AEM Holdings (AWX) Q4 2024 earnings summary

Executive summary

• Achieved FY2024 revenue of S$380.4M, a 21% decrease year-over-year, with PBT (excluding exceptional items) at S$19.8M, down 48% from FY2023.

• 2H2024 revenue reached S$206.8M, up 19% sequentially from 1H2024, at the high end of revised guidance.

• Focused on a four-point strategy: customer/market diversification, Test 2.0 technology leadership, operational excellence, and talent/culture.

• Delivered industry’s first fully automated high-throughput high-power burn-in system and expanded customer base for System Level Test.

• Appointed new CFO, Kwek You Cheer, effective January 2025.

Financial highlights

• FY2024 gross profit was S$97.6M, representing 25.7% of revenue, down 1.2 points year-over-year.

• Diluted EPS improved to 3.65 cents from -0.40 cents in FY2023.

• 2H2024 PBT (excluding exceptional items) was S$14.1M, up 151% from 1H2024.

• NAV per share increased 4% from September 2024 to 155.2 cents.

Outlook and guidance

• 1H2025 revenue guidance set at S$155M to S$170M, with rapid growth expected from new customer accounts deploying advanced computing chip test solutions.

• Noted pull-in of revenue to 2H2024 from a key customer, originally expected in FY2025.