AMICCOM Electronics (5272) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 was NT$163.7 million, up 8.6% year-over-year, with net income of NT$11.6 million compared to a net loss of NT$28.2 million in the prior year period.

• Gross profit margin was 44% for the six months, slightly down from 48% year-over-year, while operating expenses increased 6.1% to NT$114.0 million.

• Total comprehensive income for the period was a loss of NT$28.0 million, mainly due to a NT$39.6 million unrealized loss on equity investments.

Financial highlights

• Operating revenue for Q2 2024 was NT$82.0 million, up 5.9% year-over-year; gross profit for the quarter was NT$34.5 million.

• Net income for Q2 2024 was NT$26.3 million, reversing a net loss of NT$12.5 million in Q2 2023.

• Basic and diluted EPS for the six months ended June 30, 2024 were NT$0.21, compared to a loss per share of NT$0.51 in the prior year period.

• Cash and cash equivalents increased to NT$109.7 million as of June 30, 2024, from NT$85.8 million at year-end 2023.

• Dividend income from equity investments was NT$50.9 million for the six months, up significantly from NT$8.8 million year-over-year.

Outlook and guidance

• The company continues to focus on research, design, and sales of RF integrated circuits, with a single operating segment.

• Management is monitoring the impact of new IFRS standards effective in 2025 and 2026, with no material impact expected from current changes.