Despite a recent 10.2% year-over-year revenue growth in 2025Q4, the company continues to face deep structural losses with an operating margin of -85.6%.
GigaMedia Limited (GIGM) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 6.88M | 3.47M | 2.97M | 4.29M | 5.58M | 5.49M | 6.88M | 6.64M | 7.1M | 11.6M | 8.97M | 10.25M | 9.78M | 15.03M | 27.47M | 34.39M | 64.68M | 159.58M | 190.37M | 166.88M | 94.29M | 44.19M | 99.82M | 96.44M | 73.65M | 11.74M | 10.31M |
| Revenue Growth % | 102.32% | 17.01% | -30.82% | -23.15% | 1.69% | -20.12% | 3.46% | -6.42% | -38.76% | 29.26% | -12.49% | 4.83% | -34.94% | -45.28% | -20.13% | -46.82% | -59.47% | -16.17% | 14.08% | 76.98% | 113.39% | -55.73% | 3.51% | 30.93% | 527.3% | 13.84% | - |
| Cost of Goods Sold | 2.79M | 1.65M | 1.49M | 1.85M | 2.33M | 2.58M | 2.96M | 3.06M | 3.58M | 5.1M | 4.14M | 8.89M | 7.83M | 7.58M | 11.39M | 15.31M | 21.11M | 36.89M | 35.17M | 35.54M | 23.33M | 17.38M | 68.21M | 84.31M | 66.89M | 51.21M | 29.73M |
| COGS % of Revenue | - | 47.61% | 50.32% | 43.01% | 41.81% | 47.05% | 43% | 46.11% | 50.49% | 43.96% | 46.13% | 86.71% | 80.12% | 50.45% | 41.46% | 44.51% | 32.64% | 23.11% | 18.48% | 21.3% | 24.74% | 39.34% | 68.34% | 87.42% | 90.82% | 436.18% | 288.25% |
| Gross Profit | 4.08M | 1.82M | 1.48M | 2.45M | 3.25M | 2.91M | 3.92M | 3.58M | 3.52M | 6.5M | 4.83M | 1.36M | 1.94M | 7.45M | 16.08M | 19.09M | 43.57M | 122.69M | 155.19M | 131.33M | 70.96M | 26.8M | 31.61M | 12.13M | 6.76M | -39.47M | -19.42M |
| Gross Margin % | 59.37% | 52.39% | 49.68% | 56.99% | 58.19% | 52.95% | 57% | 53.89% | 49.51% | 56.04% | 53.87% | 13.29% | 19.88% | 49.55% | 58.54% | 55.49% | 67.36% | 76.89% | 81.52% | 78.7% | 75.26% | 60.66% | 31.66% | 12.58% | 9.18% | -336.18% | -188.25% |
| Gross Profit Growth % | - | 23.39% | -39.7% | -24.74% | 11.76% | -25.8% | 9.44% | 1.85% | -45.89% | 34.45% | 254.85% | -29.94% | -73.9% | -53.69% | -15.74% | -56.19% | -64.49% | -20.94% | 18.17% | 85.08% | 164.74% | -15.19% | 160.54% | 79.37% | 117.13% | -103.29% | - |
| Operating Expenses | 5.16M | 5.42M | 5.18M | 5.6M | 6.27M | 6.88M | 6.07M | 6.36M | 8.07M | 8.59M | 10.05M | 15.66M | 13.9M | 12.84M | 23.28M | 34.9M | 86.53M | 124.4M | 115.57M | 93.24M | 49M | 22.44M | 65.2M | 26.46M | 30.53M | 18.55M | 29.75M |
| OpEx % of Revenue | - | 155.96% | 174.33% | 130.5% | 112.28% | 125.31% | 88.31% | 95.76% | 113.67% | 74.1% | 112.04% | 152.81% | 142.19% | 85.4% | 84.75% | 101.47% | 133.78% | 77.95% | 60.71% | 55.88% | 51.96% | 50.78% | 65.32% | 27.44% | 41.45% | 157.97% | 288.47% |
| Selling, General & Admin | 4.58M | 4.75M | 4.48M | 4.87M | 5.16M | 5.43M | 4.74M | 5.18M | 6.98M | 7.52M | 8.97M | 14.42M | 13.09M | 11.14M | 21.76M | 31.08M | 53.37M | 109.11M | 99.21M | 85.33M | 43.26M | 18.88M | 25.83M | 22.92M | 19.35M | 14.32M | 27.22M |
| SG&A % of Revenue | - | 136.85% | 150.93% | 113.35% | 92.37% | 98.8% | 68.93% | 77.91% | 98.31% | 64.86% | 100% | 140.64% | 133.85% | 74.11% | 79.22% | 90.36% | 82.51% | 68.37% | 52.11% | 51.13% | 45.88% | 42.72% | 25.88% | 23.76% | 26.27% | 121.97% | 263.94% |
| Research & Development | 580K | 663K | 694K | 729K | 1.11M | 1.45M | 1.33M | 1.19M | 1.09M | 1.07M | 1.04M | 688K | 892K | 1.7M | 1.47M | 2M | 7.3M | 14.2M | 13.46M | 7.91M | 5.74M | 3.56M | 2.51M | 1.23M | 1.86M | 3.04M | 2.41M |
| R&D % of Revenue | - | 19.08% | 23.37% | 16.99% | 19.87% | 26.38% | 19.3% | 17.85% | 15.36% | 9.24% | 11.65% | 6.71% | 9.12% | 11.29% | 5.35% | 5.82% | 11.29% | 8.9% | 7.07% | 4.74% | 6.09% | 8.06% | 2.52% | 1.27% | 2.52% | 25.91% | 23.39% |
| Other Operating Expenses | 1K | 1K | 1K | 7K | 2K | 7K | 5K | 0 | 0 | 0 | 35K | -510K | 0 | 86.17K | 200.8K | 1.82M | 1.64M | 1.09M | 2.9M | 0 | 0 | 0 | 36.85M | 2.32M | 9.32M | 1.18M | 117.32K |
| Operating Income | -1.08M | -3.6M | -3.7M | -3.15M | -3.02M | -3.97M | -2.15M | -3.02M | -4.82M | -490K | -7.13M | -20.52M | -13.36M | -38.48M | -20.57M | -24.11M | -47.7M | -40.06M | 38.1M | 38.09M | 21.96M | 4.37M | 3.02M | -14.33M | -23.77M | -58.02M | -49.17M |
| Operating Margin % | -15.68% | -103.57% | -124.65% | -73.51% | -54.09% | -72.36% | -31.3% | -45.37% | -67.92% | -4.23% | -79.5% | -200.16% | -136.63% | -256.01% | -74.89% | -70.1% | -73.74% | -25.1% | 20.02% | 22.83% | 23.29% | 9.88% | 3.02% | -14.86% | -32.27% | -494.14% | -476.73% |
| Operating Income Growth % | - | 2.78% | -17.31% | -4.44% | 23.98% | -84.67% | 28.62% | 37.49% | -884.29% | 93.13% | 65.24% | -53.57% | 65.28% | -87.05% | 14.67% | 49.45% | -19.06% | -205.14% | 0.03% | 73.42% | 403.07% | 44.76% | 121.04% | 39.7% | 59.03% | -18% | - |
| EBITDA | -1.05M | -3.53M | -3.64M | -3.1M | -2.99M | -3.95M | -2.14M | -2.91M | -4.69M | -435K | -6.86M | -19.98M | -11.85M | -36.17M | -17.15M | -19.72M | -42.83M | -30.48M | 46.48M | 44.49M | 28.01M | 10.77M | 10.24M | -6.78M | -15.3M | -23.19M | -31.08M |
| EBITDA Margin % | -15.21% | -101.64% | -122.7% | -72.23% | -53.5% | -72% | -31.19% | -43.75% | -66% | -3.75% | -76.46% | -194.95% | -121.18% | -240.61% | -62.41% | -57.33% | -66.21% | -19.1% | 24.41% | 26.66% | 29.7% | 24.38% | 10.25% | -7.03% | -20.77% | -197.53% | -301.31% |
| EBITDA Growth % | 69.39% | 3.07% | -17.52% | -3.75% | 24.43% | -84.42% | 26.25% | 37.98% | -977.47% | 93.66% | 65.68% | -68.64% | 67.24% | -110.95% | 13.04% | 53.96% | -40.48% | -165.59% | 4.47% | 58.85% | 160.02% | 5.23% | 251.02% | 55.7% | 34.03% | 25.37% | - |
| D&A (Non-Cash Add-back) | 32K | 67K | 58K | 55K | 33K | 20K | 8K | 108K | 136K | 55K | 273K | 534K | 1.51M | 2.31M | 3.43M | 4.39M | 4.87M | 9.58M | 8.37M | 6.4M | 6.04M | 6.41M | 7.22M | 7.55M | 8.47M | 34.83M | 18.09M |
| EBIT | -1.08M | -3.6M | -3.7M | -3.15M | -3.02M | -3.97M | -2.15M | -2.78M | -3.19M | -551K | -7.13M | -2.52M | -4.82M | -34.63M | -12.68M | -67.21M | 9.04M | -55.2M | 37.76M | 38.09M | 21.96M | 4.37M | 2.48M | -7.09M | -23.77M | -58.02M | -49.17M |
| Net Interest Income | 1.26M | 1.68M | 1.96M | 1.81M | 718K | 252K | 613K | 1.48M | 1.3M | 568K | 221K | 151K | 439K | 189K | 36K | 336K | 586K | 42K | 484K | 786K | 140K | 411K | 163K | 387K | 966K | 897.15K | 5.53M |
| Interest Income | 1.26M | 1.68M | 1.96M | 1.81M | 718K | 252K | 613K | 1.48M | 1.3M | 602K | 302K | 333K | 682K | 237.73K | 282.75K | 766.84K | 956K | 432K | 1.46M | 1.44M | 722K | 411K | 170K | 424K | 1.01M | 928.17K | 5.65M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34K | 81K | 182K | 243K | 48.54K | 246.93K | 426.12K | 370K | 390K | 976K | 655K | 582K | 0 | 7K | 37K | 40K | 31.01K | 124.35K |
| Other Income/Expense | 1.93M | 2.04M | 1.41M | -244K | 269K | 549K | 859K | 1.36M | 1.63M | -95K | -83K | 11.7M | 8.41M | -29.25M | -5.56M | -29.64M | 50.17M | -53.88M | -1.32M | 2.48M | 10.69M | 2.71M | -1.14M | -2.58M | 3.13M | 6.26M | 7.05M |
| Pretax Income | 850K | -1.55M | -2.3M | -3.4M | -2.75M | -3.42M | -1.29M | -1.66M | -3.19M | -585K | -7.21M | -1.82M | -5.38M | -34.68M | -12.92M | -71.87M | 8.67M | -55.59M | 36.78M | 40.57M | 32.65M | 7.08M | 2.08M | -17.27M | -20.64M | -51.76M | -42.12M |
| Pretax Margin % | 12.36% | -44.73% | -77.33% | -79.19% | -49.27% | -62.36% | -18.81% | -24.97% | -44.97% | -5.04% | -80.43% | -17.79% | -54.97% | -230.73% | -47.05% | -208.97% | 13.4% | -34.83% | 19.32% | 24.31% | 34.63% | 16.01% | 2.09% | -17.91% | -28.02% | -440.86% | -408.34% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.67M | -1.15M | -414K | -73K | 61.09K | 671.22K | -245.01K | 7.26M | 517K | 1.07M | 403K | 1.55M | 436K | -79K | 143K | -126K | -11.23K | -12.7M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 285.64% | 15.93% | 22.7% | 1.36% | -0.18% | -5.19% | 0.34% | 83.76% | -0.93% | 2.91% | 0.99% | 4.74% | 6.16% | -3.79% | -0.83% | 0.61% | 0.02% | 30.16% |
| Net Income | 850K | -1.55M | -2.3M | -3.4M | -2.75M | -3.42M | -1.29M | -1.66M | -3.19M | 1.09M | -6.07M | -1.36M | -5.47M | -34.78M | -15.29M | -71.21M | 2.65M | -49.09M | 44.39M | 38.89M | 30.78M | 6.34M | 1.68M | -14.26M | -18.39M | -51.75M | -36.47M |
| Net Margin % | 12.36% | -44.73% | -77.33% | -79.19% | -49.27% | -62.36% | -18.81% | -24.97% | -44.97% | 9.37% | -67.62% | -13.32% | -55.92% | -231.38% | -55.66% | -207.04% | 4.1% | -30.76% | 23.32% | 23.3% | 32.65% | 14.34% | 1.69% | -14.78% | -24.96% | -440.76% | -353.58% |
| Net Income Growth % | 167.09% | 32.32% | 32.45% | -23.51% | 19.65% | -164.89% | 22.06% | 48.04% | -394.01% | 117.9% | -344.4% | 75.04% | 84.28% | -127.48% | 78.53% | -2787.25% | 105.4% | -210.58% | 14.14% | 26.33% | 385.86% | 276.69% | 111.8% | 22.47% | 64.47% | -41.91% | - |
| Net Income (Continuing) | 850K | -1.55M | -2.3M | -3.4M | -2.75M | -3.42M | -1.29M | -1.66M | -3.19M | 1.09M | -6.07M | -1.69M | -4.99M | -34.74M | -13.83M | -67.39M | 1.41M | -56.1M | 35.71M | 38.89M | 30.78M | 6.64M | 1.42M | -9.8M | -18.39M | -51.75M | -36.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -318K | -2.75M | 43.68M | 20.64M | 0 | 0 | 0 | 0 | -150K | 429K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | -146.87K | -338.2K | -3M | -2.42M | 1.61M | 8.62M | 9.81M | 1.53M | 564K | 4.27M | 3.52M | 6.55M | 366.44K | 0 |
| EPS (Diluted) | 0.08 | -0.14 | -0.21 | -0.31 | -0.25 | -0.31 | -0.12 | -0.15 | -0.29 | 0.10 | -0.55 | -0.12 | -0.51 | -3.43 | -1.51 | -6.59 | 0.20 | -4.50 | 3.70 | 3.25 | 2.55 | 0.60 | 0.15 | -1.42 | -1.85 | -5.35 | -3.64 |
| EPS Growth % | 165.53% | 33.33% | 32.26% | -24% | 19.35% | -158.33% | 20% | 48.28% | -390% | 118.18% | -358.33% | 76.47% | 85.13% | -127.15% | 77.09% | -3395% | 104.44% | -221.62% | 13.85% | 27.45% | 325% | 300% | 110.56% | 23.24% | 65.42% | -46.98% | - |
| EPS (Basic) | - | -0.14 | -0.21 | -0.31 | -0.25 | -0.31 | -0.12 | -0.15 | -0.29 | 0.10 | -0.55 | -0.12 | -0.51 | -3.43 | -1.51 | -6.59 | 0.25 | -4.50 | 4.10 | 3.70 | 3.00 | 0.65 | 0.15 | -1.42 | -1.85 | -5.35 | -3.64 |
| Diluted Shares Outstanding | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 10.79M | 10.14M | 10.14M | 10.81M | 11.86M | 10.9M | 12.03M | 12M | 12.22M | 11.01M | 10.34M | 10.07M | 9.94M | 9.67M | 10.03M |
| Basic Shares Outstanding | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 11.05M | 10.74M | 10.14M | 10.14M | 10.81M | 11.17M | 10.9M | 10.82M | 10.58M | 10.18M | 10.06M | 10.03M | 10.07M | 9.94M | 9.67M | 10.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.68% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GIGM stock.
For fiscal year 2025, GigaMedia Limited (GIGM) reported total revenue of $3.5M. This represents a 66.3% decline compared to $10.3M in 2000.
GigaMedia Limited (GIGM) reported a net loss of $1.6M for the fiscal year ending 2025.
GigaMedia Limited (GIGM) reported an operating income of $-3.6M, resulting in an operating profit margin of -103.6%. This margin reflects the operational efficiency of the business before interest and taxes.
GigaMedia Limited (GIGM) generated $1.8M in gross profit for the year, representing a gross profit margin of 52.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Structural Operating Deficit
Revenue Recovery Amidst Structural Stagnation
According to quarterly financial data, GigaMedia's revenue growth has shown a recent recovery, with year-over-year figures turning positive in 2025 after a period of contraction, yet the absolute revenue scale remains insufficient to support the company's high fixed-cost base in the competitive Taiwanese gaming market.
The recent return to positive growth suggests that content updates or seasonal factors may be temporarily stabilizing the user base. However, investors should monitor whether this trajectory is sustainable or merely a cyclical rebound, as the company has yet to demonstrate a clear path to meaningful top-line expansion.
Gross Margin Stability Lacks Leverage
Based on reported income statements, GigaMedia maintains a gross margin profile hovering around 50%, which reflects the inherent costs of digital content delivery but fails to provide the necessary cushion to absorb the significant administrative and marketing expenses required to maintain its legacy gaming platform.
The consistency in gross margins indicates that the direct costs of the business are well-contained, yet the lack of scalability remains a primary concern. Without a significant increase in revenue volume, these margins appear insufficient to cover the company's fixed operating overhead.
Operating Leverage Constrained by Overhead
As reported in financial filings, GigaMedia's operating margins remain deeply negative, often exceeding -100%, which highlights a structural inability to scale operating income faster than gross profit due to persistent, high SG&A expenses that dwarf the company's current revenue generation capacity.
The disparity between gross profit and operating income suggests that the company's cost structure is heavily weighted toward fixed personnel and platform maintenance. This lack of operational leverage implies that the business model may require a fundamental restructuring to achieve profitability.
Non-Operating Items Masking Core Losses
Based on an analysis of recent quarterly results, GigaMedia's net income figures frequently diverge from operating losses, suggesting that interest income from the company's substantial cash reserves is playing a critical role in mitigating the impact of the core business's persistent unprofitability.
Investors should be cautious when evaluating net income, as it appears to be heavily influenced by non-operating items rather than operational success. This reliance on investment income warrants further investigation into the long-term viability of the core gaming segment.
Valuation Trap Versus Strategic Optionality
While the income statement reveals a company struggling with chronic operating deficits, the market's valuation may be overlooking the potential value of GigaMedia's $29 million cash position, which could serve as a floor for the stock or a vehicle for future strategic corporate actions.
Short-sellers might focus on the persistent cash burn and the lack of a clear path to operational break-even. However, the company's net-net status suggests that the market may be mispricing the entity by ignoring the potential for a pivot or a reverse-merger scenario.