IMI pivots for growth, profitability

Ayala-backed Integrated Micro-Electronics, Inc. (IMI) is eyeing to return to “sustainable profitability” after a year of strategic restructuring and adjustments.

Despite posting a core net loss of $24.6 million for 2024, the company is optimistic about its future growth prospects, reporting $1.1 billion in total revenue, with $981 million coming from core businesses, according to a stock exchange filing on Monday.  

The 12 percent year-on-year revenue dip was primarily due to ongoing challenges in the automotive and industrial markets. Adjusted net income, excluding one-time restructuring costs, stood at $3.7 million.  

IMI said recent restructuring initiatives, which included streamlining its management structure and optimizing its global footprint by closing facilities in California, Malaysia, Singapore, Japan, and Chengdu, are expected to improve operational efficiency and agility in the coming years.

“We are already starting to see positive results from our initiatives, and we are looking forward to seeing the full effect of these actions in the years to come,” IMI CEO Louis Hughes said. 

“One of our goals now is to extend this expertise and absolute commitment to quality into new markets, including the industrial and medical sectors. We believe that this direction will allow us to unlock more opportunities for sustainable and profitable growth for IMI.”

Last year, IMI's non-core subsidiary, VIA Optronics, generated $118 million in revenue but incurred a $13.3 million net loss, which included $4.3 million in one-time expenses related to headcount rationalization and its delisting from the New York Stock Exchange. 

Despite these setbacks, VIA has remained resilient, with its collaboration with Antolin on the "Sunrise" integrated cockpit solution being recognized in the Gasgoo Awards' "Smart Cockpit" category. VIA has also partnered with JF Kilfoil to advance touch and camera technology in the U.S. market, signaling further growth potential.  

IMI provides electronics manufacturing solutions, specializing in high-quality, reliable electronics for industries with extended product life cycles.