Mainboard newbie Mi Material reports Q3 adjusted profit after tax of US$11.4 million

[SINGAPORE] Semiconductor advanced packaging materials manufacturer Mi Material posted on Thursday (Oct 29) an adjusted profit after tax of US$11.4 million for its third quarter ended Sep 30.

This came on the back of US$37.8 million in revenue, representing a 15.6 per cent increase from US$32.7 million in the preceding quarter.

The Singapore-headquartered company noted in a bourse filing that its adjusted profit after tax for the first nine months of 2026 was US$25.7 million, exceeding the full-year sum of US$10.5 million for FY2025.

It added that the improved profitability came “on the back of sustained demand for its semiconductor packaging materials”.

Mi Material’s 9M revenue came in at US$91.5 million. It recorded full-year revenue of US$65.3 million in FY2025; US$46.8 million in FY2024; and US$39.8 million in FY2023.

It attributed the 9M revenue growth to “increases in both sales volume and average selling prices... underpinned by continuing strong demand for the group’s proprietary patented alloy solder spheres from customers in the high-performance computing and memory segments, as well as the mobility and wearables segment”.

The company expects its revenue in Q4 to be stronger than that in Q3, based on historical trends.

The business update comes a day after Mi Material’s debut on the mainboard of the local bourse. It closed at S$1.82, a shade above its initial public offering price of S$1.80.

The counter ended Thursday back at S$1.80, down 1.1 per cent or S$0.02 on the day, before the results were announced.

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Mi Material said it “remains optimistic about its growth prospects” for the remainder of the financial year, amid favourable industry trends and sustained demand for advanced semiconductor packaging materials.

It expects “continued momentum” in the high-performance computing and memory segments, as well as “strong demand in the mobility and wearables segment, supported by miniaturisation and higher input/output density in premium devices”.

Its strategic priorities ahead include optimising production planning and order allocation to serve peak Q4 demand; maintaining raw material passthrough to maintain gross profit margins; and commencing production in Senai, Malaysia.

“As we enter what is traditionally our strongest quarter, we are optimistic about the opportunities ahead,” said Mi Material CEO Kevin Tan. “With our strong financial position and established materials expertise, we are well-positioned to expand our manufacturing capacity (and) advance our R&D initiatives.”