Taipei, Taiwan, Dec. 06, 2024 (GLOBE NEWSWIRE) — Alchip Technologies’ Q3 2024 financial results set third-quarter records across most of its key financial metrics, notably achieving records for Q3 for revenue, net income, gross profit, and operating income.
The Company’s Q3 2024 revenue reached $459.7 million, up 91.1% from Q3 2023 revenue of $240.6 million, and up 9.2% over Q2 2024 revenue of $421 million. The Q3 2024 net income of $55.5 million topped Q3 2023 net income of $28.1 million by 97.7%, and surpassed Q2 2024 net income of $49.3 million by 12.8%. Earnings per share closed the quarter at NT$22.46.
Alchip’s Q3 2024 gross profit and operating income also set third quarter records. For Q3 2024, gross profit reached $89.5 million, a 56.5% increase over Q3 2023 gross profit of $57.2 million, and exceeded Q2 2024 gross profit of $79.8 million by 12.1%. The Q3 2024 operating income reached $58.4 million, exceeding Q3 2023 operating income of $32 million by 82.5%, and beat Q2 2024 operating income of $51.2 million by 14.1%.
Looking at revenue mix by process node, devices designed to be manufactured on 7nm process technologies accounted for 73% of Q3 2024 revenue, while ASICs targeting the advanced 5nm and narrower pitch-widths accounted for 23% of Q3 2024 revenue. Together, the two nodes account for 97% of all fiscal year 2024 revenue to date. High-performance computing and networking applications drove 97% of Q3 2024 revenue, and 94% of revenue for fiscal year to date.
Alchip’s North America region accounted for the largest share of Q3 2024 revenue at 87%, followed by Asia Pacific at 7%, and Japan at 1%. For the fiscal year to date, North America contributed 85% of revenue, with Asia Pacific at 11%, Japan at 1%, and the remainder of the world at 3%.
Commenting on other quarterly data, Johnny Shen, Alchip’s President and CEO, noted that record-high quarterly revenue and profit were due to shipments of 7nm AI ASICs that exceeded previous expectations and the ramping of a customer’s 5nm AI accelerator product.
About Alchip
Alchip Technologies Ltd., founded in 2003 and headquartered in Taipei, Taiwan, is a leading global High-Performance Computing and AI infrastructure ASIC provider of IC and packaging design, and production services for companies developing complex and high-volume ASICs and SoCs. Alchip provides faster time-to-market and cost-effective solutions for SoC design at mainstream and advanced process technology. Alchip has built its reputation as a high-performance ASIC leader through its advanced 2.5D/3D CoWoS packaging, chiplet design, and manufacturing management. Customers include global leaders in artificial intelligence, high-performance computing, supercomputing, mobile communications, entertainment device, networking equipment, and other electronic product categories. Alchip is listed on the Taiwan Stock Exchange (TWSE: 3661).
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- Alchip Q3’24 Revenue Mix by Process Node