Aem Holdings Ltd. · SGX:AWX
Aem — Shareholder Meeting (April 2025)
21 slides from Aem's shareholder meeting presentation, Apr 23, 2025
Slide 1: Annual General Meeting Presentation to Shareholders
AEM Holdings Ltd. Annual General Meeting Presentation to Shareholders 23 April 2025 | The SingPost Auditorium AEM 2 0 25 AGM PRE SENT ATION
Slide 2: Disclaimer
Disclaimer This is a presentation of general information relating to the current activities of AEM Accordingly, such statements are not and should not be construed as a representation Holdings Ltd. (“AEM”). It is given in summary form and does not purport to be as to the future of AEM, and are not i
Slide 3: Contents
Company and Strategy Overview Contents Technology Leadership Financial Review
Slide 4: Leading Provider of Semiconductor Test Equipment and Manufacturing Services Serving Diversified End-Markets
Leading Provider of Semiconductor Test Equipment and Manufacturing Services Serving Diversified End-Markets Test & Automation Business, 63%* of revenue Semiconductor Test Equipment Consumables Automation * Includes Instrumentation Segment revenue Aerospace Industrial FY2024 Revenue Contract Manufact
Slide 5: FY2024 was a Transformative Year for AEM
FY2024 was a Transformative Year for AEM New product deployment in production to offset slow key customer recovery Recognized as Technology Launched industry first high- Scaling with a major new Leader in Thermal power burn-in and system-level- AI/HPC anchor customer for Management for test test sys
Slide 6: AI/HPC and Advanced Packaging Drive AEM’s Growth in Test Segment
AI/HPC and Advanced Packaging Drive AEM’s Growth in Test Segment Data Center AI Devices 70% AEM Test New Customer Source: AMD, Intel, and Micron AI Semiconductor Revenue (US$, Billions) Engagements was Driven $250 $197 by AI / HPC in 2024 $200 29.6% CAGR $150 $100 $54 $50 $- 2023 2028 Source: Gartne
Slide 7: Increasing Chiplet Usage for Advanced Compute Applications
Increasing Chiplet Usage for Advanced Compute Applications AEM test products are well-positioned to test increasingly complex chiplet packages Wafer Foundry Addressable Market ($B) Wafer Probe 20% 200 20% 180 18% 15% Chiplet 160 37 16% Advanced 140 1 11 24 14% Package 120 12% 100 10% Assembly* 80 8%
Slide 8: Close Collaboration with Leading Customers to Enable Test 2.0
Close Collaboration with Leading Customers to Enable Test 2.0 Chiplet Test Challenges AEM Solutions Test Intensity Test 2.0 Higher Device Power High Test 1.5 Thermal Management Test 1.5 Increased Test Time Low Test 1.0 Test 1.0 Complex Test Coverage # Of Chiplet Low High Package Cost AEM 2 0 25 AGM
Slide 9: More Favorable “Razor / Blade” Business Model for AI Devices
More Favorable “Razor / Blade” Business Model for AI Devices Chiplet architecture accelerates time to market, increasing recurring business System Razor Lifetime “Blade” Revenue >2x Blade Device-specific Consumables ”Razor” Sales Every 9-12 months Test Slots Thermal Heads Test Sockets AEM 2 0 25 AGM
Slide 10: Advanced Packaging Driving The Need For New Test Technology
Advanced Packaging Driving The Need For New Test Technology Many Chiplet Test Challenges AEM Solution Single Chip Multi Chip Multi Chiplet Design Module System GPU CPU SOC AEM’s Patented Thermal Engine for Multi-zone Control IO >100 chiplets and IP zones per package Cost of Test Reduction Per Advanc
Slide 11: Pixelating Thermal Control to Support Chiplet Advanced Packages
Pixelating Thermal Control to Support Chiplet Advanced Packages >15 Patents Filed and Awarded on PiXL Thermal Technology AEM Pa tent ed Technolog y AEM 2 0 25 AGM PRE SENT ATION 11
Slide 12: Multi-Generation Technology to Support Customers’ Roadmap
Multi-Generation Technology to Support Customers’ Roadmap Efficiency Thermal Solutions Test Intensity Test 2.0 High Gen N+2 High Test 1.5 Gen N+1 Test 1.5 AEM Value Gen N Low Low Test 1.0 Test 1.0 Gen N-1 # Of Chiplet Low High Control Low High Package Cost AEM 2 0 25 AGM PRE SENT ATION 12
Slide 13: Customer Journey in Lab-to-Fab Deployment
Customer Journey in Lab-to-Fab Deployment Thermal Validation Thermal Upgrades Lab Thermal Generic Final Test Handlers Test 1.5 Generic SLT Handlers Generic Burn-in Chambers HPC Gradients AEM Pa tent ed Technolog y AEM Systems Transient Response Mechanical Validation Test 2.0 DUT Socket TH Single Slo
Slide 14: What We Said in 2024 AGM
What We Said in 2024 AGM Key Engagements FY2023 R&D Expenses S$24.4M Memory 1 Large memory IDM for SLT Socket Technology Wafer Probe Machine Vision xPU Thermal Software 2 HPC / AI customers for AI Burn-In and HPC SLT Control Instrumentation Advanced Automation Systems / Hyperscalers 2 Application Pr
Slide 15: Committed R&D Investments Driving New Customer Diversification
Committed R&D Investments Driving New Customer Diversification Increase Engagements Production FY2024 R&D Expenses S$23.7M Memory Early production SLT test 1 Large memory IDM for SLT, FT for GDDRx in 2025 Socket Technology Wafer Probe Machine Vision xPU Customer 1 Thermal Software 2 HPC / AI custome
Slide 16: AEM’s “Follow the Chiplet” Growth Strategy
AEM’s “Follow the Chiplet” Growth Strategy Uniquely positioned inside two leading Foundry ecosystems and gaining traction in the Memory market AEM’s Patented Thermal Engine for Multi-zone Control Expand Into Memory Increase Market Share In HPC Test Insertions System System Wafer Sort Burn In Final T
Slide 17: FY2024 Financial Highlights
FY2024 Financial Highlights Revenue at S$380.4M and PBT (excluding exceptional items) at S$19.8M Gross Profit S$380.4M S$97.6M -25% vs FY2023 25.7% of Revenue -1.2pts vs FY2023 -21% vs FY2023 Revenue EPS (Diluted) vs (0.40 cents) 3.65 cents in FY2023 S$19.8M 5.2% of Revenue NAV per share PBT -48% vs
Slide 18: Revenue Mix: FY2024 vs. FY2023
Revenue Mix: FY2024 vs. FY2023 Test Cell Solutions revenue came in at S$231M, contributing to 61% of revenue in FY2024 Total Revenue Mix (S$M) Test Cell Solutions Revenue Mix (S$M) 271.5 481.3 231.0 85.2 31% 380.4 52.6 23% 202.3 42% 141.4 37% 7.5 2% 73.3 32% 8.0 2% 131.5 49% 271.5 56% 231.0 61% 105.
Slide 19: Balance Sheet
As At Balance Sheet Dec’24 Dec’23 Change A robust balance sheet with Debt / Equity at 0.2X S$M S$M % Cash 43.8 101.8 (57.0) • Receivables increased due to customer shipments at end 4Q2024 Inventories 296.8 328.6 (9.7) Trade and other receivables 142.7 58.8 142.7 • Total equity S$492.3 million, up 3.
Slide 20: Charting the Future
Charting the Future Expand & Diversify Market Presence Building a High- Strengthening Performance, Our Test 2.0 Results Driven Leadership Culture Achieving Operational Excellence AEM 2 0 25 AGM PRE SENT ATION 20
Slide 21: Thank You!
Thank You! Investor Relations Contact Samir MOWLA samir.mowla@aem.com.sg Financial PR Pte Ltd Kamal SAMUEL / Shivam SARAF / Urvija DIWAN Tel: 6438 2990 / Fax: 6438 0064 kamal@financialpr.com.sg shivam@financialpr.com.sg urvija@financialpr.com.sg AEM 2 0 25 AGM PRE SENT ATION