Rigol Technologies (688337) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 38.00% YoY to RMB 231.56m; net income attributable to parent shareholders increased 512.01% to RMB 23.15m, supported by sales growth and improved gross margin.

• Results were unaudited; operating cash flow was negative RMB 8.83m, versus positive RMB 3.49m a year earlier.

Financial highlights

• Profit before tax was RMB 27.18m, up from RMB 1.10m; basic and diluted EPS were RMB 0.12, versus RMB 0.02 YoY.

• Excluding non-recurring items, net income was RMB 15.41m, compared with a loss of RMB 9.03m YoY; non-recurring gains totaled RMB 7.74m, including RMB 8.93m in fair-value and financial-asset disposal gains.

• Gross margin was 58.10%, up 1.95 percentage points YoY, attributed to a higher solutions mix and improved business mix.

Segment performance

• Self-developed-platform digital oscilloscope revenue grew 20.18% YoY; these products represented 89.48% of digital oscilloscope revenue, up 1.93 percentage points.

• MHO/DHO high-resolution 12-bit oscilloscope revenue rose 25.10% YoY; high-end oscilloscopes with bandwidth of at least 2 GHz grew 29.47%.

• Large-customer sales increased 194.17% YoY; optical communications key-customer sales rose 147.71%, supported by product performance and customized services.

• Solutions revenue was RMB 68.15m, up 144.64% YoY; SPQ digital array measurement-and-control system contract revenue reached RMB 35.87m, up 601.71%.