Fositek (6805) Q4 2024 earnings summary

Executive summary

• FY2024 revenue was NT$8,187,690 thousand, up 45.07% YoY; net income was NT$1,227,364 thousand, up 95.45%, and EPS was NT$17.90.

• Foldable phones accounted for 82.6% of FY2024 revenue; year-end assets were NT$12,758,184 thousand.

Financial highlights

• FY2024 gross profit was NT$1,826,936 thousand and operating income was NT$1,197,373 thousand; gross margin was 22.31% and operating margin 14.62%.

• Q4 revenue was NT$2,770 million, up 39.31% QoQ and 55.75% YoY; net income was NT$413 million, up 23.57% QoQ and 135.10% YoY.

• Q4 operating income was NT$343 million, up 3.51% QoQ and 10.31% YoY; EPS was NT$6.02, up 23.61% QoQ and 122.96% YoY.

• FY2024 operating cash flow was NT$1,408,985 thousand; investing cash outflow was NT$663,610 thousand, including NT$540,559 thousand of PP&E additions.

Segment performance

• Foldable phone revenue was NT$6,759 million, or 82.6% of sales, versus NT$4,633 million and 82.1% in FY2023.

• Notebook revenue was NT$894 million, or 10.9% of sales, versus NT$969 million and 17.2% in FY2023.

• Server revenue reached NT$435 million, or 5.3% of sales, versus nil in FY2023; other revenue was NT$99 million, or 1.2%.

• Customer A represented 81.04% of 2024 net sales, versus 75.88% in 2023.