The strong YoY revenue and profit recovery is overshadowed by massive dilution from the rights offering and thin operating cash flow. Monitor Q2 for sustained copper price trends and public-sector order execution; the 84% controlling stake limits float and liquidity. The 20-F risk factors suggest margin pressure from tariffs and raw material volatility — watch for any guidance updates in the next 6-K.
Price Chart
Executive Summary
APWC reported Q1 2026 revenue of $130.8M (+30% YoY) and EPS of $0.05 (up from -$0.07 YoY), driven by copper price tailwinds and strong Thailand public-sector orders. However, operating cash flow remained thin at $1.6M, and the $34.1M rights offering in February 2026 diluted existing shareholders, with the controlling shareholder's stake rising to ~84%. The 20-F cross-filing (15 days prior) flagged headwinds from Middle East conflict, copper volatility, and U.S. tariff uncertainty, tempering the headline growth.
Key Facts
- Q1 2026 revenue $130.8M, up 30% YoY but down 2% sequentially
- EPS $0.05, up 171% YoY from -$0.07, but down 71% sequentially from $0.17
- Gross profit margin improved to 8.2% from 3.6% YoY, flat sequentially
- Operating profit $3.3M vs -$2.7M YoY, but operating cash flow only $1.6M
- Completed $34.1M rights offering in February 2026, increasing controlling shareholder PEWC stake to ~84%
- Cash and equivalents $73.2M, up $40.1M from prior quarter, largely from the rights offering
- Copper unit volume up 5% YoY but down 2% sequentially
- One-time gain of $1.0M from investment disposal
- 20-F cross-filing (Apr 29) flagged material headwinds from Middle East conflict, copper volatility, and U.S. tariff uncertainty
Financial Impact
Revenue growth of $30.2M YoY, but diluted share count increased ~38% from 20.6M to 28.4M shares, reducing per-share benefit of the turnaround
Risk Factors
- Dilution from rights offering: share count up 38% YoY, EPS growth lags net income growth
- Operating cash flow remains weak at $1.6M, barely covering capex
- Copper price volatility and U.S. tariff uncertainty could compress margins
- Controlling shareholder at ~84% limits minority influence and liquidity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-034865 |
| Document: apwc-form6xkfor2026q1earni.htm | 0001628280-26-034865 |
| Document: 0001628280-26-034865-index-headers.html | 0001628280-26-034865 |
| Document: 0001628280-26-034865-index.html | 0001628280-26-034865 |
| Document: 0001628280-26-034865.txt | 0001628280-26-034865 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | 6-K | $1.36 $1.29 | ▼ −5.15% | ▼ −7.87% | $1.21 (−11.03%) |
Sep 14, 2026 6w ago | Press Release | $1.36 $1.29 | ▼ −5.15% | ▼ −7.87% | $1.21 (−11.03%) |
Aug 14, 2026 10w ago | 6-K | $1.52 $1.31 | ▼ −13.82% | ▼ −11.82% | $1.21 (−20.39%) |
Aug 14, 2026 10w ago | Press Release | $1.52 $1.31 | ▲ +13.82% | ▲ +11.82% | $1.21 (+20.39%) |
May 14, 2026 23w ago | 6-K | $1.42 $1.37 | ▼ −3.52% | ▼ −2.66% | $1.21 (−14.79%) |
May 14, 2026 23w ago | Press Release | $1.42 $1.37 | ▼ −3.52% | ▼ −2.66% | $1.21 (−14.79%) |
May 1, 2026 25w ago | 6-K | $1.53 $1.45 | ▼ −5.36% | ▼ −10.64% | $1.21 (−20.92%) |
Apr 29, 2026 25w ago | 20-F | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.21 (−22.93%) |
Apr 29, 2026 25w ago | 6-K | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.21 (−22.93%) |
Apr 29, 2026 25w ago | Press Release | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.21 (−22.93%) |
US Market Status
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