A 
Amulaire Thermal Technology 2241.TW · TWD
Consumer Discretionary · Taiwan Stock Exchange · 🇹🇼 Taiwan
36.90
+9.33%
Close of 9 Nov 2026, in TWD
Search any instrument
Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 785.6m
FY2016FY2025
Net income
−TWD 73.6m
FY2016FY2025
Free cash flow
−TWD 183.2m
FY2016FY2025
Shareholders' equity
TWD 1.34bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 785.6m | TWD 689.0m | TWD 884.0m | TWD 731.2m | TWD 1.14bn | TWD 847.3m | TWD 770.1m | TWD 424.7m | TWD 410.1m | TWD 480.6m |
| Gross profit | TWD 27.5m | TWD 2.7m | −TWD 6.0m | −TWD 8.7m | TWD 146.4m | TWD 161.0m | TWD 199.1m | TWD 101.1m | TWD 85.5m | TWD 180.5m |
| Research and development | TWD 70.9m | TWD 120.1m | TWD 134.4m | TWD 150.5m | TWD 126.6m | TWD 66.5m | TWD 59.6m | TWD 44.7m | TWD 38.8m | TWD 33.4m |
| Operating income | −TWD 130.5m | −TWD 212.6m | −TWD 233.8m | −TWD 274.1m | −TWD 67.3m | TWD 18.2m | TWD 92.6m | TWD 33.0m | TWD 12.3m | TWD 113.9m |
| Net income | −TWD 73.6m | −TWD 207.1m | −TWD 223.6m | −TWD 220.1m | −TWD 109.8m | TWD 6.5m | TWD 73.4m | TWD 45.8m | −TWD 26.5m | TWD 109.3m |
| Diluted earnings per share | -0.68 | -2.00 | -2.42 | -2.41 | -1.20 | 0.08 | 0.98 | 0.63 | -0.37 | 1.51 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 2.28bn | TWD 2.40bn | TWD 2.72bn | TWD 2.98bn | TWD 2.98bn | TWD 2.36bn | TWD 2.04bn | TWD 2.18bn | TWD 1.99bn | TWD 1.48bn |
| Cash and short-term investments | TWD 210.9m | TWD 170.8m | TWD 198.8m | TWD 340.3m | TWD 283.8m | TWD 593.8m | TWD 283.0m | TWD 727.0m | TWD 673.2m | TWD 409.7m |
| Total liabilities | TWD 766.1m | TWD 911.3m | TWD 1.07bn | TWD 1.52bn | TWD 1.35bn | TWD 686.1m | TWD 951.8m | TWD 1.25bn | TWD 1.11bn | TWD 574.8m |
| Debt | TWD 556.5m | TWD 782.9m | TWD 780.2m | TWD 1.33bn | TWD 1.12bn | TWD 542.1m | TWD 780.5m | TWD 1.15bn | TWD 1.03bn | TWD 497.1m |
| Shareholders' equity | TWD 1.34bn | TWD 1.41bn | TWD 1.61bn | TWD 1.41bn | TWD 1.63bn | TWD 1.68bn | TWD 1.09bn | TWD 924.6m | TWD 878.6m | TWD 905.7m |
| Shares outstanding | 109m | 104m | 93m | 91m | 91m | 87m | 75m | 73m | 72m | 72m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 129.9m | −TWD 118.4m | TWD 48.1m | −TWD 39.5m | −TWD 258.2m | TWD 45.6m | −TWD 25.5m | TWD 16.8m | −TWD 22.8m | TWD 97.0m |
| Capital spending | −TWD 53.2m | −TWD 75.6m | −TWD 86.3m | −TWD 161.9m | −TWD 579.7m | −TWD 82.3m | −TWD 70.2m | −TWD 80.4m | −TWD 246.0m | −TWD 215.2m |
| Free cash flow | −TWD 183.2m | −TWD 194.0m | −TWD 38.2m | −TWD 201.4m | −TWD 837.9m | −TWD 36.7m | −TWD 95.7m | −TWD 63.6m | −TWD 268.8m | −TWD 118.2m |
| Dividends paid | — | — | — | — | −TWD 53.7m | −TWD 65.8m | −TWD 65.8m | −TWD 65.8m | −TWD 65.8m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 254.4m | TWD 218.1m | TWD 274.7m | TWD 189.2m | TWD 145.6m | TWD 176.1m | TWD 164.8m | TWD 169.5m |
| Gross profit | TWD 13.2m | TWD 16.1m | TWD 39.5m | TWD 5.3m | −TWD 26.6m | TWD 9.3m | −TWD 18.3m | TWD 6.4m |
| Operating income | −TWD 26.2m | −TWD 12.8m | −TWD 5.1m | −TWD 29.4m | TWD 10.8m | −TWD 30.5m | −TWD 84.7m | −TWD 47.0m |
| Net income | −TWD 28.5m | −TWD 15.2m | −TWD 10.5m | −TWD 25.5m | −TWD 13.5m | −TWD 24.1m | −TWD 88.4m | −TWD 44.6m |
| Diluted earnings per share | -0.27 | -0.15 | -0.10 | -0.23 | -0.12 | -0.22 | -0.85 | -0.43 |
| Cash from operations | TWD 15.0m | TWD 11.0m | −TWD 46.0m | −TWD 29.0m | −TWD 28.0m | TWD 50.0m | TWD 26.0m | −TWD 42.0m |
| Capital spending | −TWD 9.0m | −TWD 3.0m | −TWD 9.0m | −TWD 19.0m | −TWD 21.0m | −TWD 4.0m | −TWD 7.0m | −TWD 9.0m |
| Free cash flow | TWD 6.0m | TWD 8.0m | −TWD 55.0m | −TWD 48.0m | −TWD 49.0m | TWD 46.0m | TWD 19.0m | −TWD 51.0m |
| Total assets | TWD 2.30bn | TWD 2.38bn | TWD 2.28bn | TWD 2.19bn | TWD 2.11bn | TWD 2.34bn | TWD 2.40bn | TWD 2.50bn |
| Cash and short-term investments | TWD 221.9m | TWD 314.2m | TWD 210.9m | TWD 202.1m | TWD 105.7m | TWD 140.2m | TWD 170.8m | TWD 177.0m |
| Debt | TWD 593.1m | TWD 628.4m | TWD 548.7m | TWD 520.7m | TWD 453.0m | TWD 743.9m | TWD 756.6m | TWD 769.2m |
| Shareholders' equity | TWD 1.31bn | TWD 1.34bn | TWD 1.34bn | TWD 1.34bn | TWD 1.36bn | TWD 1.39bn | TWD 1.41bn | TWD 1.50bn |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.5% | 0.4% | -0.7% | -1.2% | 12.9% | 19.0% |
| Operating margin | -16.6% | -30.6% | -25.9% | -28.4% | -9.3% | 2.1% |
| Net margin | -9.4% | -30.1% | -25.3% | -30.1% | -9.6% | 0.8% |
| Return on equity | -5.5% | -14.7% | -13.9% | -15.6% | -6.7% | 0.4% |
| Return on assets | -3.2% | -8.6% | -8.2% | -7.4% | -3.7% | 0.3% |
| Free cash flow yield | -1.6% | -0.9% | 3.3% | 3.0% | 8.0% | 3.4% |
| Revenue growth | 14.0% | -22.1% | 20.9% | -35.7% | 34.3% | 10.0% |
| Earnings growth | -64.5% | -7.4% | 1.6% | 100.6% | -1776.7% | -91.1% |
| Current ratio | 2.22x | 4.74x | 3.64x | 2.14x | 2.05x | 6.00x |
| Debt to equity | 0.40x | 0.54x | 0.46x | 0.90x | 0.65x | 0.27x |
| Equity ratio | 58.8% | 58.8% | 59.3% | 47.3% | 54.7% | 71.0% |
| Interest coverage | -10.04x | -13.36x | -10.44x | -11.66x | -12.97x | 1.80x |
| R&D as a share of sales | 9.0% | 17.4% | 15.2% | 20.6% | 11.1% | 7.8% |
| Buybacks as a share of market value | -4.7% | -12.0% | -1.2% | 0.0% | -5.7% | -15.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.4% | -1.5% | 10.6% |
| Operating income | -21.9% | — | — |
| Net income | -30.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.0% | 0.5% | 6.4% | 13.5% |
| Operating margin | -23.3% | -27.5% | -17.7% | -7.9% |
| Net margin | -19.0% | -23.4% | -16.3% | -7.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -54.0 | -13.9 | -13.1 | -12.8 | -43.3 | — | 44.9 | 72.8 | -118.2 | 47.7 |
| Price to sales | 5.1 | 4.2 | 3.3 | 3.9 | 4.2 | 5.6 | 4.3 | 7.8 | 7.6 | 10.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Aug 2021.
| FY2021 | FY2020 | |
|---|---|---|
| Paid in the year | 0.064 | 0.88 |
- 1.023-for-1 split · 17 Oct 2019
- 1.161-for-1 split · 26 Oct 2017
- 1.115-for-1 split · 26 Oct 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.