AP Memory Technology (6531) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenue reached NT$2,099.95 million, up 123% year-over-year, driven by robust demand across product lines and strong IC product sales.

• Net income attributable to shareholders was NT$676 million, a 104% increase year-over-year, with basic EPS rising to NT$4.15.

• Gross margin remained stable at 46%, supported by product innovation and expansion in IoT, AI, and advanced packaging.

• Operating income increased to NT$588.25 million, with operating margin at 28%.

• Earnings per share rose to NT$4.15 basic, up from NT$2.04 in Q1 2025.

Financial highlights

• Q1 2026 net revenue: NT$2,099.95 million; gross margin: 46%; operating margin: 28%.

• Net income: NT$659.97 million; basic EPS: NT$4.15; pro forma net income (excluding FX): NT$578.15 million; pro forma EPS: NT$3.65.

• Total assets as of March 31, 2026: NT$15.57 billion; cash and equivalents: NT$8.77 billion.

• Shareholders’ equity: NT$12.01 billion; net worth per share: NT$72.55.

• Operating expenses rose to NT$381.62 million, mainly due to higher R&D and administrative costs.

Outlook and guidance

• Strong market demand for IOTRAM™ expected to continue, supported by DRAM shortages.

• S-SiCap™ IPD mass production to start in Q2 2026, with rapid ramp-up anticipated in 2027.

• VHMTM-enabled AI accelerator product design ongoing, with multiple POC projects in development.

• Continued investment in R&D and expansion of product portfolio, focusing on integrated circuit and RFID technologies.

• Dividend policy maintains a minimum 20% cash payout of distributable earnings.