Lasertec Corporation (6920) announced its consolidated financial results for the first quarter of the fiscal year ending June 30, 2025 (July 1-September 30, 2024). Sales declined 22.3% YoY to 36,737 million yen, but the company posted a 54.9% increase in operating income to 15,922 million yen, a 16.5% increase in ordinary income to 12,728 million yen, and a 16.0% increase in net income attributable to shareholders of the parent company to 8,930 million yen.
The decline in sales was mainly due to a 38.5% y-o-y decline in sales of semiconductor-related equipment to 25,681 million yen, while other sales rose 606.6% to 1,095 million yen and the service division also posted significant growth, rising 85.6% to 9,960 million yen. The services segment, in particular, recorded a record quarterly high.
Total assets declined 10,024 million yen from the end of the previous year to 261,263 million yen, and net assets fell to 151,452 million yen, but the equity ratio remained solid at 55.1%. Cash and cash equivalents decreased 7,496 million yen to 30,655 million yen. In terms of cash flow, operating activities used net cash of 1,200 million yen, investing activities used 306 million yen, and financing activities used net cash of 4,165 million yen.
With regard to the business environment, the semiconductor industry was also reviewing its investment plans related to the expansion of manufacturing capacity for advanced semiconductors amid ongoing concerns about geopolitical risks in the global economy and a slowdown in the economy due to monetary tightening. While HBM-related investments for generation AI remained strong, investments in power semiconductor-related areas appeared to be pausing due to the slowdown in the EV market.
Supplementary materials for financial results were prepared and a financial results briefing for institutional investors and analysts was also held to provide a detailed explanation of the company’s performance. For the full year ending June 30, 2025, the company expects continued strong growth with net sales of 240 billion yen (+12.4% YoY), operating income of 104 billion yen (+27.8% YoY), and net income of 74 billion yen (+25.3% YoY).
Furthermore, the company has indicated that it will discontinue disclosing quarterly orders and order backlogs beginning in FY6/2025, and will focus on medium- and long-term growth trends. This is in response to the company’s judgment that short-term fluctuations will reduce the usefulness of its corporate valuation, and in response to requests from shareholders to limit short-term share price volatility.
R&D and capital expenditures are progressing as planned, especially the development of the next generation SICA108 with a new optical system. The company has also been recognized for its technological prowess, including receiving the Outstanding Supplier Award from Rhodes for the first time.
In general, despite the decline in sales, Lasertec has achieved increases in operating income and net income, showing that the company is steadily pursuing its strategy for future growth while maintaining a solid financial position.
