APWC Announces Financial Results for the Second Quarter of 2025

Rhea-AI Summary

Asia Pacific Wire & Cable (NASDAQ:APWC) reported strong Q2 2025 financial results, with revenue reaching $126.9 million, up 26% quarter-over-quarter and 11% year-over-year. The company achieved significant earnings growth with EPS of $0.03, representing a 143% increase from Q1 and 250% from the previous year.

Performance was driven by revenue growth across all segments: North Asia (+21% QoQ), Thailand (+22% QoQ), and Rest of World (+32% QoQ). Gross profit margin expanded to 6.8%, up from 3.6% in Q1. The company maintained stable operating expenses at $6.4 million while announcing plans for a rights offering to fund new production facilities amid global supply chain realignment.

Positive

• Revenue increased 26% QoQ to $126.9 million and 11% YoY
• EPS grew 143% QoQ and 250% YoY to $0.03
• Gross profit margin expanded to 6.8% from 3.6% in Q1
• Strong revenue growth across all segments (North Asia +21%, Thailand +22%, ROW +32% QoQ)
• Manufacturing sites in countries with low tariff rates (as low as 10%) provide strategic advantages

Negative

• Operating cash flow showed outflow of $15.5 million in Q2
• Cash and cash equivalents decreased by $3.3 million QoQ
• Planned rights offering may lead to potential dilution
• Increased competition and overcapacity in China putting pressure on prices
• Trade uncertainty and tariff challenges affecting business environment

Insights

Financial Analyst

APWC shows significant Q2 improvement with 26% revenue growth and 250% EPS increase, though profitability remains modest.

APWC's Q2 2025 results demonstrate a strong quarterly rebound with revenue reaching $126.9 million, representing a 26% increase from Q1 and 11% year-over-year growth. What's particularly noteworthy is the dramatic improvement in profitability, with EPS turning positive at $0.03 - a 143% increase from Q1's loss and 250% improvement year-over-year.

The gross profit margin expanded to 6.8% from 3.6% in Q1 and 4.3% a year ago, primarily driven by a higher-margin product mix. However, this margin remains quite thin by industry standards, indicating persistent competitive pressures.

Revenue growth was geographically broad-based with North Asia up 21% sequentially (18% YoY), Thailand up 22% sequentially (10% YoY), and Rest of World up 32% sequentially. The North Asia growth appears partially artificial due to customers accelerating orders ahead of tariff deadlines rather than reflecting sustainable demand.

Cash flow signals some operational challenges despite the improved P&L performance. Operating cash flow was negative $15.5 million, worsening by $13.4 million compared to Q1, primarily due to increased supplier payments. The $13 million increase in receivables alongside the revenue growth suggests potential collection challenges that warrant monitoring.

The company's planned rights offering signals management's intent to capitalize on supply chain realignments, with potential expansion beyond Asia into North America. While this represents a strategic opportunity, the timing amid trade uncertainties introduces execution risk.

Despite the quarterly improvement, APWC's year-to-date position remains challenged with a six-month operating loss of $0.255 million compared to a $1.241 million profit in the same period last year. This highlights that while Q2 shows recovery, the company hasn't fully regained its footing from a difficult start to 2025.

• Quarterly revenue of $126.9 million, up 26% from Q1 and up 11% from a year ago
• Quarterly EPS was $0.03, up 143% from Q1 and 250% from a year ago

TAIPEI, Taiwan, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited ("APWC" or the "Company") (NASDAQ: APWC) today reported unaudited results for the second quarter ended June 30, 2025.

Quarterly revenue was $126.9 million, up 26% from the previous quarter and up 11% from a year ago.

Copper unit volume, measured by the tonnage of copper contained in the wire and cable sold, increased by 13% in the second quarter but decreased by 9% from a year ago. This does not include other raw materials, such as aluminum and insulation materials.

For the quarter, earnings per share were $0.03, up 143% from the previous quarter and up 250% from a year ago.

“In a second quarter filled with trade uncertainty, APWC delivered revenue growth compared to the same period in prior years,” said Yuan Chun Tang, Chairman and CEO of APWC. “In some markets, we benefited from pull forward of customer orders, before tariffs taking effect. We also observed increased competition, with over-capacity in China’s industrial sector leading to increased supply in some markets, putting pressure on prices. Our strong branding and qualifications to compete for public sector projects was crucial in enabling the Company to attain revenue growth this quarter.

“Our business model and geographical footprint has provided us important optionality when facing trade uncertainty. Some of our manufacturing sites are located in countries with low tariff rates, as low as 10% based on announcements made as of August 1^st. We are planning to leverage the low tariff rates of some our manufacturing sites to grow our top line revenue.

“We are also preparing for a rights offering with details to be announced soon. We intend to use the rights offering proceeds to invest in new production facilities to take advantage of the global supply chain re-alignment. We are still evaluating site selection, andbesides Asia, North America is also a viable option. Working with our vendors and partners, we are also investing in new technologies to enhance our product portfolio and provide new drivers for future growth. Overall, while I remain cautious with the near-term business environment, I am optimistic about the long-term growth potential of APWC.”

Q2 Fiscal 2025 Summary

Q2 Financial Results
($ in millions, except earnings per share)	Q2 FY2025			Q1 FY2025			Q2 FY2024			Q/Q			Y/Y
Revenues	$	126.9		$	100.6		$	113.9		26		%	11		%
Gross profit	$	8.6		$	3.7		$	4.9		132		%	76		%
Operating expenses	$	6.4		$	6.4		$	6.2		—		%	3		%
Operating Profit	$	2.5		$	(2.7	)	$	(0.9	)	193		%	378		%
Net Income / (loss)	$	0.6		$	(1.5	)	$	(0.4	)	140		%	250		%
EPS	$	0.03		$	(0.07	)	$	(0.02	)	143		%	250		%

Revenue by Reportable Segments
($ in millions)	Q2 FY2025	Q1 FY2025	Q2 FY2024	Q/Q			Y/Y
North Asia	22.8	18.9	19.3	21		%	18		%
ROW	59.8	45.4	54.3	32		%	10		%
Thailand	44.3	36.3	40.3	22		%	10		%
Total	126.9	100.6	113.9	26		%	11		%

Revenue

Revenue for the second quarter was $126.9 million, up $26.3M (or 26%) from the previous quarter. In Q2, the currencies of Asia-Pacific economies generally appreciated against the U.S. dollars. Excluding the impact of the currency appreciation, on a constant currency basis, revenue grew 23% from the previous quarter.

North Asia revenue for the second quarter was $22.8 million, up 18% from a year ago and up 21% sequentially. The rise was partly driven by customers pulling forward orders ahead of schedule due to U.S. tariff deadlines. Additionally, continued development of electric vehicles in the region contributed to steady growth in flat wire sales.

Thailand revenue for the second quarter was up 10% from a year ago and up 22% sequentially. The increase was primarily driven by higher order volumes, foreign exchange appreciation, and changes in the product mix, all of which contributed to overall revenue growth.

ROW revenue grew significantly in the second quarter, up 32% sequentially, mainly driven by completion of public sector projects. We also noted the demand for new projects remained at a high level throughout the first half of the year.

Gross Profit

Gross profit margin for the second quarter was 6.8%, up from 3.6% in the previous quarter and up from 4.3% in the same period last year. The margin expansion was mainly driven by higher margin product mix. However, intensified price competition, as well as fluctuations in copper prices and exchange rates, partially offset these gains.

Expenses

Total selling, general, and administrative expenses were mostly flat, as an increase in selling expenses was offset by decreases in other expenses.

Balance Sheet and Cash Flow

Cash and cash equivalents were $35.0 million, a decrease of $3.3 million from the preceding quarter, mainly due to increased payments to suppliers, in line with higher sales activities.

Trade receivables for the second quarter were $97.7 million, reflecting a $13.0 million increase from the preceding quarter and was primarily driven by higher customer orders and pull forward demand in the current quarter.

Inventory was $144.5 million, a decrease of $5.0 million relative to the preceding quarter, as raw material build-up was consumed for the deliveries of customer orders in the current quarter.

Cash flow from operating activities was an outflow of $15.5 million in Q2 2025, representing a $13.4 million increase in outflow compared to the prior quarter. The higher outflow was primarily driven by increased cash payments to vendors, despite stronger cash collections from increased customer orders. Cash outflow was lower by $7.4 million compared to the same period last year; the year-over-year improvement was mainly due to pull-forward demand and increased public sector purchases, which led to higher cash inflows.

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 operating subsidiaries. Through its subsidiaries, the Company is principally 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: pweber@pusa.com

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
			For the three months								For the six months
			ended June 30,								ended June 30,
				2025				2024				2025				2024
			US$'000				US$'000				US$'000				US$'000
Revenue			$	126,906			$	113,933			$	227,493			$	214,330
Cost of sales				(118,298	)			(109,043	)			(215,220	)			(200,848	)
Gross profit				8,608				4,890				12,273				13,482
Other operating income				192				860				227				981
Selling, general and administrative expenses				(6,434	)			(6,215	)			(12,860	)			(12,471	)
Other operating expenses				51				—				(1	)			—
Net impairment loss on financial and contract assets				65				(406	)			106				(751	)
Operating profit/(loss)				2,482				(871	)			(255	)			1,241
Finance costs				(563	)			(607	)			(977	)			(1,165	)
Finance income				44				55				66				97
Share of loss of associates				(1	)			(1	)			(1	)			(1	)
Exchange gain				331				219				605				149
Other income				(92	)			204				106				243
Other expense				(80	)			19				(80	)			(207	)
Profit/(loss) before tax				2,121				(982	)			(536	)			357
Income tax (expense)/benefit				(762	)			236				(401	)			(397	)
Profit/(loss) for the period			$	1,359			$	(746	)		$	(937	)		$	(40	)
Attributable to:
Equity holders of the parent				578				(411	)			(901	)			(510	)
Non-controlling interests				781				(335	)			(36	)			470
				1,359				(746	)			(937	)			(40	)
Basic and diluted profit per share			$	0.03			$	(0.02	)		$	(0.04	)		$	(0.02	)
Basic and diluted weighted average common shares outstanding				20,616,227				20,616,227				20,616,227				20,616,227

                                                                                      

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
			For the three months								For the six months
			ended June 30,								ended June 30,
				2025				2024				2025				2024
			US$'000				US$'000				US$'000				US$'000
Profit/(loss) for the period				1,359				(746	)			(937	)			(40	)
Other comprehensive income/(loss)
Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary				—				—				—				—
				8,916				(67	)			11,046				(10,289	)
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				(12	)			677				(18	)			253
Income tax effect				3				(136	)			4				(51	)
				(9	)			541				(14	)			202
Re-measuring losses on defined benefit plans				(43	)			5				(54	)			41
Income tax effect				9				(1	)			11				(8	)
				(34	)			4				(43	)			33
Other comprehensive income/(loss) for the year, net of tax				8,873				478				10,989				(10,054	)
Total comprehensive income/( loss) for the period, net of tax				10,232				(268	)			10,052				(10,094	)
Attributable to:
Equity holders of the parent				7,022				284				7,119				(7,113	)
Non-controlling interests				3,210				(552	)			2,933				(2,981	)
			$	10,232			$	(268	)		$	10,052			$	(10,094	)

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	As of June 30, 2025 (Unaudited)		As of December 31, 2024 (Audited)
	US$'000		US$'000
Assets
Current assets
Cash and cash equivalents	34,968		34,035
Financial assets at fair value through profit or loss	3		—
Trade receivables	97,714		102,789
Other receivables	2,697		1,257
Contract assets	1,785		688
Due from related parties	584		607
Inventories	144,464		126,814
Prepayments	3,070		3,195
Assets classified as held for sale	763		747
Other current assets	4,277		1,529
	290,325		271,661
Non-current assets
Financial assets at fair value through other comprehensive income	3,145		3,069
Property, plant and equipment	53,894		52,227
Right of use assets	2,565		2,420
Investment properties	525		504
Intangible assets	93		110
Investments in associates	850		807
Deferred tax assets	7,024		6,684
Other non-current assets	3,059		2,378
	71,155		68,199
Total assets	361,480		339,860

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	As of June 30, 2025 (Unaudited)			As of December 31, 2024 (Audited)
	US$'000			US$'000
Liabilities
Current liabilities
Interest-bearing loans and borrowings	48,628			24,098
Trade and other payables	47,241			57,220
Due to related parties	4,180			9,715
Financial liabilities at fair value through profit or loss	96			21
Accruals	9,004			8,246
Current tax liabilities	1,902			1,624
Employee benefit liabilities	1,222			2,178
Financial lease liabilities	870			648
Other current liabilities	6,574			4,272
	119,717			108,022
Non-current liabilities
Interest-bearing loans and borrowings	2,971			4,872
Employee benefit liabilities	7,565			5,908
Lease liabilities	1,379			1,425
Deferred tax liabilities	3,968			4,079
Other non-current liabilities	764			189
	16,647			16,473
Total liabilities	136,364			124,495
Equity
Issued capital	206			206
Additional paid-in capital	118,103			118,103
Treasury shares	(38	)		(38	)
Retained earnings	60,516			61,417
Other components of equity	(16,710	)		(24,730	)
Equity attributable to equity holders of the parent	162,077			154,958
Non-controlling interests	63,039			60,407
Total equity	225,116			215,365
Total liabilities and equity	361,480			339,860

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	For the three months								For the six months
	ended June 30,								ended June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
	US$'000				US$'000				US$'000				US$'000
Net cash used in operating activities	$	(15,454	)		$	(22,878	)		$	(17,462	)		$	(10,768	)
Net cash (used in)/provided by investing activities		(919	)			141				(2,966	)			(797	)
Net cash provided by financing activities		11,577				15,340				19,612				9,092
Effect of exchange rate		1,508				363				1,749				(1,844	)
Net (decrease)/increase in cash and cash equivalents		(3,288	)			(7,034	)			933				(4,317	)
Cash and cash equivalents at beginning of period		38,256				40,687				34,035				37,970
Cash and cash equivalents at end of period	$	34,968			$	33,653			$	34,968			$	33,653

Supplemental Information

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
	For the three months
	ended March 31,
		2025				2024
	US$'000				US$'000
Revenue	$	100,587			$	100,397
Cost of sales		(96,922	)			(91,826	)
Gross profit		3,665				8,571
Other operating income		35				121
Selling, general and administrative expenses		(6,426	)			(6,235	)
Other operating expenses		(52	)			—
Net impairment loss on financial and contract assets		41				(345	)
Operating (loss)/profit		(2,737	)			2,112
Finance costs		(414	)			(558	)
Finance income		22				42
Share of loss of associates		—				—
Exchange gain/(loss)		274				(70	)
Other income		198				39
Other expense		—				(226	)
(Loss)/Profit before tax		(2,657	)			1,339
Income tax (expense)/benefit		361				(633	)
(Loss)/Profit for the period	$	(2,296	)		$	706
Attributable to:
Equity holders of the parent		(1,479	)			(99	)
Non-controlling interests		(817	)			805
		(2,296	)			706
Basic and diluted profit per share	$	(0.07	)		$	—
Basic and diluted weighted average common shares outstanding		20,616,227				20,616,227

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
	For the three months
	ended March 31,
		2025				2024
	US$'000				US$'000
(Loss)/Profit for the period		(2,296	)			706
Other comprehensive income/(loss)
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations, net of tax of nil		2,130				(10,222	)
		2,130				(10,222	)
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		(6	)			(424	)
Income tax effect		1				85
		(5	)			(339	)
Re-measuring losses on defined benefit plans		(11	)			36
Income tax effect		2				(7	)
		(9	)			29
Other comprehensive income/(loss) for the year, net of tax		2,116				(10,532	)
Total comprehensive loss for the period, net of tax		(180	)			(9,826	)
Attributable to:
Equity holders of the parent		97				(7,397	)
Non-controlling interests		(277	)			(2,429	)
	$	(180	)		$	(9,826	)

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	As of March 31, 2025 (Unaudited)			As of December 31, 2024 (Audited)
	US$'000			US$'000
Assets
Current assets
Cash and cash equivalents		38,256			34,035
Financial assets at fair value through profit or loss		12			—
Trade receivables		84,757			102,789
Other receivables		2,474			1,257
Contract assets		695			688
Due from related parties		660			607
Inventories		149,436			126,814
Prepayments		2,641			3,195
Assets classified as held for sale		753			747
Other current assets		3,682			1,529
		283,366			271,661
Non-current assets
Financial assets at fair value through other comprehensive income		3,063			3,069
Property, plant and equipment		52,223			52,227
Right of use assets		2,718			2,420
Prepaid land lease payments		—			—
Investment properties		507			504
Intangible assets		101			110
Investments in associates		814			807
Deferred tax assets		7,095			6,684
Other non-current assets		2,605			2,378
		69,126			68,199
Total assets	$	352,492		$	339,860

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	As of March 31, 2025 (Unaudited)			As of December 31, 2024 (Audited)
	US$'000			US$'000
Liabilities
Current liabilities
Interest-bearing loans and borrowings	33,543			24,098
Trade and other payables	59,459			57,220
Due to related parties	7,909			9,715
Financial liabilities at fair value through profit or loss	12			21
Accruals	11,612			8,246
Current tax liabilities	1,710			1,624
Employee benefit liabilities	1,070			2,178
Financiallease liabilities	846			648
Other current liabilities	4,322			4,272
	120,483			108,022
Non-current liabilities
Interest-bearing loans and borrowings	4,031			4,872
Employee benefit liabilities	7,222			5,908
Lease liabilities	1,537			1,425
Deferred tax liabilities	3,851			4,079
Other non-current liabilities	189			189
	16,830			16,473
Total liabilities	137,313			124,495
Equity
Issued capital	206			206
Additional paid-in capital	118,103			118,103
Treasury shares	(38	)		(38	)
Retained earnings	59,938			61,417
Other components of equity	(23,154	)		(24,730	)
Equity attributable to equity holders of the parent	155,055			154,958
Non-controlling interests	60,124			60,407
Total equity	215,179			215,365
Total liabilities and equity	352,492			339,860

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	For the three months
	ended March 31,
		2025				2024
	US$'000				US$'000
Net cash (used in)/provided by operating activities	$	(2,008	)		$	12,110
Net cash used in investing activities		(2,047	)			(938	)
Net cash provided by/(used in) financing activities		8,035				(6,248	)
Effect of exchange rate		241				(2,207	)
Net increase in cash and cash equivalents		4,221				2,717
Cash and cash equivalents at beginning of period		34,035				37,970
Cash and cash equivalents at end of period	$	38,256			$	40,687

FAQ

What were APWC's Q2 2025 earnings results?

APWC reported Q2 2025 revenue of $126.9 million (up 26% QoQ and 11% YoY) and EPS of $0.03 (up 143% QoQ and 250% YoY).

How did APWC's different segments perform in Q2 2025?

North Asia revenue grew 21% QoQ to $22.8M, Thailand revenue increased 22% QoQ to $44.3M, and Rest of World revenue rose 32% QoQ to $59.8M.

What is APWC's planned rights offering for?

APWC plans to use the rights offering proceeds to invest in new production facilities to take advantage of global supply chain re-alignment, considering locations in both Asia and North America.

What were APWC's gross profit margins in Q2 2025?

APWC's gross profit margin was 6.8% in Q2 2025, an improvement from 3.6% in Q1 2025 and 4.3% in Q2 2024.

What is APWC's cash position as of Q2 2025?

APWC reported $35.0 million in cash and cash equivalents, a decrease of $3.3 million from the previous quarter due to increased supplier payments.