Gcs Holdings, Inc. · TPEX:4991
Gcs — Q3 2025 Earnings Presentation
21 slides from Gcs's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Quarterly Online Investor Conference
環宇 芯系天下 March 3, 2016 Q3 2025 Quarterly Online Investor Conference (線上法說會) November 5, 2025
Slide 2: Disclaimer Statement
Disclaimer Statement This presentation includes forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that GCS Holdings, Inc. expects or anticipates will or may occur in the future (including but not limited to projecti
Slide 3: Agenda
Agenda Opening: Brian Ann, CEO & President Financial Section: Kelly Lin, Special Assistant to CEO Market Section : Simon Yu, Senior VP and Spokesperson Q&A: All 2
Slide 4: Financial Section
FINANCIAL SECTION 3
Slide 5: Statements of Comprehensive Income - QoQ
Statements of Comprehensive Income - QoQ (in NT$ thousands except EPS) 3Q25 3Q25 3Q25 2Q25 3Q24 Over Over 2Q25 3Q24 Net Operating Revenue 543,485 489,983 458,496 10.9% 18.5% Gross Profit 257,510 239,133 169,819 7.7% 51.6% Gross Margin 47.4% 48.8% 37.0% Operating Expenses (153,308) (122,060) (115,474
Slide 6: Non-operating Income and Expenses - QoQ
Non-operating Income and Expenses- QoQ (in NT$ thousands) 3Q25 3Q25 3Q25 2Q25 3Q24 Over Over 2Q25 3Q24 Other Income - other 6,050 3,038 1,959 99.1% 208.8% Net currency exchange gain (loss) 530 (1,004) 886 -152.8% -40.2% Gain (loss) on disposal of property, plant and 44 (2,144) 189 -102.1% -76.7% equ
Slide 7: Revenue Mix % vs Gross Margin - QoQ
Revenue Mix % vs Gross Margin - QoQ 6
Slide 8: Statements of Comprehensive Income - YoY
Statements of Comprehensive Income - YoY (in NT$ thousands except EPS) 2025 2024 % % Change (%) Jan to Sep. Jan to Sep. Net Operating Revenue 1,506,638 100.0% 1,273,722 100.0% 18.3% Operating Cost (838,308) -55.6% (817,454) -64.2% 2.6% Gross Profit 668,330 44.4% 456,268 35.8% 46.5% Operating Expense
Slide 9: Non-operating Income and Expenses - YoY
Non-operating Income and Expenses- YoY (in NT$ thousands) 2025 2024 Change (%) Jan to Sep. Jan to Sep. Other Income 14,860 4,267 248.3% Other Income - Income from Employee retention tax - 124,341 -100.0% credit (ERTC) Other Gains and Losses Net currency exchange loss (482) (2,685) -82.0% Gain (Loss)
Slide 10: Balance Sheet Highlight & Key Indices
Balance Sheet Highlight & Key Indices Selected Items from Balance Sheet (in NT$ thousands) 3Q25 2Q25 3Q24 Amount % Amount % Amount % Cash and Cash Equivalent 1,027,106 29% 676,928 21% 328,603 10% Accounts Receivable 163,133 5% 335,407 10% 291,858 9% Inventory 393,223 11% 334,907 10% 280,283 8% Prepa
Slide 11: Cash Flows
Cash Flows (in NT$ thousands) 3Q25 2Q25 3Q24 Beginning Balance 676,928 645,772 236,813 Cash from Operating Activities 297,002 63,621 70,814 Acquisition of property, plant and equipment (21,120) (28,340) (439,099) Decrease (Increase) in other current assets (2,599) (4,180) 30,601 Acquisition of intan
Slide 12: Market Update
Market Update Nov 5, 2025 Simon Yu GCS Proprietary 11 11
Slide 13: Capex: 2Q2025 vs 2Q2024
Capex: 2Q2025 vs 2Q2024 Source: Lightcounting GCS Proprietary 12 12
Slide 14: Capex: 2Q2025 vs 2Q2024
Capex: 2Q2025 vs 2Q2024 Source: Lightcounting GCS Proprietary 13 13
Slide 15: CSP – Capital Expenditures -1
CSP – Capital Expenditures -1 GCS Proprietary 14 14
Slide 16: CSP – Capital Expenditures -2
CSP – Capital Expenditures -2 • Rapid expansion of AI server demand • Propel major CSPs boost investments in * Nvidia’s rack-scale GPU solutions, * Data center expansion * In-house AI ASIC design • Major 8 CSPs CAPEX - >US$420 billion in 2025 (61% YOY) • Nvidia’s GB200/GB300 rack systems - the main
Slide 17: CSP – Capital Expenditures -3
CSP – Capital Expenditures -3 • Investment priorities: from revenue-generating assets to short-lived infrastructure (servers and GPUs) indicating a strategic emphasis on boosting long-term competitiveness and market share rather than immediate profits. • NA 4 major CSPs increase investment on AI ASI
Slide 18: 400G to 1.6T Optical Module Market
400G to 1.6T Optical Module Market Source: Lightcounting • Optical module technology iterations are accelerating • LPO technology is gradually being implemented GCS Proprietary 17 17
Slide 19: Optical Transceiver Market
Optical Transceiver Market 800G modules – 20m (18m+ likely) 2025, 35-40-50m(?) 2026 1.6T modules – 2.7m (?) 2025, 13-16-20m (?) 2026 GCS Proprietary 18 18
Slide 20: Q&A
Q&A 19
Slide 21: For further inquiry
環宇 系天下 For further inquiry investors@gcsincorp.com 20