AP Memory Technology (6531) Q1 2025 earnings summary

Executive summary

• Fabless memory and IP company headquartered in Hsinchu, Taiwan, with global sales and R&D centers in the US, Taiwan, and China; 249 employees as of March 2025.

• Focused on customized memory solutions for IoT, AI, and high-bandwidth applications, with product lines including IOTRAM™, S-SiCap™, and VHM™.

• Listed on TWSE since 2016, with 162M shares outstanding.

• Completed the acquisition of OCKY, consolidating results from March 1, 2025.

• Financial statements received an unqualified review from Deloitte & Touche.

Financial highlights

• Q1 2025 net revenue NT$974.96M; year-over-year change reported as both a 20% decrease and a 30% increase due to differing sources.

• Gross margin at 46% in Q1 2025, down from 53% in Q4 2024 and consistent with Q1 2024.

• Net income NT$346.06M (one source) and NT$331.91M (another source); basic EPS NT$2.04.

• Cash and cash equivalents NT$5.14B as of March 31, 2025; net worth per share NT$68.49.

• Net cash from operating activities NT$969.26M, up from NT$676.65M year-over-year.

Outlook and guidance

• Significant revenue growth expected in 2025, mainly from S-SiCap™ IPC; IOTRAM™ revenue also projected to grow.

• VHM™ adoption visible, entering product design-in phase for AI/HPC applications.

• Pro forma Q1 2025 net income, including OCKY from January 1, would have been NT$341.19M.

• Macro environment remains uncertain, especially regarding FX volatility.

• No material impact expected from new IFRS standards effective 2026.