Qualitau (QLTU) investor relations material

Executive summary

• Revenue for the first nine months of 2025 reached $49.2M, up from $31.7M year-over-year, with Q3 revenue at $21.1M, a significant increase due to early delivery requests from customers.

• Gross profit margin improved to 73% for the nine-month period (67% last year), and 77% in Q3 (68% last year).

• Net income for the first nine months was $22.8M, up from $9.7M year-over-year; Q3 net income was $10.7M, up from $3.6M.

• Basic EPS for the nine months was $5.11, compared to $2.23 last year; Q3 basic EPS was $2.35, up from $0.83.

Financial highlights

• Current assets increased to $67.7M as of September 30, 2025, from $53.5M at year-end 2024, mainly due to higher receivables and inventory.

• Equity rose to $47.9M from $43.7M at September 2024, driven by net profit and share-based compensation, offset by dividend payments.

• Operating cash flow for the nine months was negative $2.0M, mainly due to increased receivables and inventory.

• Two dividends were declared and paid in 2025, totaling approximately $6.7M.

Outlook and guidance

• Management expects the new US tariff regime and rising raw material prices to have only a marginal impact on 2025 gross margins due to inventory management, but anticipates more significant effects in 2026, with actions underway to adjust sales prices.

• All orders from Chinese customers for 2025–2026 are expected to be delivered as planned, but escalation in US-China or China-Taiwan tensions could materially impact business.