ASPEED Technology (5274) Investor update summary

Financial performance highlights

• Q1 2025 revenue reached NT$2,065 million, up 103.77% YoY but down 1.83% QoQ.

• Gross margin improved to 66.23%, up 2.99 percentage points YoY.

• Net income was NT$886.8 million, up 126.59% YoY but down 5.95% QoQ; EPS at NT$23.46.

• Operating margin rose to 49.73%, up 11.60 percentage points YoY.

• Effective tax rate increased to 19.76% in Q1 2025.

Product and market developments

• Maintains #1 position in BMC, AV over IP (1G Ethernet), and commercial 360 camera markets.

• Product portfolio includes BMC, BIC, PFR, I/O Expander, AV Matrix, AV Extender, and Smart AV solutions.

• Modular server designs and bridge ICs create new business opportunities.

• BMC content is expanding in AI and GPU server architectures, increasing demand per server.

• Capex efficiency improves as AI servers require more BMCs and bridge ICs per unit spend.

Q2 2025 guidance update

• Updated Q2 revenue guidance raised to NT$1.9–2.0 billion from NT$1.7–1.8 billion.

• Gross margin guidance slightly lowered to 64.5–66.0% from 65.0–66.5%.

• FX rate assumption updated to 1 USD = 30.5 TWD from 32.5 TWD.