At a glance. A clean mix-shift quarter: servers and networking at 44% of sales, AI Power at 22%, and gross margin up four points to 38%. The 800V-adjacent item is architectural, not a SKU. Management walked through connectors into Power Shelves (18.5 kW), sidecar BBU/CBU modules, and 48 V DC-DC. That is the side-power-rack layer NVIDIA specified. The call did not say 800V.
What changed this quarter
AI Power became a fifth of the company. AI-related products went from 5% of sales in 2023 to 22% in 2026Q1, a stretch management put at about a 64% CAGR. Server and networking revenue was up 54% year on year and is now the largest application.
A 15% tender for listed peer Cystech added cost. Advisory fees of just over NT$10m (~US$0.3m) sat in operating expense. Even with that, and with an FX loss from a stronger New Taiwan dollar, pre-tax profit was still up 30%.
The power-architecture map was explicit. Rising PSU wattage, sidecar battery and supercapacitor cabinets, and 48 V DC-DC were presented as the reason high-power, high-frequency connectors are growing — not as an 800 V product launch.
The numbers
| Q1 2026 | Value | Change |
|---|---|---|
| Revenue | NT$910m (~US$28.9m) | +23% YoY (from NT$738m) |
| Gross profit | NT$346m (~US$11.0m) | GM 38%, +4pp YoY |
| Operating profit | NT$129m (~US$4.1m) | +95% YoY; OM 14%, from 9% |
| Net income | NT$90.51m (~US$2.9m) | +34% YoY |
| EPS | NT$1.17 (~US$0.04) | +60% YoY (from NT$0.73) |
The margin is the mix. Higher-margin server, networking and AI Power shipments lifted gross and operating ratios enough to absorb the tender-offer fees and the FX hit.
NVIDIA 800V read-through
CviLux is a connector name on the side-power rack, not a PSU or HVDC-rack name, and this call stayed at 48 V.
Three slots were named:
- Power Shelf. As PSU wattage rises — the example was 18.5 kW — server internals run out of space, so more board-to-board connectors are used to stack boards.
- Sidecar. Halls are adding BBU and CBU (supercapacitor) cabinets for power stability. Those modules are dense with boards and connectors, which is new content rather than a replacement of an old socket.
- DC-DC. The step-down from 48 V to GPU voltage is a third connector slot, and CviLux said it has product there.
NVIDIA's own timeline puts a side power rack / sidecar retrofit in 2H 2026: conversion and storage moved beside compute without a building change. That is the layer this discussion maps to. What it does not map to is the 800 VDC rail. There was no 800V, no HVDC, no Rubin, and no date. Lite-On's HVDC shelf is a 110 kW product with a 2026/27 calendar; 18.5 kW is the current high-power generation. Treat this as an architecture read on sidecar and shelf connector content, still speaking 48 V.
Segments that moved
By application in Q1:
| Application | Q1 2026 share | YoY |
|---|---|---|
| Servers and networking | 44% | +54% |
| of which AI Power (of group) | 22% | +30%+ |
| Notebooks | 22% | +10% |
| Industrial electronics | 16% | +18% |
| Automotive | 3% | +5% |
| Other (opto, panel, consumer) | 15% | −10% |
Servers and networking is the engine; industrial is the other high-margin line. Notebooks grew but remain a low-margin, China-competitive business. Automotive is not a priority. Other declined.
Standing group mix, unchanged as a description: connectors about 70%, cable assemblies 25–30%, electronic accessories under 5%.
Capacity is being reshaped with the mix. China goes from four plants to three, with the two Dongguan sites merging into a new automation-heavy stamping and moulding plant. Southeast Asia goes from two plants (Laos, Vietnam) to three with a Thailand site for non-China demand. High-frequency R&D and build stay in Taiwan and Suzhou; notebook capacity moves Suzhou to Chongqing.
Guidance
- Full-year 2026 revenue: double-digit growth, view unchanged and described as positive.
- Servers/networking and industrial: both expected to stay double-digit, with servers/networking the faster of the two.
- Notebooks, automotive, other: conservative — flattish, and possibly unable to hold flat if long-short material shortages bite.
- Q2: up sequentially and year on year.
- Q3: down sequentially, up year on year, on long-short materials.
- Q4: back to sequential and year-on-year growth.
Management Q&A
Q: Plant-expansion progress, and the operating outlook by product line?
A: The full-year view is unchanged: positively optimistic, targeting double-digit growth. Server/networking and industrial electronics are the optimistic lines, still seen as double-digit with server/networking ahead of industrial; notebooks, other and automotive are conservative and may be flat or even fail to hold flat because of long-and-short materials. Q1 already grew 23% YoY; Q2 is expected up both sequentially and year-on-year; Q3 may be sequentially down but still up YoY if long-and-short materials bite; Q4 is still viewed as sequentially and year-on-year up.
Disclaimer
English notes on CviLux's investor conference of 20 May 2026, covering Q1 2026. The call discussed Power Shelf, sidecar BBU/CBU and 48 V DC-DC connectors; it did not claim an 800 V product. 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.