Unimicron Technology (3037) Q1 2025 earnings summary

Executive summary

• Q1 2025 consolidated sales reached NT$30,090M (NT$30.1B), up 14% year-over-year, with net income of NT$924M, down from NT$2.66B in Q1 2024.

• Gross margin was 13.4%, down from 16.3% in Q1 2024; operating margin fell to 4% from 6% year-over-year.

• EPS was NT$0.60, compared to NT$1.60 in Q1 2024 and NT$0.04 in Q4 2024.

• The company completed a merger with Subtron Technology effective January 1, 2025, expanding its global footprint.

Financial highlights

• Operating income rose 87% sequentially to NT$1,267M but fell 20% year-over-year.

• EBITDA was NT$6,157M, 20% of sales, down from 29% in Q1 2024.

• Cash at period end was NT$44,143M, slightly higher than Q4 2024 but down from NT$54.8B a year earlier.

• Total assets increased to NT$234.8B, and liabilities to NT$133.6B, both up year-over-year.

• Operating cash flow was NT$2.75B, down from NT$3.24B in Q1 2024; capital expenditures were NT$6.78B.

Outlook and guidance

• Forward-looking statements highlight risks and uncertainties that may impact future performance.

• Board proposed a NT$1.50 per share cash dividend for 2024, pending approval.

• Plans to issue up to NT$15B in domestic unsecured bonds over two years, with NT$4.2B at 2.10% interest in April 2025.