실적분석 2026년 8월 11일

ChipMOS Technologies ($IMOS) Q2 2026 Earnings Analysis — EPS of $0.80 on an ADS Basis Swings to Profit, Revenue Up 28.7%

Earnings Scorecard

Revenue: $232 million (+28.7% YoY, estimate $7.595 billion) ❌ Miss

EPS: Basic EPS of $0.80 on an ADS basis (swung from a loss of $0.47 a year earlier) ✅ Beat

Guidance: New guidance — H2 2026 expected to be better than H1 (driven by memory demand); no specific revenue or EPS guidance provided

Stock reaction: After-hours +0.37% ($59.50) — as of 08:59 KST on Aug 12

What Went Well

Record quarterly revenue: $232 million, +28.7% YoY (highest since 2014)

Margin recovery: Gross margin of 18% (vs. 6.6% a year earlier)

Return to profit: Net income attributable to shareholders of $28 million (vs. a loss of $16.7 million a year earlier)

A higher memory mix and a rebound in profitability occurred at the same time. Cash and equivalents of about $394 million suggest comfortable financial flexibility.

What Fell Short

Revenue miss: $232 million versus the $759.5 million market estimate

Capex burden: Q2 capital expenditure expanded to roughly NT$2.38 billion

Memory concentration: About 51% of Q2 revenue came from memory, making results sensitive to the cycle

A narrower YoY foreign-exchange loss and other non-operating improvements also contributed to the net-income rebound, so not every figure was generated by the core business alone. If H2 demand weakens, utilization and margins could come under pressure again.

What Management Said

Management sees H2 2026, led by memory demand, coming in stronger than H1 and said business visibility extends through year-end. The tone emphasized improvement in product mix, cost control, and longer-term growth drivers such as the silicon photonics supply chain rather than specific numerical guidance.

Market Reaction and What to Watch

The regular session had already priced in elevated expectations, so the immediate after-hours move following the release was limited to digesting the print.

Whether H2 memory inventory-build demand translates into actual revenue and utilization

Whether the 18% gross margin range holds or proves to be a one-off improvement

How the expanded capex affects H2 cash flow and shareholder returns