Silergy (6415) Q4 2023 earnings summary

Executive summary

• FY2023 revenue declined to NT$15,427,335 thousand from NT$23,511,086 thousand; operating results shifted to a loss, while net profit remained positive at NT$637,050 thousand.

• Gross profit fell to NT$6,579,439 thousand from NT$12,358,940 thousand; gross margin was 43%, down from 52% YoY.

Financial highlights

• Operating expenses rose to NT$7,098,765 thousand from NT$6,430,196 thousand, including R&D expenses of NT$4,894,418 thousand versus NT$4,460,370 thousand.

• Operating loss was NT$486,392 thousand, compared with operating profit of NT$5,945,460 thousand in 2022; profit before tax was NT$622,230 thousand versus NT$6,674,029 thousand.

• Net profit was NT$637,050 thousand versus NT$6,144,912 thousand; profit attributable to owners was NT$746,004 thousand versus NT$6,038,731 thousand.

• Non-operating income and expenses, net, totaled NT$1,108,622 thousand; interest income was NT$638,552 thousand and dividend income was NT$360,702 thousand.

Segment performance

• Integrated circuit and electronic products were the main revenue sources; one reportable operating segment was used for resource allocation and performance assessment.

• China, including Hong Kong, generated NT$8,737,307 thousand of revenue versus NT$11,568,266 thousand; other locations generated NT$6,690,028 thousand versus NT$11,942,820 thousand.