At a glance. A December 2025 investor update — Taiwan's equivalent of a US earnings call — covering the first nine months and the 2026 setup, delivered by chairman Ou Jen-chieh. Group revenue was +21%. The 800V item is a switch-side programme UMEC calls HBDC, not HVDC, at 800 V for 8,000 W and above. Asked about NVIDIA-style Power Racks, management said it has no plan to enter compute-server power.
What changed this year
ICP outran the rest of the group. Information and communications products, mainly Hyundai/Kia millimetre-wave sentinel radar, were +46%. Power supplies +8%. Magnetics +1%. UMEC moved from a Tier-3 radar supplier to an exclusive Tier 2 on that Hyundai/Kia application in three years.
Q3 returned to profit after a Q2 FX loss. Nine-month results were still a loss. The target stated on this call was to get full-year 2025 back to profit by lifting year-end output.
HBDC switch power was put on a dated wattage roadmap — 5.5 kW in 2026, 8 kW in late 2026 or 2027 — and tied to joint development with Accton. Compute Power Rack was ruled out in the same breath.
A year-end Taichung labour bottleneck (foreign-worker placement stuck) was the near-term operational risk; a new batch was expected by month-end.
The numbers
No group revenue, margin or EPS totals were given. What was:
| 9M 2025 | Change |
|---|---|
| Group revenue | +21% YoY |
| ICP | +46% |
| Power supplies | +8% |
| Magnetics | +1% |
Q2 was a loss on FX; Q3 was profitable. Cumulative nine months remained a loss, with a stated push for a profitable full year. Cash was described as still rising on cost control.
Automotive radar was guided to about 10–12% of 2025 group revenue, and a higher share in 2026.
NVIDIA 800V read-through
Read this as a switch-PSU 800V development, not as a compute-rack supplier.
Management's term is HBDC (high-voltage DC). The problem it is solving is switch wattage: 2 kW historically, then 4–5 kW, and a path toward 8 kW, 16 kW and higher. High current is the thermal problem; 800 V is the proposed answer. On a CRPS roadmap:
- 3 kW now.
- 5.5 kW in 2026.
- 8 kW in late 2026 or 2027.
- Customer sketches at 13 / 16 / 33 kW.
- Above about 5,000 W, HBDC is described as required.
Accton is the named customer. UMEC was once its sub-150 W supplier; since around 2020 it has been in the high-watt chain, shipping up to 1,200 W, and is jointly developing the next HBDC generation against Accton's system roadmap. That is co-development, not a shipping 800V line and not a date for first revenue.
The hard negative is equally useful. NVIDIA GPU racks may get a separate Power Rack; UMEC said it will not chase compute-server PSUs. The iteration speed needs a headcount it does not have. Switch rooms may later adopt a Power Rack-like feed, and after HBDC the voltage class starts to resemble the compute hall, but I/O, cooling and transmission-efficiency specs remain different. Delta and Lite-On compete in switch power too; UMEC's claim is forty years of joint debug, not a compute qualification.
"Space data centers" were the chairman's personal view of when TASA-developed, radiation-hardened DC-DC modules might commercialise — if and when Taiwan system houses enter that market. Treat it as colour, not a schedule. UMEC is not in an international satellite OEM chain.
Segments that moved
| Line | 9M 2025 share | YoY |
|---|---|---|
| Power supplies | ~45% | +8% |
| ICP | ~45% | +46% |
| Magnetics | ~10% | +1% |
Radar. Hyundai/Kia sentinel: a low-power mmWave sensor that watches a parked car and only then wakes the camera. US attach above 90%, exclusive Tier-2 supply, and a possible move from option to standard. Modules ship to a Vietnam integrator, so Mexico vehicle tariffs were said not to apply.
Switch PSU. Customised enough that noise and power quality are debug items against the customer's switch, not a catalogue brick. 4 kW-class product exists; HBDC is the next architecture with the same customers.
Drones. Standard power modules, contact and wireless chargers, mmWave sense for obstacle and ground clearance, sold as a package to Taiwan UAV makers that sell into the US. Small revenue contribution guided from 2026, more after 2027.
Lai Ying, a fibre-laser venture, is still in development with no meaningful sales; its Southern Taiwan Science Park plant is still being built out.
Guidance
- 2026 financials expected better than 2025, with the operating overhaul (tighter investment tests, leaner organisation, electronic expense controls, employee stock trust) showing through.
- Near term: Hyundai/Kia radar, mix rising with each new model.
- Medium term: drones from 2026; HBDC switch power as the next tech step.
- Long term: LEO / space-grade power as inventory until a Taiwan system customer appears.
- Near-term risk: whether the Taichung foreign-worker intake lands in time for year-end shipments.
- No numbered 2026 revenue or EPS figure.
Management Q&A
Q: For the automotive business, what is this year's revenue mix, the year-on-year change, next year's outlook, and the impact of Mexico tariffs?
A: There is no tariff impact, because millimetre-wave radar modules ship to a system integrator in Vietnam, which then assembles the camera system for the automaker. Automotive radar is estimated at about 10–12% of 2025 group revenue, and the mix should keep rising next year, still driven by Hyundai/Kia as each new model is launched. Attach is already above 90%, so there is a chance the feature moves from option to standard; no year-on-year percentage was given.
Q: What is the status of investee Lai Ying, the fibre-laser venture with a well-capitalized partner?
A: Lai Ying mainly took over fibre-laser technology from a related company. That technology needed a large capital outlay, so a well-capitalized partner was brought in, which management still regards as the right decision. Lai Ying remains in development, with no meaningful revenue contribution yet, though its Southern Taiwan Science Park plant is still being expanded.
Q: Can management describe the switch-power business in more detail?
A: Switch power is not like an appliance or PC supply, where the right voltage and current are enough: noise and power quality directly affect network transmission efficiency. These supplies need extensive co-testing and adjustment against the customer's system, so they are partly customised standard products. UMEC has been in the field for nearly 40 years and treats that joint-debug know-how as its core competence.
Q: How does UMEC compete with Delta and Lite-On in switch power, and what is the relationship with Accton?
A: Delta and Lite-On also have switch-PSU lines, but UMEC specialises in the field and says it is not behind on technology; the heavy custom interaction is the niche that lets it win some programmes against them, and losses go the other way as well. Accton is the main customer: it used to position UMEC as the primary supplier below 150 W, and since around 2020 UMEC has entered its high-watt AI chain, now shipping up to 1,200 W and jointly developing the next HBDC generation.
Q: If NVIDIA GPUs move to a separate Power Rack, what role would UMEC's switch PSU play?
A: There is no plan to enter compute-server power, because that cycle iterates too fast and needs a headcount UMEC does not have. The company will stay on switch power, where product cycles are more stable and the know-how fits. Switch halls will also adopt a Power Rack-like architecture and, after HBDC, a similar voltage class to compute halls, but I/O layout, cooling and transmission-efficiency specs still differ.
Q: Is UMEC the exclusive millimetre-wave radar supplier to Hyundai/Kia, and has it entered LEO supply chains such as SpaceX?
A: Yes — on this Hyundai/Kia sentinel application it is the exclusive Tier-2 supplier. On low-earth-orbit satellites the counterpart is still mainly TASA; breaking into existing international OEMs is hard because qualification is strict and price is not the only test. Management's view is that the commercial opening comes when Taiwan system houses enter "space data centers."
Q: Are customers adopting HBDC products, have foreign drone makers asked for quotes, and what specific steps are being taken to improve next year's operations?
A: HBDC is already in joint development with main customers such as Accton, following their system roadmap. Drone work is mainly with Taiwan makers that have close US-market links, and the US is actively fostering Taiwan's drone industry. To improve next year, the company is tightening investee spending, using organisational streamlining and electronic workflows for real-time audit, and has launched an employee stock-ownership trust so staff become shareholders.
Q: What is the wattage roadmap for HBDC switch power?
A: On the CRPS (hot-swap redundant) spec, products are 3 kW now, heading to 5.5 kW in 2026 and 8 kW by late 2026 or 2027. Customer roadmaps also include 13 kW, 16 kW and even 33 kW. Once wattage exceeds about 5,000 W, an HBDC architecture is required to handle heat and power loss.
Disclaimer
English notes on Universal Microelectronics' (UMEC) investor conference of 17 December 2025, covering the first nine months of 2025 and the 2026 outlook. Management used the term HBDC, not HVDC. Figures are as presented by management and have not been independently verified. No group revenue or EPS total was given. USD equivalents, where used, are approximate at about NT$31.5 to the dollar. For reference only; not investment advice.