At a glance. A flat year on sales, a better year on mix: AcBel's FY2025 investor conference showed enterprise and telecom power lifting Q4 gross margin to 26.6% and EPS to NT$0.56. The AI number is real but conventional — about 20% of 2025 sales in CRPS, data-center PSUs and fuel cells. The call never mentioned 800V or HVDC.
What changed this year
The mix did the work that revenue did not. Group sales were unchanged at NT$31.7bn; gross margin still rose from 23.3% to 25.7% because consumer power was cut and enterprise plus telecom were not. Q4 was the cleanest quarter of that shift.
AI was quantified, and narrowly. Management put AI-related work at about 20% of 2025 sales, all inside enterprise power, and said the share will rise in 2026. It will not count Omnion telecom as AI.
The next capex cycle is being sized for that mix. 2025 capex was about NT$1.1bn (~US$35m); 2026 capex is guided to multiply, split between Taiwan and Omnion, into manufacturing equipment and R&D. A cash dividend of NT$0.8 was approved.
The numbers
| Q4 2025 | Value | Change |
|---|---|---|
| Revenue | NT$9.198bn (~US$292m) | +14% QoQ, +13% YoY |
| Gross margin | 26.6% | vs 25.5% in Q3, 22.2% in Q4 2024 |
| Operating profit | NT$360m (~US$11m) | sequential growth |
| EPS | NT$0.56 (~US$0.02) | vs NT$0.30 in Q3, NT$0.16 in Q4 2024 |
| FY 2025 | Value | Change |
|---|---|---|
| Revenue | NT$31.7bn (~US$1.0bn) | flat vs 2024 |
| Gross margin | 25.7% | vs 23.3% in 2024 |
| Operating profit | NT$700m (~US$22m) | up vs 2024 |
| Net income | NT$150m (~US$4.8m) | — |
| EPS | NT$0.18 (~US$0.01) | — |
Two items sat below the operating line. Q4 took an NT$104m (~US$3.3m) charge on a project-development commitment that was not met; management said it will keep pursuing the project and may reverse the charge in a later year. Full-year FX losses were about NT$310m (~US$9.8m).
Cash ended the year at about NT$8.8bn (~US$279m), up roughly NT$900m. Inventory days stretched from 109 to 119 because the company pulled in materials against 2026 orders; the cash-conversion target is under 100 days. Bonds payable went to zero on the face of the balance sheet only because convertible bond CB2 was reclassified into short-term liabilities ahead of a May 2026 put.
NVIDIA 800V read-through
There is none on this call. AcBel did not discuss 800V, HVDC, power shelves, or BBUs.
What it did discuss is ordinary AI-server power: data-center PSUs, CRPS, and fuel cells, together about 20% of 2025 sales, booked inside the enterprise-power line. Telecom — the Omnion business — is explicitly excluded from that 20%. If you are screening for NVIDIA 800 VDC disclosure, skip this print; the useful fact is the mix shift and a 2026 capex step-up against CRPS and data-center demand.
Segments that moved
Q4 2025 mix:
| Line | Q4 2025 share | Gross margin (stated) |
|---|---|---|
| Enterprise power | 40% | ~20%+ |
| Telecom power (Omnion) | 39% | ~35% |
| Consumer power | 15% | ~10% |
| New businesses and other | ~5% | — |
Enterprise is now the largest line and is growing quarter by quarter on servers, data centers and fuel cells. Consumer has already been cut to 15% of Q4 sales; that is the low-margin bucket management wants smaller. Telecom is the stable, high-margin residual from the Omnion acquisition.
Power solutions as a whole remain 95% of the company. Green energy, electric powertrain and metal stamping fill the rest.
Guidance
- 2026 revenue described as having strong growth momentum, driven by enterprise power (servers, data centers, fuel cells) and telecom (Omnion).
- AI-related share to rise from the 2025 figure of about 20%.
- 2026 capex to grow by a multiple of the 2025 NT$1.1bn, into equipment and R&D in Taiwan and at Omnion.
- Named risks: the global economy, FX, and supply-chain management.
No numbered group revenue or margin target was given.
Management Q&A
Q: How does the company see the 2026 outlook by product line — consumer, enterprise and telecom power — and where is the growth?
A: 2026 revenue growth is expected to be strong after NT$31.7bn in 2025. The main engines are enterprise power and telecom power. Enterprise is driven by servers, data centers and fuel cells; telecom is driven by the US subsidiary Omnion.
Q: About what share of 2025 revenue was AI-related, and will that rise in 2026?
A: AI-related business was about 20% of 2025 consolidated revenue. That share is expected to rise further in 2026.
Q: Is the AI business essentially all inside enterprise power?
A: Yes. It comes mainly from fuel cells, data-center power and server CRPS. Telecom power is not classified as AI.
Q: Given the enterprise-power ramp, what is the 2026 capex plan, and are plants being expanded or relocated at customer request?
A: Combined capex in 2025 was about NT$1.1bn. Because of AI-related demand and customer requirements, 2026 capex on manufacturing equipment and R&D is expected to grow by a multiple. The spend will sit at AcBel in Taiwan and at Omnion in the United States.
Disclaimer
English notes on AcBel Polytech's investor conference of 12 March 2026, covering FY 2025. Figures are as presented by management and have not been independently verified. USD equivalents are approximate at about NT$31.5 to the dollar. For reference only; not investment advice.