Catcher Technology (2474) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was NT$4.35bn, up 18.9% year-over-year and aligning with expectations.

• Gross margin improved to 35%, up 7.1pp year-over-year, driven by product mix and cost control.

• Net profit after tax was NT$2.916bn, down 36.3% year-over-year.

• Basic EPS for Q1 2025 was NT$4.46, compared to NT$6.73 in Q1 2024.

• Pacific Hospital Supply Co., Ltd. became a consolidated subsidiary in January 2025.

Financial highlights

• Operating margin reached 19.9% in Q1 2025, up from 7.9% in Q1 2024.

• EBITDA was NT$1.25bn, up from NT$880mn in Q1 2024.

• Net FX gains were NT$618mn due to a 1.2% NTD depreciation.

• Cash and cash equivalents at March 31, 2025 were NT$30.37bn, down from NT$32.52bn a year earlier.

• Total assets at March 31, 2025 were NT$234.31bn, down from NT$254.70bn at March 31, 2024.

Key financial ratios and metrics

• Gross margin: 35.0% in Q1 2025 vs. 27.9% in Q1 2024.

• Operating margin: 19.9% in Q1 2025 vs. 7.9% in Q1 2024.

• EBITDA margin: 28.7% in Q1 2025 vs. 24.1% in Q1 2024.

• Book value per share (BVPS): NT$255.7 in Q1 2025, up from NT$241.9 in 4Q24.

• Return on equity (ROE) for Q1 2025: 1.8% annualized.