A 
173.00
+8.13%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 38.3m
FY2018FY2025
Net income
−TWD 82.7m
FY2018FY2025
Free cash flow
−TWD 63.0m
FY2018FY2025
Shareholders' equity
TWD 1.10bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Revenue | TWD 38.3m | TWD 44.2m | TWD 51.1m | TWD 27.6m | TWD 21.8m | TWD 18.0m | TWD 17.2m |
| Research and development | TWD 30.8m | TWD 25.7m | TWD 28.6m | TWD 27.8m | TWD 26.0m | TWD 31.7m | TWD 31.6m |
| Operating income | −TWD 92.9m | −TWD 66.5m | −TWD 48.7m | −TWD 62.8m | −TWD 53.6m | −TWD 56.0m | −TWD 45.2m |
| Net income | −TWD 82.7m | −TWD 62.1m | −TWD 41.4m | −TWD 60.9m | −TWD 50.8m | −TWD 50.0m | −TWD 37.2m |
| Diluted earnings per share | -1.35 | -1.01 | -0.71 | -1.18 | -0.83 | -0.82 | -0.98 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Total assets | TWD 1.13bn | TWD 655.3m | TWD 716.7m | TWD 398.5m | TWD 151.3m | TWD 203.4m | TWD 179.0m |
| Cash and short-term investments | — | TWD 498.9m | TWD 579.2m | TWD 316.9m | TWD 63.0m | TWD 116.8m | TWD 102.6m |
| Total liabilities | TWD 28.1m | TWD 29.1m | TWD 30.7m | TWD 19.9m | TWD 21.3m | TWD 25.0m | TWD 7.3m |
| Debt | — | TWD 15.8m | TWD 21.7m | TWD 11.8m | TWD 13.4m | TWD 16.8m | — |
| Shareholders' equity | TWD 1.10bn | TWD 626.3m | TWD 686.1m | TWD 378.6m | TWD 130.0m | TWD 178.4m | TWD 171.7m |
| Shares outstanding | 61m | 61m | 58m | 51m | 61m | 61m | 38m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 49.0m | −TWD 43.4m | −TWD 48.3m | −TWD 45.2m | −TWD 47.8m | −TWD 31.3m | −TWD 41.7m |
| Capital spending | −TWD 14.0m | −TWD 30.6m | −TWD 22.5m | −TWD 4.4m | −TWD 3.3m | −TWD 3.8m | −TWD 1.5m |
| Free cash flow | −TWD 63.0m | −TWD 74.0m | −TWD 70.7m | −TWD 49.6m | −TWD 51.1m | −TWD 35.2m | −TWD 43.2m |
Latest quarters
By quarter end
| Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 6.7m | TWD 6.7m | TWD 23.2m | TWD 11.6m | TWD 21.0m | TWD 10.5m | TWD 35.3m | TWD 15.8m |
| Operating income | −TWD 22.6m | −TWD 22.6m | −TWD 35.2m | −TWD 17.6m | −TWD 29.5m | −TWD 14.7m | −TWD 16.0m | −TWD 32.7m |
| Net income | −TWD 22.0m | −TWD 22.0m | −TWD 35.7m | −TWD 17.9m | −TWD 26.4m | −TWD 13.2m | −TWD 9.9m | −TWD 31.5m |
| Diluted earnings per share | -0.36 | -0.36 | -0.58 | -0.29 | -0.43 | -0.22 | -0.17 | -0.54 |
| Cash from operations | −TWD 30.0m | −TWD 15.0m | −TWD 19.0m | −TWD 9.0m | −TWD 23.0m | −TWD 11.0m | −TWD 22.0m | −TWD 24.0m |
| Capital spending | −TWD 4.0m | −TWD 4.0m | −TWD 10.0m | −TWD 5.0m | −TWD 20.0m | −TWD 10.0m | −TWD 12.0m | −TWD 8.0m |
| Free cash flow | −TWD 34.0m | −TWD 19.0m | −TWD 29.0m | −TWD 14.0m | −TWD 43.0m | −TWD 21.0m | −TWD 34.0m | −TWD 32.0m |
| Total assets | TWD 607.5m | TWD 607.5m | TWD 655.3m | TWD 655.3m | TWD 687.8m | TWD 687.8m | TWD 716.7m | TWD 377.8m |
| Cash and short-term investments | TWD 453.3m | TWD 453.3m | TWD 498.9m | TWD 498.9m | TWD 531.9m | TWD 531.9m | TWD 579.2m | TWD 280.6m |
| Debt | TWD 3.8m | TWD 3.8m | TWD 5.3m | TWD 5.3m | TWD 10.7m | TWD 5.3m | TWD 5.8m | TWD 5.3m |
| Shareholders' equity | TWD 581.4m | TWD 581.4m | TWD 626.3m | TWD 626.3m | TWD 660.5m | TWD 660.5m | TWD 686.1m | TWD 347.1m |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -215.5% | -139.7% | -80.6% | -220.0% | -232.2% | -276.8% | — |
| Net margin | -216.1% | -140.4% | -81.1% | -220.3% | -232.6% | -277.4% | — |
| Return on equity | -7.5% | -9.9% | -6.0% | -16.1% | -39.1% | -28.0% | — |
| Return on assets | -7.3% | -9.5% | -5.8% | -15.3% | -33.6% | -24.6% | — |
| Free cash flow yield | -0.3% | -0.1% | -0.2% | -0.4% | — | — | — |
| Revenue growth | -13.5% | -13.4% | 84.8% | 26.6% | 21.0% | — | — |
| Earnings growth | 33.1% | 49.9% | -32.0% | 19.9% | 1.5% | — | — |
| Current ratio | 51.12x | 28.68x | 41.04x | 27.68x | 9.01x | 10.98x | — |
| Debt to equity | — | 0.02x | 0.01x | 0.01x | 0.03x | 0.03x | 0.02x |
| Equity ratio | 97.5% | 95.6% | 95.7% | 95.0% | 85.9% | 87.7% | — |
| Interest coverage | -368.00x | -216.03x | -157.08x | -607.84x | -575.99x | -484.61x | — |
| R&D as a share of sales | 80.6% | 58.1% | 56.1% | 100.8% | 119.3% | 175.8% | — |
| Buybacks as a share of market value | 0.0% | -5.5% | -12.7% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.5% | 16.2% | — |
| Operating income | 14.0% | 10.7% | — |
| Net income | 10.7% | 10.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -193.2% | -168.0% | -189.2% | — |
| Net margin | -175.5% | -153.3% | -173.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -48.3 | -25.0 | -55.1 | -16.9 | -31.9 |
| Price to sales | 104.3 | 35.1 | 44.7 | 37.3 | 74.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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