AEM Holdings’ first-half FY2026 results showed how strongly AI and high-performance computing (HPC) testing demand contributed to its business: revenue rose 29.9% year on year to S$247.2 million, while net profit increased 875.6% to S$30.8 million. The fabless AI/HPC customer became the group’s largest revenue contributor, and AEM raised its full-year revenue guidance.
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AI/HPC demand drove growth in testing solutions
Revenue from AEM’s fabless AI/HPC customer climbed 191.7% year on year. The customer’s production ramp helped make Test Cell Solutions (TCS) the main growth engine: segment revenue increased 52.5% to S$180.9 million, or 73.2% of group revenue, compared with 62.3% a year earlier.
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AEM also reported orders for its AMPS test platform from both its AI/HPC fabless customer and its PC/Foundry customer. Those orders contributed to an AMPS backlog of more than S$400 million, as reported in the company’s results materials. The available sources describe customer demand and the production ramp but do not break down specific deployment volumes by customer.
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Higher TCS volumes also supported improved profitability, as fixed costs were absorbed across greater output.
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Contract Manufacturing: weaker external demand, more internal support
Contract Manufacturing (CM) external revenue fell 5.7% to S$63.2 million, representing 25.6% of group revenue. The decline was attributed mainly to softer external demand from oil and gas customers.
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That external-revenue decline contrasts with growth in work CM performed for other parts of AEM. CM inter-segment revenue rose 363.6% as the segment supported the AMPS platform production ramp for TCS. Inter-segment revenue is internal group activity, so it should not be confused with sales to outside customers.
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Profit and margins climbed from a low base
Net profit increased from S$3.2 million in first-half FY2025 to S$30.8 million in first-half FY2026. Profit before tax rose to S$38.2 million from S$3.9 million, and the pre-tax margin widened to 15.5% from 2.1%. Net profit margin reached 12.5%.
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Earnings per share rose to S$0.0979, or 9.79 Singapore cents, from S$0.0098, or 0.98 cents, a year earlier.
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AEM declared an interim dividend of 2.4 Singapore cents per share, payable on 8 September 2026.
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FY2026 revenue guidance raised
AEM lifted its FY2026 revenue guidance to S$630 million–S$680 million from its previous range of S$550 million–S$600 million. The company cited the production ramp of its fabless AI/HPC customer and the PC/Foundry customer’s adoption of the AMPS platform for future test requirements as support for the revision.
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The first-half figures show a substantial improvement, but the growth was concentrated: TCS expanded sharply while CM external revenue contracted. The raised guidance reflects AEM’s stated outlook and order activity; it is not a guarantee of full-year results.