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 and net income at NT$1.24B, down 20–21% year-over-year due to significant FX losses.

• Gross margin was 47%, supported by favorable product mix and currency effects, but down from 51% in 2024.

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

• Major business expansion included the acquisition of OCKY, consolidating RFID design and sales operations.

Financial highlights

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

• Cash and cash equivalents at year-end were NT$7.26B, up from NT$4.19B a year earlier.

• Operating cash flow reached NT$2,852.6 million, up from NT$1,511.7 million.

• Operating margin was 25% in 2025, unchanged from 2024.

Outlook and guidance

• Strong market demand for IOTRAM™, customized memory, and AI chip solutions, 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.

• Dividend policy remains stable, with a proposed NT$7.0 per share cash dividend for 2025.