Andes Technology
ConvictionContext
IP licensing + royalty: upfront license fees for CPU-core IP (~67% of FY25 revenue), per-unit royalties on shipped SoCs (~21%), and maintenance/services. RISC-V mix is still license-heavy (~92% license / ~9% royalty); management expects royalty to overtake license revenue around 2027 as licensed cores reach volume production. Mix percentages are company-reported and not independently audited here.
Revenue
FY2025 NT$1.48B~$47M USD); TTM ~$47MRev growth
+7% YoY FY2025decel from +31% FY2024); Q1 FY2026 +20% YoYGross margin
~99%TTM) — pure IP, negligible COGSOp margin
deeply negative — FY2025 swung to loss on high-end/AI CPU IP R&D rampnet loss NT$415.3M on ~NT$1.48B revenue (~-28% net marginCapex intensity
very low — fabless IP houseno fabs/manufacturing capex; spend is R&D (opex), not capexMarket cap
~$338M USD~NT$10.48B), TWSE:6533, at ~NT$206.5-207/share x ~50.65M shares (mid-2026); ~$356M if converted at NT$29.4/USD — FX-sensitiveThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
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- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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