Primax Electronics (4915) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached NT$60.181 billion, up 3.3% YoY, with USD revenue up 5.4% YoY to $1.923 billion.

• Gross margin hit a record 17.3% for the year, up 0.3 percentage points YoY; Q4 gross margin reached 17.6%, a new quarterly high.

• EPS for 2025 was NT$5.71, up 1.8% YoY, the second highest in company history.

• Achieved solid operational performance in 2025 despite tariff and macroeconomic headwinds, with resilience across business segments.

• The group operates in computer peripherals and non-computer peripherals, with global manufacturing and sales presence.

Financial highlights

• Q4 revenue was NT$14.9 billion, up 13% YoY, driven by AIoT and AI smart surveillance systems.

• Net profit for 2025 was NT$2.63 billion, down 3.7% from 2024.

• Q4 gross profit was NT$2.63 billion; operating margin for the year was 4.7%, flat YoY.

• Q4 EPS was NT$0.95, down 7.8% YoY due to non-operating losses from equipment impairments and investment loss.

• Cash and cash equivalents at year-end 2025 were NT$12.289 billion; net cash after liabilities was NT$9.17 billion.

Outlook and guidance

• Revenue and gross margin expected to face challenges in 2026 due to exchange rate fluctuations and rising raw material costs.

• Q1 2026 revenue projected to increase slightly YoY, with AIoT and consumer audio as growth drivers.

• Information products expected to see a high single-digit YoY decrease in Q1; smart lifestyle and automotive/AIoT segments forecasted for double-digit growth.

• AI sensor fusion products expected to contribute to revenue from Q4 2026 to Q4 2027.

• Adoption of new IFRS standards is not expected to have significant impact; IFRS 18 will be adopted in 2028.