Mustang Industrial Income Statement

Financials in millions TWD. Fiscal year is January - December.

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	246.67	276.73	357.86	386.19	500	616.99
Revenue Growth (YoY)	-13.76%	-22.67%	-7.34%	-22.76%	-18.96%	-25.25%
Cost of Revenue	173.54	191.94	288.36	315.42	393.07	484.17
Gross Profit	73.12	84.79	69.5	70.77	106.93	132.81
Selling, General & Admin	78.76	82.73	85.35	91.95	97.89	117.02
Research & Development	8.2	8.36	8.39	9.12	10.29	11.36
Operating Expenses	86.96	91.08	93.75	101.07	108.18	128.38
Operating Income	-13.84	-6.29	-24.25	-30.3	-1.26	4.43
Interest Expense	-0.11	-0.05	-0.08	-0.11	-0.1	-0.08
Interest & Investment Income	10.5	12.18	9.34	4.45	2.89	2.89
Currency Exchange Gain (Loss)	-6.01	10.87	-2.83	4.35	-2.29	-12.96
Other Non Operating Income (Expenses)	3.31	0.22	1.88	1.49	1.55	8.85
EBT Excluding Unusual Items	-6.14	16.92	-15.95	-20.13	0.8	3.14
Gain (Loss) on Sale of Assets	-0.14	-0.01	-0	-0.01	-0.02	-1.02
Other Unusual Items	-	-	-	-	3.18	-
Pretax Income	-6.28	16.9	-15.95	-20.14	3.96	2.12
Income Tax Expense	-0.7	3.7	-3.95	-0.2	3.51	1.05
Net Income	-5.59	13.2	-11.99	-19.93	0.45	1.07
Net Income to Common	-5.59	13.2	-11.99	-19.93	0.45	1.07
Net Income Growth	-	-	-	-	-58.12%	-97.82%
Shares Outstanding (Basic)	59	59	59	59	60	59
Shares Outstanding (Diluted)	59	59	59	59	60	59
Shares Change (YoY)	-	-	-	-2.71%	2.51%	-11.14%
EPS (Basic)	-0.10	0.22	-0.20	-0.34	0.01	0.02
EPS (Diluted)	-0.10	0.22	-0.20	-0.34	0.01	0.02
EPS Growth	-	-	-	-	-59.24%	-97.53%
Free Cash Flow	45.67	26.88	60.92	88.15	29.12	87.5
Free Cash Flow Per Share	0.78	0.46	1.04	1.50	0.48	1.49
Dividend Per Share	-	-	-	-	-	0.104
Dividend Growth	-	-	-	-	-	-81.81%
Gross Margin	29.64%	30.64%	19.42%	18.32%	21.39%	21.53%
Operating Margin	-5.61%	-2.27%	-6.78%	-7.85%	-0.25%	0.72%
Profit Margin	-2.27%	4.77%	-3.35%	-5.16%	0.09%	0.17%
Free Cash Flow Margin	18.52%	9.71%	17.02%	22.83%	5.82%	14.18%
EBITDA	23.81	39.53	59.06	65.22	91.08	106.2
EBITDA Margin	9.65%	14.28%	16.50%	16.89%	18.22%	17.21%
D&A For EBITDA	37.65	45.82	83.32	95.53	92.33	101.77
EBIT	-13.84	-6.29	-24.25	-30.3	-1.26	4.43
EBIT Margin	-5.61%	-2.27%	-6.78%	-7.85%	-0.25%	0.72%
Effective Tax Rate	-	21.90%	-	-	88.65%	49.50%
Revenue as Reported	246.67	276.73	357.86	386.19	500	616.99

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.