FOCI Fiber Optic Communications (3363) Q1 2024 earnings summary

Executive summary

• Revenue for Q1 2024 was NT$268.5 million, down 17% year-over-year from NT$322.2 million in Q1 2023.

• Net loss for Q1 2024 was NT$28.3 million, compared to a net profit of NT$34.0 million in Q1 2023.

• Gross margin declined to 8% from 15% year-over-year.

• The company operates a single reportable segment focused on fiber optic components and related services.

Financial highlights

• Operating loss was NT$42.3 million in Q1 2024, compared to NT$15.1 million in Q1 2023.

• Total assets as of March 31, 2024 were NT$2,361 million, up from NT$2,163 million a year earlier.

• Cash and cash equivalents increased to NT$922 million from NT$540 million year-over-year.

• Capital surplus distributed as cash dividends amounted to NT$49.3 million.

• Basic and diluted loss per share for Q1 2024 was NT$0.29, compared to earnings per share of NT$0.38 in Q1 2023.

Outlook and guidance

• On April 12, 2024, the Board resolved a private placement of up to 10 million shares, pending shareholder approval.

• No explicit forward-looking financial guidance was provided.