AP Memory Technology (6531) Q2 2026 earnings summary

Executive summary

• Q2 net revenue was NT$2,362,877 thousand, up 13% QoQ and 74% YoY; net income was NT$667,179 thousand, versus a net loss in Q2 2025.

• H1 revenue reached NT$4,462,828 thousand and net profit was NT$1,327,145 thousand, reversing the prior-year loss.

• IoTRAM™, S-SiCap™ and VHM™ supported expansion, while high demand and limited manufacturing capacity remained constraints.

Financial highlights

• Q2 gross margin was 49% and operating margin was 31%; H1 gross profit was NT$2,129,194 thousand and operating profit was NT$1,313,921 thousand.

• H1 net foreign-exchange gain was NT$115,942 thousand, versus a NT$870,202 thousand loss in H1 2025; Q2 recorded a NT$24,203 thousand loss.

• H1 operating cash flow was NT$1,296,229 thousand; cash and cash equivalents totaled NT$9,708,479 thousand at June 30, 2026.

• Q2 net income attributable to shareholders was NT$667.2M, up 1% QoQ and 224% YoY.

Outlook and guidance

• Continued strong growth expected in IoTRAM™ and S-SiCap™; IPD is ramping into mass production, particularly for AI/HPC applications.

• VHM™ mass production is expected in 2028; capacity expansion initiatives are underway for 2027 and beyond.

• PSMC and Amkor agreements secure capacity through June 2029 and June 2030, respectively; required deposits were unpaid as of August 5, 2026.

• Operational planning and market-demand assessment support meeting capacity-utilization commitments; no material liabilities or loss provisions were recorded at June 30.