Taiwan power-supply maker reported record quarterly earnings as AI server power, liquid cooling and new HVDC products drove growth, while management said customer demand remains strong and global capacity expansion is accelerating.
Delta Electronics reported record second-quarter results and said it is raising 2025 capital expenditure to about NT$70 billion, roughly 50% above last year’s NT$46.6 billion, as it expands capacity for AI data centers and energy infrastructure. Second-quarter revenue reached NT$183.26 billion, up nearly 15% from the first quarter and 47.7% from a year earlier, while net profit attributable to parent company shareholders rose to NT$25.14 billion and earnings per share to NT$9.68. First-half revenue totaled NT$342.61 billion and first-half EPS hit a record NT$17.59. Management said AI-related products should contribute more than 25% of revenue this year, up from 18% last year, with liquid cooling accounting for more than 12% of total revenue. Chairman Cheng Ping said he sees “absolutely no signs” of weaker AI demand and that major customers are already reserving capacity for next year. The company said new HVDC products, including ±400V and 800V architectures, are set for mass production in the third quarter, with shipments beginning gradually in the fourth quarter and a larger ramp expected next year. Despite the earnings strength, Delta shares fell limit-down to NT$1,580 on July 28 during a broader Taiwan market sell-off. Analysts said the decline reflected systemic risk and panic selling rather than a deterioration in fundamentals. Management said second-half operations should improve from the first half, with third-quarter performance expected to exceed the second quarter.