Wiwynn (6669) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 reached NT$147.1 billion, up from NT$130.5 billion year-over-year, with net income rising to NT$9.4 billion from NT$5.9 billion.

• Gross profit margin remained stable at 11%, and basic EPS for the six months was NT$53.77, up from NT$33.82 year-over-year.

• The company issued foreign depository receipts and overseas convertible bonds in July 2024, raising significant capital for material purchases.

Financial highlights

• Operating revenue for Q2 2024 was NT$77.5 billion, up from NT$56.3 billion in Q2 2023; gross profit for Q2 was NT$8.4 billion.

• Net income for Q2 2024 was NT$4.7 billion, compared to NT$2.6 billion in Q2 2023.

• Cash and cash equivalents as of June 30, 2024 were NT$25.7 billion, down from NT$37.5 billion at year-end 2023.

• Total assets increased to NT$129.7 billion as of June 30, 2024, from NT$93.9 billion a year earlier.

• Operating cash flow for the six months ended June 30, 2024 was negative NT$14.4 billion, reflecting working capital changes.

Outlook and guidance

• Management expects to comply with all financial covenants for at least 12 months after June 30, 2024.

• No seasonality or cyclicality factors are expected to affect operations.