Catcher Technology (2474) Q3 2025 earnings summary

Executive summary

• Revenue for 3Q25 was NT$4.861bn, down 4.4% sequentially and 5.0% year-over-year, while 9M25 revenue reached NT$14.296bn, up 6.3% year-over-year, mainly from medtech contributions.

• Net profit after tax for 3Q25 rebounded to NT$2.969bn, up 108% year-over-year, with 9M25 NPAT at NT$4.967bn, down 47% year-over-year.

• Basic EPS for 3Q25 was NT$4.62, compared to -NT$1.60 in 2Q25 and NT$2.10 in 3Q24; 9M25 EPS was NT$7.45, down from NT$13.88 in 9M24.

• Significant FX gains of NT$955mn in 3Q25 reversed prior losses; net FX losses for 9M25 totaled NT$1.875bn.

• Acquisition of Pacific Hospital Supply Co., Ltd. in January 2025, now consolidated as a subsidiary.

Financial highlights

• Gross margin for 3Q25 was 28.6%-29%, down from 35% in 3Q24; operating margin was 15.2%-15%, down from 23% in 3Q24.

• EBITDA for 3Q25 was NT$1.092bn, down from NT$1.270bn in 2Q25 and NT$1.624bn in 3Q24.

• Cash and cash equivalents at September 30, 2025 were NT$35.4bn, down from NT$50.4bn at the start of 9M25.

• Total assets at September 30, 2025 were NT$225.082bn, down 8% from a year earlier.

• 9M25 NPAT was NT$4.769bn, down 49.5% year-over-year.

Outlook and guidance

• Ongoing diversification into high-margin, high-barrier industries such as medtech, semiconductor, and aerospace.

• Overseas expansion with new production capacity in Thailand and Vietnam, targeting ramp-up in 2026-2027.

• Continued focus on R&D, strategic alliances, and M&A to drive long-term growth.

• Management continues to monitor economic conditions and aims for stable and growing dividends.

• IFRS 18 adoption is planned for 2028, with ongoing assessment of impacts from new accounting standards.