Z 
46.15
+5.49%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 1.15bn
FY2016FY2025
Net income
−TWD 198.7m
FY2016FY2025
Free cash flow
−TWD 315.1m
FY2016FY2025
Shareholders' equity
TWD 2.15bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 1.15bn | TWD 921.9m | TWD 945.0m | TWD 1.20bn | TWD 1.27bn | TWD 1.69bn | TWD 1.39bn | TWD 1.20bn | TWD 1.00bn | TWD 506.2m |
| Gross profit | TWD 160.4m | TWD 124.3m | TWD 33.5m | TWD 67.5m | TWD 228.6m | TWD 631.6m | TWD 537.9m | TWD 483.3m | TWD 534.2m | TWD 266.9m |
| Research and development | TWD 144.6m | TWD 123.4m | TWD 112.0m | TWD 117.5m | TWD 164.4m | TWD 178.6m | TWD 170.8m | TWD 91.4m | TWD 21.3m | TWD 16.5m |
| Operating income | −TWD 202.1m | −TWD 198.7m | −TWD 281.0m | −TWD 318.7m | −TWD 246.2m | TWD 208.7m | TWD 169.3m | TWD 219.7m | TWD 364.1m | TWD 134.5m |
| Net income | −TWD 198.7m | −TWD 173.6m | −TWD 259.7m | −TWD 354.6m | −TWD 290.5m | TWD 125.7m | TWD 119.1m | TWD 140.1m | TWD 242.8m | TWD 102.0m |
| Diluted earnings per share | -1.89 | -1.75 | -3.07 | -4.53 | -3.71 | 1.74 | 1.74 | 2.00 | 4.04 | 2.65 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 3.64bn | TWD 3.53bn | TWD 3.69bn | TWD 4.19bn | TWD 4.55bn | TWD 3.58bn | TWD 3.58bn | TWD 2.59bn | TWD 1.82bn | TWD 1.00bn |
| Cash and short-term investments | TWD 435.9m | TWD 558.6m | TWD 990.8m | TWD 1.23bn | TWD 1.44bn | TWD 546.5m | TWD 773.5m | TWD 298.9m | TWD 261.9m | TWD 152.6m |
| Total liabilities | TWD 1.48bn | TWD 1.54bn | TWD 1.78bn | TWD 2.37bn | TWD 2.41bn | TWD 1.57bn | TWD 1.73bn | TWD 813.7m | TWD 543.4m | TWD 467.9m |
| Debt | TWD 945.8m | TWD 1.16bn | TWD 1.39bn | TWD 1.98bn | TWD 1.44bn | TWD 1.07bn | TWD 842.8m | TWD 400.6m | TWD 200.0m | TWD 46.1m |
| Shareholders' equity | TWD 2.15bn | TWD 1.99bn | TWD 1.86bn | TWD 1.75bn | TWD 2.08bn | TWD 1.94bn | TWD 1.83bn | TWD 1.78bn | TWD 1.28bn | TWD 535.6m |
| Shares outstanding | 105m | 99m | 85m | 78m | 78m | 72m | 68m | 70m | 60m | 38m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 12.2m | −TWD 79.5m | TWD 58.3m | TWD 224.0m | TWD 167.0m | TWD 246.0m | TWD 189.6m | TWD 102.4m | TWD 276.1m | −TWD 38.0m |
| Capital spending | −TWD 327.3m | −TWD 363.4m | −TWD 168.9m | −TWD 419.7m | −TWD 608.4m | −TWD 293.9m | −TWD 410.5m | −TWD 595.2m | −TWD 780.2m | −TWD 224.9m |
| Free cash flow | −TWD 315.1m | −TWD 442.9m | −TWD 110.6m | −TWD 195.7m | −TWD 441.4m | −TWD 47.9m | −TWD 220.9m | −TWD 492.7m | −TWD 504.2m | −TWD 262.9m |
| Dividends paid | — | — | — | — | −TWD 78.6m | −TWD 54.7m | −TWD 68.4m | −TWD 120.1m | −TWD 49.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 320.0m | TWD 266.2m | TWD 344.4m | TWD 291.3m | TWD 291.7m | TWD 221.2m | TWD 234.5m | TWD 265.6m |
| Gross profit | TWD 39.0m | TWD 12.1m | TWD 13.0m | TWD 20.8m | TWD 63.6m | TWD 47.9m | TWD 24.2m | TWD 57.8m |
| Operating income | −TWD 32.9m | −TWD 64.0m | −TWD 78.9m | −TWD 60.8m | −TWD 1.5m | −TWD 43.8m | −TWD 66.0m | −TWD 15.7m |
| Net income | −TWD 23.3m | −TWD 66.0m | −TWD 85.9m | −TWD 57.7m | −TWD 7.2m | −TWD 47.9m | −TWD 59.9m | −TWD 8.9m |
| Diluted earnings per share | -0.22 | -0.62 | -0.82 | -0.55 | -0.07 | -0.46 | -0.60 | -0.09 |
| Cash from operations | −TWD 87.0m | −TWD 27.0m | −TWD 7.0m | −TWD 39.0m | TWD 115.0m | −TWD 55.0m | TWD 29.0m | TWD 13.0m |
| Capital spending | −TWD 31.0m | −TWD 69.0m | −TWD 132.0m | −TWD 81.0m | −TWD 78.0m | −TWD 31.0m | −TWD 69.0m | −TWD 180.0m |
| Free cash flow | −TWD 118.0m | −TWD 96.0m | −TWD 139.0m | −TWD 120.0m | TWD 37.0m | −TWD 86.0m | −TWD 40.0m | −TWD 167.0m |
| Total assets | TWD 3.75bn | TWD 3.69bn | TWD 3.64bn | TWD 3.68bn | TWD 3.57bn | TWD 3.44bn | TWD 3.53bn | TWD 3.39bn |
| Cash and short-term investments | TWD 319.8m | TWD 347.3m | TWD 435.9m | TWD 559.8m | TWD 635.3m | TWD 386.8m | TWD 558.6m | TWD 374.1m |
| Debt | TWD 888.4m | TWD 903.9m | TWD 912.6m | TWD 307.4m | TWD 938.6m | TWD 1.02bn | TWD 1.12bn | TWD 884.5m |
| Shareholders' equity | TWD 2.23bn | TWD 2.14bn | TWD 2.15bn | TWD 2.16bn | TWD 2.13bn | TWD 1.97bn | TWD 1.99bn | TWD 2.07bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 14.0% | 13.5% | 3.5% | 5.6% | 18.1% | 37.4% |
| Operating margin | -14.7% | -18.0% | -26.2% | -25.3% | -19.3% | 11.8% |
| Net margin | -17.3% | -18.8% | -27.5% | -29.4% | -22.9% | 7.4% |
| Return on equity | -9.2% | -8.7% | -14.0% | -20.3% | -14.0% | 6.5% |
| Return on assets | -5.5% | -4.9% | -7.0% | -8.5% | -6.4% | 3.5% |
| Free cash flow yield | 0.2% | -1.4% | 1.2% | 4.9% | 3.7% | 5.9% |
| Revenue growth | 24.6% | -2.5% | -21.6% | -4.8% | -25.1% | 21.3% |
| Earnings growth | 14.4% | -33.1% | -26.8% | 22.1% | -331.1% | 5.6% |
| Current ratio | 1.71x | 1.73x | 1.30x | 1.38x | 1.79x | 2.75x |
| Debt to equity | 0.42x | 0.56x | 0.73x | 1.10x | 0.66x | 0.51x |
| Equity ratio | 59.2% | 56.4% | 50.3% | 41.7% | 45.7% | 54.3% |
| Interest coverage | -6.20x | -8.12x | -8.88x | -8.55x | -10.83x | 11.50x |
| R&D as a share of sales | 12.6% | 13.4% | 11.9% | 9.7% | 13.0% | 10.6% |
| Buybacks as a share of market value | -6.2% | -17.1% | -8.2% | 0.0% | -8.5% | -5.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.6% | -7.4% | 20.2% |
| Operating income | -14.1% | — | — |
| Net income | -17.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.8% | 9.1% | 17.4% | 27.5% |
| Operating margin | -19.4% | -23.7% | -14.5% | -0.8% |
| Net margin | -18.0% | -23.4% | -16.0% | -4.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -20.1 | -29.9 | -16.5 | -8.4 | -15.0 | 30.8 | 50.5 | 42.3 | 33.6 |
| Price to sales | 3.5 | 5.6 | 4.5 | 2.5 | 3.4 | 2.3 | 4.3 | 5.0 | 8.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Sept 2021.
| FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|
| Paid in the year | 1.004 | 0.776 | 0.97 | 1.94 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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