APWC · Asia Pacific Wire & Cable Corporation Limited

Asia Pacific Wire & Cable reported Q4 2025 revenue of $133.8 million, up 4% sequentially but down 2% year-over-year, reflecting fewer public sector orders compared to 2024. Full-year revenue reached $489.7 million, up 4% from 2024, driven by higher average copper prices and customer pull-forward shipments in North Asia due to anticipated tariff changes. Gross profit margin declined to 8.2% in Q4 from 8.7% in Q3 and 9.1% a year ago, primarily due to a less favorable product mix. Operating expenses increased 22.5% year-over-year, mainly for research and development. Net income for Q4 was $3.5 million, up 218% sequentially and 35% year-over-year, aided by a $0.7 million one-time gain from disposal of an investment. Full-year net income was $3.7 million, up 6% from 2024. Cash flow from operations was negative $1.9 million in Q4, compared to positive $11.6 million in Q3, due to timing of raw material purchases and higher inventory levels. The company ended the year with $33.2 million in cash and equivalents. Management noted robust public sector demand for SDI projects, though revenue recognition is tied to project milestones, causing quarterly fluctuations. No forward guidance was provided.