v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of income tax expense (benefit) recognized in profit or loss

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

​

​

(in thousands)

Current tax expense

 

​

​

​

  ​

 

  ​

Current period

​

$

155

 

5,459

 

11,054

Adjustment for prior periods

​

​

(2,614)

 

(942)

 

(550)

​

​

​

(2,459)

 

4,517

 

10,504

​

​

​

​

​

​

​

​

Deferred tax expense

​

​

  ​

 

  ​

 

  ​

Origination and reversal of temporary differences

​

​

2,436

 

(1,590)

 

(1,691)

Investment tax credits and operating loss carryforward

​

​

(5,005)

 

(5,362)

 

779

​

​

​

(2,569)

 

(6,952)

 

(912)

Total income tax expense (benefit)

​

$

(5,028)

 

(2,435)

 

9,592

Schedule of income taxes expense (benefit) recognized directly in other comprehensive income

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

​

​

(in thousands)

Items that will not be reclassified to profit or loss:

​

​

​

​

  ​

​

  ​

Remeasurements of defined benefit pension plans

​

$

(1)

 

—

 

—

Schedule of reconciliation of the expected income tax expense computed based on the ROC statutory income tax rate, compared with the actual income tax expense as reported in the consolidated statements of profit or loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

​

2023

​

2024

​

2025

​

  ​ ​ ​

Rate

  ​ ​ ​

Amount

  ​ ​ ​

Rate

  ​ ​ ​

Amount

  ​ ​ ​

Rate

  ​ ​ ​

Amount

​

​

​

​

(in thousands)

​

​

​

(in thousands)

​

​

​

(in thousands)

Profit before income taxes

 

  ​

​

$

44,393

 

  ​

​

$

77,335

 

  ​

​

$

54,867

Income tax expense calculated at the statutory rate

 

20.0

%

​

8,879

 

20.0

%

​

15,467

 

20.0

%

​

10,973

Tax on undistributed earnings

 

4.4

%

​

1,931

 

4.7

%

​

3,602

 

3.1

%

​

1,720

Tax benefit resulting from setting aside legal reserve from prior year’s income

​

(2.9)

%

​

(1,267)

​

(0.3)

%

​

(245)

​

(0.8)

%

​

(440)

Increase in tax credits

 

(22.2)

%

​

(9,864)

 

(11.2)

%

​

(8,627)

 

(8.7)

%

​

(4,749)

Effect of change of unrecognized deductible temporary differences and tax losses carryforwards

 

9.3

%

​

4,127

 

5.5

%

​

4,237

 

2.7

%

​

1,467

Net of non-taxable income and non-deductible expense

 

(16.0)

%

​

(7,090)

 

(19.3)

%

​

(14,910)

 

2.2

%

​

1,206

Changes in unrecognized tax benefits

 

(3.1)

%

​

(1,380)

 

(4.0)

%

​

(3,127)

 

(2.5)

%

​

(1,378)

Foreign tax rate differential

 

1.7

%

​

752

 

2.8

%

​

2,177

 

1.7

%

​

942

Variance from audits, amendments and examinations of prior years’ income tax filings

 

(3.0)

%

​

(1,347)

 

(0.9)

%

​

(697)

 

(0.2)

%

​

(110)

Others

 

0.5

%

​

231

 

(0.4)

%

​

(312)

 

—

​

​

(39)

Income tax expense (benefit)

 

​

​

$

(5,028)

 

​

​

$

(2,435)

 

​

​

$

9,592

Effective tax rate

 

(11.3)

%

​

  ​

 

(3.1)

%

​

  ​

 

17.5

%

​

  ​

Schedule of components of deferred tax assets and deferred tax liabilities

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

  ​ ​ ​

December 31, 

​

​

2024

​

2025

​

​

(in thousands)

Deferred tax assets:

 

 

  ​

 

  ​

Inventory

​

$

5,051

 

6,014

Tax credit carryforwards

​

 

10,367

 

9,437

Accrued compensated absences

​

 

1,028

 

1,152

Allowance for sales discounts

​

 

2,374

 

2,836

Depreciation

​

 

1,286

 

1,422

Operating loss carryforwards

​

 

—

 

151

Others

​

 

1,087

 

1,256

​

​

$

21,193

 

22,268

​

​

​

​

​

​

Deferred tax liabilities:

​

 

​

 

​

Remeasurement of defined benefit plans

​

$

(240)

 

(243)

Unrealized foreign exchange gain

​

 

(264)

 

(232)

Acquired intangible assets

​

​

—

​

(151)

Others

​

​

(60)

​

(101)

​

​

$

(564)

 

(727)

Schedule of changes in deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

Recognized

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Recognized

  ​ ​ ​

​

​

​

​

​

​

Recognized

​

in other

​

​

​

Recognized

​

in other

​

​

​

​

January 1,

​

in profit or

​

comprehensive

​

December 31,

​

in profit or

​

comprehensive

​

December 31,

​

​

2024

​

loss

​

income

​

2024

​

loss

​

income

​

2025

​

​

(in thousands)

Inventory

​

$

4,696

 

355

 

—

 

5,051

 

963

 

—

 

6,014

Tax credit carryforwards

​

 

5,005

 

5,362

 

—

 

10,367

 

(930)

 

—

 

9,437

Accrued compensated absences

​

 

941

 

87

 

—

 

1,028

 

124

 

—

 

1,152

Allowance for sales discounts

​

 

1,902

 

472

 

—

 

2,374

 

462

 

—

 

2,836

Depreciation

​

 

1,149

 

137

 

—

 

1,286

 

136

 

—

 

1,422

Operating loss carryforwards

​

​

—

​

—

​

—

​

—

​

151

​

—

​

151

Unrealized foreign exchange loss

​

 

(261)

 

(3)

 

—

 

(264)

 

32

 

—

 

(232)

Remeasurement of defined benefit plans

​

 

(254)

 

14

 

—

 

(240)

 

(3)

 

—

 

(243)

Acquired intangible assets

​

 

—

 

—

 

—

 

—

 

(151)

 

—

 

(151)

Others

​

 

498

 

529

 

—

 

1,027

 

128

 

—

 

1,155

Total

​

$

13,676

 

6,953

 

—

 

20,629

 

912

 

—

 

21,541

Schedule of unrecognized deferred tax assets

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

  ​ ​ ​

December 31, 

​

​

2024

​

2025

​

​

(in thousands)

Unused tax credits

​

$

1,560

 

1,560

Unused operating loss carryforwards-statutory tax

​

 

202,550

 

194,595

Unused operating loss carryforwards-undistributed earnings tax

​

 

284,914

 

303,826

Others

​

 

17,422

 

15,637

​

​

$

506,446

 

515,618

Schedule of unrecognized deferred tax assets of unused operating loss carry forwards

As of December 31, 2025, the expiration period for abovementioned unrecognized deferred tax assets of unused operating loss carryforwards for statutory tax were as follows:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Unrecognized

  ​ ​ ​

​

​

​

Deductible amount

​

deferred tax assets

​

Expiration year

​

​

(in thousands)

​

​

Taiwan operations

​

$

96,971

​

$

19,394

 

2026~2030

​

​

 

81,036

​

 

16,207

 

2031~2035

Hong Kong operations

​

 

1,821

​

 

150

 

Indefinitely

US operations

​

 

14,767

​

 

3,950

 

2026~Indefinitely

​

​

​

​

​

$

39,701

​

​