Bull Will Balance Sheet

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
Cash & Equivalents	175.24	225.67	171.18	174.56	94.04	21.93
Short-Term Investments	-	-	-	-	-	49.77
Trading Asset Securities	21.04	42.53	10.36	5.92	6.48	2.35
Cash & Short-Term Investments	196.29	268.2	181.54	180.48	100.52	74.04
Cash Growth	-25.00%	47.73%	0.59%	79.55%	35.76%	8.87%
Accounts Receivable	154.75	140.68	144.92	145.11	168.25	78.54
Other Receivables	33.48	34.55	31.67	44.54	39.78	83.12
Receivables	188.23	175.23	176.59	189.65	208.04	161.65
Inventory	27.9	23.78	24.61	32.72	52.03	19.72
Prepaid Expenses	5.8	1.72	2.24	1.55	2.82	2.18
Other Current Assets	0.78	4.15	0.6	0.29	0.27	0.32
Total Current Assets	418.99	473.08	385.58	404.69	363.68	257.92
Property, Plant & Equipment	8.95	10.08	11.55	13.84	4.77	6.03
Long-Term Investments	-	-	-	-	5.07	3.89
Goodwill	17.64	17.64	17.64	17.64	17.64	-
Other Intangible Assets	6.16	7.69	9.75	11.8	13.85	-
Other Long-Term Assets	21.06	20.98	21.11	21.25	21.37	21.43
Total Assets	472.79	529.48	445.63	469.22	426.38	289.26
Accounts Payable	50.63	51.08	44.55	48	65.49	37.75
Accrued Expenses	-	-	-	1.97	1.75	1.47
Short-Term Debt	-	8	8	23	8	8
Current Portion of Long-Term Debt	5.54	20.54	7.41	8.66	7.9	3.33
Current Portion of Leases	1.82	1.86	1.52	1.76	1.25	1.86
Current Income Taxes Payable	1.46	1.3	0.88	4.32	1.92	-
Current Unearned Revenue	0.02	0.29	0.65	0.57	1.44	0.71
Other Current Liabilities	28.41	28.18	26.14	31.71	22.33	13.62
Total Current Liabilities	87.88	111.24	89.15	119.99	110.08	66.73
Long-Term Debt	16.4	57.56	13.63	20.44	29.04	5.28
Long-Term Leases	2.05	2.84	4.14	5.76	-	1.26
Long-Term Deferred Tax Liabilities	0.3	0.65	0.27	0.34	1.9	1.9
Other Long-Term Liabilities	0.1	0.19	0.14	0.18	0.1	-
Total Liabilities	106.72	172.48	107.32	146.72	141.12	75.16
Common Stock	267.66	250.93	216.57	197.62	161.11	155.07
Additional Paid-In Capital	39.44	48.91	68.37	76.13	47.3	44.05
Retained Earnings	52.66	43.26	35.77	26.17	8.75	8.22
Comprehensive Income & Other	5.82	7.79	6.26	6.57	27.56	6.75
Total Common Equity	365.59	350.89	326.98	306.49	244.72	214.1
Minority Interest	0.48	6.1	11.33	16.01	40.54	-
Shareholders' Equity	366.07	356.99	338.31	322.5	285.26	214.1
Total Liabilities & Equity	472.79	529.48	445.63	469.22	426.38	289.26
Total Debt	25.81	90.8	34.7	59.62	46.19	19.73
Net Cash (Debt)	170.48	177.4	146.85	120.86	54.33	54.31
Net Cash Growth	3.10%	20.81%	21.50%	122.45%	0.03%	-14.88%
Net Cash Per Share	6.43	6.85	5.92	5.06	2.37	2.91
Filing Date Shares Outstanding	26.77	26.22	24.85	23.52	18.67	18.67
Total Common Shares Outstanding	26.77	26.22	24.85	23.52	18.67	18.67
Working Capital	331.12	361.84	296.43	284.7	253.6	191.19
Book Value Per Share	13.66	13.38	13.16	13.03	13.11	11.47
Tangible Book Value	341.79	325.56	299.59	277.05	213.24	214.1
Tangible Book Value Per Share	12.77	12.42	12.05	11.78	11.42	11.47
Machinery	68.67	69.2	68.43	67.98	65.63	63.79
Leasehold Improvements	10.89	11.41	11.03	11.24	10.08	10.12

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