F 
21.20
+0.95%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 9.5m
FY2018FY2025
Net income
−TWD 83.6m
FY2018FY2025
Free cash flow
−TWD 137.5m
FY2018FY2025
Shareholders' equity
TWD 1.46bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 9.5m | TWD 143.4m | TWD 31.2m | TWD 1.3m | TWD 28.5m | — | TWD 1.1m | — |
| Gross profit | −TWD 1.6m | TWD 119.0m | TWD 27.3m | TWD 333,000 | TWD 28.3m | — | TWD 300,000 | — |
| Research and development | TWD 121.4m | TWD 226.0m | TWD 270.2m | TWD 356.5m | TWD 387.6m | TWD 216.3m | TWD 190.7m | TWD 178.1m |
| Operating income | −TWD 170.6m | −TWD 167.8m | −TWD 283.0m | −TWD 406.1m | −TWD 396.3m | −TWD 233.6m | −TWD 198.7m | −TWD 189.9m |
| Net income | −TWD 83.6m | −TWD 201.0m | −TWD 322.0m | −TWD 406.3m | −TWD 400.9m | −TWD 219.7m | −TWD 197.4m | −TWD 172.0m |
| Diluted earnings per share | -0.55 | -1.33 | -2.40 | -3.47 | -3.91 | -2.13 | -1.91 | -1.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 2.07bn | TWD 2.11bn | TWD 1.73bn | TWD 877.9m | TWD 688.7m | TWD 461.8m | TWD 529.2m | TWD 823.6m |
| Cash and short-term investments | — | — | — | — | — | TWD 41.9m | TWD 83.4m | TWD 345.1m |
| Total liabilities | TWD 614.1m | TWD 563.7m | TWD 586.2m | TWD 410.5m | TWD 295.5m | TWD 262.5m | TWD 279.7m | TWD 369.7m |
| Debt | — | TWD 25.8m | TWD 29.8m | TWD 6.9m | TWD 3.2m | TWD 6.2m | TWD 6.2m | — |
| Shareholders' equity | TWD 1.46bn | TWD 1.55bn | TWD 1.14bn | TWD 466.8m | TWD 392.7m | TWD 199.4m | TWD 249.5m | TWD 453.8m |
| Shares outstanding | 151m | 151m | 134m | 117m | 103m | 103m | 103m | 103m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 95.6m | −TWD 128.7m | −TWD 196.0m | −TWD 346.1m | −TWD 331.1m | −TWD 175.7m | −TWD 180.0m | −TWD 147.7m |
| Capital spending | −TWD 41.9m | −TWD 8.2m | −TWD 2.3m | — | −TWD 15.1m | −TWD 4.7m | −TWD 238,000 | −TWD 37.4m |
| Free cash flow | −TWD 137.5m | −TWD 136.9m | −TWD 198.3m | −TWD 346.1m | −TWD 346.2m | −TWD 180.4m | −TWD 180.2m | −TWD 185.1m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 3.2m | TWD 911,000 | TWD 4.8m | TWD 594,000 | TWD 5.9m | TWD 4.3m | TWD 5.3m | TWD 127.8m |
| Gross profit | TWD 508,000 | −TWD 5.2m | TWD 3.8m | −TWD 666,000 | TWD 2.7m | TWD 638,000 | TWD 3.9m | TWD 111.8m |
| Operating income | −TWD 39.4m | −TWD 44.6m | −TWD 51.7m | −TWD 34.9m | −TWD 28.3m | −TWD 51.9m | −TWD 101.0m | TWD 13.0m |
| Net income | −TWD 48.0m | −TWD 59.2m | TWD 64.3m | −TWD 40.7m | −TWD 38.6m | −TWD 46.0m | −TWD 97.0m | −TWD 19.0m |
| Diluted earnings per share | -0.32 | -0.39 | 0.43 | -0.27 | -0.26 | -0.30 | -0.72 | -0.15 |
| Cash from operations | −TWD 75.0m | −TWD 26.0m | TWD 84.0m | −TWD 76.0m | −TWD 26.0m | TWD 5.0m | — | — |
| Capital spending | — | — | −TWD 31.0m | −TWD 9.0m | −TWD 1.0m | −TWD 1.0m | — | — |
| Free cash flow | — | — | TWD 53.0m | −TWD 85.0m | −TWD 27.0m | TWD 4.0m | — | — |
| Total assets | TWD 2.07bn | TWD 2.11bn | TWD 2.15bn | TWD 2.06bn | TWD 2.11bn | TWD 2.15bn | TWD 1.52bn | TWD 1.74bn |
| Cash and short-term investments | — | — | — | — | — | — | TWD 1.03bn | TWD 1.18bn |
| Debt | — | — | — | — | — | — | TWD 23.0m | TWD 23.0m |
| Shareholders' equity | TWD 1.46bn | TWD 1.51bn | TWD 1.57bn | TWD 1.51bn | TWD 1.55bn | TWD 1.60bn | TWD 1.01bn | TWD 1.10bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | -16.8% | 83.0% | 87.7% | 25.3% | 99.1% |
| Operating margin | -879.6% | -124.9% | -948.8% | -30844.2% | -1332.0% |
| Net margin | -880.1% | -140.2% | -1032.8% | -30895.2% | -1405.2% |
| Return on equity | -5.7% | -13.0% | -28.2% | -87.0% | -102.1% |
| Return on assets | -4.0% | -9.5% | -18.6% | -46.3% | -58.2% |
| Free cash flow yield | -1.4% | -3.2% | — | — | — |
| Revenue growth | -93.4% | 359.9% | 2270.5% | -95.4% | — |
| Earnings growth | -58.4% | -37.6% | -20.8% | 1.3% | — |
| Current ratio | 9.11x | 8.73x | 4.99x | 6.56x | 12.15x |
| Equity ratio | 70.3% | 73.3% | 66.0% | 53.2% | 57.0% |
| Interest coverage | -172.20x | -314.60x | -68.65x | -408.87x | -172.18x |
| R&D as a share of sales | 1278.3% | 157.6% | 866.7% | 27108.2% | 1358.7% |
| Buybacks as a share of market value | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 93.3% | — | — |
| Operating income | -25.1% | -6.1% | — |
| Net income | -41.0% | -17.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 76.8% | 78.3% | — | — |
| Operating margin | -221.4% | -554.4% | — | — |
| Net margin | -186.2% | -546.5% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -47.7 | -28.1 | -20.8 | -14.7 | -8.6 |
| Price to sales | 419.8 | 39.4 | 215.2 | — | 120.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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