At a glance. Q1 was a car-diode quarter hit by FX, not an 800V quarter. The useful disclosure is the roadmap and the socket: HVDC 800V in 2027–2030, SST in 2031–2035, SiC modules from 650 V to 3300 V, and custom HVDC modules exclusive to a domestic customer, already in sampling and small volume. 2026 industrial-module revenue is still tens of millions of NT dollars.
What changed this quarter
Revenue rose sequentially and fell annually, both on FX. Q1 sales NT$2.037bn, +10.71% QoQ, −3.73% YoY. The dollar went from NT$32.99 a year earlier to NT$31.53, a 4.4% hit to reported revenue — enough to explain the year-on-year decline. Gross margin 26.95%, −1.8pp YoY, on that FX plus annual price-downs to some auto accounts.
Anjet is now in the cost base. Operating expense NT$419m, about NT$50m higher YoY, because the IC-design affiliate Anjet has been consolidated since 2025Q3 and adds NT$30–40m of R&D per quarter.
Industrial electronics got a dated AI-power calendar and a first revenue crumb: AI-related industrial modules in small shipment, tens of millions of NT dollars in 2026, a real contribution from 2027. Full-year 2026 group revenue growth is still guided double-digit, sequential through the year.
The numbers
| Q1 2026 | Value | Change |
|---|---|---|
| Revenue | NT$2.037bn (~US$65m) | +10.71% QoQ, −3.73% YoY |
| Gross margin | 26.95% | −1.8pp YoY (from 28.78%) |
| Operating expense | NT$419m (~US$13.3m) | +~NT$50m YoY |
| Net income to parent | NT$173m (~US$5.5m) | — |
| EPS | NT$1.70 (~US$0.05) | vs NT$1.67 QoQ, NT$2.32 YoY |
Prior-quarter revenue was NT$1.840bn; year-earlier NT$2.116bn.
NVIDIA 800V read-through
Actron is trying to sell auto-grade SiC modules into the conversion stages of an 800 V rack, not to put its name on a PSU.
The calendar is management's, and it is unusually explicit:
| Stage | Window | What they say ships |
|---|---|---|
| 1 | 2024–2026 | Low-voltage distributed; silicon MOSFET/diode |
| 2 | 2027–2030 | Centralised HVDC 800V; SiC and GaN |
| 3 | 2031–2035 | HVDC plus SST; high-voltage SiC/GaN modules |
On product, two tracks:
- Discrete SiC/GaN in TO-247, TOLL and QDPAK, aimed at PSU/BBU thermal and volume constraints — still sampling.
- Modules, the line Actron calls its strength: 650 V to 3300 V SiC, including 1700 V and 3300 V chips aimed at SST and the grid. Several standard and custom parts are in small production; industrial catalogue completeness guided to 70–80% by end-2026.
The commercial fact that matters: on custom HVDC modules developed with a domestic customer, Actron is the exclusive supplier. Willingness to take custom work, which international IDMs supposedly will not, is the stated reason it won the next-generation HVDC socket. No customer name: NDAs cover every account, previously reported identities have not been confirmed, and Actron says it is talking to all the major names in Taiwan's power-supply cluster.
HVDC product margin is targeted at least in line with, and possibly above, the current company average, on the grounds that custom modules absorb more R&D.
None of this is in the Q1 mix. Tens of millions of NT dollars against a NT$2bn quarter is a sampling print. Stage 2 does not start until 2027 on their own chart.
Segments that moved
Still an auto book. The 2026 mix guide:
- Conventional diodes 29% → 18%.
- High-efficiency LLD/ULLD still the auto growth line, +25–30% in 2026; with conventional diodes, about 50% of sales.
- xEV, including 48 V, 22% → 32%.
Industrial electronics is the new division, aimed at AI data-center HVDC/SST, energy storage, chargers, motor drives and UPS. In industrial, Actron will sell own-brand modules built on its own chips; in auto IGBT, Chinese price competition has pushed it onto foundry service instead of a brand. Future reporting will split auto-grade versus industrial-grade, with industrial further cut into AI, storage, chargers and motor control. The two industrial workhorses named: high-power SiC modules and low-to-mid-power IPMs.
Guidance
- FY2026 revenue double-digit growth, up sequentially through the year.
- Q2 2026 revenue and profit above Q1; EPS expected to jump versus 2025Q2 because that quarter took a large FX loss.
- AI industrial modules: tens of millions of NT dollars in 2026; noticeable from 2027 as custom projects and discretes enter.
- New HVDC gross margin no worse than, and possibly better than, the current average.
Management Q&A
Q: For AI-related uses, what is the chip source, the module strategy, and the shipment timetable?
A: Actron runs a virtual IDM: SiC chips are designed by in-group Anjet, where the stake is now close to 50%, foundried at X-Fab and Mosel Vitelic, and packaged in-group, with SiC wafers from GlobalWafers. In industrial applications including AI it will sell own-brand modules on its own silicon; in competitive automotive IGBT it has shifted to a foundry service. Custom modules are furthest along and already in small shipments this year — still only tens of millions of NT dollars against more than NT$2bn of group revenue — discretes are sampling, and a more visible contribution is expected from 2027.
Q: In HVDC work with a major domestic customer, is Actron the exclusive supplier or one of several?
A: On the custom modules developed with that customer, Actron is the exclusive source. Several IDMs were approached as well; customers told Actron that capability was comparable but willingness and service attitude were the highest, which is why it was chosen for the next-generation HVDC custom module.
Q: How will AI-related revenue be classified?
A: Reporting will split automotive-grade from industrial-grade, and industrial will then be broken into AI, energy storage, EV chargers, motor drives, UPS and similar uses. The two industrial workhorses are meant to be high-power SiC modules and mid-to-low-power intelligent power modules (IPM), both SiC-led.
Q: Does the company work with a particular power-supply major, such as Delta?
A: No customer names can be disclosed, because every account is under NDA, and previously reported identities have not been confirmed. Actron is in contact with all of the main names in Taiwan's industrial power-supply cluster.
Q: How does gross margin on the new HVDC products compare with the rest of the book?
A: Management is cautiously optimistic. Custom modules absorb a lot of R&D, so the margin target is no lower than the current company average, and possibly better.
Disclaimer
English notes on Actron Technology's investor conference of 26 May 2026, covering Q1 2026. Figures and statements are as presented by management, are unaudited, and have not been independently verified. USD equivalents are approximate at about NT$31.5 to the dollar. For reference only; not investment advice.