Research Reports

Prepared Highlights

Q4 2025 revenue $203.1M, +2% QoQ (above flat guidance); gross margin 30.4% (in line); profit per diluted ADS $0.036 (high-end of $0.02–$0.04 range) (IR)
Large display driver revenue $21.7M, +14.2% QoQ (above single-digit guidance), driven by rush orders for TV/notebook IC from panel makers (IR)
Small/medium display driver revenue $139.1M, -1.3% QoQ; automotive driver sales +~10% QoQ; smartphone/tablet IC declined QoQ (IR)
Non-driver revenue $42.3M, +7.9% QoQ; driven by ASIC TCON shipments to a leading projector customer and strong automotive TCON demand (IR)
Q4 OpEx $54.9M, -9.6% QoQ, +11.6% YoY; operating profit $6.8M (3.4% margin); net profit $6.3M (IR)
FY2025 revenue $832.2M, -8.2% YoY; large panel driver $90.7M (-28% YoY); small/medium driver $575.1M (-8% YoY); non-driver $156.4M (+7% YoY) (IR)
FY2025 gross margin 30.6% (vs 30.5% in 2024); OpEx $210.2M (+1.1% YoY); operating income $44.1M (5.3% margin); net profit $43.9M ($0.25/diluted ADS) (IR)
Q4 CapEx $4.0M; FY2025 CapEx $20.1M (vs $13.1M in 2024), mainly for R&D equipment and new preschool construction (IR)
Cash & equivalents $286.2M at 12/31/2025 (vs $224.6M a year ago); Q4 operating cash inflow $15.8M; inventory $152.7M; accounts receivable $200.9M (DSO 88 days) (IR)
Automotive DDIC market share 40%; TDDI market share >50%; automotive TCON holds dominant share (CEO)
Automotive TCON sales grew ~50% YoY in FY2025; hundreds of design wins secured across DDIC, TDDI, TCON, and OLED (CEO)
WiseEye AI power consumption at single-digit milliwatt levels; WiseGuard solution supports up to 5 years battery life, detection up to 10 meters in low-light (CEO)
CPO: finalizing 6.4T transmission bandwidth design with leading customer; ForeSee completed NT$3.16B rights issue for CPO mass production readiness (CEO)

Official Guidance (Q1 2026)

Q1 revenue to decline 2%–6% sequentially (IR)
Gross margin flat to slightly down (IR)
Profit attributable to shareholders: $0.02–$0.04 per fully diluted ADS (IR)

Management Quotes

"We expect the first quarter to be the trough of the year with sales rebounding in the second quarter and business momentum continuing to improve into the second half" (CEO)
"In DDIC and TDDI, we have already secured hundreds of design wins, commanding 40% market share in automotive DDIC and over half in the global TDDI market" (CEO)
"Our industry-leading WiseEye AI features industry-leading ultra-low-power design with power consumption at just single-digit milliwatt levels" (CEO)
"WiseGuard is a turnkey solution capable of accurately detecting and tracking multiple individuals... enabling up to five years of battery life" (CEO)
"Himax expects CPO to become an important contributor to both revenue and profitability over the next few years" (CEO)