Aspeed Technology, Inc. · TPEX:5274
Aspeed Technology — Q3 2025 Earnings Presentation
28 slides from Aspeed Technology's earnings presentation, November 2025
Slide 1: ASPEED Technology Investor Conference
ASPEED Technology Investor Conference November 2025 © ASPEED Technology. Property and Confidential
Slide 2: Safe Harbor Notice
Safe Harbor Notice ASPEED’s statements of its current expectations are forward-looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward- looking statements. Except as required by law, we undertake no obligation to
Slide 3: Agenda
Agenda ● Company Profile ● 2025 Q3 Financial Results ● Product Portfolio ● BMC TAM & 2026 Q1 Outlook ● Enterprise Value Enhancement ● Q&A © ASPEED Technology. Proprietary and Confidential.
Slide 4: Company Profile
Company Profile © ASPEED Technology. Proprietary and Confidential.
Slide 5: Company Profile
Company Profile ● Founded in 2004 ● Fabless-lite IC design company ● Number of employees: 142 (as of November 2025) ● Product lineup - Cloud & Enterprise (BMC/BIC/PFR): #1 in BMC - Smart AV (Cupola360 & AVoIP SoC): #1 in AV over IP (1G Ethernet) #1 in Commercial 360 camera ● Locations: - Headquarter
Slide 6: Historical Revenue
Historical Revenue ⚫ The cumulative revenue in 2025 October reached NT$7.372 billion, representing a 46.23% growth compared to the cumulative revenue for the same period last year. Million NT$ 8,000 7,372 7,000 6,460 6,000 5,210 5,000 4,000 3,638 3,064 3,130 3,000 2,484 2,154 1,894 2,000 1,346 856 9
Slide 7: EPS & Cash Payout Ratio
EPS & Cash Payout Ratio ⚫ Earnings Per Share keeps growing and the EPS for 2025 YTD is 72.23 while the Cash Dividend Payout Ratio is 76.4% for 2024. EPS Cash Payout Ratio 80 100% 72.23 68.04 70 90% 60 55.72 80% 50 70% 38.3 40 60% 29.38 30 24.39 26.66 50% 20.2 20 14.07 15.7 40% 10.72 10.79 7.4 30% 10
Slide 8: Milestones
Milestones ASPEED founded • ISO 9001:2000 certified • Listed on the Taiwan OTC • Joined Open Compute Project (OPC) stock market • Introduced new product line: Cupola360 • Introduced 2nd gen BMC SoC AST2100/2050/1100 • Listed on Taipei Exchange Spherical Image Processor • Introduced 3rd gen BMC • Int
Slide 9: Awards & Recognitions
Awards & Recognitions 2014 - 2023 2020 2022 2023 2024 Forbes Asia’s Best Under A Lenovo Technology COO Mr. CJ Hsieh received Chairman & President Mr. Golden Root Award by the Billion For 10 consecutive Innovation Award SEMI Industry Contribution Chris Lin received the Taiwan Industrial years Award a
Slide 10: 2025 Q3 Financial Results
2025 Q3 Financial Results © ASPEED Technology. Proprietary and Confidential.
Slide 11: Income Statement
Income Statement QoQ YoY 3Q25 3Q25 In NT$ thousands 3Q25 2Q25 3Q24 over over 2Q25 3Q24 Operating Revenue 2,330,084 2,246,547 1,986,435 3.72% 17.30% Gross Profit 1,613,721 1,524,869 1,276,807 5.83% 26.39% Gross Margin (%) 69.26% 67.88% 64.28% +1.38ppts +4.98ppts Operating Expenses 382,254 340,785 325
Slide 12: Consolidated Revenue
Consolidated Revenue Unit : NTD 1,000 2,400,000 70% 2,300,000 69% 2,200,000 68% 2,100,000 67% 2,000,000 66% 1,900,000 65% 1,800,000 64% 3Q24 4Q24 1Q25 2Q25 3Q25 Revenue Gross Margin 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ YoY Revenue 1,986,435 2,103,713 2,065,118 2,246,547 2,330,084 3.72% 17.30% Gross Margin 6
Slide 13: Operating Profit
Operating Profit Unit : NTD 1,000 1,300,000 54% 1,200,000 52% 1,100,000 50% 1,000,000 48% 900,000 46% 800,000 44% 700,000 42% 3Q24 4Q24 1Q25 2Q25 3Q25 Operating Profit Operating Margin (%) 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ YoY Operating Profit 951,456 1,000,352 1,027,063 1,184,084 1,231,467 4.00% 29.43%
Slide 14: Operating Expenses
Operating Expenses Unit : NTD 1,000 500,000 400,000 300,000 200,000 100,000 - 3Q24 4Q24 1Q25 2Q25 3Q25 R&D Admin Sales 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ YoY R&D 205,974 267,482 244,021 223,223 288,906 29.42% 40.26% Admin 81,735 76,073 72,548 85,170 77,395 -9.13% -5.31% Sales 37,642 32,946 24,131 32,392 1
Slide 15: Net Income
Net Income Unit : NTD 1,000 1,400,000 60% 1,200,000 50% 1,000,000 40% 800,000 30% 600,000 20% 400,000 10% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Income Net Profit Margin (%) 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ YoY Net Income 729,320 942,842 886,770 629,097 1,214,205 93.01% 66.48% Net Profit Margin (%) 36.72% 44.82%
Slide 16: Effective Tax Rate
Effective Tax Rate Unit : NTD 1,000 300,000 22% 250,000 21% 200,000 20% 150,000 19% 100,000 18% 50,000 17% - 16% 3Q24 4Q24 1Q25 2Q25 3Q25 Tax Effective Tax Rate (%) 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ YoY Tax 182,203 211,125 218,330 157,670 292,121 85.27% 60.33% Effective Tax Rate (%) 19.99% 18.30% 19.76%
Slide 17: Earnings Per Share
Earnings Per Share Unit : NTD 35 30 25 20 15 10 5 - 3Q24 4Q24 1Q25 2Q25 3Q25 Quarterly 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ YoY EPS 19.30 24.95 23.46 16.65 32.12 92.91% 66.42% © ASPEED Technology. Proprietary and Confidential.
Slide 18: Product Portfolio
Product Portfolio © ASPEED Technology. Proprietary and Confidential.
Slide 19: Product Portfolio
Product Portfolio BMC：AST2500, AST2600, AST2700, AST2750 Cloud & BIC：AST1030 Enterprise PFR：AST1060 I/O Expander：AST1700, AST1800 AV Matrix：AST1520, AST1530 Smart AV AV Extender: AST1620, AST1630 Cupola360：AST1220, AST1230 © ASPEED Technology. Proprietary and Confidential.
Slide 20: Product Roadmap
Product Roadmap BMC AST2700 AST2700 AST2600 AST2700 Ramp-up Design-in Phase Production-ready Ramp-up BIC AST1030 Ramp-up PFR AST1060 AST1060 Production-ready Ramp-up I/O Expander AST1700 AST1700 AST1700 AST1800 Design-in Phase Production-ready Ramp-up Design-in Phase AVoIP AST1530 AST1630 AST1532 AS
Slide 21: Advancing Towards Diverse Applications
Advancing Towards Diverse Applications Cloud & Enterprise SoCs Enable Innovation with Comprehensive Solutions © ASPEED Technology. Proprietary and Confidential.
Slide 22: BMC TAM & 2026 Q1 Outlook
BMC TAM & 2026 Q1 Outlook © ASPEED Technology. Proprietary and Confidential.
Slide 23: BMC TAM Forecast Revised
BMC TAM Forecast Revised ⚫ We raise BMC TAM forecast to more than 46.5 million units in 2030. K Units BMC TAM Forecast by ASPEED in November 2025 50,000 53.2% 60% 45,000 47.9% 55% 40,000 42.6% 50% 35,000 36.6% 45% 30,000 30.2% 40% 25,000 20.0% 35% 12.0% 20,000 30% 15,000 25% 10,000 20% 5,000 15% - 1
Slide 24: Business Outlook
Business Outlook For 2026 Q1, we currently expect: ⚫ Consolidated Revenue: Around NT$2.60 billion ~ 2.70 billion ⚫ Gross margin: 66.5% ~ 67.5% © ASPEED Technology. Proprietary and Confidential.
Slide 25: Enterprise Value Enhancement
Enterprise Value Enhancement © ASPEED Technology. Proprietary and Confidential.
Slide 26: Business Strategy
Business Strategy ASPEED enhances enterprise value by ⚫ Maximizing dollar content per server board to drive operating profit growth; ⚫ Leading product roadmap and fabless-lite business model to ensure high operating margin; ⚫ Capturing new market opportunities with unique proprietary technology – Cu
Slide 27: Q&A
Q&A © ASPEED Technology. Proprietary and Confidential.
Slide 28: © ASPEED Technology. Proprietary and Confidential.
© ASPEED Technology. Proprietary and Confidential.