Ememory Technology, Inc. · TPEX:3529
Ememory Technology — Q1 2025 Earnings Presentation
29 slides from Ememory Technology's earnings presentation, May 9, 2025
Slide 1: Q1 2025 Investor Conference
Q1 2025 Investor Conference May 9th, 2025 Embedded Wisely, Embedded Widely Embedded Wisely, Embedded Widely
Slide 2: IPR Notice
IPR Notice All rights, titles and interests contained in this information, texts, images, figures, tables or other files herein, including, but not limited to, its ownership and the intellectual property rights, are reserved to eMemory. This information may contain privileged and confidential inform
Slide 3: Cautionary Statement
Cautionary Statement This presentation contains forward-looking statements, which are subject to risk factors associated with semiconductor and intellectual property business. It is believed that the expectations reflected in these statements are reasonable. But they may be affected by a variety of
Slide 4: Contents
Contents 1 Review of Operations 2 Future Outlook NeoPUF-based HSM Edge Server 3 for PQC Migration 4 Q&A 5 Appendix Embedded EmbeddedWisely, Wisely,Embedded EmbeddedWidely Widely 4
Slide 5: Review of Operations
Review of Operations Embedded Wisely, Embedded Widely 5
Slide 6: Q1 2025 Financial Results
Q1 2025 Financial Results (thousands of NT dollars) Q1 2025 Q4 2024 QoQ Q1 2024 YoY Revenue 911,734 1,010,717 -9.8% 802,764 13.6% Gross Margin 100% 100% - 100% - Operating Expenses 389,387 444,784 -12.5% 382,143 1.9% Operating Income 522,347 565,933 -7.7% 420,621 24.2% Operating Margin 57.3% 56.0% 1
Slide 7: Revenue across Different Streams
Revenue across Different Streams (NT$ K) 25Q1 in comparison to 24Q4 Revenue Breakdown $1,000,000 24Q4 25Q1 Royalty 73.7% $500,000 $0 Licensing Licensing Royalty 26.3% Revenue NT$ Thousands Q1 2025 Q4 2024 QoQ Q1 2024 YoY Licensing 240,217 315,330 -23.8% 228,329 5.2% Royalty 671,517 695,387 -3.4% 574
Slide 8: Revenue by Technology
Revenue by Technology Q1 2025 Technology Total Revenue Licensing Revenue Royalty Revenue % of Q1 % of Q1 % of Q1 QoQ YoY QoQ YoY QoQ YoY Revenue Licensing Royalty NeoBit 25.0% -4.5% 19.8% 23.6% -14.0% 18.7% 25.4% -0.8% 20.2% NeoFuse 66.2% -4.4% 12.3% 49.1% -4.3% -1.7% 72.4% -4.4% 16.3% PUF-Based 1.9
Slide 9: Royalty Revenue by Wafer Size
Royalty Revenue by Wafer Size Q1 Royalty Breakdown • 8-inch wafers contributed 42.5% of royalty, up 0.6% 12-inch sequentially and up 16.1% yearly. 57.5% • 12-inch wafers contributed 57.5% of royalty, down 6.2% sequentially but up 17.5% yearly. 8-inch 42.5% Q1 2025 Wafer Size % of Q1 QoQ YoY 8-Inch 4
Slide 10: Future Outlook
Future Outlook Embedded Wisely, Embedded Widely 10
Slide 11: Future Outlook
Future Outlook Licensing & Royalty: ◼ Licensing: − Driven by strong demand from foundries and end chip customers coupled with an expanding portfolio of process platforms and more advanced NVM and security-related IP, we expect licensing fees to maintain sustained growth momentum. ◼ Royalties: – We e
Slide 12: Future Outlook
Future Outlook New IP Technology & Business Development: ◼ New IP Technologies: − We are developing post-quantum cryptography (PQC) modules and expanding into a full suite of solutions—from PUFrt to PQC PUFcc and PQC PUFhsm—to build the foundational hardware security cores needed for the upcoming de
Slide 13: Embedded Wisely, Embedded Widely
Embedded Wisely, Embedded Widely 13
Slide 14: NeoPUF-based HSM Edge Server for PQC Migration
NeoPUF-based HSM Edge Server for PQC Migration 14
Slide 15: Why Migrate to PQC ?
Why Migrate to PQC ? Future-Proof Security for the Quantum Era Eliminate risks posed by quantum computing threats Adopt PQC-Ready HSM Edge Servers Support both RSA/ECC and PQC crypto algorithms 15
Slide 16: PQC Migration Steps & Scope
PQC Migration Steps & Scope Key Principles: • Execute Clear Migration Steps • Prioritize Critical Digital Assets • Deploy PQC-ready HSM Edge Servers Select from FIPS 203/204/205 Validate PQC integration Track new database for key exchange & signatures via software and key system to ensure stability
Slide 17: NeoPUF-based HSM Edge Server
NeoPUF-based HSM Edge Server NeoPUF-based HSM Edge Server NeoPUF-based Crypto Engine Accelerator NeoPUF-based Secure Element Chip (PUFse) NeoPUF-based Security IPs 17
Slide 18: NeoPUF-based HSM Edge Server Applications
NeoPUF-based HSM Edge Server Applications Financial Services & Banking E-Commerce & Retail Healthcare & Pharmaceuticals Government & Public Sector Telecommunications Cloud & Data Centers Automotive & Manufacturing 18
Slide 19: NeoPUF-based PQC Security as a Service
NeoPUF-based PQC Security as a Service PQC FIDO Key For Various Zero-Trust NeoPUF-based PQC Security as a Service & Multi-Factor Authentication (MFA) Applications IAM PUF-based PQCand Identity Security Accessas a Service System Management User 1 User 2 CMS User 3 *PKI Certificate Management System A
Slide 20: Q&A
Q&A Embedded Wisely, Embedded Widely 20
Slide 21: Appendix
Appendix Embedded Wisely, Embedded Widely 21
Slide 22: Company Overview
Company Overview ▪ eMemory is the global leader of embedded non-volatile memory IP Revenue Trend (Unit: NT$ 1,000) 4,000,000 3,500,000 Royalty License/Design Revenue 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 23: Quarterly Revenue Pattern
Quarterly Revenue Pattern ▪ 1st month: Receive License Fees of the month and Royalty from most foundries on previous quarter’s wafer shipments. ▪ 2nd month: Receive License Fees of the month and Royalty from other foundries. ▪ 3rd month: License Fees Only. (Unit: NT$ 1,000) 2019 2020 2021 2022 2023
Slide 24: Quarterly Number of New Tape-outs
Quarterly Number of New Tape-outs 2018 2019 2020 2021 2022 2023 2024 2025 (Unit: IP Numbers) 200 184 179 181 180 171 149 154 150 149 154 160 143150 138 143 137 147 139 137 134 136 140 120 111 107 109 109103 100 97 100 91 89 86 80 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 25: Worldwide Customers
Worldwide Customers ▪ Our IP solutions are adopted by leading foundries, IDMs and fabless worldwide Country Foundry IDM Fabless Taiwan 4 1 350 China 12 0 1361 max_logo_header_25yrs Korea 4 0 103 Japan 1 9 88 North 2 2 368 America Europe 2 2 237 Others 1 0 127 Embedded Wisely, Embedded Widely 25
Slide 26: Business Model
Business Model ▪ Recurring royalty is the backbone of our business ▪ 70-75% revenue are from royalty based on wafer production ▪ More adoption = more volume shipment ▪ More advanced node wafers = higher ASP per wafer Revenue Breakdown 1-4 years 1-4 years License Fee Design License Fee Royalty Foundr
Slide 27: Technology Licenses
Technology Licenses Number of Licenses Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 License 43 20 26 18 28 32 29 48 41 17 Note: Terms (including number of process platforms and licensing fees) for each technology license are set contractually. Payments are made according to set mileston
Slide 28: Technology Development
Technology Development ▪ Developments by process nodes 12" Fabs Production Development IP Type Process Type 2nm 0 4 OTP, PUF Nanosheet 3nm 0 4 OTP, PUF FF, FFP 4/5nm 6 2 OTP, PUF FF, FF-Auto 6/7nm 4 2 OTP, PUF FF, FF+ 12/16nm 13 15 OTP, PUF, MTP FF, FF+, FFC. FFC+, LPP, DRAM, HV LP/ULP/ULL, HPC/HPC+
Slide 29: Embedded Wisely, Embedded Widely
Embedded Wisely, Embedded Widely For more information, please visit: eMemory Website: https://www.ememory.com.tw/ PUFsecurity Website: https://www.pufsecurity.com/ Embedded Wisely, Embedded Widely 29