Slide 1: 2025 Fourth Quarter Earnings Conference
Stock Code: 6643 TT 2025 Fourth Quarter Earnings Conference March 11th, 2026 1
Slide 2: Agenda
Agenda • Welcome Livy Chen, Investor Relations • 4Q25 Financial Results Livy Chen, Investor Relations • Outlook & Key Messages Scott Chang, CEO • Q&A Scott Chang, CEO 22
Slide 3: Safe Harbor Notice
Safe Harbor Notice • M31’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 4: 4Q25 Financial Results
4Q25 Financial Results M31 Technology Corporation. Proprietary and Confidential 4
Slide 5: 4Q25 Statements of Comprehensive Income
4Q25 Statements of Comprehensive Income Selected Items from Statements of Comprehensive Income 4Q25 4Q25 (In NT$ thousands unless 4Q25 3Q25 4Q24 over over otherwise noted) 3Q25 4Q24 Net Revenue (US$ thousands) 17,444 11,805 10,093 +47.8% +72.8% Net Revenue 544,250 354,672 327,577 +53.5% +66.1% Gross
Slide 6: 2025 Statements of Comprehensive Income
2025 Statements of Comprehensive Income Selected Items from Statements of Comprehensive Income 2025 (In NT$ thousands unless otherwise 2025 2024 over noted) 2024 Net Revenue (US$ thousands) 57,331 46,104 +24.4% Net Revenue 1,782,169 1,480,903 +20.3% Gross Margin 100% 100% Operating Expenses (1,688,9
Slide 7: 4Q25 Balance Sheets
4Q25 Balance Sheets Selected Items from Balance 4Q25 3Q25 4Q24 Sheets (In NT$ thousands) Amount % Amount % Amount % Cash & Marketable Securities 558,031 26% 462,900 24% 682,446 32% Accounts Receivable 335,554 16% 261,508 14% 262,787 12% Other current assets 346,003 16% 303,190 16% 259,526 12% Net PP
Slide 8: Cash Flow
4Q25 Cash Flow (In NT$ thousands) 4Q25 3Q25 4Q24 12 Months Ended 9 Months Ended 12 Months Ended Beginning Balance 529,011 529,011 849,121 Cash generated from operating activities 26,324 (97,259) 46,638 Cash used in investing activities 45,940 74,505 (93,018) Cash generated from/(used in) financing a
Slide 9: Operating Result
Operating Result M31 Technology Corporation. Proprietary and Confidential 9
Slide 10: Revenue Mix & Growth by Segment
4Q25 Revenue Mix & Growth by Segment • Although royalty revenue declined to 11% in 4Q25, it still delivered Royalty (K USD) 31.5% YoY growth. 3,000 • License revenue delivered strong performance in 4Q25, achieving 79.9% YoY growth. 1,934 2,000 1,471 100% 10% +31.5% 11% 1,000 14.5% 19% 22% 80% 0 4Q24
Slide 11: Revenue Mix & Segment Growth
Revenue Mix & Segment Growth • While Royalty revenue grew by 14% YoY in 2025, its overall revenue Royalty (K USD) contribution adjusted to 14.9% due to the significant surge in License revenue. • License revenue remains our solid revenue pillar, representing 85.1% of 10,000 total revenue in 2025, an
Slide 12: Revenue by Region
4Q25 Revenue by Region • In 4Q25, USA was our largest revenue source, contributing 35.4%, while other regions were the second-fastest growing segment, with nearly 200% YoY growth. • Since 2023, USA revenue has steadily increased from 13% to 28.5%. • In 2025, our revenue was evenly distributed across
Slide 13: Revenue by Customer Type
4Q25 Revenue by Customer Type • In 4Q25, fabless demand recovered strongly, lifting its contribution to close to 60%. • In 2025, the revenue split between Fabless and Foundry was approximately 50:50. 100% 100% 14.0% 31.9% 80% 40.60% 80% 43.5% 49.4% 48.4% 54.8% 58.3% 60% 60% 86.0% 40% 40% 68.1% 56.5%
Slide 14: Fabless License Fee by Nodes
4Q25 Fabless License Fee by Nodes • In 4Q25, the majority of fabless license fee contributions came from customers at nodes below 16nm, accounting for 52.9%, followed by 22–28nm customers at 34.3%. • Since 2023, the fabless license fee ratio for 2-8nm has shown a notable upward trend, increasing fro
Slide 15: Foundry License Fee by Nodes
4Q25 Foundry License Fee by Nodes • Sub-8nm foundry platform projects were initiated in every quarter of 2025, resulting in consistent license fee contributions from sub-8nm nodes, with their share surpassing 60% in both 1Q and 2Q. • Since 2023, sub-16nm foundry license fees have taken effect, reach
Slide 16: M31 Customers & Partners
M31 Customers & Partners Region Fabless Foundry Total China 251 9 260 USA 75 2 77 Taiwan 75 5 80 Korea 12 3 15 Japan 8 0 8 Eurasia 24 3 27 Others 2 0 2 ＊Our IP solutions are adopted by leading foundries and fabless worldwide. Total 447 22 469 ＊Customer numbers by region and business type till 4Q25.
Slide 17: M31 Licenses
M31 Licenses 2000 No. of Cumulative Licenses of the Previous Yeas 199 1500 218 No. of New Licenses in the Corresponding Period 214 225 1000 241 1646 1428 194 1214 500 174 989 748 147 554 112 380 70 233 51 121 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2012 2013 2014 2015
Slide 18: Recap of 4Q25 Operating Result (1/2)
Recap of 4Q25 Operating Result (1/2) 4Q25 revenue reached US$17.4 million, up 72.8% YoY and 47.8% QoQ, driven by advanced-node IP adoption and overseas follow-on foundry projects, with OP margin rebounding to double digits. Despite FX headwinds in 2025, M31 delivered record annual revenue and positi
Slide 19: Recap of 4Q25 Operating Result (2/2)
Recap of 4Q25 Operating Result (2/2) Supported by sub-8nm process node deployments and strong sub-5nm IP demand from chip designers, advanced-node IPs accounted for over 40% of foundry license fees in 4Q25, while sub-8nm fabless license fees surged over 200% QoQ and 50% YoY. Foundries: ➢ In 2025, fo
Slide 20: M31 Future Prospects
M37 Future Prospects a" (ZB M31 M31 Technology.Corporation. Proprietary and Confidential 20
Slide 21: Thank You
Your IP Partner Your Virtual Team Thank You 21