- Quarterly revenue of $130.8 million, up 30% from a year ago
- Quarterly EPS was $0.05, up 171% from a year ago
TAIPEI, Taiwan, May 14, 2026 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited ("APWC" or the "Company") (NASDAQ: APWC) today announced its financial results for the first quarter ended March 31, 2026.
Quarterly revenue was $130.8 million, down 2% from the previous quarter and up 30% from a year ago.
For the quarter, earnings per share were $0.05, down 71% from the previous quarter and up 171% from a year ago.
Copper unit volume, measured by the tonnage of copper contained in the wire and cable sold, decreased 2% sequentially and increased 5% from a year ago. This does not include other raw materials, such as aluminum and insulation materials.
Q1 Fiscal 2026 Summary
Q1 Financial Results($ in millions, except earnings per share)Q1 FY2026Q4 FY2025Q1 FY2025Q/QY/YRevenues$130.8$133.8$100.6 (2)%30 %Gross profit$10.7$11.0$3.7 (3)%189 %Operating expenses$7.6$8.3$6.4 (8)%19 %Operating profit$3.3$2.8$(2.7)18 %222 %Net income$1.4$3.5$(1.5)(60)%193 %EPS$0.05$0.17$(0.07)(71)%171 %Q/QY/YNorth Asia$23.9$23.3$18.9 3 %26 %ROW$55.7$64.6$45.4 (14)%23 %Thailand$51.2$45.9$36.3 12 %41 %Total$130.8$133.8$100.6 (2)%30 %
Revenue
Revenue for the first quarter was $130.8 million, representing a 30% year-over-year increase. Growth was driven by broad-based momentum across our international markets, where favorable commodity trends and steady project execution contributed an additional $30.2 million to the top line.
North Asia revenue for the first quarter was $23.9 million, up 26% year over year and 3% sequentially, primarily driven by the sustained increase in copper prices.
Thailand's revenue for the first quarter was up 41% year over year and 12% sequentially, reflecting strong execution of public-sector orders, supported by rising copper prices.
ROW revenue grew in the first quarter, up 23% from a year ago, but down 14% sequentially. The annual growth was driven by a recovery in the Australian market, supported by preemptive purchasing amid geopolitical tensions. The sequential decrease reflected the timing of public sector project milestones, resulting in normal quarterly variability.
Gross Profit
Gross profit margin for the first quarter was 8.2%, compared to 3.6% in the same period last year and flat sequentially. The year-over-year expansion was primarily driven by a more favorable product mix and the positive impact of rising copper prices.
Expenses
Total selling, general, and administrative expenses increased 19.0% year-over-year, primarily due to higher research and development costs and increased selling expenses.
Non-Operating Items
During the quarter, the Company recorded a one-time gain of approximately $1.0 million from the disposal of an investment.
Balance Sheet and Cash Flow
Cash and cash equivalents were $73.2 million, an increase of $40.1 million from the preceding quarter. This increase was primarily driven by the successful completion of a rights offering in the first quarter, which raised $34.1 million in net proceeds.
Trade receivables for the first quarter rose to $108.1 million, up $4.6 million from the preceding quarter. The increase in accounts receivable was primarily driven by higher average selling prices, reflecting sustained copper price appreciation.
Inventory was $150.6 million, representing a slight decrease of $1.0 million from the preceding quarter. The stable inventory level reflects the ongoing deliveries, which offset prior-period build-up while maintaining a consistent stock position to support future demand.
Cash flow from operating activities generated an inflow of $1.6 million in the first quarter, compared to a net outflow of $1.9 million in the prior quarter. This improvement was primarily driven by a reduction in inventory purchases, which lowered cash requirements for replenishment. Cash inflow from financing activities recorded $40.6 million, compared with $40.9 million in the prior quarter, primarily driven by the completion of the rights offering.
We encourage shareholders to visit the Company's website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.
About Asia Pacific Wire & Cable Corporation Limited
Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through subsidiaries primarily engaged in the manufacture and distribution of enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the People’s Republic of China, Hong Kong and certain other markets in the Asia Pacific region. The Company also engages in the distribution of certain wire and cable products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., and certain third parties. The Company also provides project engineering services in the supply, delivery and installation of power cable. The Company’s major customers include appliance component manufacturers, electrical contracting firms, state owned entities, and wire and cable dealers and factories.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “anticipates”, “expects”, “estimates”, “intends”, “plans” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company, or to persons acting on its behalf, are expressly qualified in their entirety by these factors, other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact:
Pacific Holdings Group
2901 Dallas Parkway, Suite 360
Plano, TX 75093
Attn: Paul Weber
Phone: (469) 797-7191
Email: [email protected]
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in thousands of US Dollars, except share data) For the three months ended March 31, 2026 2025 (Unaudited) (Unaudited) US$'000 US$'000Profit for the period 3,056 (2,296)Other comprehensive income Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary — — (4,198) 2,130 Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods: Changes in the fair value of equity instruments measured at FVOCI (880) (6)Income tax effect 176 1 (704) (5)Re-measuring losses on defined benefit plans 59 (11)Income tax effect (12) 2 47 (9) Other comprehensive income for the year, net of tax (4,855) 2,116 Total comprehensive income for the period, net of tax (1,799) (180)Attributable to: Equity holders of the parent (573) 97 Non-controlling interests (1,226) (277) $(1,799) $(180)
March 31, 2026
(Unaudited)
As of
December 31, 2025
(Audited)
US$'000
US$'000
Assets Current assets Cash and cash equivalents73,218 33,163 Financial assets at fair value through profit or loss18 61 Trade receivables108,094 103,535 Other receivables135 936 Contract assets13,180 7,748 Due from related parties1,860 3,905 Inventories150,565 151,515 Prepayments2,552 3,118 Assets classified as held for sale791 782 Other current assets6,330 4,336 356,743 309,099 Non-current assets Financial assets at fair value through other comprehensive income3,244 4,161 Property, plant and equipment51,507 53,683 Right of use assets2,623 2,879 Investment properties516 536 Intangible assets54 65 Investments in associates839 875 Deferred tax assets5,998 6,169 Other non-current assets5,217 4,228 69,998 72,596 Total assets426,741 381,695
March 31, 2026
(Unaudited) As of
December 31, 2025
(Audited) US$'000 US$'000Liabilities Current liabilities Interest-bearing loans and borrowings47,658 41,828 Trade and other payables60,413 58,184 Due to related parties12,200 9,590 Financial liabilities at fair value through profit or loss152 — Accruals6,095 11,079 Current tax liabilities1,362 644 Employee benefit liabilities1,158 2,507 Financial lease liabilities1,102 1,113 Other current liabilities13,459 6,877 143,599 131,822 Non-current liabilities Interest-bearing loans and borrowings— 510 Employee benefit liabilities7,593 6,524 Lease liabilities1,231 1,473 Deferred tax liabilities4,350 4,239 Other non-current liabilities729 175 13,903 12,921 Total liabilities157,502 144,743 Equity Issued capital413 206 Additional paid-in capital151,973 118,103 Treasury shares(38) (38)Retained earnings66,517 65,087 Other components of equity(15,069) (13,066)Equity attributable to equity holders of the parent203,796 170,292 Non-controlling interests65,443 66,660 Total equity269,239 236,952 Total liabilities and equity426,741 381,695