Reported Earnings • Mar 12
Full year 2025 earnings released: NT$1.32 loss per share (vs NT$5.27 loss in FY 2024) Full year 2025 results: NT$1.32 loss per share (improved from NT$5.27 loss in FY 2024). Revenue: NT$206.6m (down 16% from FY 2024). Net loss: NT$48.1m (loss narrowed 72% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Duyuru • Mar 11
Enermax Technology Corporation, Annual General Meeting, Jun 18, 2026 Enermax Technology Corporation, Annual General Meeting, Jun 18, 2026. Location: 1 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Board Change • Jan 13
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Director Jiaqin Chen is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Dec 30
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 8.2% 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 (8.2% average weekly change). Earnings have declined by 49% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$792.3m market cap, or US$25.3m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.44 loss per share (vs NT$0.89 loss in 3Q 2024) Third quarter 2025 results: NT$0.44 loss per share (improved from NT$0.89 loss in 3Q 2024). Revenue: NT$33.9m (down 38% from 3Q 2024). Net loss: NT$27.0m (loss narrowed 50% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Nov 12
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 6.7% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$1.08b market cap, or US$34.8m). Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.28 loss per share (vs NT$1.14 loss in 2Q 2024) Second quarter 2025 results: NT$0.28 loss per share (improved from NT$1.14 loss in 2Q 2024). Revenue: NT$42.2m (down 10% from 2Q 2024). Net loss: NT$16.8m (loss narrowed 71% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Duyuru • Jun 11
Enermax Technology Corporation Approves Election of Yeh, Mei-Hsiu as Director Enermax Technology Corporation held its 2025 Annual General Shareholders’ Meeting on June 10, 2025, approved by-election of Yeh, Mei-Hsiu as Director. Hangyan Investment and development Co. Ltd., Representative: Yeh, Mei-Hsiu. New Risk • May 14
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 8.8% 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (NT$1.25b market cap, or US$41.2m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.27 (vs NT$0.53 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.27 (up from NT$0.53 loss in 1Q 2024). Revenue: NT$50.5m (down 32% from 1Q 2024). Net income: NT$16.3m (up NT$40.2m from 1Q 2024). Profit margin: 32% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Duyuru • May 01
Enermax Technology Corporation to Report Q1, 2025 Results on May 09, 2025 Enermax Technology Corporation announced that they will report Q1, 2025 results on May 09, 2025 Duyuru • Mar 14
Enermax Technology Corporation announced a financing transaction Enermax Technology Corporation announced a private placement to issue 20,000,000 shares on March 12, 2025. The transaction has been approved by shareholders. Duyuru • Mar 05
Enermax Technology Corporation to Report Fiscal Year 2024 Results on Mar 11, 2025 Enermax Technology Corporation announced that they will report fiscal year 2024 results on Mar 11, 2025 Duyuru • Feb 12
Enermax Technology Corporation Appoints Luke Lu Chairperson as Chief Executive Officer Enermax Technology Corporation announced the change to the Chief Executive Officer of the company. Name, title, and resume of the new position holder: Luke Lu Chairperson. Effective date is January 24, 2025. Date of occurrence of the change is January 24, 2025. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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$91m free cash flow). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risk Market cap is less than US$100m (NT$1.26b market cap, or US$38.1m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.89 loss per share (vs NT$0.55 loss in 3Q 2023) Third quarter 2024 results: NT$0.89 loss per share (further deteriorated from NT$0.55 loss in 3Q 2023). Revenue: NT$54.3m (down 11% from 3Q 2023). Net loss: NT$54.2m (loss widened 118% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Duyuru • Nov 15
Enermax Technology Corporation Announces Resignation of Steven Su as a Director Enermax Technology Corporation announced resignation of Steven Su as a director. Resume of the previous position holder: Director, Enermax Technology Corporation.,Ltd. Reason for the change: Steven Suresigned from the position of director due to busy official duties. New Risk • Aug 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 36% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (NT$1.30b market cap, or US$40.6m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$1.14 loss per share (vs NT$0.39 loss in 2Q 2023) Second quarter 2024 results: NT$1.14 loss per share (further deteriorated from NT$0.39 loss in 2Q 2023). Revenue: NT$47.0m (down 43% from 2Q 2023). Net loss: NT$58.3m (loss widened 232% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • May 20
First quarter 2024 earnings released: NT$0.53 loss per share (vs NT$0.26 loss in 1Q 2023) First quarter 2024 results: NT$0.53 loss per share (further deteriorated from NT$0.26 loss in 1Q 2023). Revenue: NT$74.7m (down 27% from 1Q 2023). Net loss: NT$23.9m (loss widened 102% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Mar 20
Full year 2023 earnings released: NT$1.67 loss per share (vs NT$0.007 profit in FY 2022) Full year 2023 results: NT$1.67 loss per share (down from NT$0.007 profit in FY 2022). Revenue: NT$321.3m (up 13% from FY 2022). Net loss: NT$75.2m (down NT$75.5m from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 59% 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. Duyuru • Mar 09
Enermax Technology Corporation, Annual General Meeting, Jun 24, 2024 Enermax Technology Corporation, Annual General Meeting, Jun 24, 2024. New Risk • Nov 18
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$60m 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$60m free cash flow). Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risk Market cap is less than US$100m (NT$777.6m market cap, or US$24.5m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: NT$0.39 loss per share (vs NT$0.058 profit in 2Q 2022) Second quarter 2023 results: NT$0.39 loss per share (down from NT$0.058 profit in 2Q 2022). Revenue: NT$83.1m (up 56% from 2Q 2022). Net loss: NT$17.6m (down NT$20.2m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings have declined by 0.3% 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 (11% average weekly change). Earnings have declined by 0.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.09b market cap, or US$35.3m). New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings have declined by 0.3% 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 (11% average weekly change). Earnings have declined by 0.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.09b market cap, or US$35.3m). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.67 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.32 (up from NT$0.67 loss in 3Q 2021). Revenue: NT$72.9m (down 25% from 3Q 2021). Net income: NT$14.3m (up NT$44.4m from 3Q 2021). Profit margin: 20% (up from net loss in 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.67 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.32 (up from NT$0.67 loss in 3Q 2021). Revenue: NT$72.9m (down 25% from 3Q 2021). Net income: NT$14.3m (up NT$44.4m from 3Q 2021). Profit margin: 20% (up from net loss in 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 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2022 earnings released: NT$0.10 loss per share (vs NT$0.095 loss in 1Q 2021) First quarter 2022 results: NT$0.10 loss per share (down from NT$0.095 loss in 1Q 2021). Revenue: NT$67.0m (down 57% from 1Q 2021). Net loss: NT$6.43m (loss widened 4.9% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: NT$0.83 loss per share (down from NT$0.30 profit in FY 2020). Revenue: NT$458.6m (down 14% from FY 2020). Net loss: NT$53.1m (down 372% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: NT$0.47 loss per share (vs NT$0.047 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$97.0m (down 29% from 3Q 2020). Net loss: NT$30.0m (down NT$33.1m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: NT$0.21 loss per share (vs NT$0.24 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$110.8m (down 21% from 2Q 2020). Net loss: NT$13.7m (down 189% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.10 loss per share (vs NT$0.19 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$156.2m (up 63% from 1Q 2020). Net loss: NT$6.13m (loss narrowed 49% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% 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. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$10.65, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 21% share price gain to NT$15.70, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total loss to shareholders of 16% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$0.31 (vs NT$1.36 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$535.5m (up 28% from FY 2019). Net income: NT$19.6m (up NT$106.7m from FY 2019). Profit margin: 3.7% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Duyuru • Mar 18
Enermax Technology Corporation, Annual General Meeting, Jun 11, 2021 Enermax Technology Corporation, Annual General Meeting, Jun 11, 2021. Is New 90 Day High Low • Dec 16
New 90-day high: NT$12.10 The company is up 22% from its price of NT$9.90 on 18 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.05 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$137.2m (up 27% from 3Q 2019). Net income: NT$3.01m (up NT$34.8m from 3Q 2019). Profit margin: 2.2% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 66% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Sep 22
New 90-day high: NT$11.65 The company is up 96% from its price of NT$5.93 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 3.0% over the same period.