Bull Will Balance Sheet

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
Cash & Equivalents	187.21	225.67	171.18	174.56	94.04
Trading Asset Securities	19.62	42.53	10.36	5.92	6.48
Cash & Short-Term Investments	206.83	268.2	181.54	180.48	100.52
Cash Growth	-22.88%	47.73%	0.59%	79.55%	35.76%
Accounts Receivable	145.27	140.68	144.92	145.11	168.25
Other Receivables	37.66	34.55	31.67	44.54	39.78
Receivables	182.93	175.23	176.59	189.65	208.04
Inventory	34.89	23.78	24.61	32.72	52.03
Prepaid Expenses	2.84	1.72	2.24	1.55	2.82
Other Current Assets	0.71	4.15	0.6	0.29	0.27
Total Current Assets	428.2	473.08	385.58	404.69	363.68
Property, Plant & Equipment	8.56	10.08	11.55	13.84	4.77
Long-Term Investments	-	-	-	-	5.07
Goodwill	17.64	17.64	17.64	17.64	17.64
Other Intangible Assets	5.64	7.69	9.75	11.8	13.85
Other Long-Term Assets	22.58	20.98	21.11	21.25	21.37
Total Assets	482.62	529.48	445.63	469.22	426.38
Accounts Payable	54.95	51.08	44.55	48	65.49
Accrued Expenses	2.56	2.08	-	1.97	1.75
Short-Term Debt	-	8	8	23	8
Current Portion of Long-Term Debt	0.8	20.54	7.41	8.66	7.9
Current Portion of Leases	1.91	1.86	1.52	1.76	1.25
Current Income Taxes Payable	1.38	1.3	0.88	4.32	1.92
Current Unearned Revenue	0.57	0.29	0.65	0.57	1.44
Other Current Liabilities	30.35	26.1	26.14	31.71	22.33
Total Current Liabilities	92.53	111.24	89.15	119.99	110.08
Long-Term Debt	2.18	57.56	13.63	20.44	29.04
Long-Term Leases	1.64	2.84	4.14	5.76	-
Long-Term Deferred Tax Liabilities	0.95	0.65	0.27	0.34	1.9
Other Long-Term Liabilities	0.1	0.19	0.14	0.18	0.1
Total Liabilities	97.4	172.48	107.32	146.72	141.12
Common Stock	272.62	250.93	216.57	197.62	161.11
Additional Paid-In Capital	40.48	48.91	68.37	76.13	47.3
Retained Earnings	59.18	43.26	35.77	26.17	8.75
Comprehensive Income & Other	12.25	7.79	6.26	6.57	27.56
Total Common Equity	384.53	350.89	326.98	306.49	244.72
Minority Interest	0.69	6.1	11.33	16.01	40.54
Shareholders' Equity	385.22	356.99	338.31	322.5	285.26
Total Liabilities & Equity	482.62	529.48	445.63	469.22	426.38
Total Debt	6.54	90.8	34.7	59.62	46.19
Net Cash (Debt)	200.29	177.4	146.85	120.86	54.33
Net Cash Growth	12.90%	20.81%	21.50%	122.45%	0.03%
Net Cash Per Share	7.48	6.85	5.92	5.06	2.37
Filing Date Shares Outstanding	27.26	26.22	24.85	23.52	18.67
Total Common Shares Outstanding	27.26	26.22	24.85	23.52	18.67
Working Capital	335.68	361.84	296.43	284.7	253.6
Book Value Per Share	14.10	13.38	13.16	13.03	13.11
Tangible Book Value	361.25	325.56	299.59	277.05	213.24
Tangible Book Value Per Share	13.25	12.42	12.05	11.78	11.42
Machinery	69.62	69.2	68.43	67.98	65.63
Leasehold Improvements	11.46	11.41	11.03	11.24	10.08

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