Kioxia: Fiscal 1Q24 Financial Results

This report was published by TrendForce Corp. on September 2, 2024.

Japanese NAND flash giant Kioxia Holdings Corp. is striving for a V-shaped recovery in its performance. According to a report from Japanese news outlet 47news, benefiting from the quick rebound in the semiconductor market, company’s revenue this fiscal year is reportedly set to reach an all-time high, with operating profit nearing a historic second-highest level.

It is reported that revenue for FY24 (April 2024 – March 2025) is estimated to reach ¥1.6 trillion, setting a new historical high.

This is expected to be accompanied by an operating profit of around ¥300 billion.

This strong performance in FY24 is in contrast with FY23 (April 2023 – March 2024), which recorded a loss of ¥252.7 billion, the largest in its history.

The report also suggests that Kioxia is forecasted to maintain similar strong performance in FY25 (April 2025 – March 2026).

The company’s highest annual revenue record stands at ¥1.5265 trillion for the FY21, with a peak operating profit of ¥456.8 billion in FY17.

It was formerly known as Toshiba Memory. It became an independent entity spun off from Toshiba in June 2018 and rebranded as Kioxia in October 2019.

Recently, Japanese news outlet Nikkei Asia reported that Kioxia submitted its listing application to the Tokyo Stock Exchange on August 23, with the goal of going public as soon as October.

Reportedly, Kioxia’s valuation is expected to exceed ¥1.5 trillion (roughly $10.3 billion). The deal is anticipated to surpass the ¥420 billion raised by chip equipment maker Kokusai Electric during its 2023 IPO, which was the largest of that year.

It is also expected to exceed the projected listing of Tokyo Metro in October, estimated at ¥640 billion to $700 billion.