Rigol Technologies (688337) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 27.50% YoY to ¥761.6m; net income rose 43.45% to ¥58.3m, while adjusted net income increased 1,604.30% to ¥38.4m.

• Q3 revenue grew 13.36% YoY to ¥274.8m, but net income fell 13.35% to ¥21.2m and total profit declined 25.05% to ¥20.7m.

• Core instrument growth and solutions sales supported revenue; higher electronic-material costs weighed on gross margin.

Financial highlights

• 9M operating income was ¥62.4m versus ¥36.9m YoY; total profit was ¥62.1m versus ¥36.8m.

• 9M revenue was ¥761.6m versus ¥597.4m YoY; operating costs totaled ¥716.9m versus ¥605.2m.

• 9M net income was ¥58.3m versus ¥40.7m; adjusted net income was ¥38.4m, up 1,604.30% YoY.

• Q3 revenue was ¥274.8m, up 13.36% YoY; net income was ¥21.2m, down 13.35%.

• 9M operating cash flow was negative ¥39.2m versus negative ¥2.8m YoY; increased purchasing for planned inventory was cited as the driver.

Segment performance

• Self-developed-platform digital oscilloscope revenue grew 21.07% in 9M; these products represented 88.24% of oscilloscope revenue, up 2.09 percentage points YoY.

• MHO/DHO 12-bit high-resolution oscilloscope revenue grew 33.78%; high-end product revenue rose 27.66%, including 30.26% growth for oscilloscopes with bandwidth of at least 2 GHz.

• RF product revenue increased 23.51%; vector network analyzer sales reached ¥19.2m in 9M.

• Large-customer sales grew 79.31%; optical communications key-customer sales rose 246.12% YoY.

• Solutions revenue reached ¥161.5m, up 45.68%; SPQ digital array measurement-and-control system contract revenue was ¥53.4m, up 58.80%.