AP Memory Technology (6531) Q4 2025 earnings summary

Executive summary

• Achieved 35% year-over-year revenue growth in 2025, with net revenue reaching NT$5.67B.

• Gross margin remained strong at 47%, supported by favorable product mix and currency effects.

• Net income attributable to shareholders was NT$1.26B, down 20% year-over-year due to significant FX losses.

• Pro forma results (excluding FX impact) show net income growth and higher EPS.

Financial highlights

• Q4 2025 net revenue was NT$1.87B, up 21% sequentially and 58% year-over-year.

• Q4 2025 gross margin was 50%, up from 46% in Q3 2025 and 53% in Q4 2024.

• Q4 2025 net income attributable to shareholders was NT$706M, up 8% sequentially and 52% year-over-year.

• Full-year 2025 EPS was NT$7.74, down from NT$9.73 in 2024; pro forma EPS was NT$8.94, up 14% year-over-year.

Outlook and guidance

• Strong market demand for IOTRAM™, with growth moderated by test capacity.

• IPC mass production ramp continues, with minor impact from PSMC fab move.

• IPD mass production starts in Q2 2026, driven by strong demand.

• VHMTM/VHMStackTM adoption continues, with first mass production expected in 2027/2028.