Mustang Industrial Income Statement

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

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	233.34	276.73	357.86	386.19	500
Revenue Growth (YoY)	-15.68%	-22.67%	-7.34%	-22.76%	-18.96%
Cost of Revenue	168.04	191.94	288.36	315.42	393.07
Gross Profit	65.3	84.79	69.5	70.77	106.93
Selling, General & Admin	74.03	82.73	85.35	91.95	97.89
Research & Development	7.95	8.36	8.39	9.12	10.29
Other Operating Expenses	0.13	-	-	-	-
Operating Expenses	82.11	91.08	93.75	101.07	108.18
Operating Income	-16.81	-6.29	-24.25	-30.3	-1.26
Interest Expense	-0.11	-0.05	-0.08	-0.11	-0.1
Interest & Investment Income	10.05	12.18	9.34	4.45	2.89
Currency Exchange Gain (Loss)	-	10.87	-2.83	4.35	-2.29
Other Non Operating Income (Expenses)	-4.94	0.22	1.88	1.49	1.55
EBT Excluding Unusual Items	-11.81	16.92	-15.95	-20.13	0.8
Gain (Loss) on Sale of Assets	-	-0.01	-0	-0.01	-0.02
Other Unusual Items	-	-	-	-	3.18
Pretax Income	-11.81	16.9	-15.95	-20.14	3.96
Income Tax Expense	-1.57	3.7	-3.95	-0.2	3.51
Net Income	-10.24	13.2	-11.99	-19.93	0.45
Net Income to Common	-10.24	13.2	-11.99	-19.93	0.45
Net Income Growth	-	-	-	-	-58.12%
Shares Outstanding (Basic)	60	59	59	59	60
Shares Outstanding (Diluted)	60	59	59	59	60
Shares Change (YoY)	2.43%	-	-	-2.71%	2.51%
EPS (Basic)	-0.17	0.22	-0.20	-0.34	0.01
EPS (Diluted)	-0.17	0.22	-0.20	-0.34	0.01
EPS Growth	-	-	-	-	-59.24%
Free Cash Flow	35.21	26.88	60.92	88.15	29.12
Free Cash Flow Per Share	0.58	0.46	1.04	1.50	0.48
Gross Margin	27.98%	30.64%	19.42%	18.32%	21.39%
Operating Margin	-7.21%	-2.27%	-6.78%	-7.85%	-0.25%
Profit Margin	-4.39%	4.77%	-3.35%	-5.16%	0.09%
Free Cash Flow Margin	15.09%	9.71%	17.02%	22.83%	5.82%
EBITDA	22.32	39.53	59.06	65.22	91.08
EBITDA Margin	9.56%	14.28%	16.50%	16.89%	18.22%
D&A For EBITDA	39.13	45.82	83.32	95.53	92.33
EBIT	-16.81	-6.29	-24.25	-30.3	-1.26
EBIT Margin	-7.21%	-2.27%	-6.78%	-7.85%	-0.25%
Effective Tax Rate	-	21.90%	-	-	88.65%
Revenue as Reported	233.34	276.73	357.86	386.19	500

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.