AEM Q1 profit surges fourfold to $14.3m on strong demand

Revenue climbed 35.8% with stronger test solutions contribution and margin expansion.

AEM Holdings Ltd reported net profit of $14.3m for the first quarter (Q1) ended 31 March, up 329.4% from $3.3m a year earlier, driven by higher artificial intelligence (AI) and high-performance computing (HPC)-related demand and improved operating leverage.

Revenue rose 35.8% year on year (YoY) to $116.9m from $86.0m whilst profit before tax increased 370% to $17.8m, with PBT margin expanding to 15.2% from 4.4% in the previous corresponding period, according to AEM.

On a sequential basis, revenue increased 4.5% from the fourth quarter of FY2025.

Growth was driven by continued production ramp-up from the group’s fabless AI/HPC customer and improving demand from its PC/Foundry customer, the company said.

Test Cell Solutions revenue rose 72.0% YoY to $88.1m, accounting for 75.4% of total revenue, whilst Contract Manufacturing revenue fell 15.7% to $27.3m, mainly due to softer demand from oil and gas-related customer, said the company

The group reported a net cash position of $56.5m as at 31 March, compared to net debt of $50.6m in FY2024. Cash and cash equivalents stood at $72.9m, whilst borrowings were $16.4m.

Total equity rose 3.4% YoY to $516.5m. Net asset value per share increased 3.6% to 162.6 cents.

AEM raised its FY2026 revenue guidance by about 20% to $550m–$600m, citing continued demand from its AI/HPC and PC/foundry customers.

The company also said its partnership with ASE Technology Holding is expected to support initial deployment of its test solutions in late 2026.

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