New Risk • May 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -NT$2.0b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$2.0b free cash flow). Earnings have declined by 43% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.27 (vs NT$0.19 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.27 (up from NT$0.19 loss in 1Q 2025). Revenue: NT$2.72b (up 168% from 1Q 2025). Net income: NT$94.7m (up NT$162.9m from 1Q 2025). Profit margin: 3.5% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2025 earnings released: NT$0.92 loss per share (vs NT$0.86 loss in FY 2024) Full year 2025 results: NT$0.92 loss per share (further deteriorated from NT$0.86 loss in FY 2024). Revenue: NT$6.37b (down 7.8% from FY 2024). Net loss: NT$321.8m (loss widened 6.8% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Mar 30
Gigastorage Corporation, Annual General Meeting, Jun 26, 2026 Gigastorage Corporation, Annual General Meeting, Jun 26, 2026, at 09:30 Taipei Standard Time. Location: no,3, kung yeh 1st rd., hukou township, hsinchu county Taiwan New Risk • Jan 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 24% per year over the past 5 years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.15 loss per share (vs NT$0.22 loss in 3Q 2024) Third quarter 2025 results: NT$0.15 loss per share (improved from NT$0.22 loss in 3Q 2024). Revenue: NT$1.65b (down 10.0% from 3Q 2024). Net loss: NT$52.8m (loss narrowed 33% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.57 loss per share (vs NT$0.11 loss in 2Q 2024) Second quarter 2025 results: NT$0.57 loss per share (further deteriorated from NT$0.11 loss in 2Q 2024). Revenue: NT$1.38b (down 44% from 2Q 2024). Net loss: NT$200.2m (loss widened 406% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings have declined by 5.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.1% average weekly change). Earnings have declined by 5.9% per year over the past 5 years. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. Independent Director Ching-Mei Tsai was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.19 loss per share (vs NT$0.045 profit in 1Q 2024) First quarter 2025 results: NT$0.19 loss per share (down from NT$0.045 profit in 1Q 2024). Revenue: NT$1.01b (down 38% from 1Q 2024). Net loss: NT$68.2m (down NT$84.0m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year. Announcement • May 07
Gigastorage Corporation to Report Q1, 2025 Results on May 14, 2025 Gigastorage Corporation announced that they will report Q1, 2025 results on May 14, 2025 Announcement • Apr 01
Gigastorage Corporation, Annual General Meeting, Jun 27, 2025 Gigastorage Corporation, Annual General Meeting, Jun 27, 2025, at 09:30 Taipei Standard Time. Location: no,3, kung yeh 1st rd., hukou township, hsinchu county Taiwan Announcement • Mar 07
Gigastorage Corporation to Report Fiscal Year 2024 Results on Mar 14, 2025 Gigastorage Corporation announced that they will report fiscal year 2024 results on Mar 14, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: NT$0.22 loss per share (vs NT$0.031 loss in 3Q 2023) Third quarter 2024 results: NT$0.22 loss per share (further deteriorated from NT$0.031 loss in 3Q 2023). Revenue: NT$1.84b (up 126% from 3Q 2023). Net loss: NT$78.5m (loss widened NT$67.6m from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Nov 06
Gigastorage Corporation to Report Q3, 2024 Results on Nov 13, 2024 Gigastorage Corporation announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Sep 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -NT$2.7b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.23 loss in 2Q 2023) Second quarter 2024 results: NT$0.11 loss per share (improved from NT$0.23 loss in 2Q 2023). Revenue: NT$2.47b (up 211% from 2Q 2023). Net loss: NT$39.6m (loss narrowed 51% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Aug 06
Gigastorage Corporation to Report Q2, 2024 Results on Aug 13, 2024 Gigastorage Corporation announced that they will report Q2, 2024 results on Aug 13, 2024 New Risk • May 19
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -NT$2.1b This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-NT$2.1b). Share price has been volatile over the past 3 months (7.0% average weekly change). Announcement • May 08
Gigastorage Corporation to Report Q1, 2024 Results on May 14, 2024 Gigastorage Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 14, 2024 New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 03
Full year 2023 earnings released: NT$0.99 loss per share (vs NT$0.45 loss in FY 2022) Full year 2023 results: NT$0.99 loss per share (further deteriorated from NT$0.45 loss in FY 2022). Revenue: NT$3.94b (down 42% from FY 2022). Net loss: NT$347.7m (loss widened 125% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Mar 30
Gigastorage Corporation, Annual General Meeting, Jun 26, 2024 Gigastorage Corporation, Annual General Meeting, Jun 26, 2024. Location: No. 3, Gongye 1st Rd., Hukou Township, Hsinchu Hsinchu Taiwan Agenda: To report the business of 2023; to approve Audit Committee's review report of 2023; to Report of Operation Improvement Plan; to approve Remuneration to directors report of 2023; and to approve Establish the company's code of Ethical Conduct report. Announcement • Mar 08
Gigastorage Corporation Announces Resignation of Chen Min-Chun as Director Gigastorage Corporation announced resignation of Chen Min-Chun as director . Date of occurrence of the change: March 7, 2024. Elected or changed position: natural-person director. Resume of the previous position holder: Director of Gigastorage Corporation. Circumstances of change: resignation. Reason for the change: Personal. Original term: June 24, 2022 to June 23, 2025. The resignation will be effective on March 07, 2024. Board Change • Jan 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Ching-Mei Tsai was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$0.03 loss per share (vs NT$0.021 loss in 3Q 2022) Third quarter 2023 results: NT$0.03 loss per share (further deteriorated from NT$0.021 loss in 3Q 2022). Revenue: NT$810.8m (down 51% from 3Q 2022). Net loss: NT$10.9m (loss widened 49% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$0.23 loss per share (vs NT$0.033 loss in 2Q 2022) Second quarter 2023 results: NT$0.23 loss per share (further deteriorated from NT$0.033 loss in 2Q 2022). Revenue: NT$792.3m (down 58% from 2Q 2022). Net loss: NT$81.5m (loss widened NT$70.1m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jul 23
Gigastorage Corporation Announces Resignation of Chen,Chun-Liang as Independent Director Gigastorage Corporation Announces resignation of independent director of the Company named Chen,Chun-Liang. The Company Received the Formal Resignation Letter on July 20,2023. Reported Earnings • Apr 06
Full year 2022 earnings released: NT$0.45 loss per share (vs NT$0.087 profit in FY 2021) Full year 2022 results: NT$0.45 loss per share (down from NT$0.087 profit in FY 2021). Revenue: NT$6.73b (down 19% from FY 2021). Net loss: NT$154.5m (down NT$179.3m from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2022 earnings released: NT$0.02 loss per share (vs NT$0.25 loss in 3Q 2021) Third quarter 2022 results: NT$0.02 loss per share (improved from NT$0.25 loss in 3Q 2021). Revenue: NT$1.64b (down 9.9% from 3Q 2021). Net loss: NT$7.30m (loss narrowed 90% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2022 earnings released: NT$0.03 loss per share (vs NT$0.21 loss in 2Q 2021) Second quarter 2022 results: NT$0.03 loss per share (up from NT$0.21 loss in 2Q 2021). Revenue: NT$1.90b (down 5.9% from 2Q 2021). Net loss: NT$11.5m (loss narrowed 81% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Jul 31
High number of new directors Independent Director Ching-Mei Tsai was the last director to join the board, commencing their role in 2022. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.02 (down from NT$0.91 in 1Q 2021). Revenue: NT$1.76b (down 22% from 1Q 2021). Net income: NT$6.41m (down 98% from 1Q 2021). Profit margin: 0.4% (down from 12% in 1Q 2021). Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 96%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Ming-Lang Wang was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$0.09 (up from NT$2.17 loss in FY 2020). Revenue: NT$8.35b (down 13% from FY 2020). Net income: NT$24.8m (up NT$560.3m from FY 2020). Profit margin: 0.3% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 96%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Announcement • Mar 31
Gigastorage Corporation, Annual General Meeting, Jun 24, 2022 Gigastorage Corporation, Annual General Meeting, Jun 24, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.25 loss per share (vs NT$0.28 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$1.82b (down 37% from 3Q 2020). Net loss: NT$70.9m (down 187% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: NT$0.21 loss per share (vs NT$0.17 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$2.02b (up 1.8% from 2Q 2020). Net loss: NT$60.9m (loss widened 74% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 18% share price gain to NT$26.25, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 20% share price gain to NT$18.85, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 5.0% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.90 (vs NT$2.76 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.25b (up 7.3% from 1Q 2020). Net income: NT$258.7m (up NT$825.9m from 1Q 2020). Profit margin: 12% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$2.17 loss per share (vs NT$0.74 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$9.55b (up 13% from FY 2019). Net loss: NT$535.5m (down 453% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 18
New 90-day low: NT$20.30 The company is down 19% from its price of NT$25.20 on 20 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 32% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.28 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.87b (up 51% from 3Q 2019). Net income: NT$81.3m (up NT$96.7m from 3Q 2019). Profit margin: 2.8% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 24
New 90-day high: NT$17.70 The company is up 102% from its price of NT$8.75 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 26% over the same period.