Catcher Technology (2474) Q2 2025 earnings summary

Executive summary

• Revenue in 2Q25 rose 16.9% quarter-over-quarter and 8.8% year-over-year to NT$5.084bn, driven by inventory buildup due to US tariff concerns and medtech contributions.

• Net profit after tax (NPAT) was -NT$1.03bn, a sharp decline from NT$2.92bn in 1Q25 and NT$3.44bn in 2Q24, mainly due to significant FX losses and lower gross margin.

• Basic EPS dropped to -NT$1.60 in 2Q25 from NT$4.46 in 1Q25 and NT$5.05 in 2Q24.

• 1H25 NPAT was NT$1.887bn, down 76% y-o-y; basic EPS was NT$2.91 (vs. NT$11.77 in 1H24).

Financial highlights

• 2Q25 EBITDA was NT$1.27bn, up 1.6% q-o-q but down 11% y-o-y.

• 2Q25 gross margin was 30.5% (down from 35.0% in 1Q25 and 34.0% in 2Q24).

• Operating profit for 2Q25 was NT$905mn, down 5% y-o-y.

• Non-operating losses in 2Q25 totaled NT$1.675bn, mainly due to NT$3.448bn in FX losses.

• Cash and cash equivalents at June 30, 2025 were NT$22.4bn, down from NT$28.4bn in 2Q24 and NT$50.4bn at year-end 2024.

Outlook and guidance

• Ongoing diversification into medtech, semiconductor, and aerospace sectors, with significant investments planned over the next 5-10 years.

• Overseas expansion includes new facilities in Thailand and Vietnam, with mass production in Thailand expected in 2026-2027.

• Strategic focus on R&D, product certifications, and M&A to drive long-term growth.

• Management continues to monitor economic conditions and aims for stable dividend growth and sustainable operations.