Faraday Reports Record-High Revenue and Net Income for Full-Year 2022

2022 Revenue Totaled NT$13,065 Million, Up by 62% YoY; EPS Grew 112% YoY to NT$9.88

Hsinchu, Taiwan -- February 21, 2023 -- Faraday Technology Corporation (“Faraday” or the “Company”) (TWSE: 3035), a leading fabless ASIC service and silicon IP provider, today announced its consolidated financial results for the fourth quarter of 2022. Fourth quarter consolidated revenue was NT$3,250 million, up by 0.2% QoQ and 23% YoY, with gross margin of 47.6%. Net income attributed to stockholders of the parent was NT$524 million, with a basic EPS of NT$2.11. For the fiscal year of 2022, consolidated revenue totaled NT$13,065 million, an increase of 62% YoY. Net income attributed to stockholders of the parent was NT$2,455 million, with a basic EPS of NT$9.88.

Looking back to the fourth quarter, the Company’s revenue grew 0.2% QoQ and 23% YoY to NT$3,250 million. In terms of product mix, NRE grew by 7% QoQ and 22% YoY to quarterly record of NT$447 million. Mass production mainly driven by continued ASIC shipments grew by 22% YoY to NT$2,451 million. Gross margin declined slightly from last quarter to 47.6% and operating margin was 20.0%. Net income attributed to stockholders of the parent in the fourth quarter declined 12% QoQ but increased 10% YoY to NT$524 million with an EPS of NT$2.11. Looking back at 2022, Faraday’s revenue and profit both reached milestones despite of economic headwinds and performed well at all fronts: revenue marked consecutive growth for four years and reached record high at NT$13,065 Million with a 62% YoY growth; IP sales grew by 26% YoY to NT$1,343 million showing two consecutive years of growth; NRE with strong ASIC orders grew by 22% YoY to record high of NT$1,720 million while mass production as main driver that grew significantly by 78% to NT$10,002 million, reaching new high and continuous growth for four consecutive years. In terms of profitability performance, operating income grew by 108% YoY to record high at NT$2,921 million with operating margin at 22.4%, and basic EPS up by 112% YoY to NT$9.88.

Looking into 2023, the efforts made by the Company especially in customer base and ASIC orders in the past years bear fruit. Faraday’s unique business model resulted in decent applications and customer portfolio while strengthening its resilience against cyclical fluctuation to deliver the countercyclical business operation. While facing numerous macro uncertainties, Faraday will continue to invest in technology development and work closely with customers to maintain ASIC orders while actively expanding business with high profitability, aiming to strengthen the foundation for the Company’s mid- to long-term growth.

[1] Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with Taiwan-International Financial Report Standards (TIFRSs). They represent comparisons among the three-month period ended December 31, 2022, the three-month period ended September 30, 2022, and the equivalent three-month period that ended December 31, 2021. For all 4Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. dollars at the exchange rate of NT$31.100 to one U.S. dollar.

Summary of Operating Results

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