mid-segment launches next year.ASTKInvestor Update
- Q3 revenue fell sharply as SimSports grew, with a rights issue planned amid financial headwinds.ASTKQ3 2024
- Revenue down 48% but stable margins and SimSports growth support 2024 outlook.ASTKQ2 2024
- Revenue dropped to $9.8M as SimSports U.S. sales halted, but gross margin stayed at 44.2%.ASTKQ1 2025
- Record SimSports growth and mass-market expansion set to drive 2025 performance.ASTKQ4 2024
Asetek
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Frequently asked questions
Asetek provides cooling solutions for a range of products in desktop PCs, data centers, and gaming laptops. It offers liquid cooling for CPUs as replacement for noisy and inefficient air-cooling, or as a performance upgrade; and All-In-One CPU coolers for home and office users that improves their PC performance.