Consolidated Financial Statements for the Years Ended December 31, 2025 and 2024 and Independent Auditors' Report
DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES
The companies required to be included in the consolidated financial statements of affiliates in accordance with the "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises" for the year ended December 31, 2025 are all the same as the companies required to be included in the consolidated financial statements of parent and subsidiary companies as provided in International Financial Reporting Standard 10, "Consolidated Financial Statements". Relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies. Hence, we do not prepare a separate set of consolidated financial statements of affiliates.
Very truly yours,
VIA TECHNOLOGIES, INC.
By
March 11, 2026
- 1 -
Deloitte.
INDEPENDENT AUDITORS' REPORT
Deloitte & Touche
20F, Taipei Nan Shan Plaza No. 1 00, Songren Rd.,
Xinyi Dist., Taipei 11 0421, Taiwan
Tel :+886 (2) 2725-9988
Fax:+886 (2) 4051 -6888
https://www.deloitte.com.tw
The Board ofDirectors and Shareholders VIA Technologies, Inc.
Opinion
We have audited the accompanying consolidated financial statements of VIA Technologies, Inc. and its subsidiaries (collectively, the "Group"), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information (collectively referred to as the "consolidated financial statements").
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Grouppin'accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requffements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were ofmost significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The key audit matters of the consolidated financial statements for the year ended December 31, 2025, are as follows:
Revenue Recomition
Revenue from the sale of goods is recognized when significant risks and control are transferred to the customers. Technical service revenue is recognized when the performance obligation of services is fulfilled, and the amount of revenue can be reasonably measured. Since the revenue from specific customers is material to the consolidated financial statements, we considered the relevant recognition ofrevenue a key audit matter.
For the accounting policy on revenue recognition, refer to Note 4.
We obtained an understanding and tested the effectiveness of the design and the implementation of internal controls with respect to the revenue recognition of specific customers. We selected samples of revenue from the aforementioned customers and confirmed that revenue transactions have indeed occurred.
Other Matters
We have also audited the parent company only financial statements of VIA Technologies, Inc. as of and for the years ended December 31, 2025 and 2024 on which we have issued an unmodified opinion.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial StatementsManagement is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going c'oncern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance, including the audit committee, are responsible for overseeing the Group's financial reporting process.
Auditors' Responsibilities for the Audit of the Consolidated Financial StatementsOur objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We are also:
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in amanner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those Charged with governance regarding, among other matters, the planned scope and timing of the audit'and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the year ended December 31, 2025, and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audits resulting in this independent auditors' report are Pan-Fa, Wang and Chin-Chuan Shih.
Deloitte & Touche Taipei, Taiwan Republic of China
March 11, 2026
Notice to Readers
The accompanying consolidatedfinancial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles andpractices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidatedfinancial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any confiict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors' report and consolidated financial statements shall prevail.
VIA TECHNOLOGIES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
2025 2024
ASSETS | Amount | % | Amount | % |
CURRENT ASSETS Cash and cash equivalents (Notes 4 and 6) | $ 13,564,159 | 38 | $ 15,638,886 | 44 |
Financial assets at fair value through profit or loss - current (Notes 4 and 7) | 619,933 | 2 | 338,197 | 1 |
Financial assets at amortized cost - current (Notes 4 and 9) | 2,167,236 | 6 | 3,661,985 | 10 |
Accounts receivable (Notes 4, 10, 25 and 34) | 547,686 | 2 | 457,047 | 1 |
Other receivables (Notes 4, 10 and 34) | 100,335 | - | 133,483 | - |
Inventories (Notes 4, 5 and 11) | 1,909,529 | 5 | 2,393,646 | 7 |
Other financial assets - current (Notes 18 and 35) | 4,834,941 | 13 | 3,071,024 | 9 |
Other current assets (Note 18) | 996,222 | 3 | 1,169,408 | 3 |
Total current assets | 24,740,041 | 69 | 26,863,676 | 75 |
NON-CURRENT ASSETS Financial assets at fair value through profit or loss - non-current (Notes 4 and 7) | 2,430,681 | 7 | 2,014,118 | 6 |
Financial assets at fair value through other comprehensive income - non-current (Notes 4 and 8) | 3,198,520 | 9 | 1,974,061 | 5 |
Financial assets measured at amortized cost - non-current (Notes 4 and 9) | 292,528 | 1 | 262,464 | 1 |
Investments accounted for using the equity method (Notes 4 and 13) | 589,829 | 2 | 567,514 | 2 |
Property, plant and equipment (Notes 4, 14, 34 and 35) | 1,980,354 | 5 | 2,001,612 | 5 |
Right-of-use assets (Notes 4, 15 and 34) | 181,762 | - | 221,930 | 1 |
Investment properties, net (Notes 4, 5, 16 and 35) | 1,797,480 | 5 | 1,857,614 | 5 |
Intangible assets (Notes 4 and 17) | 259,885 | 1 | 145,542 | - |
Deferred tax assets (Notes 4 and 27) | 98,691 | - | 109,938 | - |
Other assets - non-current (Notes 18 and 35) | 371,852 | 1 | 25,090 | - |
Total non-current assets | 11,201,582 | 31 | 9,179,883 | 25 |
TOTAL | $ 35,941,623 | 100 | $ 36,043,559 | 100 |
LIABILITIES AND EQUITY | ||||
CURRENT LIABILITIES | ||||
Short-term notes payable (Note 19) | $ 234,131 | 1 | $ 209,993 | 1 |
Financial liabilities at fair value through profit or loss - current (Notes 4 and 7) | - | - | 995 | - |
Contract liabilities - current (Notes 25 and 34) | 7,957,334 | 22 | 7,171,568 | 20 |
Notes and accounts payable (Notes 20 and 34) | 910,906 | 3 | 1,113,563 | 3 |
Other payables (Notes 21 and 34) | 1,797,723 | 5 | 1,861,932 | 5 |
Current tax liabilities (Notes 4 and 27) | 53,730 | - | 304,043 | 1 |
Provisions - current (Notes 4 and 22) | 464,531 | 1 | 132,398 | - |
Lease liabilities - current (Notes 4, 15 and 34) | 56,197 | - | 70,482 | - |
Current portion of long-term borrowings (Notes 19 and 35) | - | - | 160,000 | 1 |
Other current liabilities (Notes 21 and 34) | 108,243 | - | 105,511 | - |
Total current liabilities | 11,582,795 | 32 | 11,130,485 | 31 |
NON-CURRENT LIABILITIES Long-term borrowings (Notes 19 and 35) | 926,467 | 3 | 1,350,000 | 4 |
Deferred tax liabilities (Notes 4 and 27) | 227,930 | 1 | 202,944 | - |
Lease liabilities - non-current (Notes 4, 15 and 34) | 67,428 | - | 93,065 | - |
Net defined benefit liabilities (Notes 4 and 23) | 280,172 | 1 | 271,516 | 1 |
Other non-current liabilities (Notes 21 and 34) | 63,454 | - | 64,354 | - |
Total non-current liabilities | 1,565,451 | 5 | 1,981,879 | 5 |
Total liabilities | 13,148,246 | 37 | 13,112,364 | 36 |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (Note 24) | ||||
Share capital | 5,556,749 | 15 | 5,552,960 | 16 |
Capital collected in advance | 2,334 | - | 2,198 | - |
Capital surplus Retained earnings | 7,296,114 | 20 | 7,285,029 | 20 |
Legal reserve | 901,576 | 3 | 789,763 | 2 |
Special reserve | 126,745 | - | 184,561 | 1 |
Unappropriated earnings | 6,884,106 | 19 | 6,988,293 | 19 |
Other equity | 584,767 | 2 | 692,877 | 2 |
Total equity attributable to owners of the Company | 21,352,391 | 59 | 21,495,681 | 60 |
NON-CONTROLLING INTERESTS (Note 24) | 1,440,986 | 4 | 1,435,514 | 4 |
Total equity | 22,793,377 | 63 | 22,931,195 | 64 |
TOTAL | $ 35,941,623 | 100 | $ 36,043,559 | 100 |
The accompanying notes are an integral part of the consolidated financial statements.
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VIA TECHNOLOGIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2025 2024
Amount % Amount %
OPERATING REVENUE (Notes 4, 25 and 34) $ 9,546,428 100 $ 15,910,668 100
OPERATING COSTS (Notes 11, 23, 26 and 34) 7,398,334 77 11,987,064 75
GROSS PROFIT 2,148,094 23 3,923,604 25
OPERATING EXPENSES (Notes 23, 26 and 34)
Selling and marketing expenses 814,684 9 826,812 5
General and administrative expenses 712,270 7 671,140 4
Research and development expenses 1,872,451 20 1,989,587 13
Total operating expenses 3,399,405 36 3,487,539 22
(LOSS) PROFIT FROM OPERATIONS (1,251,311) (13) 436,065 3
NON-OPERATING INCOME AND EXPENSES
(Notes 13, 26 and 34)
Interest income 680,200 7 630,275 4
Other income 368,230 4 260,659 2
Other gains and losses 627,057 6 400,800 2
Finance costs (33,900) - (58,386) -
Share of profit or loss of associates (186,148) (2) (113,394) (1)
Total non-operating income and expenses 1,455,439 15 1,119,954 7
PROFIT BEFORE INCOME TAX 204,128 2 1,556,019 10
INCOME TAX EXPENSE (Notes 4 and 27) (112,375) (1) (404,830) (3)
NET PROFIT FOR THE YEAR 91,753 1 1,151,189 7
OTHER COMPREHENSIVE INCOME AND LOSS
(Notes 23, 24 and 27)
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit plans (8,341) - 51,274 1
Unrealized gain or loss on investments in equity instruments at fair value through other
comprehensive income 319,364 3 (146,577) (1)
Share of the other comprehensive loss of associates accounted for using the equity
method (78) - - -
Income tax relating to items that will not be
reclassified subsequently to profit or loss (16,710) - 20,401 -
(Continued)
VIA TECHNOLOGIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2025 2024
Amount % Amount %
Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign | ||||
operations | $ (380,576) | (4) | $ 673,527 | 4 |
Share of the other comprehensive (loss) income of | ||||
associates | (1,398) | - | 3,765 | - |
Other comprehensive (loss) income for the year, | ||||
net of income tax | (87,739) | (1) | 602,390 | 4 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | $ 4,014 | - | $ 1,753,579 | 11 |
NET PROFIT ATTRIBUTABLE TO: | ||||
Owners of the Company | $ 69,069 | 1 | $ 1,066,978 | 7 |
Non-controlling interests | 22,684 | - | 84,211 | - |
$ 91,753 | 1 | $ 1,151,189 | 7 | |
TOTAL COMPREHENSIVE INCOME | ||||
ATTRIBUTABLE TO: | ||||
Owners of the Company | $ (47,180) | (1) | $ 1,695,151 | 11 |
Non-controlling interests | 51,194 | 1 | 58,428 | - |
$ 4,014 | - | $ 1,753,579 | 11 | |
EARNINGS PER SHARE (Note 28)
From continuing operations
Basic | $ 0.12 | $ 2.07 |
Diluted | $ 0.12 | $ 2.06 |
The accompanying notes are an integral part of the consolidated financial statements. (Concluded)
VIA TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
Equity Attributable to Owners of the Company
Other Equity Unrealized Gain
or Loss on
Retained Earnings
Exchange Differences on Translating
Financial Assets at Fair Value
Through Other Unearned
Total Equity Attributable to
Capital Collected
Unappropriated
Foreign
Comprehensive
Employee
Owners of the
Non-controlling
Share Capital | in Advance | Capital Surplus | Legal Reserve | Special Reserve | Earnings | Operations | Income | Benefits | Company | Interests | Total Equity |
$ 4,991,227 | $ 4,316 | $ 1,270,865 | $ 749,725 | $ 176,605 | $ 5,968,159 | $ 222,793 | $ (106,092) | $ (603) | $ 13,276,995 | $ 1,426,094 | $ 14,703,089 |
- | - | - | 40,038 | - | (40,038) | - | - | - | - | - | - |
- | - | - | - | 7,956 | (7,956) | - | - | - | - | - | - |
- | - | - | - | - | (50,003) | - | - | - | (50,003) | - | (50,003) |
- | - | - | - | - | 1,066,978 | - | - | - | 1,066,978 | 84,211 | 1,151,189 |
BALANCE ON JANUARY 1, 2024
Appropriation of 2023 earnings Legal reserve
Special reserve
Cash dividends distributed by the Company Net profit for the year ended December 31, 2024
Other comprehensive income and loss for the year ended December 31,
2024 - - - - - 51,997 675,000 (98,824) - 628,173 (25,783) 602,390
Total comprehensive income and loss for the year ended December 31,
2024 | - | - | - | - | - | 1,118,975 | 675,000 | (98,824) | - | 1,695,151 | 58,428 | 1,753,579 |
Issuance of ordinary shares for cash | 550,000 | - | 5,954,716 | - | - | - | - | - | - | 6,504,716 | - | 6,504,716 |
Change in capital surplus from investments in associates | - | - | 51,270 | - | - | (844) | - | - | 603 | 51,029 | - | 51,029 |
Share-based payment transaction (Note 29) | - | - | 482 | - | - | - | - | - | - | 482 | - | 482 |
Issuance of shares from exercise of employee share options | 11,733 | (2,118) | 12,651 | - | - | - | - | - | - | 22,266 | - | 22,266 |
Changes in percentage of ownership interests in the subsidiary (Note 30) | - | - | (5,152) | - | - | - | - | - | - | (5,152) | 12,210 | 7,058 |
Recognition of employee share options issued by the subsidiary (Note 29) | - | - | 197 | - | - | - | - | - | - | 197 | 157 | 354 |
Cash dividends distributed by the subsidiary | - | - | - | - | - | - | - | - | - | - | (61,375) | (61,375) |
BALANCE ON DECEMBER 31, 2024 | 5,552,960 | 2,198 | 7,285,029 | 789,763 | 184,561 | 6,988,293 | 897,793 | (204,916) | - | 21,495,681 | 1,435,514 | 22,931,195 |
Appropriation of 2024 earnings | ||||||||||||
Legal reserve - | - | - | 111,813 | - | (111,813) | - | - | - | - | - | - | |
Special reserve - | - | - | - | (57,816) | 57,816 | - | - | - | - | - | - | |
Cash dividends distributed by the Company | - | - | - | - | - | (111,120) | - | - | - | (111,120) | - | (111,120) |
Net profit for the year ended December 31, 2025 | - | - | - | - | - | 69,069 | - | - | - | 69,069 | 22,684 | 91,753 |
Other comprehensive income and loss for the year ended December 31, 2025 | - | - | - | - | - | (8,139) | (380,914) | 272,804 | - | (116,249) | 28,510 | (87,739) |
Total comprehensive income and loss for the year ended December 31, 2025 | - | - | - | - | - | 60,930 | (380,914) | 272,804 | - | (47,180) | 51,194 | 4,014 |
Change in capital surplus from investments in associates | - | - | 7,798 | - | - | - | - | - | - | 7,798 | - | 7,798 |
Issuance of shares from exercise of employee share options | 3,789 | 136 | 3,991 | - | - | - | - | - | - | 7,916 | - | 7,916 |
Changes in percentage of ownership interests in the subsidiary (Note 30) | - | - | (9,621) | - | - | - | - | - | - | (9,621) | (1,344) | (10,965) |
Recognition of employee share options issued by the subsidiary (Note 29) | - | - | 8,917 | - | - | - | - | - | - | 8,917 | 7,075 | 15,992 |
Cash dividends distributed by the subsidiary | - | - | - | - | - | - | - | - | - | - | (55,545) | (55,545) |
Changes in non-controlling interests | - | - | - | - | - | - | - | - | - | - | 4,092 | 4,092 |
BALANCE ON DECEMBER 31, 2025 | $ 5,556,749 | $ 2,334 | $ 7,296,114 | $ 901,576 | $ 126,745 | $ 6,884,106 | $ 516,879 | $ 67,888 | $ - | $ 21,352,391 | $ 1,440,986 | $ 22,793,377 |
The accompanying notes are an integral part of the consolidated financial statements.
- 9 -
VIA TECHNOLOGIES, INC. AND SUBSIDIARIES | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 | ||
(In Thousands of New Taiwan Dollars) | ||
2025 | 2024 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Profit before income tax | $ 204,128 | $ 1,556,019 |
Adjustments for: | ||
Depreciation expense | 253,463 | 240,997 |
Amortization expense | 123,545 | 119,566 |
Net gain on fair value changes of financial assets and liabilities at | ||
fair value through profit or loss | (998,078) | (158,083) |
Finance costs | 33,900 | 58,386 |
Interest income | (680,200) | (630,275) |
Dividend income | (127,843) | (24,678) |
Compensation costs of employee share options | 15,992 | 836 |
Share of profit or loss of associates | 186,148 | 113,394 |
Loss on disposal of property, plant and equipment | 256 | 444 |
Loss on changes in fair value of investment properties | 28,563 | 55,596 |
Gain on lease modification | (1,086) | (2,849) |
Changes in operating assets and liabilities | ||
Accounts receivable | (90,639) | (44,012) |
Other receivables | 16,700 | (4,621) |
Inventories | 484,117 | (43,229) |
Other current assets | 173,186 | (515,772) |
Contract liabilities | 785,766 | 4,557,837 |
Notes and accounts payable | (202,657) | 254,161 |
Other payables | (131,173) | 160,021 |
Provisions | 332,133 | (138,037) |
Other current liabilities | 2,732 | 40,257 |
Net defined benefit liabilities | 315 | 1,209 |
Other non-current liabilities | - | (1,896) |
Cash generated from operations | 409,268 | 5,595,271 |
Interest received | 696,884 | 590,382 |
Dividends received | 127,843 | 24,678 |
Interest paid | (34,200) | (57,851) |
Income tax paid | (339,967) | (343,231) |
Net cash generated from operating activities | 859,828 | 5,809,249 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of financial assets at fair value through other comprehensive | ||
income | (905,095) | (632,831) |
Purchase of financial assets at amortized cost | (1,270,270) | (4,493,126) |
Proceeds from sale of financial assets at amortized cost | 2,734,719 | 1,202,267 |
Purchase of financial assets measured at fair value through profit or | ||
loss | (3,800,847) | (2,176,451) |
Proceeds from sale of financial assets at fair value through profit or | ||
loss | 4,067,378 | 2,251,622 |
Purchase of long-term equity investments using the equity method | (203,945) | (304,909) |
(Continued) | ||
VIA TECHNOLOGIES, INC. AND SUBSIDIARIES | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 | ||
(In Thousands of New Taiwan Dollars) | ||
2025 | 2024 | |
Payments for property, plant and equipment | $ (142,452) | $ (181,608) |
Proceeds from disposal of property, plant and equipment | 204 | 602 |
Increase in refundable deposits | (2,503) | (4,871) |
Decrease in refundable deposits | 1,303 | 1,056 |
Payments for intangible assets | (257,020) | (102,269) |
Increase in other financial assets | (2,037,780) | (3,034,178) |
Dividends received from associates | 1,804 | 1,069 |
Net cash used in investing activities | (1,814,504) | (7,473,627) |
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term bills payable | 886,161 | 209,993 |
Repayments of short-term bills payable | (862,023) | - |
Proceeds from long-term borrowings | 76,467 | 750,000 |
Repayments of long-term borrowings | (660,000) | (1,440,000) |
Proceeds from guarantee deposits received | 18,986 | 15,312 |
Refund of guarantee deposits received | (25,037) | (6,300) |
Repayment of the principal portion of lease liabilities | (72,797) | (62,310) |
Distribution of cash dividends | (111,120) | (50,003) |
Proceeds from issuance of ordinary shares | - | 6,504,716 |
Proceeds from exercise of employee share options | 7,916 | 22,266 |
Partial disposal of interests in the subsidiary without a loss of control | (6,873) | 7,058 |
Dividends paid to non-controlling interests | (55,545) | (61,375) |
Net cash (used in) generated from financing activities | (803,865) | 5,889,357 |
EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE | ||
OF CASH HELD IN FOREIGN CURRENCIES | (316,186) | 493,637 |
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (2,074,727) 4,718,616
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE
YEAR 15,638,886 10,920,270
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR $ 13,564,159 $ 15,638,886
The accompanying notes are an integral part of the consolidated financial statements. (Concluded)
VIA TECHNOLOGIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)
GENERAL INFORMATION
VIA Technologies, Inc. ("VIA" or the "Company") was incorporated in September 1992, VIA Technologies, Inc. and its subsidiaries (the "Group") under the Company Law of the Republic of China to engage in the programming, designing, manufacturing and selling of semiconductors and PC chipsets.
The Company's shares have been listed on the Taiwan Stock Exchange since March 1999. In September 2024, the Company increased its share capital and issued Global Depositary Receipts (GDRs), which were listed on the Luxembourg Stock Exchange.
The consolidated financial statements are presented in the Company's financial currency, the New Taiwan dollars.
APPROVAL OF FINANCIAL STATEMENTS
The consolidated financial statements were approved by the Company's board of directors on March 11, 2026.
APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS
Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, the "IFRS Accounting Standards") endorsed and issued into effect by the Financial Supervisory Commission (FSC)
Amendments to IAS 21 "Lack of Exchangeability"
The initial application of the Amendments to IAS 21 "Lack of Exchangeability" did not have a material impact on the Group's accounting policies.
The IFRS Accounting Standards endorsed by the FSC for application starting from 2026
New, Amended and Revised Standards and Interpretations
Effective Date
Announced by IASB
Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial Instruments"
Amendments to IFRS 9 and IFRS 7 "Contracts Referencing Nature-dependent Electricity"
January 1, 2026
January 1, 2026
Annual Improvements to IFRS Accounting Standards - Volume 11 January 1, 2026
IFRS 17 "Insurance Contracts" (including the 2020 and 2021 amendments to IFRS 17)
January 1, 2023
As of the date the consolidated financial statements were authorized for issue, the Group has assessed above amended standards and interpretations will not have a material impact on the Group's financial position and financial performance.
The IFRS Accounting Standards in issue but not yet endorsed and issued into effect by the FSC
New, Amended and Revised Standards and Interpretations
Effective Date
Announced by IASB (Note 1)
Amendments to IFRS 10 and IAS 28 "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture"
To be determined by IASB
IFRS 18 "Presentation and Disclosure in Financial Statements" January 1, 2027 (Note 2)
IFRS 19 "Subsidiaries without Public Accountability: Disclosures" (including the 2025 amendments to IFRS 19)
Amendments to IAS 21 "Translation to a Hyperinflationary Presentation Currency"
January 1, 2027
January 1, 2027
Note 1: Unless stated otherwise, the above IFRS Accounting Standards are effective for annual reporting periods beginning on or after their respective effective dates.
Note 2: On September 25, 2025, the FSC announced that IFRS 18 will take effect starting from January 1, 2028. Domestic entities could elect to apply IFRS 18 for an earlier period after the endorsement of IFRS 18 by the FSC.
IFRS 18 "Presentation and Disclosure in Financial Statements" and consequential amendments IFRS 18 will supersede IAS 1 "Presentation of Financial Statements". The main changes comprise:
To classify items of income and expenses presented in the statement of profit or loss into the operating, investing, financing, income taxes and discontinued operations categories, the Group shall assess whether it has specified main business activities of investing in particular types of assets and providing financing to customers.
The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.
Provides guidance to enhance the requirements of aggregation and disaggregation: The Group shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into groups based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Group shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Group labels items as "other" only if it cannot find a more informative label.
Disclosures on Management-defined Performance Measures (MPMs): When in public communications outside financial statements and communicating to users of financial statements management's view of an aspect of the financial performance of the Group as a whole, the Group shall disclose related information about its MPMs in a single note to the financial statements, including the description of such measures, calculations, reconciliations to the subtotal or total specified by IFRS Accounting Standards and the income tax and non-controlling interests effects of related reconciliation items.
In addition, the following consequential amendments have been made to IAS 7 "Statement of Cash Flows":
The Group shall use operating profit or loss as the starting point when presenting cash flows from operating activities under the indirect method.
Interest and dividends received by the Group shall be classified as investing activities, while interest and dividends paid shall be classified as financing activities. However, if, after assessment, the Group has a specific main operating activity, it shall determine how to classify dividends received, interest received and interest paid in the statement of cash flows by referring to how it classifies dividend income, interest income and interest expense in the statement of profit or loss. The total of each of these cash flows shall be classified in a single category in the statement of cash flows.
Except for the above impact, as of the date the consolidated financial statements were authorized for issue, the Group is continuously assessing the other impacts of the above amended standards and interpretations on the Group's financial position and financial performance and will disclose the relevant impact when the assessment is completed.
SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
Statement of Compliance
The consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IFRS Accounting Standards as endorsed and issued into effect by the FSC.
Basis of Preparation
The consolidated financial statements have been prepared on the historical cost basis except for financial instruments and investment properties which are measured at fair value, and net defined benefit liabilities which are measured at the present value of the defined benefit obligation less the fair value of plan assets.
The fair value measurements, which are grouped into Levels 1 to 3 based on the degree to which the fair value measurement inputs are observable and based on the significance of the inputs to the fair value measurement in its entirety, are described as follows:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
Level 3 inputs are unobservable inputs for an asset or liability.
Classification of Current and Non-current Assets and Liabilities
Current assets include:
Assets held primarily for the purpose of trading;
Assets expected to be realized within twelve months after the reporting period; and
Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.
Current liabilities include:
Liabilities held primarily for the purpose of trading;
Liabilities due to be settled within 12 months after the reporting period, even if an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the consolidated financial statements are authorized for issue; and
Liabilities for which the Group does not have the substantial right at the end of the reporting period to defer settlement for at least 12 months after the reporting period.
Assets and liabilities that are not classified as current are classified as non-current.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (i.e., its subsidiaries). Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statement of comprehensive income from the effective dates of acquisitions up to the effective dates of disposals, as appropriate. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those of the Group. All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the interests of the Group and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Company.
See Note 12, Table 6 and Table 7 for the detailed information on subsidiaries (including percentages of ownership and main businesses).
Foreign Currencies
In the separate financial statements of each individual entity, transactions in currencies other than the entity's functional currency (i.e., foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences on monetary items arising from settlement or translation are recognized in profit or loss in the period.
Non-monetary items denominated in foreign currencies that are measured at fair value are retranslated at the rates prevailing at the date when the fair value is determined. Exchange differences arising from the retranslation of non-monetary items are included in profit or loss for the period except for exchange differences arising from the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which cases, the exchange differences are also recognized directly in other comprehensive income.
Non-monetary item determined in a foreign currency and measured at historical cost is stated at the reporting currency as originally translated from the in a foreign currency.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company's foreign operations (including subsidiaries that are prepared using functional currencies which are different from the currency of the Company) are translated into New Taiwan dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are recognized in other comprehensive income (attributed to the owners of the Company and non-controlling interests as appropriate).
On the disposal of a foreign operation (i.e., a disposal of the Company's entire interest in a foreign operation, or a disposal involving the loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.
In a partial disposal of a subsidiary that does not result in the Company losing control over the subsidiary, the proportionate share of accumulated exchange differences is re-attributed to the non-controlling interests of the subsidiary and is not recognized in profit or loss. For all other partial disposals, the proportionate share of the accumulated exchange differences recognized in other comprehensive income is reclassified to profit or loss.
Inventories
Inventories consist of raw materials, supplies, finished goods and work in progress and are stated at the lower of cost or net realizable value. Inventory write-downs are made by item, except where it may be appropriate to group similar or related items. Net realizable value is the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. Inventories are recorded at weighted-average cost on the balance sheet date.
Investments in Associates
An associate is an entity over which the Group has significant influence and which is neither a subsidiary nor an interest in a joint venture.
The Group uses the equity method to account for its investments in associates.
Under the equity method, investments in an associate is initially recognized at cost and adjusted thereafter to recognize the Group's share of the profit or loss and other comprehensive income of the associate. In addition. The Group also recognizes the changes in the share of the equity of associates.
Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets, liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and is not amortized. Any excess of the Group's share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss.
When the Company subscribes for additional new shares of an associate at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Group's proportionate interest in the associate. The Group records such a difference as an adjustment to investments, with the corresponding amount credited or charged to capital surplus - changes in capital surplus from investments in associates accounted for using the equity method. If the Group's ownership interest is reduced due to its additional subscription of the new shares of the associate, the proportionate amount of the gains or losses previously recognized in other comprehensive income in relation to that associate is reclassified to profit or loss on the same basis as would be required had the investee directly disposed of the related assets or liabilities. When the adjustment should be debited to capital surplus, but the capital surplus recognized from investments accounted for using the equity method is insufficient, the shortage is debited to retained earnings.
When the Group's share of losses of an associate equals or exceeds its interest in that associate (which includes any carrying amount of the investment accounted for using the equity method and long-term interests that, in substance, form part of the Group's net investment in the associate), the Group discontinues recognizing its share of further loss, if any. Additional losses and liabilities are recognized only to the extent that the Group has incurred legal obligations or constructive obligations or made payments on behalf of that associate.
The entire carrying amount of an investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount with its carrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.
The Group discontinues the use of the equity method from the date on which its investment ceases to be an associate. Any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate. The Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required had that associate directly disposed of the related assets or liabilities.
When the Group transacts with its associate, profits and losses resulting from the transactions with the associate are recognized in the Group's consolidated financial statements only to the extent of interests in the associate of parties that are not related to the Group.
Property, Plant and Equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment loss.
Properties, plant and equipment in the course of construction for production are measured at cost, less any recognized impairment loss. Cost includes professional fees and borrowing costs eligible for capitalization. Samples produced when testing whether an item of property, plant and equipment is functioning properly before that asset reaches its intended use are measured at the lower of cost or net realizable value, and any proceeds from selling those samples and the cost of those samples are recognized in profit or loss. Such assets are depreciated and classified to the appropriate categories of property, plant and equipment when completed and ready for their intended use.
Except for freehold land, which is not depreciated, the depreciation of property, plant and equipment is recognized using the straight-line method. Each significant part is depreciated separately. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effects of any changes in estimates accounted for on a prospective basis.
On derecognition of an item of property, plant and equipment, the difference between the sales proceeds and the carrying amount of the asset is recognized in profit or loss.
Investment Property
Investment properties are properties held to earn rentals or for capital appreciation. Investment properties also include land held for a currently undetermined future use.
Freehold investment properties are measured initially at cost, including transaction costs, and are subsequently measured using the fair value model. Changes in the fair value of investment properties are included in profit or loss for the period in which they arise.
On derecognition of an investment property, the difference between the net disposal proceeds and the carrying amount of the asset is included in profit or loss.
Intangible Assets
Intangible assets acquired separately
Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful lives, residual values, and amortization methods are reviewed at the end of each reporting period, with the effect of any changes in the estimates accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are measured at cost less accumulated impairment loss.
Derecognition of intangible assets
On derecognition of an intangible asset, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss.
Impairment of Property, Plant and Equipment, Right-of-use Asset, Intangible Assets Other Than Goodwill
At the end of each reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use asset and intangible assets, excluding goodwill, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Corporate assets are allocated to the individual cash-generating units on a reasonable and consistent basis of allocation.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the assets may be impaired.
The recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, with the resulting impairment loss recognized in profit or loss.
When an impairment loss is subsequently reversed, the carrying amount of the corresponding asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized on the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in profit or loss.
Financial Instruments
Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognized immediately in profit or loss.
Financial assets
All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.
Measurement categories
Financial assets are classified into the following categories: Financial assets at FVTPL, financial assets at amortized cost and investments in equity instruments at FVTOCI.
Financial assets at FVTPL
Financial assets are classified as at FVTPL when such financial assets are mandatorily classified as at FVTPL. Financial assets mandatorily classified or designated as at FVTPL include investments in equity instruments which are not designated as at FVTOCI and debt instruments that do not meet the amortized cost criteria or the FVTOCI criteria.
Financial assets at FVTPL are subsequently measured at fair value, and any dividends or interest earned on such financial assets are recognized in other income and interest income, respectively; any remeasurement gains or losses on such financial assets are recognized in other gains or losses. Fair value is determined in the manner described in Note 33.
Financial assets at amortized cost
Financial assets that meet the following conditions are subsequently measured at amortized cost:
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Subsequent to initial recognition, financial assets at amortized cost, including cash and cash equivalents, time deposits with original maturity more than three months, accounts receivable (including related parties) at amortized cost, other receivables, refundable deposits and other financial assets, are measured at amortized cost, which equals the gross carrying amount determined using the effective interest method less any impairment loss. Exchange differences are recognized in profit or loss.
Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset, except for:
Purchased or originated credit-impaired financial assets, for which interest income is calculated by applying the credit-adjusted effective interest rate to the amortized cost of such financial assets; and
Financial asset
that is not credit impaired on purchase or origination but has subsequently become credit impaired, for which interest income is calculated by applying the effective interest rate to the amortized cost of such financial assets in subsequent reporting periods.A financial asset is credit impaired when one or more of the following events have occurred:
Significant financial difficulty of the issuer or the borrower;
Breach of contract, such as a default;
It is becoming probable that the borrower will enter bankruptcy or undergo a financial reorganization; or
The disappearance of an active market for that financial asset because of financial difficulties.
Cash equivalents include time deposits and repurchase agreements collateralized by bonds with original maturities of within three months from the date of acquisition, which are highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These cash equivalents are held for the purpose of meeting short-term cash commitments.
Investments in equity instruments at FVTOCI
On initial recognition, the Group may make an irrevocable election to designate investments in equity instruments as at FVTOCI. Designation as at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination.
Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings.
Dividends on these investments in equity instruments are recognized in profit or loss when the Group's right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment.
Impairment of financial assets
The Group recognizes a loss allowance for expected credit losses on financial assets at amortized cost (including accounts receivable).
The Group always recognizes lifetime expected credit losses (ECLs) for accounts receivable. For all other financial instruments, the Group recognizes lifetime ECLs when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on a financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECLs.
Expected credit losses reflect the weighted average of credit losses with the respective risks of default occurring as the weights. Lifetime ECLs represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECLs represent the portion of lifetime ECLs that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
For internal credit risk management purposes, the Group considers the following situations as indication that a financial asset is in default (without taking into account any collateral held by the Group):
Internal or external information shows that the debtor is unlikely to pay its creditors.
Financial asset is more than 90 days past due unless the Group has reasonable and corroborative information to support a more lagged default criterion.
The impairment loss of all financial assets is recognized in profit or loss by a reduction in their carrying amounts through a loss allowance account.
Derecognition of financial assets
The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.
On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognized in profit or loss, and the cumulative gain or loss which had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss.
Equity instruments
Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs.
The repurchase of the Company's own equity instruments is recognized in and deducted directly from equity and its carrying amounts are calculated based on weighted average by share types and calculated separately by repurchase category. No gain or loss is recognized in profit or loss on the purchase, sale, issuance or cancellation of the Company's own equity instruments.
Financial liabilities
Subsequent measurement
Except the financial liabilities at FVTPL, all financial liabilities are measured at amortized cost using the effective interest method.
Financial liabilities at FVTPL are stated at fair value, and any remeasurement gains or losses on such financial liabilities are recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend paid and interest paid on the financial liability.
Fair value is determined in the manner described in Note 33.
Derecognition of financial liabilities
The difference between the carrying amount of a financial liability derecognized and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Derivative financial instruments
The Group enters into a variety of derivative financial instruments to manage its exposure to foreign exchange rate risks, including foreign exchange forward contracts.
Derivatives are initially recognized at fair value at the date on which the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedging relationship. When the fair value of derivative financial instrument is positive, the derivative is recognized as a financial asset; when the fair value of derivative financial instruments is negative, the derivative is recognized as a financial liability.
Provisions
Provisions are measured at the best estimate of the discounted cash flows of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
Provisions for the expected cost of warranty obligations to assure that products comply with agreed-upon specifications are recognized on the date of sale of the relevant products at the best estimate by the management of the Company of the expenditures required to settle the Group's obligations.
Revenue Recognition
The Group identifies contracts with customers, allocates the transaction price to the performance obligations and recognizes revenue when performance obligations are satisfied.
Revenue from the sale of goods
Revenue from the sale of goods comes from sales of semiconductor and computer integrated circuit products. Revenue and accounts receivable are recognized when the goods are sold and the customer assumes the right to set the price, use of the goods, the primary responsibility for reselling, and takes the obsolescence risk of the goods.
Revenue from the rendering of services
Revenue from product design and testing services is recognized when the performance obligations of services are fulfilled.
Leasing
At the inception of a contract, the Group assesses whether the contract is, or contains, a lease.
The Group as lessor
Leases are classified as finance leases whenever the terms of a lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Lease payments (less any lease incentives payable) from operating leases are recognized as income on a straight-line basis over the terms of the relevant leases. Initial direct costs incurred in obtaining operating leases are added to the carrying amounts of the underlying assets and recognized as expenses on a straight-line basis over the lease terms.
Variable lease payments that do not depend on an index or a rate are recognized as income in the periods in which they are incurred.
The Group as lessee
The Group recognizes right-of-use assets and lease liabilities for all leases at the commencement date of a lease, except for short-term leases and low-value asset leases accounted for applying a recognition exemption where lease payments are recognized as expenses on a straight-line basis over the lease terms.
Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs needed to restore the underlying assets, and less any lease incentives received. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented on a separate line in the consolidated balance sheets.
Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms.
Lease liabilities are initially measured at the present value of the lease payments, which comprise fixed payments, in-substance fixed payments, variable lease payments which depend on an index or a rate, residual value guarantees, the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and payments of penalties for terminating a lease if the lease term reflects such termination, less any lease incentives receivable. The lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee's uses its incremental borrowing rate will be used.
Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term, or a change in future lease payments resulting from a change in an index or a rate used to determine those payments, the Group remeasures the lease liabilities with a corresponding adjustment to the right-of-use assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. Lease liabilities are presented on a separate line in the consolidated balance sheets.
Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in which they are incurred.
Employee Benefits
Short-term employee benefits
Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related services.
Retirement benefits
Payments to defined contribution retirement benefit plans are recognized as an expenses when employees have rendered services entitling them to the contributions.
Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the projected unit credit method. Service cost (including current service cost and net interest on the net defined benefit liabilities (assets) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.
Net defined benefit liabilities (assets) represents the actual deficit (surplus) in the Group's defined benefit plan. Any surplus resulting from this calculation is limited to the present value of any refunds from the plans or reductions in future contributions to the plans.
Other long-term employee benefits
Other long-term employee benefits are accounted for in the same way as the accounting required for defined benefit plans except that remeasurement is recognized in profit or loss.
Termination benefits
A liability for a termination benefit is recognized at the earlier of when the Group can no longer withdraw the offer of the termination benefit and when the Group recognizes any related restructuring costs.
Share-based Payment Arrangements
The fair value at the grant date of the equity-settled share-based payments for employees is expensed on a straight-line basis over the vesting period, based on the Group's best estimates of the number of shares or options that are expected to ultimately vest, with a corresponding increase in capital surplus - share-based payment. The expense is recognized in full at the grant date if the grants are vested immediately.
At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates is recognized in profit or loss such that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital surplus -share-based payment.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Income tax payable (recoverable) is based on taxable profit (loss) for the year determined according to the applicable tax laws of each tax jurisdiction.
According to the Income Tax Act in the ROC, an additional tax on unappropriated earnings is provided for in the year the shareholders approve to retain earnings.
Adjustments of prior years' tax liabilities are added to or deducted from the current year's tax provision.
Deferred tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, unused loss carryforwards and unused tax credits for purchases of machinery, equipment and technology, research and development expenditures, and personnel training expenditures to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are recognized only to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. A previously unrecognized deferred tax asset is also reviewed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liabilities are settled or the assets are realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current tax and deferred tax for the year
Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity; in which case, the current and deferred taxes are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Group's accounting policies, management is required to make judgments, estimations and assumptions on the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
When developing material accounting estimates, the Group considers the possible impact of US reciprocal tariffs on the cash flow projection, growth rates, discount rates, profitability and other relevant material estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
Key Sources of Estimation Uncertainty
Fair value measurements and valuation processes on investment properties
If the Group's investment properties measured at fair value have no quoted prices in active markets, the Group will determine whether to engage third party qualified appraisers and the appropriate valuation techniques for the fair value measurements.
If Level 1 inputs are not available, the Group or engaged appraisers will determine appropriate inputs by referring to the existing lease contracts and rentals of similar properties in the vicinity of the Group's investment properties. If the actual changes of inputs in the future differ from expectation, the fair value may vary accordingly. The Group updates inputs every quarter to confirm the appropriateness of the fair value measurement.
Information on the valuation techniques and inputs used in determining the fair value of investment properties is disclosed in Note 16.
Write-down of inventory
Inventories are measured at the lower of cost or net realizable value. Judgment and estimation are applied in the determination of net realizable value at the end of reporting period. Inventories are usually written down to net realizable value item by item if those inventories are damaged, have become wholly or partially obsolete, or if their selling prices have declined.
Net realizable value of inventory is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The estimation of net realizable value was based on current market conditions and the historical experience of selling products of a similar nature. Changes in market conditions may have a material impact on the estimation of net realizable value.
CASH AND CASH EQUIVALENTS
December 31
2025
2024
Cash on hand
$ 929
$ 1,176
Checking accounts and demand deposits
Cash equivalents (investments with original maturities of less than
6,570,745
6,171,840
three months)
Time deposits
6,892,485
9,239,864
Repurchase agreements collateralized by bonds
100,000
226,006
$ 13,564,159
$ 15,638,886
The market rate intervals of cash equivalents at the end of the reporting period were as follows:
December 31
2025
2024
Time deposits
1.60%-4.20%
1.50%-4.95%
Repurchase agreements collateralized by bonds
1.55%
1.02%-1.50%
FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL)
December 31
2025 2024
Financial assets at FVTPL - current
Financial assets classified as at FVTPL Non-derivative financial assets
Domestic listed shares
$ 619,921
$ 338,169
Overseas listed shares
12
28
$ 619,933
$ 338,197
Financial assets at FVTPL - non-current
Financial assets mandatorily classified as at FVTPL
Non-derivative financial assets
Domestic unlisted shares
$ 101,253
$ 48,653
Overseas unlisted shares
2,138,026
1,496,396
Domestic private convertible bonds
-
414,447
Overseas private convertible bonds
10,477
16,393
Overseas unlisted equity investments
180,925
38,229
$ 2,430,681
$ 2,014,118
Financial liabilities at FVTPL - current
Financial liabilities classified as at FVTPL
Derivative financial liabilities (not under hedge accounting)
Foreign exchange forward contracts $ - $ 995
At the end of the year, outstanding foreign exchange contacts not under hedge accounting were as follows: December 31, 2025: None
December 31, 2024
December 31, 2024
Amount Maturity Date
Rate of Exchange
Buy forward foreign exchange (USD:NTD) US$ 11,000 2025.01.03 $32.68-$32.69
The Group held derivative financial instruments for trading purpose and earned profit from foreign exchange rate fluctuation.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (FVTOCI)
December 31
2025 2024
Non-current
Investments in equity instruments at FVTOCI
Overseas unlisted shares $ 96,724 $ 123,867
Overseas unlisted equity investments 3,101,796 1,850,194
$ 3,198,520 $ 1,974,061
These investments in equity instruments are not held for trading. Instead, they are held for medium to long-term strategic purposes. Accordingly, the management elected to designate these investments in equity instruments as at FVTOCI as they believe that recognizing short-term fluctuations in these investments' fair value in profit or loss would not be consistent with the Group's strategy of holding these investments for long-term purposes.
In accordance with the Q&A issued by the FSC, for the overseas unlisted equity in the limited partnership held before June 30, 2023 in which the investment contract stipulates that the limited partnership has a limited duration and whether the duration can be extended is subject to the resolution of partners in the partners' meeting, the Group elected not to retrospectively apply the Q&A "Classification of Investments in a Limited Partnership" issued by the Accounting Research and Development Foundation (ARDF), and therefore the abovementioned investments are still classified as investments in equity instruments at FVTOCI.
FINANCIAL ASSETS AT AMORTIZED COST
December 31
2025
2024
Current
Time deposits with original maturities of more than 3 months
$ 2,167,236
$ 3,661,985
Non-current
Corporate bonds
$ 292,528
$ 262,464
The market intervals of time deposits with original maturities of more than 3 months in the bank at the end of the year were as follows:
December 31
2025 2024
Time deposits with original maturities of more than 3 months 1.69%-3.96% 1.54%-4.80%
As of December 31, 2025 and 2024, the Group held a repurchase agreements with corporate bonds measured at amortized cost, at face value of NT$290,000 thousand and $260,000 thousand, respectively. The coupon rate were 3.70%-3.80% and 3.70%, respectively. The effective interest rate were 3.58% to 3.68% and 3.58%, respectively.
The Group invests only in debt instruments that are rated the equivalent of investment grade or higher and have low credit risk for the purpose of impairment assessment. The credit rating information is supplied by independent rating agencies. The Group's exposure and the external credit ratings are continuously monitored. The Group reviews changes in bond yields and other publicly available information and makes an assessment whether there has been a significant increase in credit risk since initial recognition. As of December 31, 2025, the Group has assessed that there are no expected credit losses for the aforementioned debt instruments.
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
December 31
2025 | 2024 | |
At amortized cost | ||
Accounts receivable | ||
Accounts receivable | $ 554,469 | $ 475,171 |
Accounts receivable - related parties | 12,347 | 1,241 |
Less: Allowance for impairment loss | (19,130) | (19,365) |
$ 547,686 | $ 457,047 | |
Other receivables | ||
Other receivables - related parties | $ 155 | $ 1,432 |
Interest receivable | 66,369 | 82,817 |
Others | 33,811 | 49,234 |
$ 100,335 $ 133,483
Receivables
The average credit period of sales of goods was 60 to 90 days. In determining the recoverability of receivables, the Group considers any changes in the credit quality of the receivable from the date the credit was initially granted to the end of the reporting period. The Group adopted a policy of only dealing with entities that have good credit rating and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Credit rating information is obtained from publicly available financial information or the Group's own trading records to rate its major customers. The Group's exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties.
Before accepting any new customer, the Group evaluates the potential customer's credit quality and defines the credit limits and ratings of the customers. Customer credit limits and ratings are reviewed annually, and accounts receivable that have not experienced actual impairment are classified as the best credit rating.
The Group measures the loss allowance for trade receivables at an amount equal to ECLs. The expected credit losses on trade receivables are estimated using a provision matrix prepared by reference to the past default experience of the customer's current financial position, economic conditions of the industry in which the customer operates as well as the GDP forecasts and industry outlook. As the Group's historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished according to the Group's different customer base.
The Group writes off accounts receivable when there is evidence indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. For accounts receivable that have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.
The following table details the loss allowance of accounts receivable (including related parties) based on the Group's provision matrix.
December 31, 2025 | |||||
Not Past Due | Less than 60 Days | 61 to 90 Days | Over 90 Days | Total | |
Expected credit loss rate | 0.50%-10% | 10%-30% | 30%-50% | 100% | |
Gross carrying amount Loss allowance (Lifetime | $ 519,926 | $ 44,374 | $ 183 | $ 2,333 | $ 566,816 |
ECLs) | (7,393) | (9,313) | (91) | (2,333) | (19,130) |
Amortized cost | $ 512,533 | $ 35,061 | $ 92 | $ - | $ 547,686 |
December 31, 2024 | |||||
Not Past Due | Less than 60 Days | 61 to 90 Days | Over 90 Days | Total | |
Expected credit loss rate | 0.50%-10% | 10%-30% | 30%-50% | 100% | |
Gross carrying amount Loss allowance (Lifetime | $ 456,694 | $ 18,982 | $ 139 | $ 597 | $ 476,412 |
ECLs) | (13,004) | (5,695) | (69) | (597) | (19,365) |
Amortized cost | $ 443,690 | $ 13,287 | $ 70 | $ - | $ 457,047 |
The above aging schedule was based on the past due days.
The movements of the loss allowance of accounts receivable (including related parties) were as follows:
For the Year Ended December 31
2025 | 2024 | ||
Balance, beginning of year | $ 19,365 | $ 19,004 | |
Foreign exchange gains and losses | (235) | 361 | |
Balance, end of year | $ 19,130 | $ 19,365 | |
11. | INVENTORIES | ||
December 31 | |||
2025 | 2024 | ||
Merchandise | $ 115,560 | $ 136,803 | |
Finished goods | 269,843 | 523,492 | |
Work in progress | 873,593 | 913,586 | |
Raw materials | 650,533 | 819,765 | |
$ 1,909,529 | $ 2,393,646 | ||
The cost of inventories recognized as cost of goods sold for the year ended December 31, 2025 were
$155,217 thousand and $3,059 thousand, respectively, due to the devaluation and obsolescence of inventories. and loss on physical inventory.
The cost of inventories recognized as cost of goods sold for the year ended December 31, 2024 were
$47,290 thousand and $749 thousand, respectively, due to the devaluation and obsolescence of inventories. and loss on physical inventory.
SUBSIDIARIES
Subsidiaries included in the consolidated financial statements
The consolidated entities as of December 31, 2025 and 2024 were as follows:
% of Ownership
December 31
Investor Investee Main Businesses 2025 2024 Remark
VIA Technologies, Inc.
VIABASE CO., LTD
International investment
100.00
100.00
VIATECH CO., LTD
International investment
100.00
100.00
TUNGBASE TECHNOLOGIES LTD.
International investment
-
100.00
9)
VIA AI Auto, Co., Ltd
International investment
100.00
-
9)
VIA Innoverse Inc.
Manufacturing and selling of communication
100.00
100.00
and electronic parts
Vate Technology Co., Ltd.
Integrated circuit chip testing and packaging
66.28
66.28
services
VIA Intelligent Automotive, Inc.
Manufacturing and selling of electronic parts
100.00
100.00
VIA Labs, Inc.
Manufacturing and selling of electronic parts,
55.76
55.67
1), 2)
wholesale of materials, information software processing services
VIA Next Technologies, Inc.
Manufacturing electronic parts and information
100.00
100.00
software processing services
Brillify Tech Inc.
Manufacturing and selling of electronic parts,
100.00
-
5)
wholesale of materials, and information
software processing services
VIA Labs, Inc.
VIA Labs USA, Inc.
Contract testing and sales marketing support
100.00
100.00
VIA Labs (Shenzhen) Co., Ltd.
Integrated circuit chip testing and technical
100.00
100.00
support
VIA Labs (Beijing), Inc.
Integrated circuit chip testing and technical
99.00
99.00
HuiLink Technologies (Xiamen) CO., Ltd.
support
Integrated circuit chip testing and technical support
55.00 55.00 3)
VIA Labs (Shenzhen) Co., Ltd.
VIA Labs (Beijing), Inc. Integrated circuit chip testing and technical support
1.00 1.00
VIA Next Technologies, Inc.
VIA Next Technologies (Shanghai) Co., Ltd.
Manufacturing electronic parts and information software processing services
100.00 100.00
VNCHIP TECHNOLOGIES PTE. LTD. IC design and technology development services,
manufacture and sales.
100.00 100.00 4)
VNCHIP TECHNOLOGIES, INC.
IC design and technology development services,
100.00
-
6)
manufacture and sales.
Brillify Tech Inc.
Brillify Tech Gmbh
Manufacturing electronic parts wholesale of materials, and information software
100.00
-
10)
processing services
VIA AI Auto CO., LTD.
TUNGBASE TECHNOLOGIES LTD.
International investment
100.00
-
9)
VIATECH CO., LTD.
VIA TECHNOLOGIES (HK) INC. LTD.
International investment
100.00
100.00
VIABASE CO., LTD.
IP-FIRST LLC
Designing and manufacturing of CPU and licensing of microprocessor-related
100.00
100.00
intellectual property
VIA USA, Inc.
International investment
100.00
100.00
VIA Japan K.K.
Manufacturing, researching, developing and
100.00
100.00
selling of integrated circuits and other semiconductor devices.
T.C. Connection Corporation
International investment
100.00
100.00
TECHBASE CO., LTD
International investment
100.00
100.00
VIA CPU Platform Co., Ltd.
1. International investment
100.00
100.00
2. Selling of PC chipsets
TUNGBASE TECHNOLOGIES
VIA AI Auto, Inc.
Intelligent Automotive Solutions and technology development services,
100.00
-
11)
LTD.
manufacture and sales
VIA USA, Inc.
VIA Technologies, Inc.
Selling and designing PC chipsets
100.00
100.00
VIA Cyrix, Inc.
Designing, manufacturing and selling of CPU
100.00
100.00
VIA CPU Platform Inc.
Selling and designing PC chipsets
100.00
100.00
VIA TECHNOLOGIES
VIA Technologies (Shenzhen) Co., Ltd.
Selling of CPU and PC chipset
100.00
100.00
(HK) INC. LTD.
VIA Technologies (China) Co., Ltd.
Selling of CPU and PC chipset
100.00
100.00
VIA Technologies
HuiLink Technologies (Xiamen) Co., Ltd.
Integrated circuit chip testing and technical
45.00
45.00
3)
(Shenzhen) Co., Ltd. VIA Technologies
Beijing VIA YongHong Property Co.,
support
Property management
100.00
100.00
(China) Co., Ltd.
Ltd.
VIA Innoveres (GX) Co., Ltd.
Educational Smart Products Services and Sales
80.00
-
7)
TECHBASE CO., LTD.
S3 Graphics (HK) Limited
International investment
100.00
100.00
S3 Graphics, Inc.
Selling and designing PC chipsets
-
100.00
8)
(Continued)
% of Ownership
December 31
Investor Investee Main Businesses 2025 2024 Remark
S3 Graphics (HK) Limited
VIA Technologies (Shanghai) Co., Ltd. Selling of graphics chipset 100.00 100.00
VIA Technologies
VIA CPU Platform (Shanghai) Co., Ltd.
Manufacturing, researching, developing and
100.00
100.00
(Shanghai) Co., Ltd.
selling integrated circuit chips
VIA CPU Platform Co.,
Centaur Technology, Inc.
Designing, manufacturing and selling of CPU
100.00
100.00
Ltd. VIA CPU Platform (HK) Limited
Contract technical service support of CPU
100.00
100.00
VIA CPU Platform Trading (HK) Limited
Selling and manufacturing of CPU
100.00
100.00
(Concluded)
Remark:
For the years ended December 31, 2025 and 2024, VLI employees exercised share options, and the Company acquired 159 thousand common shares of VLI for $13,895 thousand in cash in April 2025. Please refer to Notes 29 and 30 for the changes in shareholdings.
Subsidiaries that have material non-controlling interests.
VIA Labs, Inc. and VIA Technologies (Shenzhen) Co., Ltd. invested RMB20,350 thousand and RMB16,650 thousand, respectively, in March 2024, and established HuiLink Technologies (Xiamen) Co., Ltd. with a 55% and 45% shareholding, respectively.
VIA Next Technologies, Inc. invested SGD200 thousand in August 2024 and established VNCHIP TECHNOLOGIES PTE. LTD. with a 100% shareholding.
VIA Technologies, Inc. invested $5,000 thousand in March 2025 and established Brillify Tech Inc. with a 100% shareholding, and in November of the same year, a capital increase was effected through a cash issuance, in which VIA Technologies, Inc. subscribed in proportion to its shareholding, recognizing an investment amount of $395,000 thousand.
VIA Next Technologies, Inc. invested US$50 thousand in July 2025 and established VNCHIP TECHNOLOGIES, INC. with a 100% shareholding.
VIA Innoveres (GX) Co., Ltd. was established in December 2024. In February 2025, VIA Technologies (China) Co., Ltd. invested RMB4,000 thousand with a 80% shareholding.
The liquidation of S3 Graphics, Inc. was completed in March 2025.
VIA Technologies, Inc. invested US$50 thousand in July 2025 and established VIA AI Auto, Co., Ltd. In the same month, the Company completed a reorganization of the investment structure of TUNGBASE TECHNOLOGIES LTD. The investment holding was transferred from VIA Technologies, Inc. to VIA AI Auto, Co., Ltd. in July 2025.
Brillify Tech, Inc. invested EUR25 thousand in August 2025 and established Brillify Tech Gmbh with a 100% shareholding.
TUNGBASE TECHNOLOGIES LTD. invested US$50 thousand in July 2025 and established VIA AI Auto, Inc. with a 100% shareholding.
The financial statements of all the aforementioned subsidiaries underwent auditing. In addition, significant transactions between and among the companies have been eliminated in the consolidated financial statements.
Subsidiaries excluded from consolidated financial statements: None.
Details of subsidiaries that have material non-controlling interests:
Proportion of Ownership and Voting Rights Held by
Non-controlling Interests
December 31 Name of Subsidiary Principal Place of Business 2025 2024
VIA Labs, Inc. Taiwan 44.24% 44.33%
Profit Allocated to Accumulated Non-controlling
Non-controlling Interests Interests
For the Year Ended December 31 December 31 Name of Subsidiary 2025 2024 2025 2024
VIA Labs, Inc. $ 34,359 $ 69,526 $ 1,268,451 $ 1,255,747
Summarized financial information in respect of each of the Group's subsidiaries that have material non-controlling interests is set out below. The summarized financial information below represents amounts before intragroup eliminations.
VIA Labs, Inc. and its subsidiaries
December 31
2025
2024
Current assets
$ 1,568,170
$ 1,978,392
Non-current assets
2,309,565
1,809,819
Current liabilities
(855,575)
(855,645)
Non-current liabilities
(108,885)
(28,971)
Equity
$ 2,913,275
$ 2,903,595
Equity attributable to:
Owners of VIA
$ 1,644,824
$ 1,647,848
Non-controlling interests of VIA Labs, Inc.
1,268,451
1,255,747
$ 2,913,275
$ 2,903,595
For the Year End 2025
ed December 31
2024
Revenue
$ 1,550,110
$ 1,700,310
Profit for the year
$ 54,786
$ 152,235
Other comprehensive income (loss) for the year
61,704
(44,884)
Total comprehensive income for the year
$ 116,490
$ 107,351
(Continued)
For the Year Ended December 31
2025
2024
Profit attributable to: Owners of VIA
$ 20,427
$ 82,709
Non-controlling interests of VIA Labs, Inc.
34,359
69,526
$ 54,786
$ 152,235
Total comprehensive income attributable to: Owners of VIA
$ 53,971
$ 59,031
Non-controlling interests of VIA Labs, Inc.
62,519
48,320
$ 116,490
$ 107,351
Cash outflow from: Operating activities
$ 75,337
$ 434,222
Investing activities
(251,205)
(750,098)
Financing activities
(36,643)
135,915
Effects of exchange rate change on the balance of cash held in
foreign currencies
(6,745)
8,035
Net cash outflow
$ (219,256)
$ (171,926)
Dividends paid to non-controlling interests of: VIA Labs, Inc.
$ 55,545
$ 61,375
(Concluded)
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
December 31
2025
2024
Investment in associates
$ 589,829
$ 567,514
Investments in Associates
December 31
2025
2024
Associates that are not individually material
VIA Telecom Co., Ltd.
$ 66,906
$ 71,021
Intumit Inc.
39,001
27,828
iDOT Computers, Inc.
-
-
Catchplay Media Holdings Ltd.
-
-
Shengchuang Intelligent Education (Shandong) Co., Ltd.
21,019
18,115
HLJ technology Co., Ltd.
459,035
450,550
VIA Innoveres (CQ) Co., Ltd.
3,868
-
$ 589,829
$ 567,514
Refer to Table 6 "Information on Investees" and Table 7 "Information on Investments in Mainland China" for the nature of activities, principal place of business and country of incorporation of the associate.
Investments in associates are accounted for using the equity method.
Aggregate information of the not individually material associate is set out below:
For the Year Ended December 31
2025
2024
The Group's share of: Net loss for the year
$ (186,148)
$ (113,394)
Other comprehensive income or loss
(1,476)
3,765
Total comprehensive loss for the year
$ (187,624)
$ (109,629)
In February 2024, Intumit Inc. underwent a capital increase, with the Group's investment amounting to
$4,909 thousand.
The Group subscribed the private equity for 18,190 and 30,000 thousand shares of common stock in HLJ Technology Co., Ltd. through a private placement in October, 2025 and March, 2024, respectively, for
$200,090 and $300,000 thousand in cash, resulting in a 47.76% and 36.03% ownership, respectively. According to the Securities and Exchange Act, the private placement shares cannot be transferred for three years. HLJ Technology Co., Ltd applied to the Financial Supervisory Commission in January 2026 and obtained approval to withdraw its public issuance.
The Group invested RMB900 thousand in July 2025 and established VIA Innoverse (CQ) Co., Ltd. with a 30% shareholding.
The Group discontinued its financial support to iDOT Computers, Inc. and Catchplay Media Holdings Ltd in 2025 and 2024, and consequently, discontinued recognition of its share of losses of those associates. The Group's share of loss of its associates is limited to its interest in these associates. The amounts of unrecognized share of loss of those associates in 2025 and 2024, both for the reporting periods and cumulatively, were as follows:
For the Year Ended December 31
2025
2024
Unrecognized share of losses of associates for the year
$ (4,611)
$ (5,066)
Accumulated unrecognized share of losses of associates
$ (30,313)
$ (25,702)
Except for Intumit Inc., Catchplay Media Holdings Ltd., Shengchuang Intelligent Education (Shandong) Co., Ltd. and VIA Innoveres (CQ) Co., Ltd. in 2025 and 2024, the investments were accounted for using the equity method and the share of profit or loss and other comprehensive income of those investments were calculated based on financial statements which have been audited. The management believes the financial statements of Intumit Inc., Catchplay Media Holdings Ltd., Shengchuang Intelligent Education (Shandong) Co., Ltd. and VIA Innoveres (CQ) Co., Ltd.in 2025 and 2024 which have not been audited did not have material impact on the Group's consolidated financial statements.
PROPERTY, PLANT AND EQUIPMENT
December 31
2025
2024
Assets used by the Group
$ 1,961,739
$ 1,982,199
Assets leased under operating leases
18,615
19,413
$ 1,980,354
$ 2,001,612
a.
Assets used by the Group
Buildings and
Machinery and
Instrument
Property in
Land
Improvements
Equipment
Equipment
Others
Construction
Total
Cost
Balance on January 1, 2025
$ 865,123
$ 1,490,048
$ 777,124
$ 342,966
$ 764,356
$ 234
$ 4,239,851
Additions
-
3,011
63,158
4,612
61,801
30,878
163,460
Disposal
-
-
(24,751)
(12,854)
(3,495)
-
(41,100)
Reclassification
-
-
27,599
-
399
(27,998)
-
Effect of foreign currency exchange differences
-
(11,005)
50
(4,299)
(10,616)
375
(25,495)
Balance on December 31, 2025
$ 865,123
$ 1,482,054
$ 843,180
$ 330,425
$ 812,445
$ 3,489
$ 4,336,716
Accumulated depreciation and impairment
Balance on January 1, 2025
$ - $ 731,139
$ 594,828 $ 287,458 $ 644,227 $ - $ 2,257,652
Depreciation expenses
- 28,877
59,520 23,526 67,697 - 179,620
Disposal
- -
(24,601) (12,853) (3,186) - (40,640)
Effect of foreign currency exchange differences
- (6,878)
(1,167) (4,817) (8,793) - (21,655)
Balance on December 31, 2025
-
$ 753,138
$ 628,580
$ 293,314
$ 699,945
-
$ 2,374,977
Carrying amount on December 31, 2025
$ 865,123
$ 728,916
$ 214,600
$ 37,111
$ 112,500
$ 3,489
$ 1,961,739
Cost
Balance on January 1, 2024
$ 865,123
$ 1,442,546
$ 702,695
$ 334,139
$ 750,072
$ 5,175
$ 4,099,750
Additions
-
19,728
59,831
9,532
85,417
2,221
176,729
Disposal
-
(923)
(18,531)
(3,504)
(92,989)
-
(115,947)
Reclassification
-
-
32,264
-
187
(7,162)
25,289
Effect of foreign currency exchange differences
-
28,697
865
2,799
21,669
-
54,030
Balance on December 31, 2024
$ 865,123
$ 1,490,048
$ 777,124
$ 342,966
$ 764,356
234
$ 4,239,851
Accumulated depreciation and impairment
Balance on January 1, 2024
$ -
$ 695,516
$ 547,079
$ 261,517
$ 647,642
$ -
$ 2,151,754
Depreciation expenses
-
26,326
48,520
26,857
69,244
-
170,947
Disposal
-
(923)
(18,471)
(3,130)
(92,377)
-
(114,901)
Reclassification
-
-
18,179
-
-
-
18,179
Effect of foreign currency exchange differences
-
10,220
(479)
2,214
19,718
-
31,673
Balance on December 31, 2024
-
$ 731,139
$ 594,828
$ 287,458
$ 644,227
-
$ 2,257,652
Carrying amount on December 31, 2024
$ 865,123
$ 758,909
$ 182,296
$ 55,508
$ 120,129
234
$ 1,982,199
$ $
$
$ $
$
The above items of property, plant and equipment are depreciated on a straight-line basis over the estimated useful life as follows:
Buildings and improvements 5-55 years
Machinery and equipment 3-8 years
Instrument equipment 3-5 years
Others 2-8 years
The major component parts of the buildings held by the Group included plant structures and power supplies, etc., which are depreciated over their estimated useful lives of 50 to 55 years and 5 years, respectively.
The Group reclassified right-of-use assets to property, plant, and equipment in the amount of $7,110 thousand for the year ended December 31, 2024.
Assets leased under operating leases
For the Year Ended December 31
2025
2024
Buildings
Cost
Balance, beginning and end of year
$ 68,356
$ 68,356
Accumulated depreciation
Balance, beginning of year
$ 48,943
$ 48,042
Depreciation expenses
798
901
Balance, end of year
$ 49,741
$ 48,943
Carrying amount, beginning of year
$ 19,413
$ 20,314
Carrying amount, end of year
$ 18,615
$ 19,413
Operating leases relate to leases of buildings and improvements with lease terms of 10 years. The lessees do not have bargain purchase options to acquire the assets at the expiry of the lease periods.
The maturity analysis of lease payments receivable under operating lease payments was as follows:
December 31
2025
2024
Year 1
$ 6,240
$ 6,240
Year 2
6,240
6,240
Year 3
6,240
6,240
Year 4
260
6,240
Year 5
-
260
Year 6 onwards
-
-
$ 18,980
$ 25,220
The above items of property, plant and equipment leased under operating leases are depreciated on a straight-line basis over their estimated useful lives as follows:
Buildings and improvements
Plant structures 50 years
Power supplies 25 years
Engineering systems 5 years
There were no capitalized interests for the years 2025 and 2024.
Refer to Note 35 for the carrying amount of property, plant and equipment pledged as collateral.
The land and building rented to third parties were classified as investment properties, refer to Note 16.
LEASE ARRANGEMENTS
Right-of-use assets
December 31
2025 2024
Carrying amount
Land $ 98,312 $ 104,640
Buildings 81,232 110,738
Machinery 2,218 6,552
$ 181,762 $ 221,930
As of December 31, 2025 and 2024, the right-of-use assets - lands are land use rights located in mainland China and leasehold land in Hsinchu Science Park.
For the Year Ended December 31
2025
2024
Additions to right-of-use assets
$ 38,834
$ 15,052
Depreciation charge for right-of-use assets
Land
$ 4,901
$ 4,969
Buildings
63,810
62,024
Machinery
4,334
2,156
$ 73,045 $ 69,149
Except for the aforementioned addition and recognized depreciation, the Group did not have significant sublease or impairment of right-of-use assets during the years ended December 31, 2025 and 2024.
Lease liabilities
December 31
2025
2024
Carrying amount
Current
$ 56,197
$ 70,482
Non-current
$ 67,428
$ 93,065
Range of discount rates for lease liabilities was as follows:
December 31
2025
2024
Land
1.70%
1.70%
Buildings
1.60%-8.00%
1.60%-8.00%
Machinery
1.70%-3.22%
1.70%-3.22%
Material leasing activities and terms
The Group leases certain buildings for use as offices with lease terms of 1 to 20 years. The Group does not have bargain purchase options to acquire the leasehold buildings at the end of the lease terms. In addition, the Group is prohibited from subleasing or transferring all or any portion of the underlying assets without the lessor's consent.
Other lease information
Lease arrangements under operating leases for the leasing of investment properties and freehold property, plant and equipment are set out in Notes 14 and 16.
For the Year Ended December 31
2025
2024
Expenses relating to short-term leases
$ 10,607
$ 4,941
Expenses relating to low-value asset leases
$ 7,534
$ 2,177
Total cash outflow for leases
$ 97,775
$ 78,727
The Group leases certain office equipment assets which qualify as short-term leases and low-value asset leases. The Group has elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases.
INVESTMENT PROPERTIES
For the Year Ended December 31
2025 | 2024 | |
Balance, beginning of year | $ 1,857,614 | $ 1,831,972 |
Loss on changes in fair value of investment properties | (28,563) | (55,596) |
Effect of foreign currency exchange differences | (31,571) | 81,238 |
Balance, end of year | $ 1,797,480 | $ 1,857,614 |
The investment properties were leased out for 1 to 10 years. All lease contracts contain market review clauses applicable to contract renewals. The lessees do not have a bargain purchase option to acquire the investment properties at the expiry of the lease periods.
The maturity analysis of lease payments receivable under operating leases of investment properties at December 31, 2025 and 2024 was as follows:
December 31
2025 | 2024 | |
Year 1 | $ 139,029 | $ 128,745 |
Year 2 | 79,622 | 45,920 |
Year 3 | 38,182 | 19,478 |
Year 4 | - | - |
Year 5 | - | - |
Year 6 onwards | - | - |
$ 256,833 | $ 194,143 |
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VIA Technologies Inc. published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 20, 2026 at 03:21 UTC.
