環宇通訊半導體 (GCS) 2026Q3 法說會簡報
Company Overview
Company Name: 環宇通訊半導體 (Global Communication Semiconductors, LLC) Slogan:
- "Enabling Today's Global Communications and Beyond"
- 環宇 芯系天下
Conference Details:
- Event: Q3 2026 Quarterly Online Investor Conference (線上法說會)
- Date: November 3, 2026
Management Team Presenting:
- Opening: Brian Ann, CEO & President
- Summary and Guidance: Claire Chang, VP of Finance and Accounting
- Financial Section: Kelly Lin, Special Assistant to CEO
- Q&A: All
Disclaimer Statement
This presentation includes forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that GCS Holdings, Inc. expects or anticipates will or may occur in the future (including but not limited to projections, targets, estimates and business plans) are forward-looking statements.
GCS's actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to price fluctuations, actual demand, exchange rate fluctuations, market share, competition, environmental risks, change in legal, financial and regulatory frameworks, government policies, international economic and financial market conditions, political risks, cost estimates and other risks and factors beyond our control.
GCS does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Financial Highlights
Statements of Comprehensive Income - QoQ (in NT$ thousands except EPS)
| Item | 3Q26 | 2Q26 | 3Q25 | 3Q26 Over 2Q26 | 3Q26 Over 3Q25 |
|---|---|---|---|---|---|
| Net Operating Revenue | 844,612 | 770,103 | 543,485 | 9.7% | 55.4% |
| Gross Profit | 397,224 | 333,195 | 257,510 | 19.2% | 54.3% |
| Gross Margin | 47.0% | 43.3% | 47.4% | ||
| Operating Expenses | (234,573) | (235,149) | (153,308) | -0.2% | 53.0% |
| Operating Expenses to Revenue % | 27.8% | 30.5% | 28.2% | ||
| Operating Income | 162,651 | 98,046 | 104,202 | 65.9% | 56.1% |
| Operating Margin | 19.3% | 12.7% | 19.2% | ||
| Non-operating Items | 31,197 | 35,533 | (88,682) | -12.2% | -135.2% |
| Profit before Income Tax | 193,848 | 133,579 | 15,520 | 45.1% | 1149.0% |
| Income Tax Expense | (38,854) | (29,040) | (1,059) | 33.8% | 3568.9% |
| Net Profit | 154,994 | 104,539 | 14,461 | 48.3% | 971.8% |
| Net Profit Attributable to owners of the Parent | 159,082 | 110,160 | 14,461 | 44.4% | 1000.1% |
| Net Profit % | 18.4% | 13.6% | 2.7% | ||
| Basic EPS (NTD) | 1.33 | 0.92 | 0.13 | ||
| Diluted EPS (NTD) | 1.31 | 0.91 | 0.13 | ||
| R&D Expense % to Revenue | 6.9% | 10.1% | 14.5% |
Notes for QoQ Statements:
- Note 1: 119,878 and 121,634 thousand shares were used for Y2026 3Q basic EPS and diluted EPS calculation respectively.
- Note 2: Revenue supplemental information
- Revenue in US$ thousand:
- 3Q26: 26,418
- 2Q26: 24,377 (8.37% Over 2Q26)
- 3Q25: 18,028 (46.5% Over 3Q25)
- Exchange Rate:
- 3Q26: 31.74
- 2Q26: 31.61
- 3Q25: 31.22
- Revenue in US$ thousand:
Non-operating Income and Expenses - QoQ (in NT$ thousands)
| Item | 3Q26 | 2Q26 | 3Q25 | 3Q26 Over 2Q26 | 3Q26 Over 3Q25 |
|---|---|---|---|---|---|
| Other Income | 17,076 | 15,579 | 6,050 | 9.6% | 182.2% |
| Other Gains and Losses | |||||
| Net currency exchange gain | 2,732 | 3,748 | 530 | -27.1% | 415.5% |
| Gain on disposal of property, plant and equipment | 483 | 22 | 44 | 2095.5% | 997.7% |
| Impairment gain (loss) on non-current assets held for sale | (39) | 6 | (2,309) | -750.0% | -98.3% |
| Gain on disposal of non-current assets held for sale | - | - | 27 | - | -100.0% |
| Finance Cost | |||||
| Interest expense | (2,965) | (3,336) | (2,655) | -11.1% | 11.7% |
| Share of gain (loss) of equity-accounted investees | 13,910 | 19,514 | (90,369) | -28.7% | -115.4% |
| Total Non-operating Income and Expenses | 31,197 | 35,533 | (88,682) | -12.2% | -135.2% |
Statements of Comprehensive Income - YoY (Jan to Sep, in NT$ thousands except EPS)
| Item | 2026 Jan to Sep. | % | 2025 Jan to Sep. | % | Change (%) |
|---|---|---|---|---|---|
| Net Operating Revenue | 2,329,395 | 100.0% | 1,506,638 | 100.0% | 54.6% |
| Operating Cost | (1,209,229) | -51.9% | (838,308) | -55.6% | 44.2% |
| Gross Profit | 1,120,166 | 48.1% | 668,330 | 44.4% | 67.6% |
| Operating Expenses | (677,330) | -29.1% | (410,048) | -27.2% | 65.2% |
| Operating Profit | 442,836 | 19.0% | 258,282 | 17.1% | 71.5% |
| Non-operating items | 130,414 | 5.6% | (315,866) | -21.0% | -141.3% |
| Profit (Loss) before Income Tax | 573,250 | 24.6% | (57,584) | -3.8% | -1095.5% |
| Income Tax Benefit (Expense) | (117,627) | -5.0% | 7,327 | 0.5% | -1705.4% |
| Net Profit (Loss) | 455,623 | 19.6% | (50,257) | -3.3% | -1006.6% |
| Net Profit (Loss) Attributable to owners of the Parent | 465,332 | 20.0% | (50,257) | -3.3% | -1025.9% |
| Basic EPS (NTD) | 3.91 | (0.45) | |||
| Diluted EPS (NTD) | 3.85 | (0.45) | |||
| Average Exchange Rate-USD/NTD | 31.74 | 31.22 | |||
| R&D expense % to Revenue | 9.7% | 12.5% | |||
| ROA (%) | 13.66% | -1.59% | |||
| ROE (%) | 15.63% | -2.23% |
Notes for YoY Statements:
- Note 1: 119,160 and 120,876 thousand shares were used for 2026Q3 basic EPS and diluted EPS calculation, respectively.
- Note 2: Revenue supplemental information
- Revenue in US$ thousand:
- Jan to Sep/2026: 73,390
- Jan to Sep/2025: 48,259
- Change (%): 52.1%
- Exchange Rate:
- Jan to Sep/2026: 31.74
- Jan to Sep/2025: 31.22
- Revenue in US$ thousand:
Non-operating Income and Expenses - YoY (Jan to Sep, in NT$ thousands)
| Item | 2026 Jan to Sep. | 2025 Jan to Sep. | Change (%) |
|---|---|---|---|
| Other Income | 43,237 | 14,860 | 191.0% |
| Other Gains and Losses | |||
| Net currency exchange loss | (10,989) | (482) | 2179.9% |
| Gain (Loss) on disposal of property, plant and equipment | 2,489 | (2,100) | -218.5% |
| Gain on disposal of non-current assets held for sale | - | 27 | -100.0% |
| Liquidation losses on disposal of subsidiary | - | (5,204) | -100.0% |
| Gain (Loss) on disposal of investments | 163,760 | (6,258) | -2716.8% |
| Impairment loss on non-current assets held for sale | (9,618) | (14,348) | -33.0% |
| Finance Cost | |||
| Interest expense | (9,962) | (8,363) | 19.1% |
| Share of loss of equity-accounted investees | (48,503) | (293,998) | -83.5% |
| Total Non-operating Income and Expenses | 130,414 | (315,866) | -141.3% |
Balance Sheet Highlight (Selected Items, in NT$ thousands)
| Item | 3Q26 Amount | 3Q26 % | 2Q26 Amount | 2Q26 % | 3Q25 Amount | 3Q25 % |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalent | 2,509,990 | 46% | 2,232,034 | 44% | 1,027,106 | 29% |
| Accounts Receivable | 407,618 | 7% | 283,330 | 5% | 163,133 | 5% |
| Accounts Receivable - Related Party | 63,441 | 1% | 70,416 | 1% | 25,513 | 1% |
| Inventory | 521,597 | 10% | 442,742 | 9% | 393,223 | 11% |
| Prepayments | 138,950 | 3% | 131,886 | 2% | 119,732 | 3% |
| Non-current assets held for sale | - | - | 30,113 | 1% | 169,943 | 5% |
| Other current assets | 93,114 | 2% | 308,707 | 6% | 35,512 | 1% |
| Financial asset at far value through other comprehension income-Noncurrent | 85,282 | 2% | 85,282 | 2% | 1,385 | - |
| Investments accounted for under the Equity Method | 295,159 | 5% | 277,480 | 5% | 539,492 | 15% |
| Net Property, Plant and Equipment | 854,786 | 16% | 802,946 | 16% | 676,626 | 19% |
| Deferred Tax Assets | 140,362 | 3% | 161,335 | 3% | 202,766 | 6% |
| Other non-current assets-other | 171,850 | 3% | 151,650 | 3% | 58,705 | 2% |
| Total Assets | 5,392,971 | 100% | 5,113,130 | 100% | 3,502,670 | 100% |
| Short Term Loan | 36,280 | 1% | 35,698 | 1% | 20,000 | 1% |
| Accounts Payable and Other Payables | 240,600 | 5% | 220,013 | 5% | 178,092 | 5% |
| Long Term Bank Borrowings - Current Portion | 7,062 | 6,969 | 6,361 | |||
| Long Term Bank Loans | 147,043 | 3% | 148,830 | 3% | 147,324 | 4% |
| Deferred Tax Liabilities | 119,780 | 2% | 114,887 | 2% | 106,431 | 3% |
| Total Liabilities | 687,607 | 13% | 649,982 | 13% | 521,278 | 15% |
| Total Stockholders' Equity | 4,705,364 | 87% | 4,463,148 | 87% | 2,981,392 | 85% |
Key Indices
| Item | 3Q26 | 2Q26 | 3Q25 |
|---|---|---|---|
| Current Ratio | 967% | 999% | 754% |
| Debt Ratio | 13% | 13% | 15% |
| AR Turnover Days | 45 | 40 | 50 |
| Inventory Turnover Days | 129 | 127 | 154 |
Cash Flows (in NT$ thousands)
| Item | 3Q26 | 2Q26 | 3Q25 |
|---|---|---|---|
| Beginning Balance | 2,232,034 | 1,808,772 | 676,928 |
| Cash from Operating Activities | 102,578 | 261,020 | 297,002 |
| Acquisition of property, plant and equipment | (66,772) | (92,391) | (21,120) |
| Decrease (Increase) in other current assets | 214,172 | 56,268 | (2,599) |
| Acquisition of intangible assets | (1,340) | (303) | - |
| Proceeds from the sale of PP&E | 485 | 98 | - |
| Proceeds from the sale of investments accounted for using equity method | 23,707 | 187,894 | - |
| Proceeds from the sale of Non-current assets held for sale | 5,935 | 5,787 | 36,868 |
| Net cash inflow from acquisition of subsidiaries | - | 51,604 | - |
| Proceeds form Disposal of subsidiary | 32 | 1,972 | 4,654 |
| Proceeds from short-term loan | 8,090 | 15,698 | 20,000 |
| Repayments of short-term loans | (7,742) | (65,088) | (20,000) |
| Repayments of long-term loans | (1,703) | (1,654) | (1,466) |
| Repayments of lease liabilities | (1,144) | (1,061) | - |
| Employee Option Exercise | 1,803 | 8,501 | 11,630 |
| The effect of exchange rate changes | 52 | (5,051) | 25,209 |
| Others | (197) | (32) | - |
| Ending Balance | 2,509,990 | 2,232,034 | 1,027,106 |
| Increase in Cash | 277,956 | 423,262 | 350,178 |
| Free Cash Flow (Note) | 35,806 | 168,629 | 275,882 |
Note: Free Cash Flow = Cash from Operating Activities - Capital Expenditures
Business Segments
Revenue Mix % vs Gross Margin - QoQ
| Quarter | RF Foundry and Power Electronics Foundry | Opto Foundry | AOC | Other | Gross Margin |
|---|---|---|---|---|---|
| Q4 2024 | 22% | 9% | 66% | 3% | 43% |
| Q1 2025 | 17% | 13% | 66% | 4% | 36% |
| Q2 2025 | 24% | 10% | 63% | 3% | 49% |
| Q3 2025 | 15% | 8% | 75% | 2% | 47% |
| Q4 2025 | 18% | 10% | 70% | 2% | 53% |
| 1Q 2026 | 12% | 10% | 74% | 4% | 55% |
| 2Q 2026 | 23% | 10% | 61% | 6% | 43% |
| 3Q 2026 | 20% | 6% | 71% | 3% | 47% |
Products & Technologies
The presentation visuals suggest GCS is involved in:
- RF Foundry and Power Electronics Foundry
- Opto Foundry
- AOC (Active Optical Cables, likely related to Optical Connectivity)
- Other (unspecified)
Implied Application Areas / Technologies:
- Telecommunications (RF, Wireless)
- Wireless Communication (Routers, Modems)
- Automotive
- Data Centers (Server racks, Optical Connectivity)
- Optical Connectivity ("Welcome to Optical Connectivity")
- Global Communications
Additional Data
Contact Information: