FOCI Fiber Optic Communications (3363) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024 was NT$1,004 million, up 7.4% year-over-year, but the period ended with a net loss of NT$17.5 million compared to a net profit of NT$19.6 million in 2023.

• The third quarter saw a net loss of NT$14.8 million, reversing a small profit in the same quarter last year.

• The company raised NT$522 million through a private placement and increased share capital by 5 million shares in June 2024.

Financial highlights

• Gross margin remained stable at 14% for both the three- and nine-month periods, consistent with the prior year.

• Operating expenses increased, with employee benefit expense rising to NT$276 million for the nine months, up from NT$240 million year-over-year.

• Cash and cash equivalents rose sharply to NT$1,512 million at September 30, 2024, from NT$625 million a year earlier.

• Net cash from operating activities was NT$77 million, down from NT$162 million in the prior year.

• Basic loss per share for the nine months was NT$0.17, compared to earnings per share of NT$0.22 last year.

Outlook and guidance

• Management expects no significant impact from new or upcoming IFRS standards.

• No forward-looking financial guidance was provided.