All Ring Tech (6187) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was NT$1,246,922 thousand vs. NT$723,154 thousand YoY; net income rose to NT$342,811 thousand from NT$170,860 thousand.

• Operating profit was NT$420,767 thousand vs. NT$182,731 thousand; basic EPS was NT$3.57 vs. NT$2.07.

• Semiconductor equipment accounted for 95% of Q1 sales, reflecting a focus on semiconductor packaging and test automation.

• The portfolio spans advanced-package dispensing, attachment, automation, AOI and metrology equipment, plus package and system thermal solutions.

Financial highlights

• Net operating margin was 61% of revenue, up from 52% YoY; gross margin was 61% in Q1 2025, compared with 49% in FY2024.

• Operating costs were NT$493,277 thousand vs. NT$349,321 thousand; operating expenses were NT$332,878 thousand vs. NT$191,102 thousand.

• Profit before tax was NT$421,109 thousand vs. NT$209,171 thousand.

• Net cash from operating activities was NT$1,007,668 thousand vs. NT$4,271 thousand; cash and cash equivalents ended Q1 at NT$4,368,264 thousand.

• Total comprehensive income was NT$232,710 thousand vs. NT$213,771 thousand; Q1 included a NT$121,976 thousand unrealised FVOCI loss, vs. a NT$17,908 thousand gain.

Segment performance

• Q1 semiconductor sales were NT$11.88 hundred million (95% of total); passive components were NT$0.25 hundred million (2%) and other sales were NT$0.34 hundred million (3%).

• Semiconductor sales represented 95% of FY2024 revenue, vs. 77% in 2023 and 78% in 2022; passive components represented 3%, 9% and 17%, respectively.

• The largest reporting segment generated external revenue of NT$1,180,705 thousand vs. NT$707,816 thousand and pretax income of NT$409,716 thousand vs. NT$204,727 thousand.

• Other reporting segments recorded external revenue of NT$49,655 thousand and NT$16,562 thousand, vs. NT$12,654 thousand and NT$2,684 thousand, respectively.

• Reportable segments’ pretax income was NT$487,599 thousand vs. NT$234,453 thousand; inter-segment losses were NT$69,138 thousand vs. NT$32,781 thousand.