VeriSilicon Microelectronics (Shanghai) (688521) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached RMB 1.28 billion, up 78.38% year-over-year and 119.26% quarter-over-quarter, marking a historical high.

• Net loss attributable to shareholders narrowed to RMB -26.85 million in Q3, a significant improvement both year-over-year and quarter-over-quarter.

• New orders in Q3 totaled RMB 1.593 billion, up 145.80% year-over-year, with AI-related orders accounting for about 65%.

• Backlog at quarter-end reached RMB 3.286 billion, maintaining record highs for eight consecutive quarters.

Financial highlights

• Q3 2025 revenue: RMB 1.28 billion (+78.38% YoY, +119.26% QoQ); 9M 2025 revenue: RMB 2.25 billion (+36.64% YoY).

• Q3 net loss: RMB -26.85 million; 9M net loss: RMB -346.70 million.

• Q3 basic and diluted EPS: -0.05; 9M EPS: -0.68.

• Gross margin for 9M: 34.95%.

• Operating cash flow for 9M: RMB -391.10 million.

Outlook and guidance

• High backlog and strong new order intake, especially in AI, are expected to support future revenue growth.

• About 80% of the backlog is expected to convert to revenue within one year.