Slides
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AP Memory Technology Corporation 2025 3rd Q Investor Conference Nov 4th, 2025
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 2 The forward-looking statements contained in the presentation are subject to risks and uncertainties and actual results may differ materially from those expressed or implied in these forward-looking statements. AP Memory makes no representation or warranty as to the accuracy or completeness of these forward-looking statements and nor does AP Memory undertake any obligation to update any forward-looking statements, whether as a result of new information or future events. Disclaimer
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. Company Profile ⚫ A fabless company focused on customized memory and IP with sales worldwide ⚫ Headquartered in Hsinchu, Taiwan ⚫ R&D centers in US, Taiwan, and China. Operation in Taiwan ⚫ Headcount: 271 (as of September 2025) ⚫ Shares Outstanding: 162M listed on TWSE since 2016 3
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. Listed on TWSE (6531) Exited specialty DRAM business Acquired Zentel Electronics • VHM enters production • 1-to-2 Stock split Started VHM 3D integration pilot project Milestones AP Memory Founded 2011 2016 2017 2018 2020 2021 S-SiCap Interposer (IPC) enters production 2022 Kick-off on AI main- stream POC project 2023 4 2024 Issuance of GDR for US$190M Note: VHM - Very High-bandwidth Memory; VHMStack - Very High-bandwidth Memory with multiple stacked layers S-SiCap - Stack Silicon Capacitor, AP Memory’s SiCap technology which uses a stack capacitor S-SiCap (IPD) qualified for substrate embedding 2025
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 5 Business Review & Future Outlook2 2025 Q3 Financial Highlight 1 Q&A3 Agenda
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 01 2025 Q3 Financial Highlight
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 7 2025 Q3 Consolidated Income Statement (in NT$K) 3Q25 2Q25 3Q24 QoQ YoY Net Revenue (in US$K) 49,770 42,973 39,296 16% 27% Avg. FX rate (US$/NT$) 30.03 30.92 32.43 ( 3% ) ( 7% ) Net Revenue 1,494,731 100% 1,328,703 100% 1,274,298 100% 12% 17% Gross Margin 687,678 46% 561,334 42% 663,455 52% 23% 4% SG&A exp. 103,870 7% 82,634 6% 77,097 6% 26% 35% R&D exp. 202,751 14% 207,944 16% 205,329 16% ( 2% ) ( 1% ) Operating Expenses 306,621 21% 290,578 22% 282,426 22% 6% 9% Operating Margin 381,057 25% 270,756 20% 381,029 30% 41% - Foreign Exchange Gain (Loss) 263,975 18% ( 977,324 ) ( 74% ) (191,417) (15%) Note Note Other Non-Ope. Income 214,775 14% 21,703 2% 217,431 17% 890% ( 1% ) Non-Ope. Income (loss) 478,750 32% ( 955,621 ) ( 72% ) 26,014 2% Note 1,740% Profit before income tax 859,807 57% ( 684,865 ) ( 52% ) 407,043 32% Note 111% Income tax expense (profit) 165,537 11% ( 134,552 ) ( 11% ) 70,110 6% Note 136% Net income (loss) 694,270 46% ( 550,313 ) ( 41% ) 336,933 26% Note 106% Net income (loss) attributable to: Shareholders of the parent 706,268 47% ( 546,104 ) ( 41% ) 336,933 26% Note 110% Non-controlling interests ( 11,998 ) ( 1% ) ( 4,209 ) - - - ( 185% ) - Basic Earnings (loss) per share (NT$) $4.34 ( $3.36) $2.08 Note 109% Avg. Weighted Shares (K Shares) 162,641 162,537 162,225 0.06% 0.26% Note: Not meaningful due to the negative prior-period value.
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. Note 1: The figures presented are pro forma estimates and do not reflect actual financial statement data. Note 2: Not meaningful due to the negative prior-period value. 8 2025 Q3 Pro Forma I/S: Excl. FX impact from Unused GDR Funds (in NT$K) 3Q25 2Q25 3Q24 QoQ YoY Net Revenue (in US$K) 49,770 42,973 39,296 16% 27% Avg. FX rate (US$/NT$) 30.03 30.92 32.43 ( 3% ) ( 7% ) Net Revenue 1,494,731 100% 1,328,703 100% 1,274,298 100% 12% 17% Gross Margin 687,678 46% 561,334 42% 663,455 52% 23% 4% SG&A exp. 103,870 7% 82,634 6% 77,097 6% 26% 35% R&D exp. 202,751 13% 207,944 16% 205,329 16% ( 2% ) ( 1% ) Operating Expenses 306,621 20% 290,578 22% 282,426 22% 6% 9% Operating Margin 381,057 26% 270,756 20% 381,029 30% 41% - Foreign Exchange Gain (Loss) Note 1 56,728 4% ( 270,511 ) ( 20% ) (45,655) (4%) Note 2 Note 2 Other Non-Ope. Income 214,775 14% 21,703 2% 217,431 17% 890% ( 1% ) Non-Ope. Income (loss) Note 1 271,503 18% ( 248,808 ) ( 18% ) 171,776 13% Note 2 58% Profit before income tax Note 1 652,560 44% 21,948 2% 552,805 43% 2,873% 18% Income tax expense Note 1 124,088 8% 6,811 1% 99,262 8% 1,722% 25% Net income Note 1 528,472 36% 15,137 1% 453,543 35% 3,391% 17% Net income attributable to: Shareholders of the parent Note 1 540,470 36% 19,346 1% 453,543 35% 2,694% 19% Non-controlling interests (11,998) ( 1% ) ( 4,209 ) - - - ( 185% ) - Basic Earnings per share (NT$) Note 1 $3.32 ( $0.12) $2.80 Note 2 19% Avg. Weighted Shares (K Shares) 162,641 162,537 162,225 0.06% 0.26%
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 9 2025.09.30 Consolidated Balance Sheet 2025.09.30 2025.06.30 2024.09.30 (in NT$K) AMT % AMT % AMT % Total Assets 13,383,314 100% 13,207,882 100% 12,396,092 100% Cash and Cash Equiv. 5,436,019 41% 4,704,445 36% 3,923,859 32% Financial assets at amortized cost 3,835,413 29% 4,767,867 36% 4,503,440 36% Account Receivables 584,186 4% 510,487 4% 459,617 4% Inventories 1,006,189 7% 945,290 7% 1,120,563 9% Financial assets at FV 854,817 6% 576,527 4% 546,376 4% Equity Method Investments 967,306 7% 961,943 7% 885,543 7% Other Assets 699,384 6% 741,323 6% 956,694 8% Total Liabilities 1,838,905 14% 2,389,441 18% 1,015,573 8% Short-term borrowings 250,000 2% 50,000 0% 50,000 0% Contract liabilities 617,493 5% 501,683 4% 211,323 2% Accounts payable 371,334 3% 277,580 2% 352,863 3% Current Tax Liabilities 154,245 1% 31,283 0% 83,719 1% Dividend Payable - - 1,137,154 9% - - Other Liabilities 445,833 3% 391,741 3% 317,668 2% Shareholders' Equity 11,544,409 86% 10,818,441 82% 11,380,519 92% Equity attributable to shareholders of the parent 11,409,198 85% 10,630,907 81% 11,380,519 92% Non-controlling interests 135,211 1% 187,534 1% - - Net Worth Per Share (NT$) 70.14 65.38 70.14
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 02 Business Review & Future Outlook
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. Reporting by Product Lines IoT + AI = IoTRAM + S-SiCap +VHM Best memory solutions for AI/HPCBest memory for IoT, Second to none. S-SiCap IPD + IPC Integrated Passive Devices (“IPD”) InterPosers with S-SiCap (“IPC”) IoTRAM VHM (Including VHMStack ) 11 Note: VHM - Very High-bandwidth Memory; VHMStack - Very High-bandwidth Memory with multiple stacked layers S-SiCap - Stack Silicon Capacitor, AP Memory’s SiCap technology which uses a stack capacitor
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 12 Quarterly Revenue & Gross Margin % (NT$M) 684 615 1,006 1,200 1,125 624 836 907 879 855 1,092 1,104 138 102 88 31 24 84 54 323 243 54 66 77 14 40 55 44 103 66 171 314 43% 40% 40% 41% 44% 46% 51% 52% 53% 46% 42% 46% 0% 10% 20% 30% 40% 50% 60% - 500 1,000 1,500 2,000 2,500 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 IoTRAM VHM S-SiCap Gross Margin%
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 13 Gross Margin Impact Factors 46% 42% Cost reduction from the FX fluctuation. Favorable product mix. 2.3%. 1.7%.
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 14 Operating & Non-Operating Profit (NT$M) (NT$M) 181 102 206 261 284 106 228 381 348 175 271 381 22% 14% 19% 21% 24% 14% 24% 30% 28% 18% 20% 25% 0% 5% 10% 15% 20% 25% 30% 0 100 200 300 400 500 600 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Operating Profit % Operating Margin (98) 19 259 389 99 364 214 26 366 260 (956) 479 -12% 3% 24% 31% 9% 49% 23% 2% 30% 27% -72% 32% -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% (1500) (1000) (500) 0 500 1000 1500 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Non Operating Profit or Loss % Non Operating Profit or loss -71% -81% -55% -20% 57% 4% 11% 46% 23% 65% 19% 0% -100% -50% 0% 50% 100% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 YoY% Operating Profit
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 65 62 483 530 370 368 370 337 502 346 -550 694 8% 9% 44% 43% 32% 49% 39% 26% 41% 35% -41% 46% -60% -40% -20% 0% 20% 40% 60% -1000 -800 -600 -400 -200 0 200 400 600 800 1000 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net Income % Net Margin 15 Net Income (NT$M)
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 61% 58% 57% 59% 55% 37% 42% 40% 37% 52% 47% 45% 11% 11% 20% 20% 23% 36% 30% 31% 40% 26% 29% 31% 28% 31% 23% 21% 22% 27% 28% 29% 23% 22% 24% 24% 684 615 1,006 1,200 1,125 624 836 907 879 855 1,092 1,104 - 200 400 600 800 1,000 1,200 1,400 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Connectivity Wearable Video/Audio/Others 16 IoTRAM Revenue by Category (NT$M)
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 17 ⚫ Wearable: key growth area ⚫ Growth in both unit volume and memory capacity per unit ⚫ Connectivity ⚫ Significant YoY volume increase due to market demand recovery ⚫ Display & others: more adoption ⚫ Many display applications adopted IoTRAM for bandwidth and power ⚫ New product (ApSRAM ) ⚫ Risk MP started, ramp in 2026 IoTRAM Product Line Update
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 3 10 3 9 14 40 55 44 103 66 171 314 - 50 100 150 200 250 300 350 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 18 S-SiCap Revenue (NT$M)
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 19 AP Memory IPC/IPD in 2.5D Industry Roadmap IPD — Molding-based Interposer (“-L”) : > 4 reticles Capacitor chiplets inserted in molding Under development IPC— Silicon Interposer (“-S”) : ≤ 4 reticles Capacitors embedded in interposer wafer MP projects continue to ramp IPD — Additional capacitors embedded in substrate (for both “-S” and “-L”) First customer application process qualified
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 14% 83% 99% 94% 83% 38% 65% 8% 38% 57% 94% 100% 86% 17% 1% 6% 17% 62% 35% 92% 62% 43% 6% 138 102 88 31 24 84 54 323 243 54 66 77 - 50 100 150 200 250 300 350 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Licensing & Royalty Wafer Sales(NT$M) 20 VHM Revenue by Category
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. 21 VHM and VHMStack Adoption Timeline Early Adopter/ETH Miner Developing ETH/ETC MP/ AI/HPC POC Developing AI/HPC Product Developing ⚫ VHM introduction ⚫ ETH as an early adopter ⚫ VHM (1+1) supply chain development AI/HPC Product MP ⚫ ETH/ETC MP >20Kpcs wafers shipped ⚫ AI/HPC POC projects development (VHM / VHMStack ) ⚫ Multiple AI accelerator design-ins ongoing ⚫ Industry ecosystem support rapidly improving 4Q’18 4Q’244Q’21 4Q’27 4Q’25 Note: Ethereum (ETH) and Ethereum Classic (ETC) are crypto currencies with Proof-of-Work consensus mechanism.
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. Future Outlook ⚫ Significant Revenue Growth to Continue through 2026 ⚫ Continuing growth in S-SiCap interposer revenue (IPC) ⚫ Substantial growth in IoTRAM unit volume and revenue ⚫ Driven by market growth & wider adoption ⚫ VHM / VHMStack Adoption Continues ⚫ Multiple product design-ins ongoing for AI Accelerators, with MP planned for 2027/28 ⚫ Wafer stacking ecosystem rapidly improving 22
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COPYRIGHT © 2025 AP MEMORY. All rights reserved. Q&A IR mail：ir@apmemory.com IR Tel：+886-3-5601651