AP Memory Technology (6531) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue rose 39% QoQ and 108% YoY; gross margin reached 56% as IOTRAM demand remained strong and IPD shipments ramped.

• Growth outlook extends through 2027, while VHM projects remain on track for mass production in 2028.

Financial highlights

• Revenue was NT$3,312M (US$103.6M), up 39% QoQ and 108% YoY.

• Gross profit was NT$1,855M, up 60% QoQ and 170% YoY; gross margin was 56% versus 49% in 2Q26 and 46% in 3Q25.

• Operating income was NT$1,355M, up 87% QoQ and 256% YoY; operating margin was 41%.

• Net income was NT$1,157M; income attributable to parent shareholders was NT$1,176M, up 73% QoQ and 66% YoY.

• Basic EPS was NT$7.21, versus NT$4.18 in 2Q26 and NT$4.34 in 3Q25.

Outlook and guidance

• Strong business growth is expected through 2027, led by continued IOTRAM growth and higher density and bandwidth needs in wearables and smart MCUs.

• IPC shipments are expected to recover in 4Q26; VHM projects are on track, with mass production expected in 2028.

• Additional customer advance payments are expected to help secure manufacturing capacity for 2027 and beyond.