Global Unichip (3443) Q1 2025 earnings summary

Executive summary

• 1Q25 revenue reached NT$7,024M, up 23% year-over-year and 17% sequentially from 4Q24.

• Net income for 1Q25 was NT$961M, a 45% increase year-over-year and 13% higher sequentially.

• EPS for 1Q25 was NT$7.17, up from NT$4.94 in Q1 2024.

• Operating income rose to NT$1,095M, up 55% year-over-year.

• Deloitte issued an unqualified review, confirming fair presentation of financials.

Financial highlights

• Gross margin for 1Q25 was 28.1%, down from 33.2% in 4Q24 and 29.7% in 1Q24.

• Turnkey revenue grew 36% year-over-year, while NRE revenue declined 5% and Others dropped 68%.

• Cash and cash equivalents at period end were NT$9,499.3M, down from NT$10,427.4M at year-end 2024.

• Net cash used in operating activities was NT$436.1M, compared to NT$1,922.2M generated in Q1 2024.

• Total assets reached NT$27,091.4M, with equity at NT$12,280.1M as of March 31, 2025.

Outlook and guidance

• Forward-looking statements indicate expectations of continued growth but highlight significant risks and uncertainties.

• The company is assessing the impact of new IFRS standards effective in 2026 and Pillar Two tax legislation.

• Management expects sufficient liquidity and capital resources for the next 12 months, despite industry cyclicality.