Taipei, Taiwan, March 08, 2024 (GLOBE NEWSWIRE) -- Alchip Technologies 2023 financial performance set records for the sixth straight year. Results include new highs for revenue, operating income, net income, and earnings per share.
Fiscal year 2023 revenue, ending December 31, reached a record $978.4 million, a 112.5% increase over FY 2022 revenue of $460.5 million. Operating income for FY 2023 achieved a record $120.7 million, an increase of 55.7% over 2022 operating income of $77.5 million. FY 2023 net income reached $106.6 million a 73.3% increase over FY 2022 net income of $61.5 million. Earnings per share for the FY 2023 achieved a record NTD45.5, exceeding last year’s previous record of NTD25.7.
At the same time, Alchip reported its fourth quarter 2023 financial results. Fourth quarter 2023 revenue was $291.1 million, a 96.3% year-on-year increase over fourth quarter 2022 revenue of $148.3 million. Operating income for the fourth quarter 2023 was $39.4 million, up 96.8% over the fourth quarter 2022 operating income of $20 million. Likewise, net income for the fourth quarter 2023 was $35.4 million, a 115.7% increase over the fourth quarter 2022 net income of $16.4 million. Earnings per share for the fourth quarter 2023 reached NTD15.2, more than double earnings per share for the fourth quarter 2022 of NTD7.16.
On a geographic basis, revenue from North America experienced a huge year-on-year jump. North America accounted for 63% of all 2023 revenue, up significantly from its contribution of 39% in 2022. Revenue from the Asia Pacific region accounted for 22% of 2023 total revenue, down from 38% of total revenue in 2022. Japan accounted for 6% of 2023 total revenue, with the rest of the world contributing the remaining 9%.
Alchip reaffirmed its position as a leading high-performance computing ASIC company, with high-performance computing applications, including those for artificial intelligence, accounting for 84% of revenue; with niche and networking applications accounting for a combined 9%. Consumer applications accounted for the remaining 6% of 2023 revenue.
On a process node basis, advanced technologies, defined as devices manufactured at 7nm or smaller line widths, accounted for 89% of 2023 revenue, up significantly from 68% in 2022. Devices manufactured on 16nm and 12nm technologies contributed 4% to 2023 revenue, while ASICs at 28nm and larger processes accounted for the remaining 7%.
President and CEO Johnny Shen, in his remarks, identified strong AI chip shipments to the company’s largest North American customer as the major driver of 2023 revenue growth. He also pointed out that 70 to 80% of 2023 total revenue was production sales, with NRE (Non-Recurring Engineering) revenue accounting 20 to 30% of the 2023 total.
Alchip is traded on the Taiwan Stock Exchange and its Global Depository Receipts are traded on the Luxembourg Stock Exchange. Alchip is extremely well respected in North America, Japan, Israel, and Asia for its high-performance ASIC design methodology, flexible business model, best-in-class IP portfolio and advanced packaging technology expertise.
For more information, go to www.alchip.com
About Alchip
Alchip Technologies Ltd., founded in 2003 and headquartered in Taipei, Taiwan, is a leading global provider of silicon and design and production services for system companies developing complex and high-volume ASICs and SoCs. Alchip provides faster time-to-market and cost-effective solutions for SoC design at mainstream and advanced process technology. Alchip has built its reputation as a high-performance ASIC leader through its advanced 2.5D/3DIC design, CoWoS/chiplet design and manufacturing management. Customers include global leaders in AI, HPC/supercomputer, mobile phones, entertainment device, networking equipment and other electronic product categories. Alchip is listed on the Taiwan Stock Exchange (TWSE: 3661).
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