M 
8.77
-1.24%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 471.8m
FY2019FY2025
Net income
−TWD 81.5m
FY2019FY2025
Free cash flow
TWD 84.6m
FY2019FY2025
Shareholders' equity
TWD 1.25bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | TWD 471.8m | TWD 366.4m | TWD 234.3m | TWD 180.1m | TWD 163.1m | TWD 194.4m | TWD 160.9m |
| Gross profit | TWD 357.6m | TWD 193.9m | TWD 138.9m | TWD 94.8m | TWD 90.1m | TWD 115.1m | TWD 93.0m |
| Research and development | TWD 31.3m | TWD 35.9m | TWD 35.5m | TWD 25.9m | TWD 16.1m | TWD 6.4m | TWD 4.9m |
| Operating income | −TWD 47.3m | −TWD 86.7m | −TWD 123.2m | −TWD 109.8m | −TWD 97.2m | −TWD 70.1m | −TWD 57.4m |
| Net income | −TWD 81.5m | −TWD 94.7m | −TWD 125.3m | −TWD 102.1m | −TWD 99.2m | −TWD 54.5m | −TWD 59.9m |
| Diluted earnings per share | -0.93 | -1.08 | -1.99 | -1.63 | -1.13 | -0.62 | -0.68 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | TWD 2.88bn | TWD 2.68bn | TWD 1.06bn | TWD 846.3m | TWD 947.3m | TWD 730.0m | TWD 693.1m |
| Cash and short-term investments | — | TWD 165.1m | TWD 399.5m | TWD 207.9m | TWD 286.3m | TWD 97.3m | TWD 104.6m |
| Total liabilities | TWD 1.62bn | TWD 1.46bn | TWD 390.8m | TWD 372.5m | TWD 361.3m | TWD 347.3m | TWD 258.7m |
| Debt | TWD 155.4m | TWD 942.8m | TWD 34.0m | TWD 45.8m | TWD 53.0m | TWD 69.9m | TWD 18.7m |
| Shareholders' equity | TWD 1.25bn | TWD 1.21bn | TWD 661.7m | TWD 471.2m | TWD 586.0m | TWD 382.6m | TWD 434.4m |
| Shares outstanding | 88m | 88m | 63m | 63m | 88m | 88m | 88m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 89.5m | −TWD 38.1m | −TWD 29.7m | −TWD 41.3m | −TWD 23.0m | −TWD 17.7m | −TWD 3.7m |
| Capital spending | −TWD 4.9m | −TWD 344.2m | −TWD 6.7m | −TWD 4.2m | −TWD 7.5m | −TWD 7.5m | −TWD 5.3m |
| Free cash flow | TWD 84.6m | −TWD 382.3m | −TWD 36.4m | −TWD 45.6m | −TWD 30.5m | −TWD 25.3m | −TWD 9.0m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | |
|---|---|---|---|---|---|---|---|
| Revenue | TWD 250.4m | TWD 236.1m | TWD 130.3m | TWD 131.3m | TWD 103.1m | TWD 101.5m | TWD 78.7m |
| Gross profit | TWD 116.3m | TWD 112.2m | TWD 81.7m | TWD 79.3m | TWD 59.6m | TWD 51.8m | TWD 43.0m |
| Operating income | −TWD 24.8m | −TWD 40.9m | −TWD 47.0m | −TWD 65.0m | −TWD 58.1m | −TWD 58.3m | −TWD 51.5m |
| Net income | −TWD 19.1m | −TWD 47.8m | −TWD 46.9m | −TWD 65.6m | −TWD 59.8m | −TWD 51.4m | −TWD 50.7m |
| Diluted earnings per share | -0.22 | -0.54 | -0.53 | -1.04 | -0.95 | -0.82 | -0.81 |
| Cash from operations | TWD 111.0m | — | −TWD 38.0m | −TWD 17.0m | −TWD 11.0m | −TWD 24.0m | −TWD 16.0m |
| Capital spending | −TWD 3.0m | −TWD 16.0m | −TWD 231.0m | −TWD 1.0m | −TWD 4.0m | −TWD 2.0m | −TWD 2.0m |
| Free cash flow | TWD 108.0m | — | −TWD 269.0m | −TWD 18.0m | −TWD 15.0m | −TWD 26.0m | −TWD 18.0m |
| Total assets | TWD 2.83bn | TWD 2.68bn | TWD 1.22bn | TWD 1.06bn | TWD 771.5m | TWD 846.3m | — |
| Cash and short-term investments | TWD 136.2m | TWD 165.1m | TWD 165.8m | TWD 399.5m | TWD 169.6m | TWD 207.9m | — |
| Debt | TWD 267.0m | TWD 241.0m | TWD 195.4m | TWD 38.5m | TWD 21.2m | TWD 21.6m | — |
| Shareholders' equity | TWD 1.20bn | TWD 1.21bn | TWD 609.7m | TWD 661.7m | TWD 406.2m | TWD 471.2m | — |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 75.8% | 52.9% | 59.3% | 52.6% | 55.2% | 59.2% |
| Operating margin | -14.0% | -24.8% | -55.1% | -53.8% | -60.1% | -27.6% |
| Net margin | -17.3% | -25.8% | -53.5% | -56.7% | -60.8% | -28.0% |
| Return on equity | -6.5% | -7.9% | -18.9% | -21.7% | -16.9% | -14.2% |
| Return on assets | -2.8% | -3.5% | -11.8% | -12.1% | -10.5% | -7.5% |
| Free cash flow yield | 11.8% | 38.4% | -4.0% | -6.5% | — | — |
| Revenue growth | 28.7% | 56.4% | 30.1% | 10.5% | -16.1% | 20.8% |
| Earnings growth | -14.0% | -24.4% | 22.7% | 3.0% | 82.1% | -9.1% |
| Current ratio | 1.90x | 1.69x | 4.49x | 3.60x | 4.79x | 2.58x |
| Debt to equity | 0.12x | 0.20x | 0.06x | 0.09x | 0.06x | 0.05x |
| Equity ratio | 43.4% | 45.0% | 62.3% | 55.7% | 61.9% | 52.4% |
| Interest coverage | -2.85x | -8.49x | -152.42x | -98.30x | -87.09x | -72.39x |
| R&D as a share of sales | 6.6% | 9.8% | 15.1% | 14.4% | 9.9% | 3.3% |
| Buybacks as a share of market value | 0.0% | -39.8% | -0.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 37.8% | 19.4% | — |
| Operating income | -24.5% | -7.6% | — |
| Net income | -7.3% | 8.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.8% | 62.7% | 61.5% | — |
| Operating margin | -16.0% | -29.3% | -33.2% | — |
| Net margin | -21.0% | -32.2% | -34.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -17.7 | -26.0 | -18.9 |
| Price to sales | 3.0 | 6.7 | 10.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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