IC PLUS Corporation - 2025 Investor Conference
Disclaimer
Please note: Some content presented in this conference contains forward-looking statements. Investors should be aware that forward-looking statements involve risks and uncertainties. Actual results may differ materially from those projected or implied by such statements. Investors should not place undue reliance on such statements.
1. Company Overview and Business Segments
Company Information
- Company Name: IC PLUS Corporation
- Business Focus: A leading IC design company for commercial/industrial Ethernet networking and power transmission solutions.
- Founding Date: 1997
- IPO Year: 2007
- Capital Invested: NT$ 964 Million
- Headquarters: Hsinchu City, Taiwan
- Sales & Marketing: Xizhi Dist., New Taipei City, Taiwan
- Number of Employees: 103 (70% engineers)
Markets and Applications
IC PLUS Corporation's products serve the following markets:
- SMB (Small and Medium Business)
- Surveillance
- Industrial
- Smart Grid
2. Financial Highlights and Key Metrics
Consolidated Income Statement (Unit: Millions NTD)
| Item | 2025 Q2 | % | 2024 Q2 | % | 2025 H1 | % | 2024 H1 | % | Q2 YoY% | H1 YoY% |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 169 | 100% | 167 | 100% | 332 | 100% | 305 | 100% | 1% | 9% |
| Gross Profit | 70 | 42% | 57 | 34% | 138 | 42% | 101 | 33% | +8ppt | +9ppt |
| Operating Expenses | 93 | 55% | 80 | 48% | 182 | 55% | 155 | 51% | 16% | 17% |
| Operating Loss | -23 | -13% | -23 | -14% | -44 | -13% | -54 | -18% | 0% | -19% |
| Net Loss for the Period | -21 | -12% | -20 | -12% | -30 | -9% | -73 | -24% | 5% | -59% |
| Basic Loss Per Share (NTD) | -$0.22 | -$0.29 | -$0.31 | -$1.06 |
Balance Sheet (Unit: Millions NTD)
| Item | 2025.06.30 | % | 2024.12.31 | % | 2024.06.30 | % | QoQ% | YoY% |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Current Assets | 2,259 | 87% | 2,301 | 86% | 2,321 | 88% | -2% | -3% |
| Non-current Assets | 343 | 13% | 355 | 14% | 329 | 12% | -3% | 4% |
| Total Assets | 2,602 | 100% | 2,656 | 100% | 2,650 | 100% | -2% | -2% |
| Liabilities | ||||||||
| Current Liabilities | 113 | 4% | 136 | 5% | 104 | 4% | -17% | 9% |
| Non-current Liabilities | 17 | 1% | 18 | 1% | 3 | 0% | -6% | 467% |
| Total Liabilities | 130 | 5% | 154 | 6% | 107 | 4% | -16% | 21% |
| Equity | ||||||||
| Total Equity | 2,472 | 95% | 2,502 | 94% | 2,543 | 96% | -1% | -3% |
Financial Performance Indicators
| Indicator | 2025.06.30 | 2024.12.31 | 2024.06.30 |
|---|---|---|---|
| Current Ratio (%) | 1999% | 1692% | 2232% |
| Debt Ratio (%) | 5% | 6% | 4% |
| Average Days Sales Outstanding | 23 | 19 | 19 |
| Average Inventory Days | 96 | 115 | 153 |
| Net Asset Value Per Share (NTD) | 25.64 | 25.95 | 26.38 |
3. Recent Performance and Results
Revenue (Unit: Millions NTD)
| Period | 2024 Revenue | 2025 Revenue | YoY Change | QoQ Change (2025) |
|---|---|---|---|---|
| Q1 | 138 | 163 | ||
| Q2 | 167 | 169 | +1% | +4% |
| H1 | 305 | 332 | +9% |
Gross Margin (Unit: %)
| Period | 2024 Gross Margin | 2025 Gross Margin | YoY Change | QoQ Change (2025) |
|---|---|---|---|---|
| Q1 | 33% | 42% | ||
| Q2 | 34% | 42% | +8% | |
| H1 | 33% | 42% | +9% |
Operating Expenses (Unit: Millions NTD)
| Period | 2024 Operating Expenses | 2025 Operating Expenses | YoY Change | QoQ Change (2025) |
|---|---|---|---|---|
| Q1 | 75 | 89 | ||
| Q2 | 80 | 93 | +16% | +4% |
| H1 | 155 | 182 | +17% |
Inventory Amount & Days
| Period | Inventory Amount (M NTD) | Inventory Days |
|---|---|---|
| 2024/Q1 | 161 | 153 |
| 2025/Q2 | 89 | 96 |
Revenue Ratio of Ethernet / PoE
| Year | PoE | Ethernet |
|---|---|---|
| 2025 Q2 | 30% | 70% |
4. Future Outlook and Guidance
- Focus remains on product innovation. No explicit financial guidance for future periods beyond H1 2025.
5. Strategic Initiatives and Plans
Products in Development
- Ethernet:
- Cost-Effective Switch
- PoE (Power over Ethernet):
- Cost-Effective PSE Controller
- Compliance with DOE Level VII standards
- Non-standard PSE Controller
6. Products
Existing Products
- Ethernet:
- 5/8/9/16/24 Ports Switch & PHY
- PoE (Power over Ethernet):
- PSE Controllers:
- AF(15W), AT(30W), BT(90W) – IP802/4/8
- PSE Controllers:
Key Technologies and Terminologies
- DOE Level VII energy standards
- QoQ (Quarter-over-Quarter), YoY (Year-over-Year)
7. Key Financial Data Summary
Primary focus: Revenue growth, gross margin improvements, cost management, and product development investment.