Primax Electronics (4915) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached NT$60.181 billion, up 3.3% year-over-year, with USD revenue up 5.4% to $1.923 billion.

• Gross margin hit a record 17.3% for the year, and 17.6% in Q4, driven by AIoT and smart surveillance products.

• EPS for 2025 was NT$5.71, the second highest in company history.

• Automotive and AIoT segments are expected to be key growth drivers, with direct partnerships with global car manufacturers.

• Consolidated financial statements audited with an unmodified opinion for 2025 and 2024, prepared in accordance with IFRS and local regulations.

Financial highlights

• Q4 revenue was NT$14.9 billion, up 13% year-over-year, with gross profit of NT$2.63 billion.

• Q4 gross margin reached 17.6%, a new quarterly high; operating margin was 4.2%.

• Q4 net income was NT$440 million, net margin 3%, and EPS NT$0.95, down 7.8% YoY due to non-operating losses.

• Cash at year-end was NT$12.289 billion, with net cash of NT$9.17 billion after liabilities.

• Net profit for 2025 was NT$2.63 billion, down 3.7% from 2024.

Outlook and guidance

• 2026 revenue expected to see slight year-over-year growth in both USD and NTD.

• Gross margin faces challenges from RMB appreciation and raw material cost increases.

• Automotive and AIoT to deliver high double-digit growth; Smart Lifestyle to return to double-digit growth; Information Products may decline.

• AI Sensor Fusion products expected to contribute to revenue from Q4 2026 to Q4 2027.

• Adoption of new IFRS standards is not expected to have significant impact; IFRS 18 will be adopted in 2028.