RichWave Technology (4968) Q2 2024 earnings summary

Executive summary

• Achieved significant revenue growth in Q2 2024, with net revenue up 18% sequentially and 37% year-over-year.

• Net income after tax rebounded to NT$75.9 million in Q2 2024, a 239% increase year-over-year.

• Net operating revenue for the six months ended June 30, 2024 was NT$1,872,765 thousand, up 36% year-over-year from NT$1,374,928 thousand.

• Net profit for the six months ended June 30, 2024 was NT$103,690 thousand, reversing a net loss of NT$143,391 thousand in the prior year period.

• Focused on expanding WiFi 7, IoT, mobile, and automotive applications, leveraging diversified technology and global customer base.

Financial highlights

• Q2 2024 net revenue reached NT$1,012 million, gross profit margin improved to 36%.

• Gross profit margin improved to 34% for the six months ended June 30, 2024, compared to 24% in the same period last year.

• Operating profit turned positive at NT$75.3 million, up from near break-even in Q1 2024.

• EPS for Q2 2024 was NT$0.84, a strong recovery from negative EPS in previous quarters.

• Earnings per share for the six months ended June 30, 2024 were NT$1.14 (basic and diluted), compared to a loss per share of NT$1.59 in the prior year period.

Outlook and guidance

• Targeting continued growth in WiFi 7 and expansion in IoT, mobile, and automotive segments.

• Committed to long-term value creation through technology leadership and market strategy.

• The company continues to focus on the design and sale of integrated circuits for wireless communication products, with a single operating segment.