At a glance. A record revenue year wrecked at the bottom line by one quarter of currency losses — and, underneath it, a component-level 800V position that is already shipping: ADI's 800 V architecture parts, including hot-swap controllers, going to the ODMs that build for US hyperscalers.
What changed this year
Revenue jumped 69% to a record, driven by industrial automation, automated test equipment, and data center.
A Q2 FX loss broke the earnings line. A non-operating loss of NT$424m cut full-year net income 45% despite operating profit rising 87%. Operations recovered from Q3, and Q4 EPS returned to a normal level of about NT$2.
Monthly revenue re-based higher. Since late 2025, monthly sales have run at NT$0.9–1.0bn, giving management confidence in record Q1 2026 and full-year 2026 revenue, with profitability normalising once currency stabilises.
The numbers
| FY2025 | Value | Change |
|---|---|---|
| Revenue | NT$8.96bn (~US$284m) | +69%, a record |
| Gross profit | NT$999m, margin 11.15% | +45% |
| Operating profit | NT$613m, margin 6.84% | +87% |
| Non-operating | −NT$424m | mostly Q2 FX |
| Net income | NT$153m (~US$4.9m) | −45% |
| EPS | NT$2.30 (~US$0.07) | — |
The dividend was NT$1.38, a 60% payout. Management emphasised that gross margin stays above 10%, better than typical distribution, because of the design-in model.
Working capital paid for the growth: receivables rose 116% and inventory 90%, while cash fell 58% on working capital and hedging.
NVIDIA 800V read-through
Anstek does not sell GPUs, and that is the point — it sells the parts that make a high-voltage rack safe to operate.
ADI 800 V architecture chips, including hot-swap controllers, have started shipping to US CSP customers' ODM manufacturers, and were named as the single largest growth driver in the data-center business.
A rack cannot be hot-swapped safely at 800 V without a controller rated for it. NVIDIA's design calls for hot-swap controllers paired with symmetric fusing on both the high and low side, so the same rack can accept either an 800 V or a ±400 V source. ADI is on NVIDIA's published silicon partner list; Anstek is one route by which that silicon reaches the Taiwan-built supply chain.
Adjacent exposure comes through ADI battery-management ICs used in EV packs and in BBUs — the storage layer NVIDIA writes into the architecture rather than treats as optional.
Segments that moved
End-market mix: industrial automation 21%, data center and storage 17%, automated test 15%, multimedia transmission 15%, industrial PC 13%, defence and aerospace 11%, other 8%.
The franchise lines matter more than the segments. Analog Devices and AMD (formerly Xilinx) drove the year's shipments. Two new lines were added: Bourns in passives and protection for industrial, military and medical, and SiMa.ai, an edge-AI chip startup whose MLSOC platform can be paired with AMD products.
Anstek runs a field-application-engineer to sales ratio of roughly 1:1, which is the structural reason its margin sits above catalogue distributors.
Guidance
- Q1 2026 and full-year 2026 revenue expected to set records, based on the NT$0.9–1.0bn monthly run rate.
- Profitability to normalise as hedging removes the FX shock that hit 2025.
Management Q&A
Q: What products sit in the data-center and energy-storage lines?
A: Storage is mainly ADI BMS ICs for EV battery packs and BBUs. Anstek does not carry the main AI compute chips, but it supplies a large volume of AI-driven peripherals — the most important being ADI high-voltage power management, including hot-swap controllers for 800V architectures, which have already begun shipping and sit inside the combined data-center-and-storage mix of about 17%. AMD content remains mostly embedded SoC.
Q: Which applications look strongest in the 2026 outlook?
A: Industrial automation remains the steady core. The faster growers are expected to be automated test (ATE) and data center plus storage, because AI is lifting both test-equipment demand and specifications, and because data centers keep adding high-power supply content.
Q: What is the go-to-market for the new Bourns and SiMa.ai lines?
A: Bourns is aimed at high-reliability, high-margin niches such as defence and aerospace, to sit alongside existing lines rather than compete on consumer price. SiMa.ai is an edge-AI alternative to mainstream GPUs, so industrial, medical and similar customers can differentiate instead of shipping look-alike boxes.
Q: How is the company placed in drones and low-earth-orbit satellites?
A: On drones, ADI sensors and AMD control-board chips are already in the chain. On LEO satellites the main content is ADI RF parts and AMD FPGA/SoC, which are high-barrier niche products, and the company has a long-standing cooperation with Taiwan's space-related agencies (referred to on the call as TASA).
Q: Why did revenue jump at the end of 2025, and what is the gross-margin outlook?
A: Growth came from a strong ADI franchise, some distributor-switch customer transfers, and broader demand; monthly revenue has settled at a new NT$0.9–1.0bn run rate, including a record December. Gross margin has stayed above 10% — versus peers at about 4–5% — because Anstek is design-win led, and management wants to hold that level; vendor price increases are largely pass-through, so they do not by themselves lift margin.
Disclaimer
English notes on Anstek's investor conference of 26 March 2026, covering full-year 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.