Amulaire Thermal Technology, Inc. (2241) AI Stock Analysis

Amulaire Thermal Technology, Inc.

(TWSE:2241)

Select Model

Rating:38Underperform

Price Target:TWD 32.00▼(-13.28% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is low primarily because of fundamentals: Amulaire is still unprofitable at the operating level and has burned free cash flow for six consecutive years, with equity steadily eroding even as debt has been prudently reduced to a 0.41 debt-to-equity ratio. Encouraging signs - 16% revenue growth, a return to positive gross margin and a net loss cut by nearly two-thirds - are not yet backed by positive operating cash flow. Technicals compound the caution, with the price below all key moving averages and negative MACD confirming a sustained downtrend. Valuation provides no cushion given negative earnings and no dividend. Weightings emphasise financial performance (50%), followed by technicals (30%) and valuation (20%), with earnings call and corporate events excluded for lack of data.

Positive Factors

Revenue RecoveryThe return to revenue growth indicates improving demand or execution after the prior-year decline. If this recovery persists, it can provide greater operating scale, support investment in thermal-management capabilities, and create a foundation for eventual margin improvement.

Negative Factors

Persistent LossesExtended losses indicate that the business model has not yet converted its products and revenue base into dependable profitability. Continued negative earnings can erode equity, restrict internal funding, and make recovery dependent on sustained operational improvement.

Amulaire Thermal Technology, Inc. (2241) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.95B
Dividend Yield: ―
Average Volume (3M): 2.55M
Price to Earnings (P/E): -48.8
Beta (1Y): 1.00
Revenue Growth: 42.76%
EPS Growth: 53.36%
Country: TW
Employees: 337
Sector: General
Sector Strength: 55
Industry: Auto - Parts

Amulaire Thermal Technology, Inc. Business Overview & Revenue Model

Company Description

Amulaire Thermal Technology, Inc., a company founded in New Taipei City, Taiwan in 2011, specializes in providing cutting-edge thermal management solutions. They primarily manufacture high-performance cooling fins for environmentally friendly electro...

Amulaire Thermal Technology, Inc. Financial Statement Overview

Summary

Amulaire remains loss-making despite visible improvement. Revenue grew about 16% to roughly NT$786 million, gross margin recovered to 3.5% and the net loss narrowed sharply to about NT$74 million from NT$207 million, but operating margin is still near -17% and EBITDA negative, marking a fifth straight annual loss (Income Statement score 27). Cash flow is the weakest link: operations consumed about NT$130 million and free cash flow was negative roughly NT$183 million, a sixth consecutive year of cash burn, with earnings gains not yet converting into cash (Cash Flow score 18). The balance sheet is the relative bright spot, with debt cut to about NT$557 million and debt-to-equity down to a conservative 0.41, though shareholders' equity has eroded every year since 2020 and ROE is still negative at about -5.5% (Balance Sheet score 52). Overall this is an early-stage, high-risk turnaround with improving but unproven fundamentals.

Income Statement

27Negative

Balance Sheet

52Neutral

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	936.48M	785.61M	689.03M	883.96M	731.24M	1.14B
Gross Profit	74.04M	27.52M	2.69M	-5.97M	-8.65M	146.39M
EBITDA	62.70M	-19.26M	-104.67M	-99.65M	-114.33M	-34.31M
Net Income	-79.58M	-73.60M	-207.12M	-223.57M	-220.13M	-109.76M
Balance Sheet
Total Assets	2.30B	2.28B	2.40B	2.72B	2.98B	2.98B
Cash, Cash Equivalents and Short-Term Investments	221.90M	210.90M	170.79M	198.84M	340.26M	283.82M
Total Debt	609.47M	556.48M	782.89M	780.21M	1.33B	1.12B
Total Liabilities	796.81M	766.11M	911.33M	1.07B	1.52B	1.35B
Stockholders Equity	1.31B	1.34B	1.41B	1.61B	1.41B	1.63B
Cash Flow
Free Cash Flow	-90.52M	-183.15M	-194.03M	-38.20M	-201.35M	-837.95M
Operating Cash Flow	-49.52M	-129.91M	-118.40M	48.11M	-39.47M	-258.20M
Investing Cash Flow	90.64M	484.03M	-64.50M	46.65M	-130.57M	-818.75M
Financing Cash Flow	47.64M	-313.42M	61.34M	-104.73M	258.90M	596.54M

Amulaire Thermal Technology, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2241 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2243	47Neutral	TWD 3.80B	41.11	―	―	9.09%	167.63%
TW:5452	45Neutral	TWD 3.70B	69.09	―	1.00%	-4.18%	-24.42%
TW:3548	43Neutral	TWD 4.25B	164.47	―	1.66%	-20.68%	-149.30%
TW:3631	42Neutral	TWD 3.24B	-59.05	―	―	-46.72%	16.78%
TW:6682	39Underperform	TWD 3.76B	-27.07	―	―	298.94%	68.95%
TW:2241	38Underperform	TWD 4.01B	-48.78	―	―	42.76%	53.36%

* General Sector Average

Performance Comparison

TW:2241 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2241	Amulaire Thermal Technology, Inc.	36.90	1.45	4.09%
TW:2243	Horng Shiue Holding Co., Ltd.	48.10	36.85	327.56%
TW:3548	Jarllytec Co. Ltd.	60.10	-31.68	-34.51%
TW:3631	Chernan Metal Industrial Corp.	39.50	16.30	70.26%
TW:5452	Unic Technology Corp.	25.05	3.07	13.98%
TW:6682	Hua Hsu Advanced Technology Co., Ltd.	24.60	-6.47	-20.84%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Amulaire Thermal Technology, Inc. AI Stock Analysis