At a glance. Sitel's Q1 2026 investor conference was a run-rate reset: NT$3.091bn (~US$98m) of sales and NT$3.64 of EPS in one quarter, already about three-quarters of FY2025, with the first four months of 2026 already past last year's full NT$4.221bn. The 800V print is explicit — a 1500 V storage platform stepped down to an 800 V HVDC BBU for AI data centers — sitting next to the existing facility-BESS business. Japan is a certification story: JC-STAR on both EMS and BMS, first in Taiwan.
What changed this quarter
EPC recognition went vertical. Almost all of the quarter was two Kaohsiung E-dReg storage sites: the first at 95% completion, the second at 50%, with equipment lifts due by the end of August. That is why one quarter can look like three-quarters of a year.
AIDC was named as a product line, not a slogan. Management put a rack-level 800 V HVDC BBU next to the facility storage it already builds, and described an AIDC offer that dispatches grid interconnect, renewables, BESS and BBU together.
Japan got its ticket. Sitel took JC-STAR dual cybersecurity certification on EMS and BMS — required, it says, to enter Japan's balancing market — and compared the bar to Tesla and Samsung. The vehicle is ENSO, a 100% subsidiary.
The numbers
| Q1 2026 | Value | vs FY 2025 |
|---|---|---|
| Revenue | NT$3.091bn (~US$98m) | 73% of FY2025's NT$4.221bn (~US$134m) |
| Gross profit | NT$360m (~US$11.4m) | — |
| Gross margin | 11.63% | — |
| Net profit | NT$210m (~US$6.7m) | — |
| EPS | NT$3.64 (~US$0.12) | 74% of FY2025's NT$4.90 |
No year-on-year or sequential P&L bridge was given; the comparison management chose is against last year's full year.
Q1 mix was concentrated:
| Line | Q1 2026 | Share |
|---|---|---|
| EPC | NT$2.577bn (~US$82m) | bulk of the quarter |
| Battery manufacturing, sales and processing | NT$505m (~US$16m) | — |
| O&M, EMS and other | ~NT$9m | residual |
Contracted backlog, as stated: 225 MW of EPC (eight live sites plus the two Kaohsiung projects), 536 MW of EMS under management, 625 MWh of O&M. Cumulative battery shipments through May 2026 were more than 1,720 MWh (1.7 GWh). Chenxi Precision's two automated lines at Taichung Harbor are rated 1 GWh a year.
NVIDIA 800V read-through
Sitel is one of the few names in this set that said 800V out loud.
The engineering claim is straightforward: take the existing 1500 V high-voltage storage platform and step it down to an 800 V HVDC BBU for AI-data-center backup. That is a rack-level product, not just a container in the yard.
The commercial claim is two-layer:
- Facility BESS — the live P&L. Taiwan policy has moved from encouraging to requiring large power users to install storage and on-site generation. Northern grid capacity is described as saturated; Taipower is no longer approving IDC connections above 5 MW, which management reads as forcing AI operators into self-generation plus self-storage. Global data-center electricity was cited as rising from 440 TWh in 2024 to 945 TWh in 2030.
- Rack BBU — the 800V option on the 1500 V platform. No customer, wattage, or revenue was given for the BBU itself. Treat the 800V unit as a disclosed product, not a shipping line.
Jensen Huang's line that electricity is compute, and compute is national power, was quoted as framing, not as a design-win.
Segments that moved
This is still a Taiwan EPC company in the numbers. The Kaohsiung E-dReg pair is the Q1 revenue event. Battery sales through Chenxi are the second line. EMS and O&M are negligible in the quarter and are the contracted-MW story instead.
Behind the mix, the AIDC pitch is a full stack: demand planning, design review, construction, and long-term operations, with smart dispatch across grid, renewables, storage and BBU. Chenxi's process claim is full automation (AGVs and straddle carriers) and serial-number traceability to each cell.
Overseas: Japan via ENSO and JC-STAR; North America via Canadian alliances with H2, NRG Plus and AEGIS. A joint microgrid R&D centre with National Central University is the talent pipeline for high-voltage storage.
Guidance
Shipment targets, not a P&L:
- Battery shipments: 1 GWh+ in 2025, 1.5 GWh+ in 2026, 3 GWh+ in 2027.
- 2025–26: expand lines; 5 MWh cabinets and C&I storage, paired with renewables.
- 2026: AIDC backup systems and 10–20 MWh modules; deepen Taiwan and Japan.
- 2027: Canada, Europe and ASEAN; AIDC combined with virtual power plants.
Market-size figures were third-party, not company guidance: InfoLink has Taiwan storage going from NT$10bn in 2023 to NT$200bn (~US$6.3bn) in 2030; Japan to NT$124.6bn (~US$4.0bn) by 2030, more than 6×; BloombergNEF global storage CAGR 23%. No quarterly revenue or margin target was given. Risks were not listed; the nearest proxy is the cybersecurity spend (JC-STAR, plus a US QLC quantum-encryption collaboration).
Management Q&A
Q: What is the operating impact of Japan's JC-STAR dual certification, and what benefits are expected?
A: JC-STAR is a Japanese-government cybersecurity certification that will become a mandatory threshold for entering Japan's energy-storage market. As electricity is treated as a national strategic resource, storage-system cybersecurity is increasingly a national-security issue, so the certification's importance will keep rising. Sitel is Taiwan's first company to obtain this dual (EMS and BMS) certification, which it frames as both a technical proof and a competitive weapon, and it is also working with US firm QLC on quantum-encryption technology to strengthen defence-grade cybersecurity.
Disclaimer
English notes on Sitel's investor conference of 28 May 2026, covering Q1 2026. 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.