Plover Bay Technologies Ltd. · HKEX:1523
Plover Bay Technologies — FY2025 Earnings Presentation
22 slides from Plover Bay Technologies's earnings presentation, Feb 26, 2026
Slide 1: Enabling Supercharged Connectivity: Annual Results 2025
Enabling Supercharged Connectivity Annual Results 2025 26 February, 2026
Slide 2: Our Vision, Who Are We, Key Facts
Our Vision We make connectivity reliable, anytime, anywhere Who Are We? Plover Bay Technologies Limited (stock code: 1523 HK) develops networking Key Facts technologies that enable supercharged connectivity. By combining fixed, mobile and satellite connectivity, users can build always-on networks any
Slide 3: What is Connectivity?
Expectation ● Connectivity should be simple ● Connectivity should always work ● Connectivity should be cost effective ● Connectivity should be easily accessible What is Connectivity? Reality ● Existing solutions overcomplicate ● Fixed lines cannot reach everywhere ● Mobile is not 100% reliable ● The
Slide 4: What We Do: Supercharging Connectivity
What We Do Supercharging Connectivity Connectivity Software Passion Driven & Cloud Services Partner Community Supercharged Connectivity ● Faster, more reliable network Fiber/ Consumer Broadband 5G/LTE ● Deploy anywhere ● Enable new use cases SpeedFusion ● Reduce overall network cost ● Eliminate loss
Slide 5: Supercharged Connectivity Progress: Peplink-Starlink Collaboration
Supercharged Connectivity Progress Peplink-Starlink Collaboration Expanded Offerings Recent Peplink-Starlink deployments Large-Scale Digital Mining Operation Deployed 1,000+ Peplink multi-WAN industrial routers and Starlink terminals to deliver reliable, low-latency connectivity at remote energy ext
Slide 6: Supercharged Connectivity Progress: Growing Partner Ecosystem
Supercharged Connectivity Progress Growing Partner Ecosystem Partner Network Subaru & Peplink & Community Growth Growing Network of Authorized Peplink & Starlink ANZ Bonding Summit Solution Providers (ASPs) Australia, March 2025 Peplink Global Summit Peplink Tech Summit The Netherlands, May 2025 Uni
Slide 7: Supercharged Connectivity Progress: Deployment at Scale
Supercharged Connectivity Progress Deployment at Scale At international HYROX competitions, Peplink bonds fiber, Starlink, and 5G links to guarantee zero downtime for registration, race timing, and HD livestreams. SpeedFusion and InControl enable reliable, high-performance network coverage across ven
Slide 8: Our Products Continue to Improve
Supercharged Connectivity Progress Our Products Continue to Improve Key Improvements to Peplink Ecosystem Expanding Product Range Enhanced Software Suite SpeedFusion Connect App launched on iOS and Android, with global eSIM options for improved worldwide connectivity InControl 2 with full Starlink i
Slide 9: Investment Highlights: Growing Need for Better Connectivity
Investment Highlights 1. Growing Need for Better Connectivity Market trends from 2023 to 2030: ● Number of IoT connections increasing at 16% CAGR¹ ● Mobile data traffic expected to increase at 19% CAGR¹ ● 4G & 5G FWA connections expected to grow from 130 million to 330 million¹ Growth opportunities: ●
Slide 10: Investment Highlights: Growing Peplink Ecosystem
Investment Highlights 2. Growing Peplink Ecosystem Access to a Wide Range of Industry Verticals Top 5 Verticals by Number of Deals Won Subscription-Enabled Proprietary Connectivity Convenience Features Technologies SpeedFusion Enterprise and Constriction, Mining, Public services manufacturing Engine
Slide 11: Investment Highlights: Growing Recurring Revenue Pipeline
Investment Highlights 3. Growing Recurring Revenue Pipeline Strategies to drive subscription growth: ● Grow user base with capable devices at competitive price points ● Reduced complexity for partners to sell and manage subscriptions at scale ● New features and convenience to drive up subscription t
Slide 12: Annual Results 2025
technologies Annual Results 2025 eee ee
Slide 13: Financial Summary
Financial Summary Financial summary Year ended 31 December YoY growth (US$’000, unless otherwise stated) 2024 2025 (%) Revenue 116,791 130,144 +11.4% Gross profit 64,149 74,123 +15.5% Other income & gains, Operating expenses, and Finance cost (18,823) (19,783) +5.1% Profit before tax 45,326 54,340 +19
Slide 14: Revenue by Product Segment
Revenue by Product Segment Segment Year ended 31 December YoY Growth (US$’000) 2024 2025 (%) Highlights Fixed First Connectivity 17,147 17,744 +3.5% Mild growth led by high end mobile first routers and new supporting products such as the network adaptor Strong volume growth from Starlink products Mob
Slide 15: Recurring Revenue
Recurring Revenue Year ended 31 December Recurring Revenue highlights Recurring vs Non-recurring (US$’000) 2024 2025 ● Recurring revenue accounted for 28.9% of total sales Non-recurring revenue 84,554 92,513 ● Devices with a subscription at December 2025 increased 25.0% YoY ● Total contract liabilit
Slide 16: Revenue by Region
Revenue by Region Region Year ended 31 December Growth US$ thousands 2024 2025 (YoY) North America 74,760 76,351 +2.1% EMEA 29,064 37,083 +27.6% Asia 8,756 11,911 +36.0% Others 4,211 4,799 +14.0% Total 116,791 130,144 +11.4% 16
Slide 17: Gross Margin
Gross Margin Continued margin improvement during the period ● Gross margin has increased from 54.9% in FY24 to 57.0% in FY25 ● Gross margin improved due to: ○ Favourable product mix towards high end routers ○ Concentrated product portfolio enabling economies of scale 17
Slide 18: Operating Expenses
Operating Expenses Operating expenses Year ended 31 December % of revenue (US$’000) 2024 2025 2024 2025 Selling & Distribution expenses 4,348 3,742 3.7% 2.9% General & admin expenses 7,746 8,366 6.6% 6.4% Research & development 8,495 10,007 7.3% 7.7% Total Opex 20,589 22,115 17.6% 17.0% 18
Slide 19: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights Balance Sheet Summary As at 31 December Working capital turnover days As at 31 December (US$"000) 2024 2025 (Number of days) 2024 2025 Trade and other receivables 20,182 27,540 Trade and other receivables 67 days 67 days Inventories 16,160 18,181 Inventories 11
Slide 20: Embarking on a New Journey
Embarking on a New Journey The Company proposes to spin off its wholly-owned subsidiary, Peplink Holdings Limited (“SpinCo”) and pursue a separate listing on the NASDAQ ● After the spin-off, ○ Remaining Group will engage in selling routers, networking peripherals, subscription services in Non-North
Slide 21: Revenue Recognition of Different Segments
Appendix Revenue Recognition of Different Segments Segment Product / service Description Revenue Model Enterprise routers ● Hardware sales plus 12 months’ embedded warranty and access to Fixed First Connectivity Network switches software features ~85% of selling price non-recurring Mobile routers Ne
Slide 22: Thank You
Thank You Disclaimer Plover Bay Technologies Limited is listed on the Hong Kong Stock Exchange (Ticker: 1523 HK). Plover Bay Technologies Limited is incorporated in the Cayman Islands with limited liability. The information contained in this presentation is intended solely for your personal referenc
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