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What changed in Himax Technologies, Inc.'s 20-F — 2024 vs 2025

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Paragraph-level year-over-year comparison of Himax Technologies, Inc.'s 2024 and 2025 20-F annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+397 added−420 removedSource: 20-F (2026-03-27) vs 20-F (2025-04-02)

Top changes in Himax Technologies, Inc.'s 2025 20-F

397 paragraphs added · 420 removed · 302 edited across 6 sections

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed0 unchanged
Biggest changeITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 4 ITEM 3. KEY INFORMATION 4 3.A. [Reserved] 4 3.B. Capitalization and Indebtedness 4 3.C. Reason for the Offer and Use of Proceeds 4 3.D. Risk Factors 4 ITEM 4. INFORMATION ON THE COMPANY 20 4.A. History and Development of the Company 20 4.B. Business Overview 21 4.C. Organizational Structure 53 4.D.
Biggest changeITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 4 ITEM 3. KEY INFORMATION 4 3.A. [Reserved] 4 3.B. Capitalization and Indebtedness 4 3.C. Reason for the Offer and Use of Proceeds 4 3.D. Risk Factors 4 ITEM 4. INFORMATION ON THE COMPANY 19 4.A. History and Development of the Company 19 4.B. Business Overview 20 4.C. Organizational Structure 53 4.D.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

76 edited+18 added−10 removed151 unchanged
Biggest changeWe rely primarily on a combination of patents, trademarks, trade secrets and copyright laws and contractual restrictions to protect our intellectual properties. These afford only limited protection. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to obtain, copy or use information that we regard as proprietary, such as product design and manufacturing process expertise.
Biggest changeWe believe that the protection of our intellectual property rights is, and will continue to be, important to the success of our business. We rely primarily on a combination of patents, trademarks, trade secrets and copyright laws and contractual restrictions to protect our intellectual properties. These afford only limited protection.
Therefore, suppliers could be in a better position to bargain for higher prices, longer contract terms, higher deposit and/or higher contract breach penalties for their services and products, which could result in an increase in our average unit cost and/or penalty expenses.
Therefore, suppliers could be in a better position to bargain for higher prices, longer contract terms, higher deposit and/or higher contract breach penalties for their services and products, which could result in an increase in our average unit cost and/or penalty expenses.
The outbreak of Covid-19 has caused significant disruption not only to the financial markets but also to global supply chains, which can substantially depress global business activities, restrict access to capital and result in a long-term economic downturn that would negatively affect our operating results. Extra export licenses may be needed for certain product or technology for certain customers.
The outbreak of Covid-19 has caused significant disruption not only to the financial markets but also to global supply chains, which can substantially depress global business activities, restrict access to capital and result in a long-term economic downturn that would negatively affect our operating results. 6 Table of Contents Extra export licenses may be needed for certain product or technology for certain customers.
In addition, component manufacturers may not be able to increase or maintain their component supply because of labor shortage in China or otherwise and may shut down certain of their capacity from time to time because of weak demand, which may increase the instability of timely delivery and the risk of shortage of components.
In addition, component manufacturers may not be able to increase or maintain their component supply because of labor shortage and may shut down certain of their capacity from time to time because of weak demand, which may increase the instability of timely delivery and the risk of shortage of components.
Our business, financial condition and results of operations and our ADSs market price may be affected by changes in ROC policies, taxation, inflation or interest rates, and by social instability and diplomatic issues that are outside of our control. Taiwan has a unique international political status. Since 1949, Taiwan and the PRC have been separately governed.
Our business, financial condition and results of operations and our ADSs market price may be affected by changes in ROC policies, taxation, inflation or interest rates, and by social instability and diplomatic issues that are outside of our control. 15 Table of Contents Taiwan has a unique international political status. Since 1949, Taiwan and the PRC have been separately governed.
(FOCI), a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics (CPO) technology, leveraging Himax state-of-the-art WLO technology. This innovation integrates silicon photonic chips and optical connectors within MCM, replacing traditional metal wire transmission with high-speed optical communication.
(FOCI), a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics (CPO) technology, leveraging Himax state-of-the-art WLO technology. This innovation integrates silicon photonic chips and optical connectors within multi-chip module (MCM), replacing traditional metal wire transmission with high-speed optical communication.
These inventory risks are exacerbated by the high level of customization of our products, which limits our ability to sell excess inventory to other customers, which could eventually lead to write-down of these excess inventories. If we do not achieve additional design wins in the future, our ability to grow will be limited.
These inventory risks are exacerbated by the high level of customization of our products, which limits our ability to sell excess inventory to other customers, which could eventually lead to write-down of these excess inventories. 10 Table of Contents If we do not achieve additional design wins in the future, our ability to grow will be limited.
In addition, since these strategic agreements with our partners typically require us to make prepayments or refundable deposits to such partners, our cash flow, liquidity and financial condition could be adversely affected. Shortages of key components for our customers’ products could decrease demand for our products.
In addition, since these strategic agreements with our partners typically require us to make prepayments or refundable deposits to such partners, our cash flow, liquidity and financial condition could be adversely affected. 9 Table of Contents Shortages of key components for our customers’ products could decrease demand for our products.
Cloud cybersecurity breaches could result in adverse effects on our customers, employees, suppliers, reputation, and business. Risks Relating to Our Industry The average selling prices of our products could decrease rapidly, which may negatively impact our revenues and operating results.
Cloud cybersecurity breaches could result in adverse effects on our customers, employees, suppliers, reputation, and business. 13 Table of Contents Risks Relating to Our Industry The average selling prices of our products could decrease rapidly, which may negatively impact our revenues and operating results.
Accordingly, holders of our ADSs may be unable to participate in our rights offerings and may experience dilution in their holdings as a result. 18 Table of Contents You may be subject to limitations on transfer of your ADSs. Your ADSs represented by the ADRs are transferable on the books of the depositary.
Accordingly, holders of our ADSs may be unable to participate in our rights offerings and may experience dilution in their holdings as a result. You may be subject to limitations on transfer of your ADSs. Your ADSs represented by the ADRs are transferable on the books of the depositary.
Failure to grow or maintain our revenues generated from the sales of display drivers could adversely and materially affect our results of operations and financial condition. ​ 6 Table of Contents We face risks related to public health epidemics, including the novel coronavirus outbreaks.
Failure to grow or maintain our revenues generated from the sales of display drivers could adversely and materially affect our results of operations and financial condition. We face risks related to public health epidemics, including the novel coronavirus outbreaks.
Further, our customers’ business performance may fluctuate significantly due to a number of factors, many of which are beyond their control, including and not limited to: (1) consumer demand and the general economic conditions, such as geopolitical tensions relating to invasion of Ukraine by Russia; (2) the cyclical nature of the TFT-LCD and OLED industry in average selling price fluctuations, as well as its downstream industries; (3) the speed at which Panel Manufacturers expand production capacity; (4) brand companies’ continued needs for original equipment manufacturing services provided by Panel Manufacturers; (5) access to raw materials, components, equipment and utilities on a timely and economical basis; (6) technological changes; (7) the rescheduling and cancellation of large orders; (8) access to funding on satisfactory terms; and (9) fluctuations in the currencies of TFT-LCD and OLED panels exporting countries against the U.S. dollar.
Furthermore, our customers’ business performance may fluctuate significantly due to a number of factors, many of which are beyond their control, including and not limited to: (1) changes in consumer demand and deteriorating general economic conditions, such as geopolitical tensions and increasing tariffs; (2) the cyclical nature of the TFT-LCD and OLED industry in average selling price fluctuations, as well as its downstream industries; (3) the speed at which Panel Manufacturers expand production capacity; (4) brand companies’ continued needs for original equipment manufacturing services provided by Panel Manufacturers; (5) access to raw materials, components, equipment and utilities on a timely and economical basis; (6) technological changes; (7) the rescheduling and cancellation of large orders; (8) access to funding on satisfactory terms; and (9) fluctuations in the currencies of TFT-LCD and OLED panels exporting countries against the U.S. dollar.
Additionally, purchase order unissued, cancelations or negative alternation by customers may lead to a reduction in future earnings or cash flows subject to each event. Our corporate actions are substantially controlled by officers, directors and affiliated entities who may take actions that are not in, or may conflict with, our or our public shareholders’ interests.
Additionally, purchase order unissued, cancelations or negative alternation by customers may lead to a reduction in future earnings or cash flows subject to each event. 11 Table of Contents Our corporate actions are substantially controlled by officers, directors and affiliated entities who may take actions that are not in, or may conflict with, our or our public shareholders’ interests.
The outcome of a dispute may result in our need to develop non-infringing technology or enter into royalty or licensing agreements. We have to undertake the contractual obligations, product liabilities and tort liabilities in applicable law jurisdictions, and we have agreed to indemnify certain customers for certain claims of infringement arising out of the sale of our products.
Those may result in our need to develop non-infringing technology or enter into royalty or licensing agreements. We have to undertake the contractual obligations, product liabilities and tort liabilities in applicable law jurisdictions, and we have agreed to indemnify certain customers for certain claims of infringement arising out of the sale of our products.
If we borrow funds to finance acquisitions, such debt instruments may contain restrictive covenants that can, among other things, restrict us from distributing dividends. 13 Table of Contents System security risks, data protection breaches or unexpected system outages or failures could impact our business.
If we borrow funds to finance acquisitions, such debt instruments may contain restrictive covenants that can, among other things, restrict us from distributing dividends. System security risks, data protection breaches or unexpected system outages or failures could impact our business.
Actions may be taken even if they were opposed by our other shareholders. 12 Table of Contents Assertions against us by third parties for infringement of their intellectual property rights could result in significant costs and cause our operating results to suffer.
Actions may be taken even if they were opposed by our other shareholders. Assertions against us by third parties, including for infringement of their intellectual property rights could result in significant costs and cause our operating results to suffer.
Such cyclicality and price fluctuations could negatively impact our business or results of operations. In 2023 and 2024, 85.1% and 82.9% of our revenues, respectively, were attributable to display drivers that were incorporated into TFT-LCD and OLED panels. We expect to continue to substantially depend on sales to the TFT-LCD and OLED panel industry for the foreseeable future.
Such cyclicality and price fluctuations could negatively impact our business or results of operations. In 2024 and 2025, 82.9% and 80.0% of our revenues, respectively, were attributable to display drivers that were incorporated into TFT-LCD and OLED panels. We expect to continue to substantially depend on sales to the TFT-LCD and OLED panel industry for the foreseeable future.
As of March 31, 2025, we are not aware of any material cyberattacks or incidents that had or would be expected to have a materially adverse effect on our business and operations, nor had we been involved in any legal proceedings or regulatory investigations related thereto. Our data centers are subject to the risk of break-ins and sabotage.
As of February 28, 2026, we are not aware of any material cyberattacks or incidents that had or would be expected to have a materially adverse effect on our business and operations, nor had we been involved in any legal proceedings or regulatory investigations related thereto. Our data centers are subject to the risk of break-ins and sabotage.
For example, in December 2024, approximately 62% of our operating expenses were denominated in NT dollars, with a small percentage denominated in Japanese Yen, Korean Won and Chinese Renminbi, and the majority of the remainder in U.S. dollars.
For example, in December 2025, approximately 63% of our operating expenses were denominated in NT dollars, with a small percentage denominated in Japanese Yen, Korean Won and Chinese Renminbi, and the majority of the remainder in U.S. dollars.
Therefore, dividend payments made by us would be subject to withholding tax in the ROC. 17 Table of Contents Risks Relating to Our ADSs and Our Trading Market The market price for our ADSs is volatile.
Therefore, dividend payments made by us would be subject to withholding tax in the ROC. Risks Relating to Our ADSs and Our Trading Market The market price for our ADSs is volatile.
In 2023 and 2024, 85.1% and 82.9% of our revenues, respectively, were from the sale of display drivers used for large, small and medium-sized applications, and we expect to continue to derive a substantial portion of our revenues from these or related products.
In 2024 and 2025, 82.9% and 80.0% of our revenues, respectively, were from the sale of display drivers used for large, small and medium-sized applications, and we expect to continue to derive a substantial portion of our revenues from these or related products.
We have been increasingly selling our products to customers in the PRC. In 2023 and 2024, approximately 76.2% and 73.4% of our revenues, respectively, were from customers headquartered in the PRC. We expect to continue to increase our sales to customers in the PRC in the future.
We have been increasingly selling our products to customers in the PRC. In 2024 and 2025, approximately 73.4% and 73.8% of our revenues, respectively, were from customers headquartered in the PRC. We expect to continue to increase our sales to customers in the PRC in the future.
Proposed and existing efforts to address climate change by reducing greenhouse gas emissions could directly or indirectly affect our costs of compliance, including costs associated with changes to manufacturing processes or the procurement of raw materials used in manufacturing processes, increased capital expenditures to improve facilities and equipment, and higher compliance and energy costs to reduce emissions, as well as increased indirect costs resulting from our customers, suppliers or both incurring additional compliance costs that are passed on to us, which could harm our business and financial results by increasing our expenses or requiring us to alter our operations and product design activities. 15 Table of Contents In addition, climate change could cause certain natural disasters to occur more frequently or with greater intensity.
Proposed and existing efforts to address climate change by reducing greenhouse gas emissions could directly or indirectly affect our costs of compliance, including costs associated with changes to manufacturing processes or the procurement of raw materials used in manufacturing processes, increased capital expenditures to improve facilities and equipment, and higher compliance and energy costs to reduce emissions, as well as increased indirect costs resulting from our customers, suppliers or both incurring additional compliance costs that are passed on to us, which could harm our business and financial results by increasing our expenses or requiring us to alter our operations and product design activities.
As of March 31, 2025, Jordan Wu and Dr. Biing-Seng Wu (who are brothers) beneficially owned approximately 2.1% and 22.0% of our ordinary shares, respectively. For information relating to the beneficial ownership of our ordinary shares, see “Item 7.A.
As of February 28, 2026, Jordan Wu and Dr. Biing-Seng Wu (who are brothers) beneficially owned approximately 2.2% and 22.0% of our ordinary shares, respectively. For information relating to the beneficial ownership of our ordinary shares, see “Item 7.A.
Our results of operations and financial condition would be significantly linked to the success and purchase policy of any such customer. As of December 31, 2024, our accounts receivable from Customer A and its affiliates were $69.0 million, which represented approximately 29.1% of our accounts receivable, net. The concentration of our accounts receivable exposes us to increased credit risk.
Our results of operations and financial condition would be significantly linked to the success and purchase policy of any such customer. As of December 31, 2025, our accounts receivable from Customer A and its affiliates were $57.8 million, which represented approximately 28.8% of our accounts receivable, net. The concentration of our accounts receivable exposes us to increased credit risk.
Our functional and reporting currency is U.S. dollars. In 2024, more than 99% of our revenues and cost of revenues were denominated in U.S. dollars. However, we have foreign currency exposure and are primarily affected by fluctuations in exchange rates between the U.S. dollar and the NT dollar.
In 2025, more than 98% of our revenues and cost of revenues were denominated in U.S. dollars. However, we have foreign currency exposure and are primarily affected by fluctuations in exchange rates between the U.S. dollar and the NT dollar.
The market price is subject to wide fluctuations in response to various factors, including the following: (1) actual or anticipated fluctuations in our quarterly operating results; (2) changes in financial estimates by securities research analysts; (3) changes in the expectation of our product launch timing, forecast and estimates; (4) conditions in the TFT-LCD and OLED panel market; (5) changes in the economic performance or market valuations of other display semiconductor companies; (6) announcements by us or our competitors of new products, acquisitions, strategic partnerships, joint ventures or capital commitments; (7) the addition or departure of key personnel; (8) fluctuations in exchange rates between the U.S. dollar and the NT dollar; (9) litigation related to our intellectual property; and (10) the release of lock-up or other transfer restrictions on our outstanding ADSs or sales of additional ADSs.
The market price is subject to wide fluctuations in response to various factors, including the following: (1) actual or anticipated fluctuations in our quarterly operating results; (2) changes in financial estimates by securities research analysts; (3) changes in the expectation of our product launch timing, forecast and estimates; (4) conditions in the TFT-LCD and OLED panel market; (5) changes in the economic performance or market valuations of other display semiconductor companies; (6) announcements by us or our competitors of new products, acquisitions, strategic partnerships, joint ventures or capital commitments; (7) the addition or departure of key personnel; (8) fluctuations in exchange rates between the U.S. dollar and the NT dollar; (9) litigation related to our intellectual property; and (10) the release of lock-up or other transfer restrictions on our outstanding ADSs or sales of additional ADSs. 17 Table of Contents In addition, the worldwide financial crisis, disruptions in business and manufacture due to sluggish demand, and global developments relating to Russia’s invasion of Ukraine, global stock markets have experienced extreme price and volume fluctuations.
The marketplace is increasing utilization of the OLED display for smartphone and other electronics areas, including notebook, tablet, TV and automotive due to expanded OLED capacity. We continue to gear up for the OLED driver IC development in partnership with major Chinese, Japan and Korean panel makers. Himax’s OLED IC offering includes driver ICs, TCON and touch controller ICs.
The marketplace is increasing the adoption of the OLED display for smartphone and other electronics areas, including notebook, tablet, TV, monitor and automotive. We continue to gear up for the OLED driver IC development in partnership with major Chinese, Japan and Korean panel makers. Himax’s OLED offerings include driver ICs, TCON and touch controller ICs.
Our products are generally based on industry standards, which are continually evolving. The emergence of new industry standards could render our products or those of our customers unmarketable or obsolete and may require us to incur substantial unanticipated costs to comply with any such new standards.
The emergence of new industry standards could render our products or those of our customers unmarketable or obsolete and may require us to incur substantial unanticipated costs to comply with any such new standards.
The market price of our ADSs could decline as a result of sales of ADSs or shares or the perception that these sales could occur. As of March 31, 2025, we had 349,826,828 outstanding shares and a significant number of our shares were beneficially owned by certain major shareholders such as our directors and executive officers. See “Item 7.A.
The market price of our ADSs could decline as a result of sales of ADSs or shares or the perception that these sales could occur. As of February 28, 2026, we had 348,851,828 outstanding shares and a significant number of our shares were beneficially owned by certain major shareholders such as our directors and executive officers. See “Item 7.A.
In 2024, Customer A and its affiliates accounted for 26.4% of our revenues. Our two largest customers together accounted for over 34% of our revenues in 2024. See “Item 5.A. Operating Results—Description of Certain Statements of Profit or Loss Line Items—Revenues” for our revenues description.
In 2025, Customer A and its affiliates accounted for 24.0% of our revenues. Our two largest customers together accounted for over 33% of our revenues in 2025. See “Item 5.A. Operating Results—Description of Certain Statements of Profit or Loss Line Items—Revenues” for our revenues description.
These relationships may also give our competitors significant advantages such as early access to product roadmaps and design-in priorities, which would allow them to respond more quickly to changing customer demands and achieve more design-wins than we can.
Some of our competitors are affiliated with, or are subsidiaries of, our panel manufacturer customers. These relationships may also give our competitors significant advantages such as early access to product roadmaps and design-in priorities, which would allow them to respond more quickly to changing customer demands and achieve more design-wins than we can.
Himax’s WiseEye ultralow power AI sensing business delivers total solutions, discrete key components, and modules to meet diverse application needs. Our WiseEye AI solution was adopted by Dell in 2022 and expanded to other leading notebook vendors, with some projects slated for production in 2025.
Himax’s WiseEye ultralow power AI sensing business model is flexible, where we can provide total solutions, discrete key components, or modules to meet diverse application needs. Our WiseEye AI solution was adopted by Dell in 2022 and expanded to other leading notebook vendors, with some projects slated for production in 2027.
To sell new products, we will likely need to target new market segments and new customers with whom we do not have current relationships, which may require different strategies and may present difficulties that we have not encountered before. Failure to broaden our customer base and attract new customers may limit our growth prospects.
To sell new products, we will likely need to target new market segments and new customers with whom we do not have current relationships, which may require different strategies and may present difficulties that we have not encountered before.
As a result, any significant fluctuations to our disadvantage in exchange rate of U.S. dollars against such currencies, in particular a weakening of the U.S. dollar against the NT dollar, would have an adverse impact on our operating expenses as expressed in U.S. dollar and adversely affect our operating profit.
As a result, any significant fluctuations to our disadvantage in exchange rate of U.S. dollars against such currencies, in particular a weakening of the U.S. dollar against the NT dollar, would have an adverse impact on our operating expenses as expressed in U.S. dollar and adversely affect our operating profit. 16 Table of Contents Changes in ROC tax laws would likely increase our tax expenditures and decrease our net income.
Operating and Financial Reviews and Prospects -Operating Results-Tax Credits” for further discussion of significant tax regulation changes. On July 12, 2016, the ROC Legislative Yuan passed the third reading of anti-avoidance to establish Article 43-3 Controlled Foreign Company (“CFC”) rules and Article 43-4 Place of Effective Management (“PEM”) rules of the Income Tax Act (“ITA”).
On July 12, 2016, the ROC Legislative Yuan passed the third reading of anti-avoidance to establish Article 43-3 Controlled Foreign Company (“CFC”) rules and Article 43-4 Place of Effective Management (“PEM”) rules of the Income Tax Act (“ITA”).
Others may independently develop substantially equivalent intellectual properties or otherwise gain access to our trade secrets or intellectual properties. Our failure to protect our intellectual properties effectively could harm our business.
Others may independently develop substantially equivalent intellectual properties or otherwise gain access to our trade secrets or intellectual properties.
We cannot assure you that changes in such laws and regulations, or in their interpretation and enforcement, will not have a material adverse effect on the businesses and operations of our customers in the PRC and consequently have a material adverse effect on our business and operations. 16 Table of Contents Fluctuations in exchange rates could result in foreign exchange losses and affect our results of operations.
We cannot assure you that changes in such laws and regulations, or in their interpretation and enforcement, will not have a material adverse effect on the businesses and operations of our customers in the PRC and consequently have a material adverse effect on our business and operations.
We may undertake acquisitions or investments to expand our business that may pose risks to our business and dilute the ownership of our existing shareholders, and we may not realize the anticipated benefits of these acquisitions or investments.
Our failure to protect our intellectual properties effectively could harm our business. 12 Table of Contents We may undertake acquisitions or investments to expand our business that may pose risks to our business and dilute the ownership of our existing shareholders, and we may not realize the anticipated benefits of these acquisitions or investments.
The market price for our ADSs is volatile and has ranged from a low of $4.8 to a high of $9.8 on the NASDAQ Global Select Market in 2024.
The market price for our ADSs is volatile and has ranged from a low of $5.66 to a high of $13.91 on the NASDAQ Global Select Market in 2025.
Himax’s advanced OLED on-cell touch controllers are setting new industry standards with an impressive touch signal-to-noise ratio of over 45 dB, ensuring reliable performance under challenging conditions such as glove-wearing or wet-finger operations.
Specifically, Himax’s advanced OLED on-cell touch controllers are setting new industry standards with an impressive touch signal-to-noise ratio of over 45 dB, ensuring reliable performance even under challenging conditions such as glove-wearing or wet-finger operations. The OLED on-cell touch controller for automotive applications entered production in 2024 and adoption is expanding across the board.
However, for both pricing agreements, there can be no assurance that these prices provided in the strategic agreements with our foundry partners will always remain competitive during the contract term.
Under these strategic agreements, we are committed to purchasing a specific volume at fixed or variable prices. However, for both pricing agreements, there can be no assurance that these prices provided in the strategic agreements with our foundry partners will always remain competitive during the contract term.
As a result, our dependence on high-voltage CMOS foundries presents the following, additional risks: (1) potential capacity constraints faced by the limited number of high-voltage CMOS foundries and the lack of investment in new and existing high-voltage CMOS foundries; (2) difficulty in attaining consistently high manufacturing yields from high-voltage CMOS foundries; (3) delay and time required to qualify and ramp up production at new high-voltage CMOS foundries; and (4) price increases.
As a result, our dependence on high-voltage CMOS foundries presents the following, additional risks: (1) potential capacity constraints faced by the limited number of high-voltage CMOS foundries and the lack of investment in new and existing high-voltage CMOS foundries; (2) difficulty in attaining consistently high manufacturing yields from high-voltage CMOS foundries; (3) delay and time required to qualify and ramp up production at new high-voltage CMOS foundries; and (4) price increases. 8 Table of Contents As a result, we may be required to use foundries with which we have no established relationships, which could expose us to potentially unfavorable pricing, unsatisfactory quality or insufficient capacity allocation.
For tablet, we are seeing adoptions on the rise for premium models that adopt advanced OLED display, of which Himax offers both DDIC and TCON and has commenced production to certain leading brands.
For tablet, we are seeing adoptions on the rise for premium models that adopt advanced OLED display, of which Himax offers both DDIC and TCON and has commenced production to certain leading brands. For automotive OLED display, we continue to win project awards for our OLED driver IC, TCON, and touch controller IC with both conventional and EV/NEV customers.
In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when books or the books of the depositary are closed, or at any time if we or the depositary deem it necessary or advisable to do so because of any requirement of law, any government, governmental body, commission, or any securities exchange on which our ADSs or ordinary shares are listed, or under any provision of the deposit agreement or provisions of, or governing, the deposited securities or any meeting of our shareholders, or for any other reason.
In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when books or the books of the depositary are closed, or at any time if we or the depositary deem it necessary or advisable to do so because of any requirement of law, any government, governmental body, commission, or any securities exchange on which our ADSs or ordinary shares are listed, or under any provision of the deposit agreement or provisions of, or governing, the deposited securities or any meeting of our shareholders, or for any other reason. 18 Table of Contents Your ability to protect your rights through the United States federal courts may be limited, because we are incorporated under Cayman Islands law, conduct a substantial portion of our operations in Taiwan, and all of our directors and officers reside outside the United States.
Accordingly, our failure to successfully design, develop and introduce new products and product enhancements could harm our business, financial condition and results of operations. 11 Table of Contents Our products are complex and may require modifications to resolve undetected errors or failures in order for them to function with panels at the desired specifications, which could lead to higher costs, customer dispute, a loss of customers or a delay in market acceptance of our products.
Our products are complex and may require modifications to resolve undetected errors or failures in order for them to function with panels at the desired specifications, which could lead to higher costs, customer dispute, a loss of customers or a delay in market acceptance of our products. Our products are highly complex and may contain undetected errors or failures.
However, a substantial portion of our operations is conducted in Taiwan through Himax Taiwan, our wholly owned subsidiary, and substantially all of our assets are located in Taiwan. All of our directors and officers reside outside the United States, and a substantial portion of the assets of those persons is located outside the United States.
We are incorporated in the Cayman Islands. However, a substantial portion of our operations is conducted in Taiwan through Himax Taiwan, our wholly owned subsidiary, and substantially all of our assets are located in Taiwan.
Our products are highly complex and may contain undetected errors or failures. Our products must operate according to specifications with the other components used by our customers in their product manufacturing process.
Our products must operate according to specifications with the other components used by our customers in their product manufacturing process.
Moreover, the scarcity of high-voltage foundry capacity may necessitate us making investments in foundries in order to secure capacity, which would require us to substantially increase our capital outlays and possibly raise additional capital, which may not be available to us on satisfactory terms, if at all. 9 Table of Contents We generally do not enter long - term agreements with our foundry partners that guarantee production capacity, prices, lead times, or delivery schedules.
Moreover, the scarcity of high-voltage foundry capacity may necessitate us making investments in foundries in order to secure capacity, which would require us to substantially increase our capital outlays and possibly raise additional capital, which may not be available to us on satisfactory terms, if at all.
If our customers successfully develop in-house capabilities to design and develop semiconductors that can substitute for our products, they would likely reduce or stop purchasing our products.
Moreover, several Panel Manufacturers have in-house design capabilities and therefore may not need to source semiconductor products from us. If our customers successfully develop in-house capabilities to design and develop semiconductors that can substitute for our products, they would likely reduce or stop purchasing our products.
Risks Relating to Our Holding Company Structure Our ability to receive dividends and other payments or funds from our subsidiaries may be restricted by commercial, statutory and legal restrictions, and thereby materially and adversely affect our ability to grow, fund investments, make acquisitions, pay dividends and otherwise fund and conduct our business.
If we fail to anticipate changes in technology and to introduce new products that achieve market acceptance, our business and results of operations could be materially and adversely affected. 14 Table of Contents Risks Relating to Our Holding Company Structure Our ability to receive dividends and other payments or funds from our subsidiaries may be restricted by commercial, statutory and legal restrictions, and thereby materially and adversely affect our ability to grow, fund investments, make acquisitions, pay dividends and otherwise fund and conduct our business.
The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.
The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM. Himax continues to make solid progress in collaboration with our strategic partner, FOCI.
Further, if new, US sanctions are imposed on China and any new tariffs, legislation and/or regulations are implemented, or if existing trade agreements are renegotiated or, in particular, if the U.S. government takes retaliatory trade actions due to recent U.S.-China trade tensions, such changes could have an adverse effect on our customers or suppliers in China.
These policies have led and may continue to lead to changes in market conditions. Further, if new, US sanctions are imposed on China and any new tariffs, legislation and/or regulations are implemented, or if existing trade agreements are renegotiated, such changes could have an adverse effect on our customers or suppliers in China.
For our LCoS technology, at present our main focus areas for LCoS business are AR goggle devices, projectors and head-up-displays (HUD) for automotive. For CMOS image sensor business, in addition to the current shipment for human vision applications, including notebook, multimedia and smart home cameras, we also extend the sensor business in machine vision application for the broad AI market.
For CMOS image sensor business, in addition to the current shipment for human vision applications, including notebook, multimedia and smart home cameras, we also extend the sensor business in machine vision application for the broad AI market.
As a result, they may be able to respond more quickly to changing customer demands or devote greater resources to the development, promotion and sales of their products. Some of our competitors are affiliated with, or are subsidiaries of, our panel manufacturer customers.
In addition, some of our competitors have substantially greater financial and other resources to pursue engineering, manufacturing, marketing and distribution of their products. As a result, they may be able to respond more quickly to changing customer demands or devote greater resources to the development, promotion and sales of their products.
Our non-driver technologies cover Timing controller (TCON), LCoS microdisplay, CMOS image sensor, wafer level optics (“WLO”), 3D sensing and WiseEye ultralow power AI sensing, etc. We offer TCON for large sized TV, notebook and monitor displays, automotive display and OLED panels.
Our non-driver technologies cover Timing controller (TCON), LCoS microdisplay, CMOS image sensor, wafer level optics (“WLO”), 3D sensing and WiseEye ultralow power AI sensing, etc. We offer TCON for TV, notebook, monitor, automotive display and OLED panels. For LCoS technology, it can be applied across industrial, consumer, gaming, sports, pico-projectors, AR/VR smart glasses, automotive head-up displays (HUDs), and other applications.
OLED process maturity for the new manufactures and the possible specification change due to the immaturity of the OLED will also be a hurdle to our OLED driver share gain and success. ​ 8 Table of Contents We depend primarily on third-party foundries to manufacture our wafers, and any failure to obtain sufficient foundry capacity or loss of any of the foundries we use could significantly delay our ability to ship our products, causing us to lose revenues and damage customer relationships.
We depend primarily on third-party foundries to manufacture our wafers, and any failure to obtain sufficient foundry capacity or loss of any of the foundries we use could significantly delay our ability to ship our products, causing us to lose revenues and damage customer relationships.
Therefore, our public shareholders may have more difficulty in protecting their interests through actions against our management, directors or major shareholders than shareholders of a corporation incorporated in a jurisdiction in the United States. ​ 19 Table of Contents You may face difficulties in protecting your interests as a shareholder because judicial precedents regarding shareholders’ rights are more limited under Cayman Islands law than under U.S. law, and because Cayman Islands law generally provides less protection to shareholders than U.S. law.
You may face difficulties in protecting your interests as a shareholder because judicial precedents regarding shareholders’ rights are more limited under Cayman Islands law than under U.S. law, and because Cayman Islands law generally provides less protection to shareholders than U.S. law.
Most of our operations, and the operations of many of our semiconductor manufacturing service providers, suppliers and customers are located in Taiwan, which is vulnerable to natural disasters, in particular, earthquakes and typhoons. Our principal foundries, tape and assembly and testing houses upon which we have relied to manufacture substantially all of our display drivers are located in Taiwan.
Our principal foundries, tape and assembly and testing houses upon which we have relied to manufacture substantially all of our display drivers are located in Taiwan.
We may also incur increased operating expenses and be required to divert the attention of other senior executives away from their original duties to recruiting replacements for key personnel. If we fail to forecast customer demand accurately, we may have excess or insufficient inventory, which may increase our operating costs and harm our business.
We may also incur increased operating expenses and be required to divert the attention of other senior executives away from their original duties to recruiting replacements for key personnel. We also rely on our employees to carry out our operating objectives.
In addition, as a result of uncertain demand conditions, our customers may hesitate to build inventory on hand and tend to release orders on short notice. 10 Table of Contents We rely on the services of our key personnel, and if we are unable to retain our current key personnel and hire additional personnel, our ability to design, develop and successfully market our products could be harmed.
We rely on the services of our key personnel, and if we are unable to retain our current key personnel and hire additional personnel, our ability to design, develop and successfully market our products could be harmed.
The lead time required by the semiconductor manufacturing service providers is typically longer than the lead time that our customers provide for delivery of our products to them.
If we fail to forecast customer demand accurately, we may have excess or insufficient inventory, which may increase our operating costs and harm our business. The lead time required by the semiconductor manufacturing service providers is typically longer than the lead time that our customers provide for delivery of our products to them.
If such designs or technologies become widely adopted, demand for our display drivers may decrease significantly, which would adversely and materially affect our results of operations.
If such designs or technologies become widely adopted, demand for our display drivers may decrease significantly, which would adversely and materially affect our results of operations. The strategic relationships between certain of our competitors and their customers and the development of in-house capabilities by Panel Manufacturers may limit our ability to expand our customer base and our growth prospects.
We cannot assure you that we will be able to increase or maintain our revenues and market share or compete successfully against our competitors in the semiconductor industry. 14 Table of Contents Our business could be materially and adversely affected if we fail to anticipate changes in evolving industry standards, fail to achieve and maintain technological leadership in our industry or fail to develop and introduce new and enhanced products.
We cannot assure you that we will be able to increase or maintain our revenues and market share or compete successfully against our competitors in the semiconductor industry.
Our pending patent applications and any future applications may not result in issued patents or may not be sufficiently broad to protect our proprietary technologies.
Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to obtain, copy or use information that we regard as proprietary, such as product design and manufacturing process expertise. Our pending patent applications and any future applications may not result in issued patents or may not be sufficiently broad to protect our proprietary technologies.
As OLED offers brighter color, near-perfect-black, less power consumption and is thinner and lighter than TFT-LCD, it gradually penetrates the mid to high-end TFT-LCD market, especially the smartphone market. OLED display and related DDICs have been dominated by Korean companies.
Failure to broaden our customer base and attract new customers may limit our growth prospects. 7 Table of Contents As OLED offers brighter color, near-perfect-black, less power consumption and is thinner and lighter than TFT-LCD, it gradually penetrates the mid to high-end TFT-LCD market.
Changes in ROC tax laws would likely increase our tax expenditures and decrease our net income. The Company is incorporated in the Cayman Islands, a tax-free country; accordingly, pretax income generated by the group parent company is not subject to local income tax.
The Company is incorporated in the Cayman Islands, a tax-free country; accordingly, pretax income generated by the group parent company is not subject to local income tax. Substantially all of the Company’s taxable income is derived from the operations in the ROC and we are exposed primarily to taxes levied by the ROC government.
Any intellectual property litigation could have a material adverse effect on our business, operating results or financial condition. Our ability to compete will be harmed if we are unable to protect our intellectual property rights adequately. We believe that the protection of our intellectual property rights is, and will continue to be, important to the success of our business.
Such proceedings may divert our management’s attention and consume their time and our other resources, and may have a material adverse effect on our business operations and financial results. Our ability to compete will be harmed if we are unable to protect our intellectual property rights adequately.
Substantially all of the Company’s taxable income is derived from the operations in the ROC and we are exposed primarily to taxes levied by the ROC government. Any unfavorable changes of tax laws and regulations in this jurisdiction could increase our effective tax rate and have an adverse effect on our operating results. See “Item 5.A.
Any unfavorable changes of tax laws and regulations in this jurisdiction could increase our effective tax rate and have an adverse effect on our operating results. See “Item 5.A. Operating and Financial Reviews and Prospects -Operating Results-Tax Credits” for further discussion of significant tax regulation changes.
The strategic relationships between certain of our competitors and their customers and the development of in-house capabilities by Panel Manufacturers may limit our ability to expand our customer base and our growth prospects. ​ 7 Table of Contents Certain of our competitors have established or may establish strategic or strong relationships with Panel Manufacturers that are also our existing or potential customers.
Certain of our competitors have established or may establish strategic or strong relationships with Panel Manufacturers that are also our existing or potential customers. Marketing our display drivers to such Panel Manufacturers that have established relationships with our competitors may be difficult.
If we fail to anticipate changes in technology and to introduce new products that achieve market acceptance, our business and results of operations could be materially and adversely affected.
Our business could be materially and adversely affected if we fail to anticipate changes in evolving industry standards, fail to achieve and maintain technological leadership in our industry or fail to develop and introduce new and enhanced products. Our products are generally based on industry standards, which are continually evolving.
To address the potential foundry capacity shortage worldwide, we had entered into strategic agreements with our foundry partners in order to secure capacity to fulfill our business needs. Under these strategic agreements, we are committed to purchasing a specific volume at fixed or variable prices.
The surging demand in display drivers caused the severe foundry capacity shortage, while the industry has no major expansion plan especially on the mature nodes we are primarily anchored to. To address the potential foundry capacity shortage worldwide, we had entered into strategic agreements with our foundry partners in order to secure capacity to fulfill our business needs.
On 3D sensing business, we focus on Structured Light and ToF 3D module solution and 3D decoder ASIC key component, aiming at emerging markets such as facial recognition-based e-payment, business access control, biomedical inspection device, 3D naked-eye display, eye-tracking, and hand gesture control applications.
For the 3D sensing business, we provide comprehensive solutions including Structured Light and Time-of-Flight (ToF) 3D module solutions, as well as 3D decoder IC. These solutions target markets such as e-payment, access control, biomedical inspection devices, glasses-free 3D displays, eye tracking, and hand-gesture control applications.
However, since 2020, due to the pandemic lockdown, the work-from-home and learn-from-home new lifestyles triggered increasing demands for display and display drivers related products. The surging demand in display drivers caused the severe foundry capacity shortage, while the industry has no major expansion plan especially on the mature nodes we are primarily anchored to.
We generally do not enter long - term agreements with our foundry partners that guarantee production capacity, prices, lead times, or delivery schedules. However, since 2020, due to the pandemic lockdown, the work-from-home and learn-from-home new lifestyles triggered increasing demands for display and display drivers related products.
Our AoS CMOS image sensor is designed with proprietary architectures, readout, and pixel, where the corresponding algorithms are integrated to contribute the always-on feature that consumes only several micro watts to enable people detection, eyeball tracking and many other features.
Our always-on CMOS image sensor is designed with proprietary architecture, readout circuitry, and pixel design, with corresponding algorithms tightly integrated to enable always-on functionality at extremely low power consumption. This allows support for a wide range of features, such as people/occupancy detection, eyeball tracking, and more.
In working closely with FOCI, we are making significant strides through a solid partnership with leading AI semiconductor companies and foundry, with small-scale production of the first-generation CPO solution already underway in end of 2024. Developing and commercializing each of our non-driver products requires a significant amount of management, engineering and monetary resources.
In addition, we are actively advancing multiple future generations of high-speed optical transmission technologies and advanced CPO architectures in collaboration with the leading global customer and partner to meet the explosive bandwidth demands of HPC and AI applications. Developing and commercializing each of our non-driver products requires a significant amount of management, engineering and monetary resources.
Removed
Beyond notebooks, we partnered with DESMAN to introduce the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording, which entered production in 2024. Additional smart door lock projects are underway, with more solutions expected in late 2025. To further expand market reach, Himax offers ultralow power, compact WiseEye Modules with no-code/low-code AI capabilities, simplifying AI integration.
Added
In addition to notebook, WiseEye is also driving expanding adoption across a wide range of applications, including surveillance systems, access control devices, smart home solutions, and, more recently, AI and AR glasses.
Removed
Leveraging WiseEye’s broad solution offerings, we continue expanding beyond the driver IC market into applications such as smart door locks, battery-powered surveillance cameras, access control, and smart home devices. In June 2024, Himax, in partnership with FOCI Fiber Optic Communications, Inc.
Added
To further expand WiseEye’s market reach, Himax offers ultralow power, compact WiseEye Modules designed to make AI simple and accessible, helping developers accelerate innovation and scale their products from prototype to commercial deployment. In June 2024, Himax, in partnership with FOCI Fiber Optic Communications, Inc.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeWhen GBD connection is abnormal, which means glass was broken, the laser driver can cease the laser to prevent users from being exposed to higher power laser energy leaking from the broken glass. 41 Table of Contents The following table sets forth the features of our SLiM 3D sensing solutions: ​ ​ Product Features SLiM 3D sensing total solution ​ ● Dot projector: More than 33,000 invisible dots, the highest in the industry, projected onto object to build the most sophisticated 3D depth map among all structured light solutions ● Depth map accuracy: Error rate of ● Face recognition: Enabled by the most sophisticated 3D depth data to build unique facial map that can be used for instant unlock and secure online payment ● Indoor/outdoor sensitivity: Superior sensing capability even under total darkness or bright sunlight ● Eye safety: Certified for IEC 60825 Class 1, the international laser product standard which governs laser product safety under all conditions of normal use with naked eyes ● Glass broken detection: Patented glass broken detection mechanism in the dot projector whereby laser is shut down instantaneously in the event of broken glass in the projector ● Power consumption: Less than 400mW for projector, sensor and depth decoding combined, making it the lowest power consuming 3D sensing device by far among all structured light solutions ● Module size: the smallest structured light solution in the market, ideal for embedded and mobile device integration ​ ​ ​ HV-II 3D Decoder ASIC ​ ● Himax 3D Depth Processor with high depth accuracy ● Support up to HD resolution depth map for different applications ● 2D & 3D auto-exposure control for projector and sensor ● Frame rate conversion for different application/capability of SOC ● Scaling engine for different application/capability of SOC ● Ambient light detection and removal ● Embedded Security Engine ● Power Management Engine for power shutdown ● MIPI CSI-2 / DPHY interface ​ WiseEye Ultralow Power AI Sensing The demand for always-on battery-powered smart devices with AI intelligent sensing is rapidly growing, and we are committed to strengthening our WiseEye product roadmap to maintain our leadership position through initiatives that make AI more accessible in everyday life.
Biggest changeWhen GBD connection is abnormal, which means glass was broken, the laser driver can cease the laser to prevent users from being exposed to higher power laser energy leaking from the broken glass. 41 Table of Contents The following table sets forth the features of our SLiM 3D sensing solutions: ​ ​ Product ​ ​ ​ Features SLiM 3D sensing total solution ​ ● Dot projector: More than 33,000 invisible dots, the highest in the industry, projected onto object to build the most sophisticated 3D depth map among all structured light solutions ● Depth map accuracy: Error rate of ● Face recognition: Enabled by the most sophisticated 3D depth data to build unique facial map that can be used for instant unlock and secure online payment ● Indoor/outdoor sensitivity: Superior sensing capability even under total darkness or bright sunlight ● Eye safety: Certified for IEC 60825 Class 1, the international laser product standard which governs laser product safety under all conditions of normal use with naked eyes ● Glass broken detection: Patented glass broken detection mechanism in the dot projector whereby laser is shut down instantaneously in the event of broken glass in the projector ● Power consumption: Less than 400mW for projector, sensor and depth decoding combined, making it the lowest power consuming 3D sensing device by far among all structured light solutions ● Module size: the smallest structured light solution in the market, ideal for embedded and mobile device integration ​ ​ ​ HV-2 3D Decoder ASIC ​ ● Himax 3D Depth Processor with high depth accuracy ● Support up to HD resolution depth map for different applications ● 2D & 3D auto-exposure control for projector and sensor ● Frame rate conversion for different application/capability of SOC ● Scaling engine for different application/capability of SOC ● Ambient light detection and removal ● Embedded Security Engine ● Power Management Engine for power shutdown ● MIPI CSI-2 / DPHY interface ​ ​ ​ HV-3 3D Decoder ASIC ​ ● Himax 3D Depth Structured Light Processor with high depth accuracy ● Support up to FHD resolution depth map for different applications ● 2D & 3D auto-exposure control for projector and sensor ● Frame rate conversion for different application/capability of SOC ● Support RGB ISP up to 8MP resolution ● Support RGB-D aligned format direct output ● Support 512Mb DDR3 internal memory ● Embedded Security Engine ● Power Management Engine for power shutdown ● MIPI CSI-2 / DPHY interface ● USB 3.2 Gen1 output interface ● Support Arm Ethos-U55 processor and performance up to 204.8GOPs ​ ​ ​ 42 Table of Contents HE-2 3D Decoder ASIC ​ ● Himax 3D Depth Time-of Flight Processor with high depth accuracy ● Support up to SVGA resolution depth map with high frame rate 120 FPS capability ● Support ROI based 2D & 3D auto-exposure control ● Frame rate conversion for different application/capability of SOC ● Support RGB ISP up to 8MP resolution ● Support RGB-D aligned format direct output ● Support 512Mb DDR3 internal memory ● Embedded Security Engine ● Power Management Engine for power shutdown ● MIPI CSI-2 / DPHY interface ● USB 3.2 Gen1 output interface ● Support Arm Ethos-U55 processor and performance up to 204.8GOPs ​ WiseEye Ultralow Power AI Sensing Demand for always-on, battery-powered smart devices with AI sensing continues to grow rapidly.
Himax started to offer various new TDDI solutions for tablet, smart speakers, and even some infotainment displays in automobiles. The first tablet TDDI with WXGA resolution went into mass production in 2018 and also extended to leading smart speaker applications as well. In 2019, Himax announced a series of new driver and TDDIs for tablet application.
Himax started to offer various TDDI solutions for tablet, smart speakers, and even some infotainment displays in automobiles. The first tablet TDDI with WXGA resolution went into mass production in 2018 and also extended to leading smart speaker applications as well. In 2019, Himax announced a series of new driver and TDDIs for tablet application.
The following table shows certain details of our products: ​ Product Size and Resolution Color-Filter LCoS Microdisplays ​ ● 0.28” (320x3x240 pixels) QVGA ● 0.29” (800x3x480 pixels) WVGA ● 0.35” (1280x3x720 pixels) HD ● Customized design ​ Color-Sequential LCoS Microdisplays ​ ● 0.22” (640 x 360 pixels) nHD ● 0.37” (1366 x 768 pixels) WXGA ● 0.37” (1920 x 1080 pixels) Full HD ● Customized design ​ Front-Lit Color Filter LCoS ​ ● 0.22” (640 x 3x 360 pixels) nHD ● 0.35” (1280 x3x 720 pixels) HD ● Customized design ​ ​ ​ Front-Lit Color Sequential LCoS ​ ● Low power and high efficiency ● Display diagonal : 0.243” ● Size(W*L*H) : 9*13.9*4 mm ● Weight : 0.98 grams ● Volume: 0.5 c.c. ● Resolution: 1024x1024 ● Brightness: 400,000 nits ● Power consumption : 300 mW ​ ​ ​ Phase Modulation LCoS ​ ● Selective phase range based on the required response time. ● Analog drive scheme with 120Hz refresh frame rate to reduces optical flicker and provides stable phase response over time. ● Customized design ● Operated in full phase modulation (0~2π) in visible range ​ MEMS ​ ● 0 .55” (1280 x 800 pixels) WXGA ​ Power ICs Himax provides TFT-LCD television, monitor and notebooks power management solutions.
The following table shows certain details of our products: ​ Product ​ ​ ​ Size and Resolution Color-Filter LCoS Microdisplays ​ ● 0.28” (320x3x240 pixels) QVGA ● 0.29” (800x3x480 pixels) WVGA ● 0.35” (1280x3x720 pixels) HD ● Customized design ​ Color-Sequential LCoS Microdisplays ​ ● 0.22” ( 640 x 360 pixels) nHD ● 0.37” (1366 x 768 pixels) WXGA ● 0.37” (1920 x 1080 pixels) Full HD ● Customized design ​ Front-Lit Color Filter LCoS ​ ● 0.22 ” (640 x 3x 360 pixels) nHD ● 0.35” (1280 x3x 720 pixels) HD ● Customized design ​ ​ ​ Front-Lit Color Sequential LCoS ​ ● Low power and high efficiency ● Display diagonal : 0.243” ● Size(W*L*H) : 9*13.9*4 mm ● Weight : 0.98 grams ● Volume: 0.5 c.c. ● Resolution: 1024x1024 ● Brightness: 400,000 nits ● Power consumption : 300 mW ​ ​ ​ Phase Modulation LCoS ​ ● Selective phase range based on the required response time. ● Analog drive scheme with 120Hz refresh frame rate to reduces optical flicker and provides stable phase response over time. ● Customized design ● Operated in full phase modulation (0~2π) in visible range ​ MEMS ​ ● 0 .55” (1280 x 800 pixels) WXGA ​ Power ICs Himax provides TFT-LCD television, monitor and notebooks power management solutions.
In specific video applications such as battery-powered surveillance cameras, doorbell cameras, and door-lock cameras, customers require not just an ultralow power sensor for sensing or pre-rolling functions but also high-resolution video for end-users after an event occurs. Himax Imaging addresses these needs by providing a 1/3” 4MP sensor with a 1:1 aspect ratio.
In specific domains, such as battery-powered surveillance cameras, doorbell cameras, and door-lock applications, customers require not just an ultralow power sensor for sensing or pre-rolling functions, but also high-resolution video for end-users after an event occurs. Himax Imaging addresses these needs by providing a 1/3” 4MP sensor with a 1:1 aspect ratio.
The COF packaged driver IC solution enabled one leading tablet OEM to successfully launch a WQXGA resolution tablet with super slim bezel. We also added another new features to our TDDI that can support up to WUXGA and WQXGA resolution which has gained several design-wins from tablet OEMs across Korea and China in 2019.
The COF packaged driver IC solution enabled one leading tablet OEM to successfully launch a WQXGA resolution tablet with super slim bezel. We also added another new feature to our TDDI that can support up to WUXGA and WQXGA resolution which has gained several design-wins from tablet OEMs across Korea and China in 2019.
All of these chips are implemented with our proprietary video process platform that includes our video process display IPs and high-speed transmission IPs. The process nodes adopted for these ASICs are usually 40nm, 55nm and even 28nm processes. From 2016, we also developed the depth sensing technology that aims 3D sensing and AR/VR markets.
All of these chips are implemented with our proprietary video process platform that includes our video process display IPs and high-speed transmission IPs. The process nodes adopted for these ASICs are usually 40nm, 55nm and even 22nm processes. From 2016, we also developed the depth sensing technology that aims 3D sensing and AR/VR markets.
We also lease office space in Taipei and Hsinchu, Taiwan; Suzhou, Shenzhen, Foshan, Beijing, Shanghai, Ningbo, Wuhan, Hefei, Xiamen, Chongqing, Fuqing, China; Tokyo, Japan; Asan-si and Bundang-gu, South Korea; and Irvine and San Jose, California and Minneapolis, Minnesota, USA. The lease contracts may be renewed upon expiration.
We also lease office space in Taipei and Hsinchu, Taiwan; Suzhou, Shenzhen, Foshan, Beijing, Shanghai, Ningbo, Wuhan, Hefei, Xiamen, Chongqing, Fuqing, China; Asan-si and Bundang-gu, South Korea; and Irvine and San Jose, California and Minneapolis, Minnesota, USA. The lease contracts may be renewed upon expiration.
TDDI for tablet application continues to broaden its market. 29 Table of Contents The following table summarizes the features of our products for smartphone and tablet applications: Product Features TFT-LCD TDDI for smartphone and tablet ​ ● In-cell TDDI (Touch and Display Driver Integration) as a highly integrated single chip embedded with the source driver, gate driver, power circuit, timing controller and memory, touch sensor ADCs and microcontroller ● Mainstream smartphone single chip for HD+ (720RGB x Y pixels) or FHD+ (1080RGB x Y pixels) ● Mainstream tablet PC resolutions for WXGA (800RGB x Y) with single chip or WUXGA (1200RGB x Y), WQXGA (1600RGB x Y) with 2-chip cascaded ● Conventional 60Hz and up to 144Hz new high frame rate solutions ● Support MIPI interface and VESA DSC ● Support up to 16 million colors ● Support active stylus for tablet PC ● COG and COF solutions for super slim bottom border ​ TFT-LCD Tablet Display Drivers ​ ● highly integrated single chip embedded with the source driver, power circuit, and timing controller ● suitable for a wide range of resolutions from WSVGA (600 x 1024), WXGA (800 x 1280), WUXGA (1200x1920) to WQXGA (1600 x 2560) ● support up to 16 million colors ● support RGB separated gamma adjustment ● support CABC ● support color enhancement features ● support MIPI interface ● touch display driver integrated circuit (TDDI) for advanced in-cell touch display ● supporting TDDI with active stylus ● COG and COF solutions for super slim bezel ​ OLED Solutions ​ ● Smartphone single chip with sub-pixel rendering, Demura-IPs for FHD+ resolution with up to 144Hz high frame rate ● Support MIPI interface and VESA DSC with 1 billion colors (10bit grayscale) ● TCON and Source driver IC for tablet with high resolution of 3.2Kx2K 144Hz with VRR ● customized ASICs ​ Electronic Paper Display Applications We offer display driver for the Electronic Paper Display (EPD) applications, Electronic Shelf Label (ESL) and Signage Display.
The following table summarizes the features of our products for smartphone and tablet applications: Product ​ ​ ​ Features TFT-LCD TDDI for smartphone and tablet ​ ● In-cell TDDI (Touch and Display Driver Integration) as a highly integrated single chip embedded with the source driver, gate driver, power circuit, timing controller and memory, touch sensor ADCs and microcontroller ● Mainstream smartphone single chip for HD+ (720RGB x Y pixels) or FHD+ (1080RGB x Y pixels) ● Mainstream tablet PC resolutions for WXGA (800RGB x Y) with single chip or WUXGA (1200RGB x Y), WQXGA (1600RGB x Y) with 2-chip cascaded ● Conventional 60Hz and up to 144Hz new high frame rate solutions ● Support MIPI interface and VESA DSC ● Support up to 16 million colors ● Support active stylus for tablet PC ● COG and COF solutions for super slim bottom border ​ TFT-LCD Tablet Display Drivers ​ ● highly integrated single chip embedded with the source driver, power circuit, and timing controller ● suitable for a wide range of resolutions from WSVGA (600 x 1024), WXGA (800 x 1280), WUXGA (1200x1920) to WQXGA (1600 x 2560) ● support up to 16 million colors ● support RGB separated gamma adjustment ● support CABC ● support color enhancement features ● support MIPI interface ● touch display driver integrated circuit (TDDI) for advanced in-cell touch display ● supporting TDDI with active stylus ● COG and COF solutions for super slim bezel ​ OLED Solutions ​ ● Smartphone single chip with sub-pixel rendering, Demura-IPs for FHD+ resolution with up to 144Hz high frame rate ● Support MIPI interface and VESA DSC with 1 billion colors (10bit grayscale) ● TCON and Source driver IC for tablet with high resolution of 3.2Kx2K 144Hz with VRR ● customized ASICs ​ 30 Table of Contents Electronic Paper Display Applications We offer display driver for the Electronic Paper Display (EPD) applications, Electronic Shelf Label (ESL) and Signage Display.
Display driver companies must work closely with their customers to develop semiconductors that meet their customers’ specific needs in order to optimize the performance of their products. 22 Table of Contents Mixed-Signal Design and High-Voltage CMOS Process Technology Display drivers have specific design and manufacturing requirements that are not standard in the semiconductor industry.
Display driver companies must work closely with their customers to develop semiconductors that meet their customers’ specific needs in order to optimize the performance of their products. Mixed-Signal Design and High-Voltage CMOS Process Technology Display drivers have specific design and manufacturing requirements that are not standard in the semiconductor industry.
Uniquely designed for ultralow power Computer Vision applications with always on scanning as low as 100uW. ● WiseEye AI processor (WiseEye1 / WiseEye2) is a uniquely designed ultralow power computer vision processing silicon, targeting always on applications with a sub 1mW capabilities.
Uniquely designed for ultralow power Computer Vision applications with always on scanning as low as 100uW ● WiseEye AI processor is a uniquely designed ultralow power computer vision processing silicon, targeting always on applications with a sub 1mW capabilities.
Deeply rooted in core wafer level optics technologies, we provide highly customized optical solutions and high-volume manufacturing to many Tier-1 customers such as structured lighted and ToF 3D sensing on AR/VR gadgets, automotive, biomedical devices and many other AIoT applications.
Deeply rooted in core wafer level optics technologies, we provide highly customized optical solutions and high-volume manufacturing to many Tier1 customers such as structured lighted and ToF 3D sensing on AR/VR gadgets, automotive, biomedical devices and many other AIoT applications.
For high-end gaming requirement, we have developed eDP 8.1G TCON to increase bandwidth. 25 Table of Contents The table below sets forth the features of our products for large-sized applications: Product Features TFT-LCD Source Drivers ● 384 to 1920 output channels ● 6-bit (262K colors), 8-bit (16 million colors) or 10-bit (1 billion colors) ● one gamma-type driver ● two gamma-type drivers to improve display quality ● three gamma-type drivers (RGB independent gamma curve to enhance color image) ● output driving voltage ranging from 7 up to 20V ● input logic voltage ranging from standard 3.3V to low power 1.8V and support half VDDA ● low power consumption and low EMI ● support COF and COG package types ● support TTL, RSDS, mini-LVDS (up to 460MHz), cascade modulated driver interface, or CMDI, point-to-point high speed interface (up to 4Gbps for 8K 120Hz) and customized interface technologies ● support dual gate and triple gate panel designs ​ ​ ​ TFT-LCD Gate Drivers ● 192 to 1600 output channels ● output driving voltage ranging from 10 up to 40v ● input logic voltage ranging from standard 3.3V to low power 1.8V ● low power consumption ● support COF and COG package types ● support dual gate and triple gate panel designs ​ ​ ​ Timing Controllers ● product portfolio supports a wide range of resolutions, from VGA (640 x 480 pixels) to full HD, UHD and 8K4K (1,920 x 1,080 pixels, 1,920 x 1,200 pixels, 3840 x 2160 and 7680 x 4320) ● support mini-LVDS, point-to-point high speed interface and customized output interface technologies ● embedded overdrive function to improve response time ● support CABC and local dimming to save power and color engine to enhance color and sharpness ● support LVDS, eDP, MIPI and V-by-one input interface technologies ● support dual-gate, triple-gate, GOA (gate on array) and RGBW panel designs ● support amorphous silicon, IGZO and LTPS panel ● ASIC OLED Timing Controller ● ASIC uLED Timing Controller ​ ​ ​ Programmable Gamma OP ● 8 to 16 channel gamma buffer outputs ● channel VCOM buffer output ● Internal non-volatile memory ● 2 gamma bank selection, setting time ● Analog power supply voltage: 9.0V to 20.0V ● Digital power supply voltage: 2.7V to 3.6V ● Peak current on gamma channels: 200mA ● Peak current on VCOM channel: 400mA ● Programmable VCOM limit ● 12C speed up to 1MHz ​ 26 Table of Contents Small and Medium -Sized Applications Automotive Display Applications We offer source drivers, gate drivers, timing controllers and integrated drivers for the fast-ramping automotive display applications, such as instrument cluster display (ICD), center stack display (CSD), head-up display (HUD), rear seat entertainment display (RSE), rearview mirror display and sideview mirror display.
The table below sets forth the features of our products for large-sized applications: Product ​ ​ ​ Features TFT-LCD Source Drivers ● 384 to 1920 output channels ● 6-bit (262K colors), 8-bit (16 million colors) or 10-bit (1 billion colors) ● one gamma-type driver ● two gamma-type drivers to improve display quality ● three gamma-type drivers (RGB independent gamma curve to enhance color image) ● output driving voltage ranging from 7 up to 20V ● input logic voltage ranging from standard 3.3V to low power 1.8V and support half VDDA ● low power consumption and low EMI ● support COF and COG package types ● support TTL, RSDS, mini-LVDS (up to 460MHz), cascade modulated driver interface, or CMDI, point-to-point high speed interface (up to 4Gbps for 8K 120Hz) and customized interface technologies ● support dual gate and triple gate panel designs ​ ​ ​ TFT-LCD Gate Drivers ● 192 to 1600 output channels ● output driving voltage ranging from 10 up to 40v ● input logic voltage ranging from standard 3.3V to low power 1.8V ● low power consumption ● support COF and COG package types ● support dual gate and triple gate panel designs ​ ​ ​ 25 Table of Contents Timing Controllers ● product portfolio supports a wide range of resolutions, from VGA (640 x 480 pixels) to full HD, UHD and 8K4K (1,920 x 1,080 pixels, 1,920 x 1,200 pixels, 3840 x 2160 and 7680 x 4320) ● support mini-LVDS, point-to-point high speed interface and customized output interface technologies ● embedded overdrive function to improve response time ● support CABC and local dimming to save power and color engine to enhance color and sharpness ● support LVDS, eDP, MIPI and V-by-one input interface technologies ● support dual-gate, triple-gate, GOA (gate on array) and RGBW panel designs ● support amorphous silicon, IGZO, LTPO and LTPS panel ● ASIC and standard OLED Timing Controller ● ASIC uLED Timing Controller ​ ​ ​ Programmable Gamma OP ● 8 to 16 channel gamma buffer outputs ● channel VCOM buffer output ● Internal non-volatile memory ● 2 gamma bank selection, setting time ● Analog power supply voltage: 9.0V to 20.0V ● Digital power supply voltage: 2.7V to 3.6V ● Peak current on gamma channels: 200mA ● Peak current on VCOM channel: 400mA ● Programmable VCOM limit ● 12C speed up to 1MHz ​ Small and Medium -Sized Applications Automotive Display Applications We offer source drivers, gate drivers, timing controllers and integrated drivers for the fast-ramping automotive display applications, such as instrument cluster display (ICD), center stack display (CSD), head-up display (HUD), rear seat entertainment display (RSE), rearview mirror display and sideview mirror display. 26 Table of Contents The automotive display drivers can support various display resolutions to meet the customized needs of automotive display, including GIP panel and non-GIP panel, a-Si TFT panel, IGZO panel and LTPS panel.
Display drivers are critical components of flat panel displays. The display driver market has specific characteristics, including those discussed below. Concentration of Panel Manufacturers The global TFT-LCD panel industry consists of a small number of manufacturers, substantially all of which are based in Asia.
Display drivers are critical components of flat panel displays. The display driver market has specific characteristics, including those discussed below. 21 Table of Contents Concentration of Panel Manufacturers The global TFT-LCD panel industry consists of a small number of manufacturers, substantially all of which are based in Asia.
We have other sales and technical support offices in Hefei, Beijing, Shanghai, Fuzhou, Foshan, Fuqing, Ningbo, Wuhan, Nanjing, Chongqing, Chengdu, Xi’an and Xiamen, China; Tokyo, Japan; Asan-si and Bundang-gu, South Korea, Munich, Germany; and Irvine and San Jose, California, Minneapolis, Minnesota and Detroit, Michigan, USA, all in close proximity to our customers.
We have other sales and technical support offices in Hefei, Beijing, Shanghai, Fuzhou, Foshan, Fuqing, Ningbo, Wuhan, Nanjing, Chongqing, Chengdu, Xi’an and Xiamen, China; Asan-si and Bundang-gu, South Korea and Irvine and San Jose, California, Minneapolis, Minnesota and Detroit, Michigan, USA, all in close proximity to our customers.
Taiwan Semiconductor Manufacturing Company Limited ​ United Microelectronics Corporation ​ Vanguard International Semiconductor Corporation ​ ​ ​ Processed Tape for TAB Packaging Assembly and Testing Chipbond Technology Corporation ​ Ardentec Corporation Hefei Chipfilm Materials Technology Co., Ltd. ​ Advanced Semiconductor Engineering Inc. JMC Electronics Co., Ltd. ​ Chipbond Technology Corporation LG Innotek Co., Ltd. ​ Chipmore International Trading Company Ltd.
United Microelectronics Corporation ​ Vanguard International Semiconductor Corporation ​ ​ ​ Processed Tape for TAB Packaging ​ ​ ​ Assembly and Testing Chipbond Technology Corporation ​ Ardentec Corporation Hefei Chipfilm Materials Technology Co., Ltd. ​ Advanced Semiconductor Engineering Inc. JMC Electronics Co., Ltd. ​ Chipbond Technology Corporation LG Innotek Co., Ltd. ​ Chipmore International Trading Company Ltd.
The following table summarizes the features of our products used in automotive display applications: ​ Product Features TFT-LCD Source Drivers ​ ● 642 to 1,920 output channels ● 6-bit (262K colors), 8-bit (16.7 million colors) ● support RSDS, mini-LVDS, Point-to-Point interfaces ● output driving voltage ranging up to 15V ● support COG and COF package type ​ TFT-LCD Gate Drivers ​ ● 100 to 1,600 output channels ● output driving voltage ranging up to 40V ● support COG and COF package type ​ 27 Table of Contents Product Features TFT-LCD Integrated Drivers ​ ● highly integrated chip embedded with source driver, timing controller and power circuit ● support RGB, LVDS input interfaces ● support Single Gate, Dual Gate, Triple Gate panel structure ● support 2MUX, 3MUX, 4MUX, 6MUX LTPS panel structure ● support GIP panel (a-TFT GIP or LTPS GIP or IGZO GIP) and non-GIP panel ● support resolution up to 7680 RGBx810 with cascaded chips ● source driver output driving voltage ranging up to ± 6.6V or 16V ● support Fail Detect Function, including CRC Function ● support Local Dimming Function ● support Telltale OSD function ● support COG and COF package type ​ Timing Controllers ​ ● support LVDS, eDP 1.2 input interface ● support mini-LVDS, Point-to-Point output interfaces ● support Single Gate, Dual Gate, Triple Gate panel structure ● support 2MUX, 3MUX, 6MUX LTPS panel structure ● support GIP panel (a-TFT GIP or LTPS GIP or IGZO GIP) and non-GIP panel ● support various resolutions up to 4K2K(ICD) or 8K1K(CID) ● support Local Dimming Function ● support Dual Cell Panel Structure Function ● support Fail Detect Function, including CRC Function ● support Over Driver & De-mura function ● support Telltale OSD function ​ TFT-LCD TDDI ​ ● highly integrated chip embedded with source driver, timing controller, touch controller and power circuit ● support LVDS input interfaces ● support Single Gate, Dual Gate, Triple Gate a-TFT panel structure ● support 2MUX, 3MUX, 4MUX and 6MUX LTPS panel structure ● support GIP panel (a-TFT GIP or LTPS GIP) and non-GIP panel ● support resolution up to 7680RBx900 with 4 chips cascaded ● source driver output driving voltage ranging up to ± 6.6V ● support Fail Detect Function, including CRC Function ● support Telltale OSD function ● support Color Engine function ● support COG package type ​ TFT-LCD LTDI ​ ● Large-sized Touch and Display Integration solution ● support point-to-point iSP input interface ● support resolution up to 12K1K with multi-chip cascaded ● support COF and COG package types ​ OLED Drivers ​ ● High-voltage process ● High channel and high speed interface ● Embedded P-gamma OP ● IGZO/OLED Solution ● Low power solution ● Support up to 4K2K/8K4K resolution ● Customized ASICs 28 Table of Contents Product Features OLED TCONs ​ ● support high resolution up to 7.6Kx1K at 120Hz w/ VRR ● support eDP v1.4 1/2/4Lane 8.1Gbps, w/ DSC1.2a ● support 2-chip cascade ● passed AEC-Q100 Grade 2 ​ Smartphone and Tablet Applications We offer display drivers for small and medium-sized displays in smartphone and tablet applications that combine source driver, gate driver, timing controller, DC to DC circuits, and optional frame buffer into a single chip or cascades chips in various display technologies, such as TFT-LCD and OLED.
The following table summarizes the features of our products used in automotive display applications: ​ Product Features TFT-LCD Source Drivers ​ ● 642 to 1,920 output channels ● 6-bit (262K colors), 8-bit (16.7 million colors) ● support RSDS, mini-LVDS, Point-to-Point interfaces ● output driving voltage ranging up to 15V ● support COG and COF package type ​ TFT-LCD Gate Drivers ​ ● 100 to 1,600 output channels ● output driving voltage ranging up to 40V ● support COG and COF package type ​ 27 Table of Contents Product Features TFT-LCD Integrated Drivers ​ ● highly integrated chip embedded with source driver, timing controller and power circuit ● support RGB, Multiple Drop LVDS / Point-to-Point LVDS input interfaces ● support Single Gate, Dual Gate, Triple Gate, Quad Gate panel structure ● support 2MUX, 3MUX, 4MUX, 6MUX LTPS panel structure ● support GIP panel (a-TFT GIP or LTPS GIP or IGZO GIP) and non-GIP panel ● support resolution up to 7680 RGBx810 with cascaded chips ● source driver output driving voltage ranging up to ± 6.7V ● support Fail Detect Function, including CRC Function ● support Local Dimming Function ● support Telltale OSD function ● support internal thermal sensor ● support HUD transparency detect function ● passed AEC-Q100 Grade 2 ● support COG and COF package type ​ Timing Controllers ​ ● support LVDS, eDP 1.2 input interface ● support mini-LVDS, Point-to-Point output interfaces ● support Single Gate, Dual Gate, Triple Gate panel structure ● support 2MUX, 3MUX, 4MUX, 6MUX LTPS panel structure ● support GIP panel (a-TFT GIP or LTPS GIP or IGZO GIP) and non-GIP panel ● support various resolutions up to 4K2K(ICD) or 8K1K(CID) ● support Local Dimming Function ● support Dual Cell Panel Structure Function ● support Fail Detect Function, including CRC Function ● support Over Driver & De-mura function ● support Telltale OSD function ● support Image Enhancement function ● support HDR function ● support HUD transparency detect function ● support HUD De-warping function ● passed AEC-Q100 Grade 2 ​ TFT-LCD TDDI ​ ● highly integrated chip embedded with source driver, timing controller, touch controller and power circuit ● support Multiple Drop LVDS / Point-to-Point LVDS input interfaces ● support Single Gate, Dual Gate, Triple Gate, Quad Gate a-TFT panel structure ● support 2MUX, 3MUX, 4MUX and 6MUX LTPS panel structure ● support TP 2MUX panel structure ● support GIP panel (a-TFT GIP or LTPS GIP or IGZO GIP)) and non-GIP panel ● support resolution up to 7680RBx900 with 4 chips cascaded ● source driver output driving voltage ranging up to ± 6.6V ● support Fail Detect Function, including CRC Function ● support Telltale OSD function ● support Color Engine function ● support Local Dimming function ● support internal thermal sensor ● passed AEC-Q100 Grade 2 ● support COG package type ​ 28 Table of Contents Product Features TFT-LCD LTDI ​ ● Large-sized Touch and Display Integration solution ● support point-to-point iSP input interface ● support resolution up to 12K1K with multi-chip cascaded ● passed AEC-Q100 Grade 2 ● support COF and COG package types ​ OLED Drivers ​ ● High-voltage process ● High channel and high speed interface ● Embedded P-gamma OP ● IGZO/OLED Solution ● Low power solution ● Support up to 4K2K/8K4K resolution ● Standard IC or Customized ASICs ● passed AEC-Q100 Grade 2 OLED TCONs ​ ● support high resolution up to 7.6Kx1K at 120Hz w/ VRR ● support eDP v1.4 1/2/4Lane 8.1Gbps, w/ DSC1.2a ● support 2-chip cascade ● passed AEC-Q100 Grade 2 ​ Smartphone and Tablet Applications We offer display drivers for small and medium-sized displays in smartphone and tablet applications that combine source driver, gate driver, timing controller, DC to DC circuits, and optional frame buffer into a single chip or cascades chips in various display technologies, such as TFT-LCD and OLED.
In May 2024, we announced a strategic investment in Obsidian Sensors, Inc. (“Obsidian”), a San Diego-based thermal imaging sensor solution manufacturer. The investment was motivated by the potential of Obsidian’s proprietary and revolutionary high-resolution thermal sensors to dominate the market through low-cost, high-volume production capabilities.
In May 2024, we announced a strategic investment in Obsidian Sensors, Inc. ("Obsidian"), a San Diego-based thermal imaging sensor solution manufacturer. The investment was motivated by the potential of Obsidian’s proprietary and revolutionary high-resolution thermal sensors to establish a market position through low-cost, high-volume production capabilities.
Moreover, our touch controller not only supports multi-finger capacitive touch and is compatible with various types of OLED panels, but it can also cascade multiple chips to support displays larger than 20 inches. OLED on-cell touch controller IC for automotive has entered production in the third quarter of 2024 with several new projects underway with customers.
Moreover, our touch controller not only supports multi-finger capacitive touch and is compatible with various types of OLED panel types, but it can also cascade multiple chips to support displays larger than 20 inches. OLED on-cell touch controller IC for automotive has entered production in 2024 with several new projects underway with customers.
Despite our reliance on outsourcing for CP testing, we have made investments in internal capabilities for test program development, engineering testing, debugging capability and manufacturing support since 2022. 47 Table of Contents We operate a fab under Himax Display primarily for performing manufacturing processes for our LCoS microdisplays.
Despite our reliance on outsourcing for CP testing, we have made investments in internal capabilities for test program development, engineering testing, debugging capability and manufacturing support since 2022. We operate a fab under Himax Display primarily for performing manufacturing processes for our LCoS microdisplays.
In addition, TDDI IC integrates both display driver and in-cell touch functions and is usually adopted by small and medium sized display applications, whereas Timing Controller feature is also embedded in TDDI. 21 Table of Contents ● Timing Controller. The timing controller receives image data and converts the format for the source drivers’ input.
In addition, TDDI IC integrates both display driver and in-cell touch functions and is usually adopted by small and medium sized display applications, whereas Timing Controller feature is also embedded in TDDI. ● Timing Controller. The timing controller receives image data and converts the format for the source drivers’ input.
We initialed volume production starting in second quarter of 2023. 39 Table of Contents The following table sets forth the features of our wafer level optics products: ​ Product Features Refractive Optical Lens ​ ● for Micro Lens Array(MLA) illumination diffuser, lighting control, flux illumination lens, collimation lens, and compact size camera lens ● provide multi-layer solution including optical AR coating, IR-cutting filter coating, aspheric surface ● double-side manufacture process ● already in mass production ​ Diffractive Optical Element (DOE) ​ ● computational imaging, flux illumination, dot projector for 3D sensing, 3D reconstruction, gesture and illumination control ● using WLO process to integral multi-layers DOE and refractive lens ● provide customized solution for specific application ● the smallest form factor and reflowable component ● eye safety detect circuit embedded ​ Diffuser element for flood illumination and TOF ​ ● using WLO process to integral multi-layers DOE technology ● the smallest form factor and reflowable component ● eye safety detect circuit embedded ​ ​ ​ Near Infrared (NIR) Projector Module ​ ● dot projector module solution for computer vision, 3D sensing, 3D reconstruction, gesture and illumination control ● integral NIR Laser (830/850/940nm), optical system (refractive+ diffractive lens) and high precise active alignment assembly solution to provide the smallest form factor ● module design for smartphone and other mobile devices ● provide customized module solution for different application ● the smallest form factor and reflowable device ● including active eye safety solution (Class-1) ​ ​ ​ Flood illumination Module ​ ● provide customized solution for specific application integral NIR Laser (830/850/940nm), and high precise active alignment assembly solution ● module design for smartphone and other mobile devices ● the smallest form factor and reflowable device ● including active eye safety solution (Class-1) ​ ​ ​ FAU (Fiber Array Unit) in CPO ​ ● Collaborated with FOCI to offer FAU, enabling silicon photonic-to-fiber connections for high-speed optical links, replacing metal wire transmission to enhance bandwidth, boost data rates, reduce signal loss, latency, energy use, and MCM module size and cost ● WLO offers nano-scale precision optical characteristics and provides precise optical coupling capability along with connector functionality ​ 3D Sensing Business We continue to participate in most of the smartphone OEMs’ ongoing time-of-flight (ToF) 3D sensing projects.
We initiated volume production starting in second quarter of 2023. 39 Table of Contents The following table sets forth the features of our wafer level optics products: ​ Product ​ ​ ​ Features Refractive Optical Lens ​ ● for Micro Lens Array(MLA) illumination diffuser, lighting control, flux illumination lens, collimation lens, and compact size camera lens ● provide multi-layer solution including optical AR coating, IR-cutting filter coating, aspheric surface ● double-side manufacture process ● already in mass production ​ Diffractive Optical Element (DOE) ​ ● computational imaging, flux illumination, dot projector for 3D sensing, 3D reconstruction, gesture and illumination control ● using WLO process to integral multi-layers DOE and refractive lens ● provide customized solution for specific application ● the smallest form factor and reflowable component ● eye safety detect circuit embedded ​ Diffuser element for flood illumination and TOF ​ ● using WLO process to integral multi-layers DOE technology ● the smallest form factor and reflowable component ● eye safety detect circuit embedded ​ ​ ​ Near Infrared (NIR) Projector Module ​ ● dot projector module solution for computer vision, 3D sensing, 3D reconstruction, gesture and illumination control ● integral NIR Laser (830/850/940nm), optical system (refractive+ diffractive lens) and high precise active alignment assembly solution to provide the smallest form factor ● module design for smartphone and other mobile devices ● provide customized module solution for different application ● the smallest form factor and reflowable device ● including active eye safety solution (Class-1) ​ ​ ​ Flood illumination Module ​ ● provide customized solution for specific application integral NIR Laser (830/850/940nm), and high precise active alignment assembly solution ● module design for smartphone and other mobile devices ● the smallest form factor and reflowable device ● including active eye safety solution (Class-1) ​ ​ ​ FAU (Fiber Array Unit) in CPO ​ ● Collaborated with FOCI to offer FAU, enabling silicon photonic-to-fiber connections for high-speed optical links, replacing metal wire transmission to enhance bandwidth, boost data rates, reduce signal loss, latency, energy use, and MCM module size and cost ● WLO offers nano-scale precision optical characteristics and provides precise optical coupling capability ​ 3D Sensing Business 3D sensing technology has a wide range of applications.
This innovative approach enables wafer level optics to manufacture micro/nano optics structure and high temperature resistance, making the compatible Surface-Mount Technology or SMT reflow process possible. We offer entire optical solutions for customers who need compact and easy-to-handle optical products on their electronic devices.
This innovative approach enables wafer level optics to manufacture micro/nano optics structure and high temperature resistance, making the compatible Surface-Mount Technology or SMT reflow process possible. We offer entire optical solutions for customers who need compact and easy-to-handle optical products on various applications.
Output voltage may be higher or lower depending on the characteristics of the liquid crystal (or diode), in the case of source drivers, or TFT device, in the case of gate drivers. 24 Table of Contents ● Gamma Curve.
Output voltage may be higher or lower depending on the characteristics of the liquid crystal (or diode), in the case of source drivers, or TFT device, in the case of gate drivers. ● Gamma Curve.
LCoS and MEMS design, manufacturing and sales ROC 92.0 % (1) Integrated Microdisplays Limited LCoS design Hong Kong 92.0 % (3) Himax Display (USA) Inc. LCoS and MEMS design, sales and technical support Delaware, USA 92.0 % (3) Himax Analogic, Inc. IC design and sales ROC 98.6 % (1) Himax Imaging, Inc. Investments Cayman Islands 100.0 % Himax Imaging, Ltd.
LCoS and MEMS design, manufacturing and sales ROC 92.0 % (1) Integrated Microdisplays Limited LCoS design Hong Kong 92.0 % (3) Himax Display (USA) Inc. LCoS and MEMS design, sales and technical support Delaware, USA 92.0 % (3) Himax Analogic, Inc. IC design and sales ROC 99.9 % (1) Himax Imaging, Inc. Investments Cayman Islands 100.0 % Himax Imaging, Ltd.
Our registered office in the Cayman Islands is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. Our telephone number at this address is +1-345-945-3901.
Our telephone number at this address is +886-6-505-0880. Our registered office in the Cayman Islands is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. Our telephone number at this address is +1-345-945-3901.
The following table summarizes the features of our ASIC service: ​ ​ ​ Product Features ASIC Service ​ ● Well-established ASIC development platform, based on our unique video processor and image processing technologies. ● offer a wide variety of video interface IPs, like LVDS, HDMI, DVI, V-by-one, Display port, MIPI, MHL, etc. ● built-in 8/32- bit microprocessor built-in video processing algorithm like super-high resolution, sun-light readable, MEMC, FRC, etc. ● built-in 3D feature technologies like 2D-to-3D, Glasses-free 3D, 3D multi-view, 3D visual protection, etc. ● support 4K x 2K/ 5K x 2K/ 8K x 4K display ● Depth sensing algorithm and hardware accelerator for 3D sensing and AR/VR applications ​ ​ ​ 32 Table of Contents LCoS and MEMS Products Himax Display, our subsidiary, has contributed to our microdisplay products lines: Color-filter LCoS, Color-sequential LCoS, Front-lit LCoS, Phase modulation LCoS and MEMS.
The following table summarizes the features of our ASIC service: ​ ​ ​ Product ​ ​ Features ASIC Service ​ ● Well-established ASIC development platform, based on our unique video processor and image processing technologies. ● offer a wide variety of video interface IPs, like LVDS, HDMI, DVI, V-by-one, Display port, MIPI, MHL, etc. ● built-in 8/32- bit microprocessor built-in video processing algorithm like super-high resolution, sun-light readable, MEMC, FRC, etc. ● built-in 3D feature technologies like 2D-to-3D, Glasses-free 3D, 3D multi-view, 3D visual protection, etc. ● support 4K x 2K/ 5K x 2K/ 8K x 4K display ● Depth sensing algorithm and hardware accelerator for 3D sensing and AR/VR applications ​ LCoS and MEMS Products Himax Display, our subsidiary, continues to lead in microdisplay technology with a comprehensive product portfolio that includes Color-filter LCoS, Color-sequential LCoS, Front-lit LCoS, Phase modulation LCoS, and MEMS solutions.
We began construction of our new building, Fab 2, in March 2017, located nearby the current headquarters to house additional WLO capacity, the new active alignment equipment needed for our 3D sensing business and to provide extra office space. The construction of Fab 2 was completed in the first half of 2018.
We began construction of our new building, Fab 2, in March 2017, located nearby the current headquarters to house additional WLO capacity, the new active alignment equipment needed for our 3D sensing business and to provide extra office space.
IC design and sales ROC 98.6 % (1) Himax Imaging Corp. IC design California, USA 98.6 % (4) Harvest Investment Limited Investments ROC 100.0 % (1) Himax Technologies Japan Ltd. Sales Japan 100.0 % Himax Semiconductor (Hong Kong) Limited Investments Hong Kong 100.0 % Liqxtal Technology Inc.
IC design and sales ROC 99.5 % (1) Himax Imaging Corp. IC design California, USA 99.5 % (4) Harvest Investment Limited Investments ROC 100.0 % (1) Himax Technologies Japan Ltd. Sales Japan 100.0 % Himax Semiconductor (Hong Kong) Limited Investments Hong Kong 100.0 % Liqxtal Technology Inc.
Organizational Structure The following chart sets forth our corporate structure and ownership interest in each of our principal operating subsidiaries as of March 31, 2025. ​ ​ The following table sets forth summary information for our subsidiaries as of March 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ ​ Jurisdiction of Our Ownership ​ Subsidiary Main Activities Incorporation Interest ​ ​ ​ ​ ​ ​ ​ ​ ​ Himax Technologies Limited IC design and sales ROC 100.0 % Himax Technologies Korea Ltd.
Organizational Structure The following chart sets forth our corporate structure and ownership interest in each of our principal operating subsidiaries as of February 28, 2026. ​ ​ The following table sets forth summary information for our subsidiaries as of February 28, 2026. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ ​ Jurisdiction of Our Ownership ​ Subsidiary ​ ​ ​ Main Activities ​ ​ ​ Incorporation ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ ​ ​ ​ Himax Technologies Limited IC design and sales ROC 100.0 % Himax Technologies Korea Ltd.
The assembly of display drivers typically uses TAB and COG package types. COF and TCP are two types of TAB packages, of which COF packages have become predominantly used in recent years. Customers typically determine the package type required according to their specific mechanical and electrical considerations.
COF and TCP are two types of TAB packages, of which COF packages have become predominantly used in recent years. Customers typically determine the package type required according to their specific mechanical and electrical considerations.
In 2022, 2023 and 2024, our two largest customers accounted for 10% or more of our net revenue: customer A and its affiliates accounted for 32.3% 28.7% and 26.4% of our revenues, respectively; and customer C accounted for 9.4%, 11.0% and 8.3%, respectively.
In 2023, 2024 and 2025, our two largest customers accounted for 10% or more of our net revenue: customer A and its affiliates accounted for 28.7%, 26.4% and 24.0% of our revenues, respectively; and customer C accounted for 11.0%, 8.3% and 7.8%, respectively.
In the first quarter of 2022, the Company’s flexible OLED driver and TCON for automotive display successfully ramped up for a customer’s flagship EV model, while in the second quarter of 2022, the Company commenced production of OLED TCON and Driver IC chipsets for tablet applications for a leading OEM for their 11-inch and 12.6-inch flagship models.
In the first quarter of 2022, Himax’s flexible OLED driver and TCON for automotive display successfully ramped up for a customer’s flagship EV model, while in the second quarter of 2022, the Company commenced production of OLED TCON and Driver IC chipsets for tablet applications for a leading OEM for their flagship models.
We are collaborating closely with leading panel makers across China, Japan and Korea for OLED product development in smartphone, tablet, automotive and other consumer electronics.
We are collaborating closely with leading panel makers across China, Japan and Korea for OLED product development in smartphone, tablet, automotive and others.
The gold bumps are plated onto each wafer to connect the die to the processed tape, in the case of TAB package, or the glass, in the case of COG package. Chip Probe Testing : Each die is electrically tested, or probed, for defects.
The gold bumps are plated onto each wafer to connect the die to the processed tape, in the case of TAB package, or the glass, in the case of COG package. Chip Probe Testing : Each die is electrically tested, or probed, for defects. Dies that fail this test are discarded.
We continued our shipment to this anchor customer for their legacy product and continue making progress on R&D projects with world-leading high-tech giants for ToF 3D sensing, AR/VR gadgets, automotive, biomedical devices and others, targeting their future generation products centered around our exceptional design know-how and mass production expertise in WLO technology.
We continued our shipment to this anchor customer for their legacy product and continue making progress on R&D projects with customers for AR/VR gadgets, automotive, biomedical devices and others, targeting their future generation products centered around our exceptional design know-how and mass production expertise in WLO technology.
As the global market share leader in automotive display technology, we offer innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming TCON), Large Touch and Display Driver Integration (LTDI) for LCD displays and DDIC, TCON and on-cell touch controller for OLED displays.
As the global market share leader in automotive display technology, we offer innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming TCON), Large Touch and Display Driver Integration (LTDI) and OLED technologies.
TAB Assembly We use two types of TAB technologies: TCP and COF. TCP and COF packages are both made of processed tape that is typically 35mm or 48mm wide, plated with copper foil and has a circuit formed within it. TCP and COF packages differ, however, in terms of their chip connections.
TCP and COF packages are both made of processed tape that is typically 35mm or 48mm wide, plated with copper foil and has a circuit formed within it. TCP and COF packages differ, however, in terms of their chip connections.
The main products are Power Managements ICs (PMIC), Programmable Gamma OP ICs (PGOP) and Level Shifter ICs (LS). In recent years, PMIC/PGOP 2-in-1 and PMIC/PGOP/LS 3-in-1 PMIC have gradually become the mainstream solutions.
The main products are Power Managements ICs (PMIC), Programmable Gamma OP ICs (PGOP) and Level Shifter ICs (LS). In recent years, PMIC/PGOP 2-in-1 PMIC have gradually become the mainstream solutions. Independent PGOP ICs have been gradually being phased out.
Each fabricated wafer contains many chips, each known as a die. Gold Bumping : After the wafers are fabricated, they are delivered to gold bumping houses where gold bumps are plated on each wafer. The gold bumping process uses thin film metal deposition, photolithography and electrical plating technologies.
Gold Bumping : After the wafers are fabricated, they are delivered to gold bumping houses where gold bumps are plated on each wafer. The gold bumping process uses thin film metal deposition, photolithography and electrical plating technologies.
Our touch controller solutions are suitable for touch panels in electronic devices with TFT-LCD or OLED displays, such as smartphones, tablets, automotive displays, and notebooks. We commenced production of capacitive touch controller ICs for on-cell TFT-LCD displays with smartphone brand customer since 2011. Subsequently, we expanded our customer base to include more well-known smartphone and tablet brands.
Our touch controller solutions are suitable for touch panels in electronic devices with TFT-LCD or OLED displays, such as smartphones, tablets, automotive displays, and notebooks. We commenced production of capacitive touch controller ICs for on-cell TFT-LCD displays with smartphone brand customer since 2011.
Himax Display has own proficient engineering team to develop patented industry-only non-captive LCoS, front-lit waveguide, and module design, along with an in-house ISO certified manufacture line, all of which positions us at the forefronts of leading AR glasses and AR-HUD markets.
Compared to other microdisplay technologies, LCoS microdisplay offers smaller form factor, higher brightness, and less power consumption. Himax Display has own proficient engineering team to develop patented industry-only non-captive LCoS, front-lit waveguide, and module design, along with an in-house ISO certified manufacture line, all of which positions us at the forefronts of leading AR glasses and AR-HUD markets.
Our industry-leading WiseEye Ultralow Power AI Sensing technology is composed of Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm, and has been widely adopted in consumer electronics and AIoT related applications. Himax optics technologies, such as wafer level optics (WLO), LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies.
Our industry-leading WiseEye Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT applications. Himax optics technologies, such as wafer level optics (WLO), LCoS microdisplays and 3D sensing solutions, are critical enablers of emerging AR/VR and other next-generation applications.
Stemco., Ltd. ​ ChipMOS Technologies Inc. ​ Global Testing Corporation ​ Greatek Electronics Inc. ​ Huatian Technology Electronics Co., Ltd. ​ Jiangsu Changjiang Electronics Technology Co., Ltd. ​ King Yuan Electronics Co., Ltd. ​ Micro Silicon Electronics Corp. ​ Taiwan IC Packaging Corporation ​ LB Lusem Co., Ltd. ​ Union Semiconductor Co., Ltd. ​ ​ 50 Table of Contents ​ ​ Chip Probe Testing ​ Chipbond Technology Corporation ​ ​ Chipmore International Trading Company Ltd. ​ ​ ChipMOS Technologies Inc. ​ ​ Global Testing Corporation ​ ​ Greatek Electronics Inc. ​ ​ King Yuan Electronics Co., Ltd. ​ ​ Micro Silicon Electronics Corp. ​ ​ LB Semicon, Inc. ​ ​ Union Semiconductor Co., Ltd. ​ ​ Union Semiconductor (Hefei) Co., Ltd. ​ ​ YoungTek Electronics Corp. ​ ​ ​ ​ ​ ​ Intellectual Property As of March 31, 2025, we held a total of 2,603 patents, including 1,086 in Taiwan, 876 in the United States, 526 in China, and 115 in other countries.
Stemco., Ltd. ​ ChipMOS Technologies Inc. ​ Global Testing Corporation ​ Greatek Electronics Inc. ​ Huatian Technology Electronics Co., Ltd. ​ Jiangsu Changjiang Electronics Technology Co., Ltd. ​ King Yuan Electronics Co., Ltd. ​ Micro Silicon Electronics Corp. ​ Taiwan IC Packaging Corporation ​ LB-Semicon Co., Ltd. ​ Union Semiconductor Co., Ltd. ​ ​ Jiangsu nepes Semiconductor Co., Ltd. ​ ​ 50 Table of Contents ​ ​ Chip Probe Testing ​ ​ ​ ​ Chipbond Technology Corporation ​ ​ Chipmore International Trading Company Ltd. ​ ​ ChipMOS Technologies Inc. ​ ​ Global Testing Corporation ​ ​ Greatek Electronics Inc. ​ ​ King Yuan Electronics Co., Ltd. ​ ​ Micro Silicon Electronics Corp. ​ ​ LB Semicon, Inc. ​ ​ Union Semiconductor Co., Ltd. ​ ​ Union Semiconductor (Hefei) Co., Ltd. ​ ​ YoungTek Electronics Corp. ​ ​ Jiangsu nepes Semiconductor Co., Ltd. ​ ​ ​ Intellectual Property As of February 28, 2026, we held a total of 2,576 patents, including 1,036 in Taiwan, 894 in the United States, 514 in China, and 132 in other countries.
The expiration dates of our patents range from 2025 to 2044. We also have a total of 56 pending patent applications in Taiwan, 118 in the United States and 215 in other jurisdictions, including the PRC, Japan, Korea, Israel and Europe.
The expiration dates of our patents range from 2026 to 2045. We also have a total of 44 pending patent applications in Taiwan, 114 in the United States and 185 in other jurisdictions, including the PRC, Japan, Korea, Israel and Europe.
Furthermore, our meticulously engineered OLED on-cell touch controllers set a new standard, boasting an industry-leading touch signal-to-noise ratio of over 45 dB, greatly enhancing sensitivity. This allows automotive displays to maintain proper functionality under challenging conditions, such as glove-wearing and wet finger operations. OLED touch controller IC for automotive has entered production in the third quarter of 2024.
Specifically, our meticulously engineered OLED on-cell touch controllers set a new standard, boasting an industry-leading touch signal-to-noise ratio of over 45 dB, greatly enhancing sensitivity that allows automotive displays to maintain proper functionality under challenging conditions, such as glove-wearing and wet finger operations.
Additionally, we form strategic partnership with Tier 1 customers for our LCoS microdisplays, 3D sensing and WiseEye ultralow power AI sensing to penetrate into the emerging market. We believe we need close alliance with our customers to build up ecosystem for new applications.
Additionally, we form strategic partnership with Tier 1 customers for our LCoS microdisplays, 3D sensing and WiseEye ultralow power AI sensing to penetrate into the emerging market.
The following table summarizes certain features of our power management IC products: ​ ​ Product Features Integrated Multi-Channel Power Solutions for TFT-LCD and OLED Notebooks ​ ● PMIC, PGOP 2-in-1 and Level Shifter ● 2ch programmable gamma voltage inside ● PAVDD Synchronous Boost Converter ● NAVDD Synchronous Inverting Converter ● VGH / VGL Synchronous SIBO Converter ● 3ch Vint OP for OLED Panel ● built-in power MOSFET ● step-up PWM converter ● charge pump regulator ● LDO regulator ● programmable voltage detector ● gate pulse modulator ● Vcom operational amplifier ● I2C programmable ● low frame rate control for power saving solution ● built in UVLO, UVP, OVP, SCP and OTP protection ​ ​ ​ Integrated Multi-Channel Power Solutions for Monitors ​ ● PMIC, PGOP and Level Shifter 3-in-1 ● built-in power MOSFET ● step-up PWM converter ● HV LDO regulator ● programmable voltage detector ● gate pulse modulator ● programmable Vcom voltage / Vcom operational amplifier ● programmable gamma voltage with operational amplifier ● built in UVLO, UVP, OVP, SCP and OTP protection ​ ​ ​ Integrated Multi-Channel Power Solutions for TVs ​ ● PMIC, PGOP 2-in-1 and Level Shifter ● built-in power MOSFET ● step-up PWM converter ● step-down PWM converter ● charge pump and buck-boost regulator ● HV LDO regulator ● programmable voltage detector ● gate pulse modulator ● Vcom operational amplifier ● I2C programmable ● programmable gamma voltage with operational amplifier ● built in UVLO, UVP, OVP, SCP and OTP protection ​ 35 Table of Contents Programmable Gamma OP ICs It is a Programmable Gamma, DVR and VCOM IC.
The following table summarizes certain features of our power management IC products: ​ ​ Product ​ ​ ​ Features Integrated Multi-Channel Power Solutions for TFT-LCD and OLED Notebooks ​ ● PMIC, PGOP 2-in-1 and Level Shifter ● 2ch programmable gamma voltage inside ● PAVDD Synchronous Boost Converter ● NAVDD Synchronous Inverting Converter ● VGH / VGL Synchronous SIBO Converter ● 3ch Vint OP for OLED Panel ● built-in power MOSFET ● step-up PWM converter ● charge pump regulator ● LDO regulator ● programmable voltage detector ● gate pulse modulator ● Vcom operational amplifier ● I2C programmable ● low frame rate control for power saving solution ● built in UVLO, UVP, OVP, SCP and OTP protection ​ ​ ​ Integrated Multi-Channel Power Solutions for TVs and Monitors ​ ● PMIC, PGOP 2-in-1 and Level Shifter ● built-in power MOSFET ● step-up PWM converter ● step-down PWM converter ● charge pump and buck-boost regulator ● HV LDO regulator ● programmable voltage detector ● gate pulse modulator ● Vcom operational amplifier ● I2C programmable ● 14ch programmable gamma voltage with operational amplifier ● Programmable gamma buffer DVR and VCOM buffer ● 10-bit Gamma DAC resolution ● built in UVLO, UVP, OVP, SCP and OTP protection ​ 35 Table of Contents Level shifter TFT-LCD panel manufacturers have developed panel designs to reduce the usage of display drivers, like gateless designs, which integrate the gate driver function onto the glass but needed level shifter.
This consolidates our market presence in the emerging e-reading and e-signage segments from 2022 and onward. ​ 30 Table of Contents The following table summarizes the features of our Electronic Paper Display (EPD) solutions: ​ Product Features Electronic Paper Display (EPD) Source Drivers ​ ● Features 320 to 1296 output channels ● output driving voltage ranging from 15 up to 50v ● input logic voltage ranging from standard 3.3V to low power 1.8V ● low power consumption and low EMI ● support TTL, mini-LVDS cascade modulated driver interface, or MIPI high-speed interface and customized interface technologies ● support COF and COG package types ​ ​ ​ Electronic Paper Display (EPD) Gate Drivers ​ ​ ● 100 to 972 output channels ● output driving voltage ranging from 10 up to 50v ● input logic voltage ranging from standard 3.3V to low power 1.8V low power consumption ● support COF and COG package types ​ ​ ​ Electronic Paper Display (EPD) Timing Controller ​ ● Support MIPI 4 lane input interface ● Support TTL, mini-LVDS output interface ● Support maximum resolution 3840x2160 ● Use USB/SPI/I2C control interface ● Support LPDDR2 memory ​ ​ ​ Electronic Shelf Label (ESL) Integrated Drivers ​ ● Highly integrated chip embedded with source driver, timing controller and power circuit ● Source driver output driving voltage ranging up to 30V ● Support COG package types ​ Touch Controller ICs We offer touch controller solutions for capacitive touch panels.
The following table summarizes the features of our Electronic Paper Display (EPD) solutions: ​ Product ​ ​ ​ Features Electronic Paper Display (EPD) Source Drivers ​ ● Features 320 to 1296 output channels ● output driving voltage ranging from 15 up to 55v ● input logic voltage ranging from standard 3.3V to low power 1.8V ● low power consumption and low EMI ● support TTL, mini-LVDS cascade modulated driver interface, or MIPI high-speed interface and customized interface technologies ● support COF and COG package types ​ ​ ​ Electronic Paper Display (EPD) Gate Drivers ​ ● 100 to 972 output channels ● output driving voltage ranging from 10 up to 70v ● input logic voltage ranging from standard 3.3V to low power 1.8V low power consumption ● support COF and COG package types ​ ​ ​ Electronic Paper Display (EPD) Timing Controller ​ ● Support MIPI 4 lane input interface ● Support TTL, mini-LVDS output interface ● Support maximum resolution 3840x2160 ● Use USB3.0/SPI/I2C control interface ● Fast full-color image update based on 32 palette colors ● Support LPDDR2 memory ​ ​ ​ Electronic Shelf Label (ESL) Integrated Drivers ​ ● Highly integrated chip embedded with source driver and gate driver, timing controller and power circuit ● Source driver output driving voltage ranging up to 30V ● Support COG pac kage types ​ Touch Controller ICs We offer touch controller solutions for capacitive touch panels.
(CMVT) Omniwide film products design and sales ROC 77.6 % (1) Viewsil Microelectronics (Kunshan) Limited ​ IC design and sales ​ PRC ​ 100.0 % Viewsil Technology Limited ​ IC sales ​ British Virgin Islands ​ 100.0 % (5) Solvanta Investment Limited ​ Investments ​ ROC ​ 100.0 % (1) Solvanta Energy Limited ​ Renewable-energy based electricity distribution ​ ROC ​ 100.0 % (6) (1) Indirectly, through our 100.0% ownership of Himax Technologies Limited.
(CMVT) Omniwide film products design and sales ROC 81.4 % (1) Viewsil Microelectronics (Shanghai) Limited ​ IC design and sales ​ PRC ​ 100.0 % Viewsil Technology Limited ​ IC sales ​ British Virgin Islands ​ 100.0 % (6) Solvanta Investment Limited ​ Investments ​ ROC ​ 100.0 % (1) Solvanta Energy Limited ​ Renewable-energy based electricity distribution ​ ROC ​ 100.0 % (7) (1) Indirectly, through our 100.0% ownership of Himax Technologies Limited. 53 Table of Contents (2) Indirectly, through our 100.0% ownership of Himax Technologies (Samoa), Inc.
In addition, we have registered “Himax and logo” as trademarks in Taiwan, China, Europe, Singapore, Korea, Japan and the United States. “Omniwide Film and logo” as trademarks in China, Europe, Korea, Japan and the United States, “CMVT” as trademarks in Taiwan and China, as well as “WISEEYE” as trademark in Israel and the United States.
In addition, we have registered “Himax and logo” as trademarks in Taiwan, China, Europe, Singapore, Korea, Japan and the United States.
The testing of display drivers also requires special testers that can support high-channel and high-voltage output semiconductors. Such testers are not standard in the semiconductor industry.
The testing of display drivers also requires special testers that can support high-channel and high-voltage output semiconductors.
The computer-vision AI algorithm, which benefits from high performance and low power AI processor and image data from sensor, can therefore enable AI features such as powerful human detection, occupancy detection and motion classification for various application needs. LCoS Microdisplay Technologies. Compared to other microdisplay technologies, LCoS microdisplay offers smaller form factor, higher brightness, and less power consumption.
The computer-vision AI algorithm, which benefits from high performance and low power AI processor and image data from sensor, can therefore enable AI features such as powerful human detection, occupancy detection and motion classification for various application needs. 45 Table of Contents LCoS Microdisplay Technologies.
We effected this reorganization and share exchange to comply with ROC laws, which prohibit a Taiwan incorporated company not otherwise publicly listed in Taiwan from listing its shares on an overseas stock exchange. Our reorganization enables us to maintain our operations through our Taiwan subsidiary, Himax Taiwan, while allowing us to list our shares overseas through our holding company structure.
We effected this reorganization and share exchange to comply with ROC laws, which prohibit a Taiwan incorporated company not otherwise publicly listed in Taiwan from listing its shares on an overseas stock exchange.
The following table sets forth the features of our ultralow power WiseEye ultralow power AI sensing total solutions: ​ ​ ​ Product Features WiseEye AI total solution ​ ● The total solution incorporates Himax proprietary ultralow power WiseEye AI processor, always-on CMOS image sensor, and CNN-based computer vision AI algorithm, featuring tinyML AI in tiny form factor, ultralow power consumption, low latency, privacy protection and optimized cost. ● Total solution supports use of a variety of Himax CMOS image sensors.
WiseEye is gaining strong traction in smart glasses, with a growing number of design-in engagements underway among global tech names, solution platform providers, and smart glasses specialists. ​ 43 Table of Contents The following table sets forth the features of our ultralow power WiseEye ultralow power AI sensing total solutions: ​ ​ ​ Product ​ ​ ​ Features WiseEye AI total solution ​ ● The total solution incorporates Himax proprietary ultralow power WiseEye AI processor, always-on CMOS image sensor, and CNN-based computer vision AI algorithm, featuring tinyML AI in tiny form factor, ultralow power consumption, low latency, privacy protection and optimized cost ● Total solution supports use of a variety of Himax CMOS image sensors.
The automotive Timing Controller can support Local Dimming function for the goal of higher contrast ratio and thermal reduction in automotive display applications.
Meanwhile, the automotive display drivers can support higher output driving voltage for higher contrast ratio and faster liquid crystal response in automotive display applications. The automotive Timing Controller can support Local Dimming function for the goal of higher contrast ratio and thermal reduction in automotive display applications.
The output circuitry has been designed to achieve high rise and fall times when driving the capacitive loads typically encountered in TFT-LCD display applications. ​ ​ Product Features 16- channel output level shifter for GOA TFT-LCD ​ ● Support 1 or 2 or 6 input and 4/6/8/10 clock channel output ● 2 channel STV ● 2 channel LC ● Reset and charge sharing function ● OTP/ SCP and OCP function by I2C or Resistor adjustment ​ LED driver A light-emitting diode (LED) is a semiconductor light source that is widely used in lighting, display and TFT LCD backlight nowadays.
The output circuitry has been designed to achieve high rise and fall times when driving the capacitive loads typically encountered in TFT-LCD display applications. ​ ​ Product ​ ​ ​ Features 10- channel output level shifter for GOA TFT-LCD ​ ● Support 1 or 2 or 6 input and 4/6/8/10 clock channel output ● 2 channel STV ● 2 channel LC ● Reset and charge sharing function ● OTP/ SCP and OCP function by I2C or Resistor adjustment ​ Mini LED Backlight Driver Mini LED backlight driver ICs play a critical role in controlling thousands or even tens of thousands of mini-LEDs within backlight system.
The two main types of display drivers for a display panel are gate drivers and source drivers. Gate drivers turn on the transistor within each pixel cell on the horizontal line on the panel for data input at each row.
Detailed display driver IC specification for LCD, OLED and e-paper are different due to panel characteristics. The two main types of display drivers for a display panel are gate drivers and source drivers. Gate drivers turn on the transistor within each pixel cell on the horizontal line on the panel for data input at each row.
Industry Background We mainly operate in the flat panel display semiconductor industry. As the majority of our revenues derive from products that are critical components of flat panel displays, such as display drivers, timing controllers, power ICs and other semiconductor products, our industry is closely linked to the trends and developments of the flat panel display industry.
As the majority of our revenues derive from products that are critical components of flat panel displays, such as display drivers, timing controllers, power ICs and other semiconductor products, our industry is closely linked to the trends and developments of the flat panel display industry. 20 Table of Contents Flat Panel Display Semiconductors Flat panel displays require different semiconductors depending upon the display technologies and the applications.
Panel manufacturers typically operate at high levels of capacity utilization and require a reliable supply of display drivers. A shortage of display drivers, or a disruption to this supply, may disrupt panel manufacturers’ operations.
We refer to these manufacturing stages and material requirements collectively as the “supply chain”. Panel manufacturers typically operate at high levels of capacity utilization and require a reliable supply of display drivers. A shortage of display drivers, or a disruption to this supply, may disrupt panel manufacturers’ operations.
SK hynix system ic ​ Union Semiconductor Co., Ltd. Semiconductor Manufacturing International (Shanghai) Corporation ​ Union Semiconductor (Hefei) Co., Ltd.
SK hynix system ic (Wuxi) ​ Union Semiconductor Co., Ltd. Semiconductor Manufacturing International (Shanghai) Corporation ​ Union Semiconductor (Hefei) Co., Ltd. Taiwan Semiconductor Manufacturing Company Limited ​ Jiangsu nepes Semiconductor Co., Ltd.
In addition, we have offices in Hsinchu and Taipei, Taiwan; Foshan, Fuqing, Ningbo, Beijing, Shanghai, Shenzhen, Suzhou, Wuhan, Hefei, Chengdu, Fuzhou, Nanjing, Chongqing, Xi’an and Xiamen, China; Tokyo, Japan; Asan-si and Bundang-gu, South Korea; Munich, Germany and Irvine and San Jose, California, Minneapolis, Minnesota and Detroit, Michigan, USA.
In addition, we have offices in Hsinchu and Taipei, Taiwan; Foshan, Fuqing, Ningbo, Beijing, Shanghai, Shenzhen, Suzhou, Wuhan, Hefei, Chengdu, Fuzhou, Nanjing, Chongqing, Xi’an and Xiamen, China; Asan-si and Bundang-gu, South Korea and Irvine and San Jose, California, Minneapolis, Minnesota and Detroit, Michigan, USA. Investor inquiries should be directed to our Investor Relations department by email to hx_ir@himax.com.tw.
We may sell our products through agents or distributors for certain products or in certain regions. As of December 31, 2024, we sold our products to around 300 customers. Our ten largest customers together accounted for approximately 76.7%, 74.1% and 73.6% of our revenues in 2022, 2023 and 2024, respectively.
As of December 31, 2025, we sold our products to around 300 customers. Our ten largest customers together accounted for approximately 74.1%, 73.6% and 71.3% of our revenues in 2023, 2024 and 2025, respectively.
Dies that fail this test are discarded. 48 Table of Contents Assembly and Testing : Our display drivers use two types of assembly technology: TAB or COG. Display drivers for large-sized applications typically require TAB package types and to a lesser extent COG package types, whereas display drivers for smartphone, tablet and consumer electronics products typically require COG package types.
Display drivers for large-sized applications typically require TAB package types and to a lesser extent COG package types, whereas display drivers for smartphone, tablet and consumer electronics products typically require COG package types. 48 Table of Contents TAB Assembly We use two types of TAB technologies: TCP and COF.
Our display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others.
Business Overview We are a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. Our display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others.
To support the state-of-the-art active stylus feature of tablet and notebook touchscreens, our OLED touch controller integrates multiple active stylus protocols, such as USI, MPP, LPP, and HPP. 31 Table of Contents The following table summarizes the features of our touch controller products: ​ ​ ​ Product Features OLED Capacitive Touch Controller ​ ● multi-finger (up to 10 fingers) capacitive touch for on-cell OLED ● high touch SNR > 45dB, effectively reducing display interference and offering better display quality ● high touch report rate: 240Hz @5 fingers ● support large size panel (>20 inches) ● supports multi-chip cascading without extra MCU ● integrate multiple active stylus protocols: USI, MPP, LPP and HPP ● low power consumption ● (automotive) support glove-wearing (> 2 mm) and wet finger operations ● (automotive) CISPR25 Class-5 EMC qualified ● (automotive) support temperature range from -40 °C to 105 °C ​ ASIC service From 2012, we successfully completed several ASIC service projects for Japan top TV, Projector and HMD makers with advanced and high-performance customized video processing chips.
The following table summarizes the features of our touch controller products: ​ ​ ​ Product ​ ​ Features OLED Capacitive Touch Controller ​ ● multi-finger (up to 10 fingers) capacitive touch for on-cell OLED ● high touch SNR > 45dB, effectively reducing display interference and offering better display quality ● high touch report rate: 240Hz @5 fingers ● support large size panel (>20 inches) ● supports multi-chip cascading without extra MCU ● integrate multiple active stylus protocols: USI, MPP, LPP and HPP ● low power consumption ● (automotive) support glove-wearing (> 2 mm) and wet finger operations ● (automotive) CISPR25 Class-5 EMC qualified ● (automotive) support temperature range from -40 °C to 105 °C ​ ​ ​ Touch Controller HX8882-F Series for Automotive HUD ​ ● LVDS in/out Interface ● Support resolution up to 6K x 1K ● Full-area selectable local de-warping ● FHD de-warping for distortion-free HUD visuals ● Up to 2000 local dimming zones ● Compatible with free-form display ● Built-in safety functions including fail detection, CRC, and OSD ● Support OSD icon detection ● Support for various HUD architectures (Windshield HUD, ● Augmented Reality HUD, and Panoramic HUD) ● AEC-Q100 compliant ​ 32 Table of Contents ASIC service From 2012, we successfully completed several ASIC service projects for Japan top TV, Projector and HMD makers with advanced and high-performance customized video processing chips.
On September 26, 2005, we changed our name to “Himax Technologies, Inc.,” and on October 17, 2005, Himax Taiwan changed its name to “Himax Technologies Limited” upon the approval of shareholders of both companies and amendments to the respective constitutive documents.
Our reorganization enables us to maintain our operations through our Taiwan subsidiary, Himax Taiwan, while allowing us to list our shares overseas through our holding company structure. 19 Table of Contents On September 26, 2005, we changed our name to “Himax Technologies, Inc.,” and on October 17, 2005, Himax Taiwan changed its name to “Himax Technologies Limited” upon the approval of shareholders of both companies and amendments to the respective constitutive documents.
From time to time, we have also made minority investments in various companies for strategic purposes in the ordinary course of business. 20 Table of Contents Our principal executive offices are located at No. 26, Zilian Road, Xinshi District, Tainan City 744092, Taiwan, Republic of China. Our telephone number at this address is +886-6-505-0880.
On October 25, 2022, we disposed of 100% of our shareholdings in Emza to a third party. From time to time, we have also made minority investments in various companies for strategic purposes in the ordinary course of business. Our principal executive offices are located at No. 26, Zilian Road, Xinshi District, Tainan City 744092, Taiwan, Republic of China.
OLED display is getting more and more popular in recent years, starting from high-end smartphone and TV applications towards tablet, notebook and automotive, while e-paper display mimics traditional paper sheet and holds static text and images indefinitely without electricity. Detailed display driver IC specification for LCD, OLED and e-paper are different due to panel characteristics.
Other than display drivers for TFT-LCDs, we also offer display drivers for OLED and Electronic Paper (e-paper) Displays. OLED display is getting more and more popular in recent years, starting from high-end smartphone and TV applications towards tablet, notebook and automotive, while e-paper display mimics traditional paper sheet and holds static text and images indefinitely without electricity.
Supply Chain Management The manufacturing of display drivers is complex and requires several manufacturing stages such as wafer fabrication, gold bumping, and assembly and testing, and the availability of materials such as the processed tape used in TAB packaging. We refer to these manufacturing stages and material requirements collectively as the “supply chain”.
Such testers are not standard in the semiconductor industry. 22 Table of Contents Supply Chain Management The manufacturing of display drivers is complex and requires several manufacturing stages such as wafer fabrication, gold bumping, and assembly and testing, and the availability of materials such as the processed tape used in TAB packaging.
(2) Indirectly, through our 100.0% ownership of Himax Technologies (Samoa), Inc. 53 Table of Contents (3) Indirectly, through our 92.0% ownership of Himax Display, Inc. (4) Indirectly, through our 98.6% ownership of Himax Imaging, Ltd. (5) Indirectly, through our 100.0% ownership of Viewsil Microelectronics (Kunshan) Limited. (6) Indirectly, through our 100.0% ownership of Solvanta Investment Limited. 4.D.
(3) Indirectly, through our 92.0% ownership of Himax Display, Inc. (4) Indirectly, through our 99.5% ownership of Himax Imaging, Ltd. (5) Indirectly, through our 59.5% ownership of Liqxtal Technology Inc. (6) Indirectly, through our 100.0% ownership of Viewsil Microelectronics (Shanghai) Limited. (7) Indirectly, through our 100.0% ownership of Solvanta Investment Limited. 4.D.
Flat Panel Display Semiconductors Flat panel displays require different semiconductors depending upon the display technologies and the applications. Some of the most important ones include the following: ● Display Driver. The display driver receives image data from the timing controller and delivers precise analog voltages or currents to create images on the display.
Some of the most important ones include the following: ● Display Driver. The display driver receives image data from the timing controller and delivers precise analog voltages or currents to create images on the display. The major application of display driver IC is used on TFT-LCDs.
Our expertise in precision assembly in optics also helps us to provide a more complete solution to our customers. 46 Table of Contents Customers Our customers for display drivers are primarily Panel Manufacturers and mobile device module manufacturers, who in turn design and market their products to manufacturers of end-use products such as notebook computers, desktop monitors, televisions, smartphone, tablet, automotive and consumer electronics products.
Customers Our customers for display drivers are primarily Panel Manufacturers and mobile device module manufacturers, who in turn design and market their products to manufacturers of end-use products such as notebook computers, desktop monitors, televisions, smartphone, tablet, automotive and consumer electronics products. We may sell our products through agents or distributors for certain products or in certain regions.
Investor inquiries should be directed to our Investor Relations department by email to hx_ir@himax.com.tw. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of the SEC’s Internet site is http://www.sec.gov. Our website is www.himax.com.tw.
The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of the SEC’s Internet site is http://www.sec.gov. Our website is www.himax.com.tw. The information contained on our website is not part of this annual report. 4.B.
Then, our in-house capability on semiconductors enables us to design IC that particularly matches our optical component.
Then, our in-house capability on semiconductors enables us to design IC that particularly matches our optical component. Our expertise in precision assembly in optics also helps us to provide a more complete solution to our customers.
We are very encouraged by the traction this relatively new product line has generated in a short amount of time and expect to see increasing sales contribution moving forward. 44 Table of Contents The following table sets forth the features of our WiseEye product lines: ​ ​ ​ Product ​ Features WiseEye1 AI Processor ​ ● Ultralow power consumption: 40 uW/MHz ● Support image, voice trigger simultaneously to wake up system ● Optimized multi-layer power states for always-on applications ● Ready-for- use software package and Machine Learning Library, including device driver, SDK and embARC Machine Learning Inference Library to support Google TensorFlow Lite Micro framework ● ARC-EM9D 32-bit DSP: Frequency up to 400MHz, ● Memory: Up to 2MByte SRAM ● High performance pixel processing accelerator and JPEG codec ● Security Engine: Support secure boot, secure FW update, secure debug mode, Support AES 128bits, RSA 2048bits, Hash-256, TRNG, Secure key management ● Peripheral: 1/4/8-bit camera interface, I2C/SPI master/slave, UART, PWM, GPIO with 5 wake-up pins, 12-bit ADC with 4 channels, up to 1Msps, RTC Timer ● Also support image pre-rolling feature for better security offering.
WiseEye is especially suitable for resource-constrained and battery powered context-aware application, such as motion detection, human detection and face detection, face mesh, face landmark and gesture. ● Computer vision algorithm is based on tiny machine learning framework, which is trainable for desired use cases (human presence detection, attention detection and on-looker detection for notebook applications; occupancy detection, gesture recognition etc. for AIoT applications) on ultralow power and resource-constrained compute platform (CPU clock, internal memory) ​ WiseEye1 AI Processor ​ ● Ultralow power consumption: 40 uW/MHz ● Support image, voice trigger simultaneously to wake up system ● Optimized multi-layer power states for always-on applications ● Ready-for- use software package and Machine Learning Library, including device driver, SDK and embARC Machine Learning Inference Library to support Google TensorFlow Lite Micro framework ● ARC-EM9D 32-bit DSP: Frequency up to 400MHz, ● Memory: Up to 2MByte SRAM ● High performance pixel processing accelerator and JPEG codec ● Security Engine: Support secure boot, secure FW update, secure debug mode, Support AES 128bits, RSA 2048bits, Hash-256, TRNG, Secure key management ● Peripheral: 1/4/8-bit camera interface, I2C/SPI master/slave, UART, PWM, GPIO with 5 wake-up pins, 12-bit ADC with 4 channels, up to 1Msps, RTC Timer ● Also support image pre-rolling feature for better security offering.
These are among a select number of semiconductor manufacturers that provide high-voltage CMOS process technology required for manufacturing display drivers. We engage assembly and testing houses that specialize in TAB and COG packages such as Chipbond, Chipmore International trading company Ltd., ChipMOS Technologies Inc. and King Yuan Electronics Co., Ltd, etc.
We engage assembly and testing houses that specialize in TAB and COG packages such as Chipbond, Chipmore International trading company Ltd., ChipMOS Technologies Inc. and King Yuan Electronics Co., Ltd, etc.
WiseEye2 AI Processor ​ ● dual Arm Cortex-M55 CPU cores and an Arm Ethos-U55 micro NPU core are integrated to optimize the power consumption across various workloads ● memory: Up to 2MB SRAM, 512KB TCM ● supports weight compression to significantly reduce model size ● multi-layer power management architecture ● embedded DC/DC converter and LDO ● feature model quantization and pruning for AI model size is significantly reduction while retaining an impressive performance ● support Physical Unclonable Function (PUF), Cryptography and TrustZone security ● High performance pixel processing accelerator and JPEG codec ● Security Engine: Support secure boot, secure FW update, secure debug mode, Support AES 128bits, RSA 2048bits, Hash-256, TRNG, Secure key management ● Peripheral: MIPI CSI-2 RX/TX, 1/4/8-bit CPI, PDM/I2S/MIPI SoundWire, SPI/UART/PWM/GPIO/I2C/I3C, SD/SDIO ● Also support image pre-rolling feature for better security offering.
WiseEye2 AI Processor ​ ● dual Arm Cortex-M55 CPU cores and an Arm Ethos-U55 micro NPU core are integrated to optimize the power consumption across various workloads ● memory: Up to 2MB SRAM, 512KB TCM ● supports weight compression to significantly reduce model size ● multi-layer power management architecture ● embedded DC/DC converter and LDO ● High performance pixel processing accelerator and JPEG codec ● Security Engine: Support secure boot, secure FW update, secure debug mode, Support AES 128bits, RSA 2048bits, Hash-256, TRNG, Secure key management ● Peripheral: MIPI CSI-2 RX/TX, 1/4/8-bit CPI, PDM/I2S/MIPI SoundWire, SPI/UART/PWM/GPIO/I2C/I3C, SD/SDIO ● Also support image pre-rolling feature for better security offering. 44 Table of Contents WiseEye Module ​ ● embedded WiseEye1 or WiseEye2 AI processors ● support HM01B0 (320x240) and HM0360 (640x480) CMOS image sensors ● small form factor (12.5mm x 17.0mm and 20.5mm*21.5mm) ● plug-and-play design which support various types of connectors, such as ZIF FPC 24pin and 45-pin golden finger (model dependent) ● rich sets of peripherals (UART/I2C/I2S/PDM/SPI/GPIO/MIPI) and JTAG for debug (model dependent) ● provide SDK, development tool and technical documentations ● support various pre-trained pre-loaded AI models ​ Core Technologies and Know-How Driving System Technology.
LC Lens design and sales ROC 62.3 % (1) Himax IGI Precision Ltd. 3D micro and nano structure mastering and prototype replication Delaware, USA 100.0 % (1) CM Visual Technology Corp.
Imaging and optical solutions provider ROC 59.5 % (1) New Ken Technologies Co., Ltd. ​ Imaging and optical solutions provider ​ ROC ​ 59.5 % (5) Himax IGI Precision Ltd. 3D micro and nano structure mastering and prototype replication Delaware, USA 100.0 % (1) CM Visual Technology Corp.
Among these, RSDS, mini-LVDS and point-to-point interface were developed as low power, low noise and low amplitude methods for high-speed data transmission using fewer copper wires and resulting in lower EMI. Moreover, there are some panel manufacturers developing their proprietary point-to-point interfaces, such as embedded panel interface, or EPI, USI-T, iSP, CEDS, CHPI, CSPI and CMPI. ● Package Type.
Among these, RSDS, mini-LVDS and point-to-point interface were developed as low power, low noise and low amplitude methods for high-speed data transmission using fewer copper wires and resulting in lower EMI.
Since 2023, aligning with the market trend of OLED display proliferation, we embarked on developing OLED on-cell touch controllers tailored for tablets, notebooks, and automotive OLED displays. Our OLED on-cell capacitive touch controller boasts several innovations and merits.
Subsequently, we expanded our customer base to include more well-known smartphone and tablet brands. 31 Table of Contents Aligning with the market trend of OLED display proliferation, we embarked several years ago on developing OLED on-cell touch controller ICs for tablets, notebooks, and automotive displays. Our OLED on-cell capacitive touch controller boasts several innovations and merits.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeConsolidated Results of Operations The following table sets forth a summary of our consolidated statements of profit or loss as a percentage of revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2023 2024 ​ Revenues ​ 100.0 % 100.0 % 100.0 % Costs and expenses: ​ ​ ​ ​ ​ ​ Cost of revenues ​ 59.5 72.1 ​ 69.5 ​ Research and development ​ 14.6 18.1 ​ 17.7 ​ General and administrative ​ 2.4 2.7 ​ 2.7 ​ Sales and marketing ​ 2.1 2.5 ​ 2.6 ​ Total costs and expenses ​ 78.6 95.4 ​ 92.5 ​ Operating income ​ 21.4 4.6 ​ 7.5 ​ Non-operating income ​ 1.6 0.1 ​ 1.0 ​ Income tax expense (benefit) ​ 3.4 (0.5) ​ (0.3) ​ Profit for the year ​ 19.6 5.2 ​ 8.8 ​ Loss attributable to noncontrolling interests ​ 0.1 0.2 ​ — ​ Profit attributable to Himax stockholders ​ 19.7 5.4 ​ 8.8 ​ ​ 63 Table of Contents Year to Year Comparisons ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change ​ ​ ​ 2022 ​ 2023 ​ 2024 ​ from 2023 ​ ​ ​ (in thousands, except for percentages) ​ Consolidated Statements of Profit or Loss Data: ​ ​ ​ Revenues ​ $ 1,201,339 ​ $ 945,428 ​ $ 906,802 (4.1) % Costs and expenses: ​ ​ ​ Cost of revenues ​ 714,233 ​ 681,931 ​ 630,601 (7.5) % Research and development ​ 175,557 ​ 171,392 ​ 160,329 (6.5) % General and administrative ​ 28,503 ​ 25,037 ​ 24,121 (3.7) % Sales and marketing ​ 25,459 ​ 23,856 ​ 23,530 (1.4) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses ​ 943,752 ​ 902,216 ​ 838,581 (7.1) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ 257,587 ​ 43,212 ​ 68,221 57.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-operating income ​ 18,978 ​ 1,181 ​ 9,114 671.7 % Income tax expense (benefit) . ​ 41,098 ​ (5,028) ​ (2,435) (51.6) % Profit for the year ​ 235,467 ​ 49,421 ​ 79,770 61.4 % Loss (profit) attributable to noncontrolling interest ​ 1,515 ​ 1,195 ​ (15) (101.3) % Profit attributable to Himax stockholders ​ $ 236,982 ​ $ 50,616 ​ $ 79,755 57.6 % ​ Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Revenues .
Biggest changeConsolidated Results of Operations The following table sets forth a summary of our consolidated statements of profit or loss as a percentage of revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ Revenues ​ 100.0 % 100.0 % 100.0 % Costs and expenses: ​ ​ ​ ​ ​ ​ Cost of revenues ​ 72.1 69.5 ​ 69.4 ​ Research and development ​ 18.1 17.7 ​ 19.4 ​ General and administrative ​ 2.7 2.7 ​ 3.1 ​ Sales and marketing ​ 2.5 2.6 ​ 2.8 ​ Total costs and expenses ​ 95.4 92.5 ​ 94.7 ​ Operating income ​ 4.6 7.5 ​ 5.3 ​ Non-operating income ​ 0.1 1.0 ​ 1.3 ​ Income tax expense (benefit) ​ (0.5) (0.3) ​ 1.2 ​ Profit for the year ​ 5.2 8.8 ​ 5.4 ​ Loss (profit) attributable to noncontrolling interests ​ 0.2 — ​ (0.1) ​ Profit attributable to Himax stockholders ​ 5.4 8.8 ​ 5.3 ​ ​ 63 Table of Contents Year to Year Comparisons ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change ​ ​ ​ 2023 ​ 2024 ​ 2025 ​ from 2024 ​ ​ ​ (in thousands, except for percentages) ​ Consolidated Statements of Profit or Loss Data: ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 945,428 ​ $ 906,802 ​ $ 832,173 (8.2) % Costs and expenses: ​ ​ ​ ​ ​ ​ ​ Cost of revenues ​ 681,931 ​ 630,601 ​ 577,812 (8.4) % Research and development ​ 171,392 ​ 160,329 ​ 161,128 0.5 % General and administrative ​ 25,037 ​ 24,121 ​ 25,715 6.6 % Sales and marketing ​ 23,856 ​ 23,530 ​ 23,392 (0.6) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses ​ 902,216 ​ 838,581 ​ 788,047 (6.0) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income ​ 43,212 ​ 68,221 ​ 44,126 (35.3) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-operating income ​ 1,181 ​ 9,114 ​ 10,741 17.9 % Income tax expense (benefit) ​ (5,028) ​ (2,435) ​ 9,592 493.9 % Profit for the year ​ 49,421 ​ 79,770 ​ 45,275 (43.2) % Loss (profit) attributable to noncontrolling interest ​ 1,195 ​ (15) ​ (1,338) (8,820.0) % Profit attributable to Himax stockholders ​ $ 50,616 ​ $ 79,755 ​ $ 43,937 (44.9) % ​ Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Revenues .
We are seeing increasing customer adoption of our AI sensor worldwide across various markets, including notebooks, access control, smart home/office solutions, medical devices, and AIoT applications. Additionally, we are expanding our sensor portfolio into thermal sensing technology through a strategic investment in Obsidian Sensors, Inc. (“Obsidian”), a San Diego-based thermal imaging sensor provider.
We are seeing increasing customer adoption of our AI sensor worldwide across various markets, including notebooks, access control, smart home/office solutions, medical devices, and AIoT applications. Additionally, we are expanding our sensor portfolio into thermal sensing technology through a strategic investment in Obsidian Sensors, Inc. ("Obsidian"), a San Diego-based thermal imaging sensor provider.
Under the long-term incentive plan, we granted RSUs on December 30, 2005 to our employees and directors and again on September 29, 2006, September 26, 2007, September 29, 2008, September 28, 2009, September 28, 2010, September 28, 2011, September 26, 2012, September 26, 2013, September 26, 2014, September 25, 2015, September 28, 2016, September 29, 2017, September 26, 2018, September 28, 2020, September 28, 2021, September 28, 2022, September 26, 2023 and September 26, 2024 to our employees.
Under the long-term incentive plan, we granted RSUs on December 30, 2005 to our employees and directors and again on September 29, 2006, September 26, 2007, September 29, 2008, September 28, 2009, September 28, 2010, September 28, 2011, September 26, 2012, September 26, 2013, September 26, 2014, September 25, 2015, September 28, 2016, September 29, 2017, September 26, 2018, September 28, 2020, September 28, 2021, September 28, 2022, September 26, 2023, September 26, 2024 and September 25, 2025 to our employees.
For example, in the event that the global semiconductor market changes due to foundry capacity expansion and/or shrunken customer demand, the fixed prices we agree to pay our foundry partners may become significantly higher than the then prevailing market price.
For example, in the event that the global semiconductor market changes due to foundry capacity expansion and/or shrunken customer demand, the fixed prices we agree to pay our foundry partners may become significantly higher than the prevailing market price.
For the years ended December 31, 2022, 2023 and 2024, we did not recognize any impairment loss on goodwill. 62 Table of Contents Income Taxes According to the ROC Income Tax Act, dividends distributed by a Taiwan company to its foreign shareholders are subject to ROC withholding tax, currently at the rate of 21% on the amount of the distribution in the case of cash dividends or on the par value of the ordinary shares in the case of stock dividends.
For the years ended December 31, 2023, 2024 and 2025, we did not recognize any impairment loss on goodwill. 62 Table of Contents Income Taxes According to the ROC Income Tax Act, dividends distributed by a Taiwan company to its foreign shareholders are subject to ROC withholding tax, currently at the rate of 21% on the amount of the distribution in the case of cash dividends or on the par value of the ordinary shares in the case of stock dividends.
We measure and recognize compensation expense for all share-based payments at fair value. Set forth below is a summary of our historical share-based compensation plans for the years ended December 31, 2022, 2023 and 2024 as reflected in our consolidated financial statements. We made grants of 1,402,714 RSUs to our employees on September 28, 2020.
We measure and recognize compensation expense for all share-based payments at fair value. Set forth below is a summary of our historical share-based compensation plans for the years ended December 31, 2023, 2024 and 2025 as reflected in our consolidated financial statements. We made grants of 1,402,714 RSUs to our employees on September 28, 2020.
Operating and Financial Review and Prospects,” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, which was filed with the United States Securities and Exchange Commission on April 2, 2024. 54 Table of Contents Overview We commenced operations through our predecessor, Himax Taiwan, in June 2001.
Operating and Financial Review and Prospects,” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the United States Securities and Exchange Commission on April 2, 2025. 54 Table of Contents Overview We commenced operations through our predecessor, Himax Taiwan, in June 2001.
Meanwhile, the long-term capacity agreements carries the risk of substantial inventory write-downs and/or contractual penalties resulted from unfulfillment of committed volume in the event of decreased end customer demand. In second quarter of 2023, amidst strict muted market demand, we strategically terminated high-cost foundry capacity agreements, a one-time expense included in cost of revenues.
Meanwhile, the long-term capacity agreements carry the risk of substantial inventory write-downs and/or contractual penalties resulted from unfulfillment of committed volume in the event of decreased end customer demand. In second quarter of 2023, amidst strict muted market demand, we strategically terminated high-cost foundry capacity agreements, a one-time expense included in cost of revenues.
For the years ended December 31, 2022, 2023 and 2024, we did not recognize any impairment loss on non-financial assets. Goodwill We evaluate goodwill for impairment at least annually, or more frequently when there is an indication that the cash-generating unit (CGU) may be impaired.
For the years ended December 31, 2023, 2024 and 2025, we did not recognize any impairment loss on non-financial assets. Goodwill We evaluate goodwill for impairment at least annually, or more frequently when there is an indication that the cash-generating unit (CGU) may be impaired.
Obsidian’s proprietary high-resolution thermal sensors have the potential to transform the market with their breakthrough low-cost, high-volume production capabilities. Our expansion into thermal sensing complements our existing offerings, such as WiseEye, further broadening our technological reach and strengthening our position in the growing AI-powered sensing market.
Obsidian’s proprietary high-resolution thermal sensors have the potential to transform the market with their breakthrough low-cost, high-volume production capabilities. Our expansion into thermal sensing complements our existing WiseEye offerings, further broadening our technological reach and strengthening our position in the growing AI-powered sensing market.
As our semiconductors are critical components of flat panel displays, our industry is closely linked to the trends and developments of the flat panel display industry. The majority of our revenues in 2024 were derived from sales of display drivers that were eventually incorporated into TFT-LCD and OLED panels.
As our semiconductors are critical components of flat panel displays, our industry is closely linked to the trends and developments of the flat panel display industry. The majority of our revenues in 2025 were derived from sales of display drivers that were eventually incorporated into TFT-LCD and OLED panels.
Note 4 to our audited consolidated financial statements contains a description that sets forth information about critical judgments, estimates and assumptions in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements. 71 Table of Contents
Note 4 to our audited consolidated financial statements contains a description that sets forth information about critical judgments, estimates and assumptions in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements. ​ 70 Table of Contents
We allocate such share-based compensation expenses to the applicable cost of revenues and expense categories as related services are performed. See note 20 to our consolidated financial statements.
We allocate such share-based compensation expenses to the applicable cost of revenues and expense categories as related services are performed. See note 19 to our consolidated financial statements.
Operating Results For discussion related to our financial condition, changes in financial condition, and the results of operations for 2023 compared to 2022, refer to “Part I, Item 5.
Operating Results For discussion related to our financial condition, changes in financial condition, and the results of operations for 2024 compared to 2023, refer to “Part I, Item 5.
Cost of Revenues The principal items of our cost of revenues are: ● cost of wafer fabrication; ● cost of processed tape used in TAB packaging; ● cost of gold bumping, assembly and testing; and ● other costs and expenses. We outsource the manufacturing of our semiconductors and semiconductor solutions to semiconductor manufacturing service providers.
Cost of Revenues The principal items of our cost of revenues are: ● cost of wafer fabrication; ● cost of processed tape used in TAB packaging; 60 Table of Contents ● cost of gold bumping, assembly and testing; and ● other costs and expenses. We outsource the manufacturing of our semiconductors and semiconductor solutions to semiconductor manufacturing service providers.
Therefore, we strive to work closely with current and prospective customers in order to anticipate their requirements and product roadmaps and achieve additional design wins. Cost of Revenues and Cost Reductions We strive to control our cost of revenues. Our cost of revenues as a percentage of total revenues in 2022, 2023 and 2024 was 59.5%, 72.1% and 69.5%, respectively.
Therefore, we strive to work closely with current and prospective customers in order to anticipate their requirements and product roadmaps and achieve additional design wins. Cost of Revenues and Cost Reductions We strive to control our cost of revenues. Our cost of revenues as a percentage of total revenues in 2023, 2024 and 2025 was 72.1%, 69.5% and 69.4%, respectively.
As of December 31, 2023 and 2024, goodwill in Driver IC CGU and WLO CGU was $26,846 thousand and $1,292 thousand, respectively.
As of December 31, 2024 and 2025, goodwill in Driver IC CGU and WLO CGU was $26,846 thousand and $1,292 thousand, respectively.
The inventory write-downs in 2022, 2023 and 2024 were approximately $22.2 million, $21.5 million and $13.6 million, respectively, and were included in cost of revenues in our consolidated statements of profit or loss. Impairment of Non-financial Assets other than Goodwill We routinely review our non-financial assets at the reporting date to determine whether there is any indication of impairment.
The inventory write-downs in 2023, 2024 and 2025 were approximately $21.5 million, $13.6 million and $17.1 million, respectively, and were included in cost of revenues in our consolidated statements of profit or loss. Impairment of Non-financial Assets other than Goodwill We routinely review our non-financial assets at the reporting date to determine whether there is any indication of impairment.
We did not grant RSUs in 2019 but granted stock options to employees instead. Share-based compensation expenses recorded regarding RSUs under the long-term incentive plan totaled $20.0 million, $12.1 million and $12.2 million in 2022, 2023 and 2024, respectively. Cash Awards.
We did not grant RSUs in 2019 but granted stock options to employees instead. Share-based compensation expenses recorded regarding RSUs under the long-term incentive plan totaled $12.1 million, $12.2 million and $8.1 million in 2023, 2024 and 2025, respectively. Cash Awards.
We provide comprehensive solutions, including timing controllers, image processing, WiseEye ultralow power AI sensing, 3D sensing technologies, and optical innovations, further strengthening our market position. In the timing controller sector, we remain highly optimistic about growth prospects, having strategically positioned ourselves in high-end, value-added segments such as 4K/8K TVs, gaming TVs and monitors, low-power notebooks and automotive.
We provide comprehensive solutions, including timing controllers, image processing, WiseEye ultralow power AI sensing, 3D sensing technologies, and optical innovations. In the timing controller sector, we remain highly optimistic about growth prospects, having strategically positioned ourselves in high-end, value-added segments such as gaming TVs, monitors, low-power notebooks and automotive.
Cash Awards. We made grants annual bonus by cash payouts totaling $19.3 million, $0.7 million and $1.0 million to the Company’s employees among which $1.0 million, $0.2 million and $0.2 million was immediately vested on September 28, 2022, September 26, 2023 and September 26, 2024, respectively.
Cash Awards. We made grants annual bonus by cash payouts totaling $0.7 million, $1.0 million and $0.3 million to the Company’s employees among which $0.2 million, $0.2 million and $0.1 million was immediately vested on September 26, 2023, September 26, 2024 and September 25, 2025, respectively.
We made grants annual bonus by cash payouts totaling $19.3 million, $0.7 million and $1.0 million to the Company’s employees among which $1.0 million, $0.2 million and $0.2 million was immediately vested on September 28, 2022, September 26, 2023 and September 26, 2024, respectively.
We made grants annual bonus by cash payouts totaling $0.7 million, $1.0 million and $0.3 million to the Company’s employees among which $0.2 million, $0.2 million and $0.1 million was immediately vested on September 26, 2023, September 26, 2024 and September 25, 2025, respectively.
We derive substantially all of our revenues from sales to Asia-based customers whose end products are sold worldwide. In 2022, 2023 and 2024, approximately 14.6%, 15.0% and 15.3% of our revenues, respectively, were from customers headquartered in Taiwan and approximately 77.0%, 76.2% and 73.4% of our revenues, respectively, were from customers headquartered in China.
We derive substantially all of our revenues from sales to Asia-based customers whose end products are sold worldwide. In 2023, 2024 and 2025, approximately 15.0%, 15.3% and 14.7% of our revenues, respectively, were from customers headquartered in Taiwan and approximately 76.2%, 73.4% and 73.8% of our revenues, respectively, were from customers headquartered in China.
For enhancing the guaranty, our land, building and improvements of Fab 2 totaling $60.0 million were pledged as collateral for the long-term unsecured borrowings.
For enhancing the guaranty, our land, building and improvements of Fab 2 totaling $56.7 million were pledged as collateral for the long-term unsecured borrowings.
Our capital expenditures were incurred primarily in connection with the purchase of property and equipment. Our capital expenditures totaled $11.8 million, $23.4 million and $13.1 million in 2022, 2023 and 2024, respectively.
Our capital expenditures were incurred primarily in connection with the purchase of property and equipment. Our capital expenditures totaled $23.4 million, $13.1 million and $20.1 million in 2023, 2024 and 2025, respectively.
We recognized share-based compensation expenses regarding RSUs under the long-term incentive plan totaling $20 million, $12.1 million and $12.2 million in 2022, 2023 and 2024, respectively. Of the total share-based compensation expenses recognized, $17.5 million, $9.5 million and $11.1 million in 2022, 2023 and 2024, respectively, were settled in cash.
We recognized share-based compensation expenses regarding RSUs under the long-term incentive plan totaling $12.1 million, $12.2 million and $8.1 million in 2023, 2024 and 2025, respectively. Of the total share-based compensation expenses recognized, $9.5 million, $11.1 million and $7.4 million in 2023, 2024 and 2025, respectively, were settled in cash.
Purchase obligations exclude agreements that are cancelable without penalty. Contractual obligations resulting from above purchase orders and agreements with known amounts approximate $1,258 million as of December 31, 2024. Of obligations under above purchase orders and agreements, $474 million is expected to be paid in the next 12 months.
Purchase obligations exclude agreements that are cancelable without penalty. Contractual obligations resulting from above purchase orders and agreements with known amounts approximately $1,059 million as of December 31, 2025. Of obligations under above purchase orders and agreements, $423 million is expected to be paid in the next 12 months.
As of December 31, 2024, we had total unused short-term credit lines of $258.9 million, of which $146.8 million belonging to the parent company, Himax Technologies, Inc., needs to be secured with an equal amount of cash and time deposits when borrowing money from banks. Further, we had unused long-term credit lines of $140.0 million.
As of December 31, 2025, we had total unused short-term credit lines of $258.6 million, of which $163.3 million belonging to the parent company, Himax Technologies, Inc., needs to be secured with an equal amount of cash and time deposits when borrowing money from banks. Further, we had unused long-term credit lines of $138.0 million.
In 2022, 2023 and 2024, we incurred research and development expenses of $175.6 million, $171.4 million and $160.3 million, respectively, representing 14.6%, 18.1% and 17.7% of our revenues, respectively. 5.D.
In 2023, 2024 and 2025, we incurred research and development expenses of $171.4 million, $160.3 million and $161.1 million, respectively, representing 18.1%, 17.7% and 19.4% of our revenues, respectively. 5.D.
As of December 31, 2024, we have not provided for retained earnings tax on the undistributed earnings of approximately $1,386.0 million of our subsidiaries since we have specific plans to reinvest these earnings indefinitely. The undistributed earnings in our foreign subsidiaries are mainly from Himax Taiwan totaling approximately $1,384.2 million as of December 31, 2024.
As of December 31, 2025, we have not provided for retained earnings tax on the undistributed earnings of approximately $1,589.9 million of our subsidiaries since we have specific plans to reinvest these earnings indefinitely. The undistributed earnings in our foreign subsidiaries are mainly from Himax Taiwan totaling approximately $1,587.7 million as of December 31, 2025.
To date, we have secured over 200 design wins with Tier 1 suppliers and automakers, initially in premium car models, with adoption now expanding into mainstream vehicles. Automotive TCON sales in 2024 grew by over 70% year-over-year, and we anticipate continued strong annual growth as we move into 2025.
To date, we have secured hundreds of design wins with Tier 1 suppliers and automakers, initially in premium car models, with adoption already expanding into mainstream vehicles. Automotive TCON sales in 2025 grew by approximately 50% year-over-year, and we anticipate continued annual growth as we move into 2026.
As of December 31, 2024, we had short-term secured borrowings of $503.7 million with cash and time deposits of $503.7 million as collateral, and long-term unsecured borrowings of $34.5 million, of which $6.0 million was current portion.
As of December 31, 2025, we had short-term secured borrowings of $568.2 million with cash and time deposits of $568.2 million as collateral, and long-term unsecured borrowings of $28.5 million, of which $6.0 million was current portion.
Customer C accounted for 9.4%, 11.0% and 8.3% of our revenues in 2022, 2023 and 2024, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2023 2024 ​ ​ ​ Percentage ​ ​ Percentage ​ ​ ​ Percentage ​ ​ ​ ​ ​ of ​ ​ ​ ​ of ​ ​ ​ of ​ Amount Revenues Amount Revenues Amount Revenues ​ ​ (in thousands, except percentages) Customer A and its affiliates ​ $ 388,194 ​ 32.3 ​ $ 271,351 ​ 28.7 ​ $ 239,001 ​ 26.4 Customer C ​ 113,396 ​ 9.4 ​ ​ 103,839 ​ 11.0 ​ ​ 75,564 ​ 8.3 Others ​ 699,749 ​ 58.3 ​ ​ 570,238 ​ 60.3 ​ ​ 592,237 ​ 65.3 Total ​ $ 1,201,339 ​ 100.0 ​ $ 945,428 ​ 100.0 ​ $ 906,802 ​ 100.0 ​ The global TFT-LCD and OLED panel market is highly concentrated, with only a limited number of TFT-LCD and OLED panel manufacturers producing TFT-LCD and OLED panels in high volumes.
Customer C accounted for 11.0%, 8.3% and 7.8% of our revenues in 2023, 2024 and 2025, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2024 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ Percentage ​ ​ ​ ​ ​ of ​ ​ ​ ​ of ​ ​ ​ of ​ ​ ​ ​ Amount ​ ​ ​ Revenues ​ ​ ​ Amount ​ ​ ​ Revenues ​ ​ ​ Amount ​ ​ ​ Revenues ​ ​ (in thousands, except percentages) Customer A and its affiliates ​ $ 271,351 ​ 28.7 ​ $ 239,001 ​ 26.4 ​ $ 200,105 ​ 24.0 Customer C ​ 103,839 ​ 11.0 ​ ​ 75,564 ​ 8.3 ​ ​ 64,755 ​ 7.8 Others ​ 570,238 ​ 60.3 ​ ​ 592,237 ​ 65.3 ​ ​ 567,313 ​ 68.2 Total ​ $ 945,428 ​ 100.0 ​ $ 906,802 ​ 100.0 ​ $ 832,173 ​ 100.0 ​ The global TFT-LCD and OLED panel market is highly concentrated, with only a limited number of TFT-LCD and OLED panel manufacturers producing TFT-LCD and OLED panels in high volumes.
In 2024, as a percentage of Himax Taiwan’s total manufacturing costs, the cost of wafer fabrication was 55.5%, the cost of processed tape was 4.1%, the cost of assembly and testing was 39.8%, and overhead was 0.6%.
In 2025, as a percentage of Himax Taiwan’s total manufacturing costs, the cost of wafer fabrication was 55.5%, the cost of processed tape was 3.5%, the cost of assembly and testing was 40.2%, and overhead was 0.8%.
Segment Results The following table sets forth the revenues and operating results for our reportable segments for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2023 2024 ​ ​ (in thousands) Segment Revenues ​ ​ ​ ​ ​ Driver IC ​ $ 1,042,938 ​ $ 804,840 ​ $ 751,326 Non-Driver Products ​ 158,401 ​ ​ 140,588 ​ ​ 155,476 Total ​ $ 1,201,339 ​ $ 945,428 ​ $ 906,802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2023 2024 ​ ​ (in thousands) Segment Operating Income (Loss) ​ ​ ​ ​ ​ Driver IC ​ $ 275,275 ​ $ 75,282 ​ $ 92,699 Non-Driver Products ​ ​ (17,688) ​ ​ (32,070) ​ ​ (24,478) Total ​ $ 257,587 ​ $ 43,212 ​ $ 68,221 ​ 65 Table of Contents Driver IC Segment Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Segment revenues .
Segment Results The following table sets forth the revenues and operating results for our reportable segments for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ (in thousands) Segment Revenues ​ ​ ​ ​ ​ ​ ​ Driver IC ​ $ 804,840 ​ $ 751,326 ​ $ 665,797 Non-Driver Products ​ 140,588 ​ ​ 155,476 ​ ​ 166,376 Total ​ $ 945,428 ​ $ 906,802 ​ $ 832,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ (in thousands) Segment Operating Income (Loss) ​ ​ ​ ​ ​ ​ ​ Driver IC ​ $ 75,282 ​ $ 92,699 ​ $ 61,737 Non-Driver Products ​ ​ (32,070) ​ ​ (24,478) ​ ​ (17,611) Total ​ $ 43,212 ​ $ 68,221 ​ $ 44,126 ​ 65 Table of Contents Driver IC Segment Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Segment revenues .
We have historically been able to meet our cash requirements through cash flow from operations and borrowings to pay dividends. As of December 31, 2024, we had total current assets of $1,168.0 million, total current liabilities of $706.6 million and cash and cash equivalents of $218.1 million.
We have historically been able to meet our cash requirements through cash flow from operations and borrowings to pay dividends. As of December 31, 2025, we had total current assets of $1,265.3 million, total current liabilities of $799.5 million and cash and cash equivalents of $257.5 million.
The following table sets forth a summary of our cash flows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2023 2024 ​ ​ (in thousands) Net cash provided by operating activities ​ $ 82,908 ​ $ 152,841 ​ $ 115,976 Net cash provided by (used in) investing activities ​ ​ 14,998 ​ ​ (88,882) ​ ​ (516) Net cash (used in) financing activities ​ ​ (211,068) ​ ​ (93,591) ​ ​ (88,217) Net increase (decrease) in cash and cash equivalents ​ ​ (114,443) ​ ​ (29,832) ​ ​ 26,399 Cash and cash equivalents at beginning of period ​ ​ 336,024 ​ ​ 221,581 ​ ​ 191,749 Cash and cash equivalents at end of period ​ ​ 221,581 ​ ​ 191,749 ​ ​ 218,148 ​ 66 Table of Contents Operating Activities .
The following table sets forth a summary of our cash flows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ (in thousands) Net cash provided by operating activities ​ $ 152,841 ​ $ 115,976 ​ $ 140,027 Net cash (used in) investing activities ​ ​ (88,882) ​ ​ (516) ​ ​ (20,349) Net cash (used in) financing activities ​ ​ (93,591) ​ ​ (88,217) ​ ​ (80,743) Net increase (decrease) in cash and cash equivalents ​ ​ (29,832) ​ ​ 26,399 ​ ​ 39,356 Cash and cash equivalents at beginning of period ​ ​ 221,581 ​ ​ 191,749 ​ ​ 218,148 Cash and cash equivalents at end of period ​ ​ 191,749 ​ ​ 218,148 ​ ​ 257,504 ​ Operating Activities .
Financing Activities . Net cash used in financing activities in 2024 was $88.2 million compared to $93.6 million in 2023. This change was due primarily to decrease in distribution of cash dividends in 2024, but offset by a refund of guarantee deposits received from customers in 2024 and the increase in prepayments for purchase of treasury shares.
Financing Activities . Net cash used in financing activities in 2025 was $80.7 million compared to $88.2 million in 2024. This change was due primarily to a decrease in a refund of guarantee deposits received from customers in 2025, but offset by an increase in distribution of cash dividends in 2025.
Sales and marketing expenses decreased by 1.4% to $23.5 million in 2024 from $23.9 million in 2023. This decrease was primarily attributable to decrease in compensation awards to employees described in above Research and Development , but partially offset by increase in travelling expense. Non-Operating Income.
Sales and marketing expenses slightly decreased by 0.6% to $23.4 million in 2025 from $23.5 million in 2024. This decrease was primarily attributable to decrease in compensation awards to employees described in above Research and Development , but partially offset by increase in salaries expense and the appreciation of the NT dollar against the U.S. dollar in 2025. Non-Operating Income.
Our income tax benefit decreased to $2.4 million in 2024 from $5.0 million in 2023. Our effective income tax rate increased to (3.1%) in 2024 from (11.3%) in 2023.
Our income tax expense increased to $9.6 million in 2025 from income tax benefit $2.4 million in 2024. Our effective income tax rate increased to 17.5% in 2025 from (3.1%) in 2024.
The modules feature no-code/low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases, such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation and people flow management.
In addition, we also offer ultralow power, plug-and-play WiseEye Modules, featuring no-code/low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases, such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation and more.
Himax has dedicated years of R&D to advancing LCoS technology, focusing on AR goggle devices and automotive AR HUDs. Many industry-leading customers have showcased state-of-the-art products powered by our technology, including AR glasses and LiDAR systems. Our proprietary front-lit LCoS microdisplay integrates LCoS microdisplay, lightguide, and front-lit LED, offering a groundbreaking solution for AR applications.
Himax has dedicated years of R&D to advancing LCoS technology, focusing on AR goggle devices and automotive AR HUDs. Many industry-leading customers have showcased state-of-the-art products powered by our technology.
The following table sets forth, for the periods indicated, our revenues by amount and our revenues as a percentage of revenues by each product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2023 2024 ​ ​ ​ Percentage ​ ​ Percentage ​ ​ ​ Percentage ​ ​ ​ ​ ​ of ​ ​ ​ ​ of ​ ​ ​ of ​ Amount Revenues Amount Revenues Amount Revenues ​ ​ (in thousands, except percentages) Display drivers for large-sized applications ​ $ 263,992 ​ 22.0 ​ $ 175,666 ​ 18.6 ​ $ 125,936 ​ 13.9 Display drivers for small and medium-sized applications ​ 778,946 ​ 64.8 ​ ​ 629,174 ​ 66.5 ​ ​ 625,390 ​ 69.0 Non-driver products (1) ​ 158,401 ​ 13.2 ​ ​ 140,588 ​ 14.9 ​ ​ 155,476 ​ 17.1 Total ​ $ 1,201,339 ​ 100.0 ​ $ 945,428 ​ 100.0 ​ $ 906,802 ​ 100.0 Note: (1) Includes, among other things, timing controllers, LCoS projector solutions, power management IC, CMOS image sensors, programmable gamma OP, wafer level optics (WLO) products, WiseEye ultralow power AI sensing, NRE incomes, and ASIC service. 59 Table of Contents A limited number of customers account for substantially all our revenues.
In 2025, despite disciplined expense control, our full-year 2025 operating expenses increased by 1.1% as we strategically invested in select non-display IC areas with compelling long-term growth potential. 59 Table of Contents The following table sets forth, for the periods indicated, our revenues by amount and our revenues as a percentage of revenues by each product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2024 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ Percentage ​ ​ ​ ​ ​ of ​ ​ ​ ​ of ​ ​ ​ of ​ ​ ​ ​ Amount ​ ​ ​ Revenues ​ ​ ​ Amount ​ ​ ​ Revenues ​ ​ ​ Amount ​ ​ ​ Revenues ​ ​ (in thousands, except percentages) Display drivers for large-sized applications ​ $ 175,666 ​ 18.6 ​ $ 125,936 ​ 13.9 ​ $ 90,665 ​ 10.9 Display drivers for small and medium-sized applications ​ 629,174 ​ 66.5 ​ ​ 625,390 ​ 69.0 ​ ​ 575,132 ​ 69.1 Non-driver products (1) ​ 140,588 ​ 14.9 ​ ​ 155,476 ​ 17.1 ​ ​ 166,376 ​ 20.0 Total ​ $ 945,428 ​ 100.0 ​ $ 906,802 ​ 100.0 ​ $ 832,173 ​ 100.0 Note: (1) Includes, among other things, timing controllers, LCoS solutions, power management IC, CMOS image sensors, wafer level optics (WLO) products, WiseEye ultralow power AI sensing, NRE incomes, and ASIC service.
In addition, our product portfolio also includes timing controllers, operational amplifiers, LCoS microdisplay, power management ICs, CMOS image sensors, 3D sensing, WiseEye ultralow power AI sensing, wafer level optics products and ASIC service. The 2024 full year revenues totaled $906.8 million, representing a 4.1% decline compared to 2023.
In addition, our product portfolio also includes timing controllers, operational amplifiers, LCoS microdisplay, power management ICs, CMOS image sensors, 3D sensing, WiseEye ultralow power AI sensing, wafer level optics products and ASIC service.
As a result of the foregoing, our profit was $79.8 million in 2024, versus $49.4 million in 2023, and profit attributable to Himax stockholders was $79.8 million in 2024, versus $50.6 million in 2023.
Profit for the year. As a result of the foregoing, our profit was $45.3 million in 2025, versus $79.8 million in 2024, and profit attributable to Himax stockholders was $43.9 million in 2025, versus $79.8 million in 2024.
For instance, WLO technology enhances 3D perception sensing, enabling precise controller-free gesture recognition in VR devices. We began volume production of WLO technology for a leading North American customer in the second quarter of 2023, powering their next-generation VR devices with 3D gesture control capabilities. Another major application of WLO is in CPO (Co-Packaged Optics).
We began volume production of WLO technology for a leading North American customer in 2023, powering their VR devices with 3D gesture control capabilities. Another major application of WLO is in CPO (Co-Packaged Optics) where we collaborated with our strategic partner, FOCI.
For example, Customer A and its affiliates accounted for 32.3%, 28.7% and 26.4% of our revenues in 2022, 2023 and 2024, respectively.
A limited number of customers account for substantially all our revenues. For example, Customer A and its affiliates accounted for 28.7%, 26.4% and 24.0% of our revenues in 2023, 2024 and 2025, respectively.
The vesting schedule for such RSU grants is as follows: 96.76% of the RSU grants vested immediately and were settled by cash in the amount of $11.1 million on the grant date, with the remainder vesting equally on each of September 30, 2025, 2026 and 2027, which will be settled by our ordinary shares, subject to certain forfeiture events. 58 Table of Contents The amount of share-based compensation expense with regard to the RSUs granted to our employees on September 28, 2020, September 28, 2021, September 28, 2022, September 26, 2023 and September 26, 2024 was $3.44 per ADS, $10.39 per ADS, $5.09 per ADS, $5.68 per ADS and $5.68 per ADS, respectively, which was based on the trading price of our ADSs on that day.
The vesting schedule for such RSU grants is as follows: 96.76% of the RSU grants vested immediately and were settled by cash in the amount of $11.1 million on the grant date, with the remainder vesting equally on each of September 30, 2025, 2026 and 2027, which will be settled by our ordinary shares, subject to certain forfeiture events. 58 Table of Contents We made grants of 862,516 RSUs to our employees on September 25, 2025.
Net cash provided by operating activities in 2024 was $116.0 million compared to $152.8 million in 2023. This decrease in net cash provided by operating activities in 2024 was mainly due to an increase in cash used for raw materials, assembly, testing process fees in 2024 compared to 2023, but partially offset by lower income tax paid in 2024.
This increase in net cash provided by operating activities in 2025 was mainly due to a decrease in cash used for raw materials, assembly, testing process fees in 2025 compared to 2024 and lower income tax paid in 2025. 66 Table of Contents Investing Activities .
Investing Activities . Net cash used in investing activities in 2024 was $0.6 million compared to $88.9 million in 2023.
Net cash used in investing activities in 2025 was $20.3 million compared to $0.5 million in 2024.
This decrease in net cash used in investing activities was due primarily to a refund of $33.6 million in refundable deposits in 2024, and $56.9 million refundable deposits made for securing foundry capacity in 2023, a decrease in cash used in acquisitions of property, plant and equipment of $10.3 million but offset by an increase of $15.8 million in net cash used in acquisitions of financial assets at fair value through other comprehensive income in 2024 compared to 2023.
This increase in net cash used in investing activities was due primarily to an increase of $18.9 million and $6.6 million in net cash used in acquisitions of financial assets at fair value through profit or loss and at amortized cost, respectively, and an increase in cash used in acquisitions of property, plant and equipment of $7.1 million but offset by a decrease of $13.9 million in net cash used in acquisitions of financial assets at fair value through other comprehensive income in 2025 compared to 2024.
General and administrative expenses decreased by 3.7% to $24.1 million in 2024 from $25.0 million in 2023, primarily as a result of decreases in compensation awards to employees described in above Research and Development , but partially offset by increase in professional fees. ● Sales and Marketing.
General and administrative expenses increased by 6.6% to $25.7 million in 2025 from $24.1 million in 2024, primarily as a result of the increased salaries and amortized expenses, as well as the appreciation of the NT dollar against the U.S. dollar in 2025, but partially offset by the decrease in compensation awards to employees described in above Research and Development . ● Sales and Marketing.
The operating loss decreases were attributable mainly to the increase in revenues and the decrease in operating expenses as lower employee bonus compensation described in above Driver IC segment. 5.B. Liquidity and Capital Resources We need cash primarily for technology advancement, capacity expansion, paying dividends and working capital.
Operating loss from the Non-Driver Products segment decreased to $17.6 million in 2025 from $24.5 million in 2024. The operating loss decreases were attributable mainly to the increase in revenues and gross margin. 5.B. Liquidity and Capital Resources We need cash primarily for technology advancement, capacity expansion, paying dividends and working capital.
Our 3D decoder IC enhances local image processing for face recognition, ensuring advanced and secure authentication. Certified by leading Chinese electronic payment standards, it meets stringent requirements for accurate data decoding, fast operation, and strict privacy protection. Since 2022, it has been widely adopted by major Chinese e-payment solution providers, with significant shipment volumes.
In 3D sensing, we provide both total solutions and key components to our customers. Our 3D decoder IC enhances local image processing for face recognition, ensuring advanced and secure authentication. Certified by leading Chinese electronic payment standards, it meets stringent requirements for accurate data decoding, fast operation, and strict privacy protection.
We believe that our working capital and borrowings under our existing and future credit lines should be sufficient for our present requirements. 5.C. Research and Development Our research and development efforts focus on improving and enhancing our core technologies and know-how relating to the semiconductor solutions we offer to the flat panel display industry.
Research and Development Our research and development efforts focus on improving and enhancing our core technologies and know-how relating to the semiconductor solutions we offer to the flat panel display industry.
The costs of wafer fabrication, gold bumping, assembly and testing depend on the availability of capacity and demand for such services.
The costs of wafer fabrication, gold bumping, assembly and testing depend on the availability of capacity and demand for such services. The wafer fabrication industry, in particular, is highly cyclical, resulting in fluctuations in the price of processed wafers depending on the available foundry capacity and the demand for foundry services.
Non-Driver Products Segment Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Segment revenues. Our revenues from the Non-Driver Products segment increased by 10.6% to $155.5 million in 2024, compared to $140.6 million in 2023. The year-over-year increase was mainly from the growth of TCON and CMOS image sensor.
Our revenues from the Non-Driver Products segment increased by 7.0% to $166.4 million in 2025, compared to $155.5 million in 2024. The year-over-year increase was mainly from the growth of TCON and CMOS image sensor. Automotive TCON sales grew approximately 50% in 2025, steaming from expanding adoption globally. Segment operating loss.
WLO shipments saw a significant year-over-year increase in 2018 due to the customer’s large-scale adoption across more models. By 2024, we continued fulfilling demand from our anchor customer for legacy products, albeit at a lower volume due to customer’s technology migration. That said, WLO technology remains a key enabler in next-generation optical applications.
By 2024, we continued fulfilling demand from our anchor customer for legacy products, albeit at a lower volume due to customer’s technology migration. That said, WLO technology remains a key enabler in next-generation optical applications. Specifically, WLO technology enhances 3D perception sensing, enabling precise controller-free gesture recognition in VR devices.
The growth was primarily driven by our TCON segment, especially in the automotive product, along with our CMOS image sensor business. This increase in TCON performance stems from the widespread adoption of our market-leading local dimming TCON by major panel makers, Tier 1 suppliers, and automotive manufacturers worldwide.
The growth was primarily driven by our TCON segment, particularly automotive products, along with our CMOS image sensor business. For the full year 2025, our automotive TCON sales still increased approximately 50% year over year, stemming from the widespread adoption of our market-leading local dimming TCON by panel makers, Tier 1 suppliers, and car makers worldwide. Costs and Expenses.
The decline stemmed from reduced sales of display drivers mainly from large-sized sectors, driven by the prevailing weak macroeconomic conditions that adversely affected both the demand for and procurement processes of panel customers, as well as heightened price competition from Chinese peers. Segment operating income.
Our revenues from the Driver IC segment decreased by 11.4% to $665.8 million in 2025 from $751.3 million in 2024. The decline stemmed from reduced sales of display drivers for both large-sized and small and medium-sized sectors, driven by the prevailing weak macroeconomic conditions that adversely affected both the demand and procurement processes of panel customers Segment operating income.
The wafer fabrication industry, in particular, is highly cyclical, resulting in fluctuations in the price of processed wafers depending on the available foundry capacity and the demand for foundry services. ​ 60 Table of Contents Research and Development Expenses Research and development expenses consist primarily of research and development employee salaries, including related employee welfare costs, costs associated with prototype wafers, processed tape, masks, molding and tooling sets and depreciation on research and development equipment.
Research and Development Expenses Research and development expenses consist primarily of research and development employee salaries, including related employee welfare costs, costs associated with prototype wafers, processed tape, masks, molding and tooling sets and depreciation on research and development equipment.
As a percentage of revenues, costs and expenses decreased to 92.5% in 2024 compared to 95.4% in 2023. ● Cost of Revenues. Cost of revenues decreased to $630.6 million in 2024 from $681.9 million in 2023, which was due primarily to a 2.2% decrease in unit shipments in 2024.
Cost of revenues decreased to $577.8 million in 2025 from $630.6 million in 2024, which was due primarily to a 5.1% decrease in unit shipments in 2025.
The increase in our effective income tax rate was primarily attributable to the increase in pre-tax profit, from $44.4 million in 2023 to $77.3 million in 2024 and income tax benefit for tax credit decreased to $8.6 million in 2024 from $9.9 million in 2023. Profit for the year.
The increase in our effective income tax rate was primarily attributable to the non-recurrence of the prior-year tax benefit and the impact of the non-deductible expense, resulting in a change from an income tax benefit of $14.9 million in 2024 to an income tax expense of $1.2 million in 2025 and income tax benefit for tax credit decreased to $4.7 million in 2025 from $8.6 million in 2024.
Capital expenditures of $13.1 million in 2024 was mainly for in-house testers for our IC design business as well as R&D related equipment. 67 Table of Contents The capex budget will be funded through our internal resources and banking facilities, if so needed. We will continue to make capital expenditures to meet the expected growth of our operations.
Capital expenditures of $20.1 million in 2025 was mainly for R&D related equipment for our IC design business and the construction in progress for the new preschool near our Tainan headquarters built for employees' children. The capex budget will be funded through our internal resources and banking facilities, if so needed.
Himax WiseEye ultralow power AI sensing solution, a cutting-edge endpoint AI integration, features industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm.
These developments highlight the versatility of WLO technology across a wide range of applications, including automotive, consumer, industrial, medical, AR/VR/MR devices, and advanced optical communication technologies. Himax WiseEye ultralow power AI sensing solution, a cutting-edge endpoint AI integration, features industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm.
For CMOS image sensors business, we continue to supply sensors for webcams and notebooks. With the rapid expansion of AI adoption across industries, we have developed a range of ultralow power always-on CMOS image sensors designed for AI applications that require continuous sensing or monitoring while minimizing power consumption.
In our CMOS image sensor business, we continue to supply sensors for webcams and notebook applications while expanding our sensor portfolio to support emerging AI use cases that require continuous, always-on sensing or monitoring with minimal power consumption.
WiseEye business is in a good position to enjoy rapid growth for years to come and we believe it will serve as a multi-year structural growth driver for Himax. 70 Table of Contents In 3D sensing, we provide both total solutions and key components to our customers.
Notably, our PalmVein module has had a strong design-in pipeline across multiple industries, covering smart access, workforce management, smart door locks, computer monitor and more. 69 Table of Contents WiseEye business is in a good position to enjoy rapid growth for years to come and we believe it will serve as a multi-year structural growth driver for Himax.
In the IT sector, Himax is well-positioned to lead the rapidly evolving AI PC and premium notebook market. With the growing adoption of OLED displays and touch functionality, driven in part by AI PCs, we offer a comprehensive IC portfolio for LCD and OLED notebooks, including DDIC, TCON, touch controllers, and TDDI.
In the notebook sector, our focus is on premium models featuring OLED displays and integrated touch functionality. Himax is well positioned to capitalize on these opportunities with a comprehensive portfolio of IC solutions for both LCD and OLED notebooks, including DDICs, TCONs, touch controllers, and TDDI.
As a percentage of revenues, cost of revenues decreased to 69.5% in 2024 from 72.1% in 2023, mainly due to a strategic focus on cost improvements and operational efficiency optimization, combined with a favorable product mix that included a higher percentage of high-margin products such as automotive and TCON.
As a percentage of revenues, cost of revenues slightly decreased to 69.4% in 2025 from 69.5% in 2024, mainly due to the continued cost improvements and operational efficiency optimization, combined with a favorable product mix. The successful diversification of foundry sources also contributed to the margin increase. 64 Table of Contents ● Research and Development.
Revenues from display drivers for large-sized application decreased by 28.3% to $125.9 million in 2024 from $175.7 million in 2023. The decline was predominantly driven by the prevailing weak macroeconomic conditions compounded by ongoing production and inventory control measures by our leading panel customers as well as heightened price competition from Chinese peers. ● Small and Medium-sized Display Drivers.
Revenues from display drivers for large-sized application decreased by 28.0% to $90.7 million in 2025 from $125.9 million in 2024. The decline was primarily attributable to weak macroeconomic conditions, including tariff and geopolitical uncertainties, coupled with continued tight inventory management by our key panel customers.
Trend Information As we look ahead to 2025 and beyond, Himax is well-positioned for sustained growth, leveraging our leadership in the automotive sector, operational agility, and focus on high-value product lines such as TCON, OLED, AI, and WLO.
Trend Information Looking ahead, Himax is well positioned for sustained growth, supported by our leadership in the automotive sector, diversified foundry flexibility, and continued focus on high-value segments such as TCON, OLED, AI, and WLO. These businesses generate above-average gross margins and are reinforced by meaningful technical barriers and a robust patent portfolio.
We had net non-operating income of $9.1 million in 2024 compared to $1.2 million in 2023. The increase was primarily due to increase in foreign currency exchange gains, decrease in finance costs and a re-measurement loss on the previously held equity interest in Viewsil in 2023. Income Tax Expense (Benefit).
We had net non-operating income of $10.7 million in 2025 compared to $9.1 million in 2024. The increase was primarily due to increase in other gain recognized for disposal of land held for sale, decrease in finance costs, but partially offset by increase in share of losses of associates. Income Tax Expense (Benefit).
We believe the TCON sector will be a major driving force behind the continued growth of our non-driver business. 69 Table of Contents In 2016, our non-driver business experienced tremendous growth, primarily driven by LCoS and WLO shipments to a leading AR device customer.
We expect the TCON segment to serve as a key growth engine for our non-driver IC business moving forward. In 2016, our non-driver business experienced tremendous growth, primarily driven by LCoS and WLO shipments to a leading AR device customer. WLO shipments saw a significant year-over-year increase in 2018 due to the customer's large-scale adoption across more models.
As consumers seek more immersive entertainment experiences in film, television, and gaming, demand for advanced display technologies continues to rise. In automotive applications, we have dedicated to developing this high-barrier technology for years, building a comprehensive TCON product portfolio and establishing an undisputed leadership position.
In automotive applications, we have dedicated to developing this high-barrier technology for years, building a comprehensive TCON product portfolio and establishing an undisputed leadership position. Local dimming technology plays a critical role in enhancing display contrast to ensure superior visibility across various lighting conditions, while also improving power efficiency, particularly important for large-size displays and EVs.
“With the growing adoption of OLED displays, we expect OLED driver ICs to become a major growth driver for our business. Non-Driver IC Sector The non-driver category has emerged as our most exciting growth area and a key differentiator for the company.
Meanwhile, as expected, our traditional discrete driver ICs for smartphones and tablets continue to be rapidly replaced by TDDI solutions, in line with ongoing industry migration toward higher integration. Non-Driver IC Sector The non-driver category has emerged as our most exciting growth area and a key differentiator for the company.
The successful diversification of foundry sources also contributed to the margin increase. ● Research and Development. Research and development expenses decreased by 6.5% to $160.3 million in 2024 from $171.4 million in 2023.
Research and development expenses slightly increased by 0.5% to $161.1 million in 2025 from $160.3 million in 2024.
Operating income from the Driver IC segment was $92.7 million in 2024, up from $75.3 million in 2023.
Operating income from the Driver IC segment was $61.7 million in 2025, down from $92.7 million in 2024. This decrease was primarily attributable to a decrease in revenues. Non-Driver Products Segment Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Segment revenues.
Our revenues decreased by 4.1% to $906.8 million in 2024 compared to $945.4 million in 2023. The decrease was a result of persistent global demand weakness, coupled with uncertainty about market trends, led to conservative purchasing decisions and inventory management by our panel customers. These market dynamics adversely affected IC demand and consequently our sales. ● Large-sized Display Drivers.
Our revenues decreased by 8.2% to $832.2 million in 2025 compared to $906.8 million in 2024. The decrease was primarily attributable to the challenging global economic environment, compounded by geopolitical uncertainties. As a result, panel customers generally maintained a conservative, make-to-order strategy with lean inventory levels. ● Large-sized Display Drivers.
Revenues from small and medium-sized display drivers slightly decreased by 0.6% to $625.4 million in 2024 from $629.2 million in 2023. Against the backdrop of slowing end-market sell-through, sales of smartphones and tablets were particularly affected as end customers extended their replacement cycles in response to challenging economic conditions.
In addition, intensified price competition from Chinese peers exerted further pressure on overall performance. ● Small and Medium-sized Display Drivers. Revenues from small and medium-sized display drivers decreased by 8.0% to $575.1 million in 2025 from $625.4 million in 2024. Amid slowing end-market sell-through and tariff-related uncertainties, smartphone and tablet sales were particularly impacted.
Additionally, WiseEye AI offloads tasks from the main processor, effectively extending battery lifespan and improving overall data processing efficiency. Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands, some of which are set for production later 2025.
This powerful combination not only unlocks advanced AI capabilities in endpoint devices that were once constrained by power and size limitations, but also makes AI more practical and accessible. Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands.

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Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

34 edited+5 added−6 removed53 unchanged
Biggest changeOur nominating and corporate governance committee will be responsible for, among other things: ● identifying and recommending to our board of directors nominees for election or re-election, or for appointment to fill any vacancy; ● reviewing annually with our board of directors the current composition of our board of directors in light of the characteristics of independence, age, skills, experience and availability of service to us; ● reviewing the continued board membership of a director upon a significant change in such director’s principal occupation; ● identifying and recommending to our board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as the nominating and corporate governance committee itself; ● advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and ● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance. 75 Table of Contents Terms of Directors and Officers Under Cayman Islands law and our articles of association, each of our directors holds office until a successor has been duly elected or appointed, except where any director was appointed by the board of directors to fill a vacancy on the board of directors or as an addition to the existing board, such director shall hold office until the next annual general meeting of shareholders at which time such director is eligible for re-election.
Biggest changeOur nominating and corporate governance committee will be responsible for, among other things: ● identifying and recommending to our board of directors nominees for election or re-election, or for appointment to fill any vacancy; ● reviewing annually with our board of directors the current composition of our board of directors in light of the characteristics of independence, age, skills, experience and availability of service to us; ● reviewing the continued board membership of a director upon a significant change in such director’s principal occupation; ● identifying and recommending to our board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as the nominating and corporate governance committee itself; ● advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and ● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
The audit committee will be responsible for, among other things: ● selecting the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors; ● reviewing with the independent auditors any audit problems or difficulties and management’s response; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation SK under the Securities Act; ● discussing the annual audited financial statements with management and the independent auditors; ● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of significant deficiencies or material weaknesses in internal controls; ● annually reviewing and reassessing the adequacy of our audit committee charter; 74 Table of Contents ● meeting separately and periodically with management and the independent auditors; ● reporting regularly to the board of directors; and ● such other matters that are specifically delegated to our audit committee by our board of directors from time to time.
The audit committee will be responsible for, among other things: ● selecting the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors; ● reviewing with the independent auditors any audit problems or difficulties and management’s response; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation SK under the Securities Act; ● discussing the annual audited financial statements with management and the independent auditors; ● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of significant deficiencies or material weaknesses in internal controls; ● annually reviewing and reassessing the adequacy of our audit committee charter; ● meeting separately and periodically with management and the independent auditors; ● reporting regularly to the board of directors; and ● such other matters that are specifically delegated to our audit committee by our board of directors from time to time.
Other Executive Officers Jessica Pan is our chief financial officer. Jessica joined Himax in 2006 with over 22 years of experience in finance and accounting. Jessica has played an integral role at Himax on finance, accounting, financial planning and analysis, forecasting and tax, having served as interim Chief Financial Officer from October 2010 to January 2012.
Other Executive Officers Jessica Pan (Ming-Feng Pan) is our chief financial officer. Jessica joined Himax in 2006 with over 22 years of experience in finance and accounting. Jessica has played an integral role at Himax on finance, accounting, financial planning and analysis, forecasting and tax, having served as interim Chief Financial Officer from October 2010 to January 2012.
Under our articles of association, which director will retire at each annual general meeting will be determined as follows: (i) any director who wishes to retire and not offer himself for re-election, (ii) if no director wishes to retire, the director who has been longest in office since his last re-election or appointment, and (iii) if two or more directors have served on the board the longest, then as agreed among the directors themselves or as determined by lot. 6.D.
Under our articles of association, which director will retire at each annual general meeting will be determined as follows: (i) any director who wishes to retire and not offer himself for re-election, (ii) if no director wishes to retire, the director who has been longest in office since his last re-election or appointment, and (iii) if two or more directors have served on the board the longest, then as agreed among the directors themselves or as determined by lot. 74 Table of Contents 6.D.
The aggregate share-based compensation that we paid to our executive officers was approximately $0.2 million. In 2024, our Chairman of the Board voluntarily abandon the number of RSUs to be granted proposed by the compensation committee and then compensate other employees. The goal is to provide competitive compensation to our employees.
The aggregate share-based compensation that we paid to our executive officers was approximately $0.2 million. In 2025, our Chairman of the Board voluntarily abandon the number of RSUs to be granted proposed by the compensation committee and then compensate other employees. The goal is to provide competitive compensation to our employees.
The compensation committee will be responsible for, among other things: ● reviewing and making recommendations to our board of directors regarding our compensation policies and forms of compensation provided to our directors and officers; ● reviewing and determining bonuses for our officers and other employees; ● reviewing and determining share-based compensation for our directors, officers, employees and consultants; ● administering our equity incentive plans in accordance with the terms thereof; and ● such other matters that are specifically delegated to the compensation committee by our board of directors from time to time.
The compensation committee will be responsible for, among other things: ● reviewing and making recommendations to our board of directors regarding our compensation policies and forms of compensation provided to our directors and officers; 73 Table of Contents ● reviewing and determining bonuses for our officers and other employees; ● reviewing and determining share-based compensation for our directors, officers, employees and consultants; ● administering our equity incentive plans in accordance with the terms thereof; and ● such other matters that are specifically delegated to the compensation committee by our board of directors from time to time.
The purpose of the plan is to advance our interests and those of our shareholders by: ● providing the opportunity for our employees, directors and service providers to develop a sense of proprietorship and personal involvement in our development and financial success and to devote their best efforts to our business; and ● providing us with a means through which we may attract able individuals to become our employees or to serve as our directors or service providers and providing us a means whereby those individuals, upon whom the responsibilities of our successful administration and management are of importance, can acquire and maintain share ownership, thereby strengthening their concern for our welfare. 76 Table of Contents Type of Awards.
The purpose of the plan is to advance our interests and those of our shareholders by: ● providing the opportunity for our employees, directors and service providers to develop a sense of proprietorship and personal involvement in our development and financial success and to devote their best efforts to our business; and ● providing us with a means through which we may attract able individuals to become our employees or to serve as our directors or service providers and providing us a means whereby those individuals, upon whom the responsibilities of our successful administration and management are of importance, can acquire and maintain share ownership, thereby strengthening their concern for our welfare.
As of the date of this annual report, there were no stock options or restricted share units outstanding under the plan except as described under “—Stock Options” and “—Restricted Share Units.” Eligibility and Participation. All of our employees, directors and service providers are eligible to participate in the plan.
As of the date of this annual report, there were no stock options or restricted share units outstanding under the plan except as described under “—Stock Options” and “—Restricted Share Units.” 75 Table of Contents Eligibility and Participation. All of our employees, directors and service providers are eligible to participate in the plan.
In the event of any of the corporate events or transactions described in the plan, to avoid any unintended enlargement or dilution of benefits, the committee has the sole discretion to substitute or adjust the number and kind of shares that can be issued or otherwise delivered. 78 Table of Contents Forfeiture Events.
In the event of any of the corporate events or transactions described in the plan, to avoid any unintended enlargement or dilution of benefits, the committee has the sole discretion to substitute or adjust the number and kind of shares that can be issued or otherwise delivered. Forfeiture Events.
The plan provides for the grant of stock options and restricted share units. Duration. Generally, the plan will terminate five years from the effective date of the plan.
Type of Awards. The plan provides for the grant of stock options and restricted share units. Duration. Generally, the plan will terminate five years from the effective date of the plan.
Unless otherwise indicated, the positions or titles indicated in the table below refer to Himax Technologies, Inc. ​ ​ ​ Directors and Executive Officers Age Position/Title Dr. Biing-Seng Wu ​ 67 ​ Chairman of the Board Jordan Wu ​ 64 ​ President, Chief Executive Officer and Director Dr.
Unless otherwise indicated, the positions or titles indicated in the table below refer to Himax Technologies, Inc. ​ ​ ​ Directors and Executive Officers ​ ​ ​ Age ​ ​ ​ Position/Title Dr. Biing-Seng Wu ​ 68 ​ Chairman of the Board Jordan Wu ​ 65 ​ President, Chief Executive Officer and Director Dr.
No executive officer is entitled to any severance benefits upon termination of his or her employment with us. For the year ended December 31, 2024, the aggregate cash compensation that we paid to our independent directors was approximately $150,000.
No executive officer is entitled to any severance benefits upon termination of his or her employment with us. For the year ended December 31, 2025, the aggregate cash compensation that we paid to our independent directors was approximately $150,000. The aggregate share-based compensation that we paid to our independent directors was nil.
The vesting schedule for such RSU grants is as follows: 98.68% of the RSU grants vested immediately and were settled by cash in the amount of $4.8 million on the grant date, with the remainder vesting equally on each of September 30, 2021, 2022 and 2023, which will be settled by our ordinary shares, subject to certain forfeiture events.
The vesting schedule for such RSU grants is as follows: 98.68% of the RSU grants vested immediately and were settled by cash in the amount of $4.8 million on the grant date, with the remainder vesting equally on each of September 30, 2021, 2022 and 2023, which will be settled by our ordinary shares, subject to certain forfeiture events. 76 Table of Contents We made grants of 2,604,545 RSUs to our employees on September 28, 2021.
Biing-Seng Wu, who are brothers, there are no family relationships between any of our directors and executive officers. The following table sets forth information regarding our directors and executive officers as of March 31, 2025.
Biing-Seng Wu, who are brothers, there are no family relationships between any of our directors and executive officers. The following table sets forth information regarding our directors and executive officers as of February 28, 2026.
Biing-Seng Wu is the chairman of our board of directors. Prior to our reorganization in October 2005, Dr. Wu served as president, chief executive officer and a director of Himax Taiwan. Dr. Wu also served as the vice chairman of the board of directors of CMO prior to its merger with the predecessor of Innolux and TPO. Dr.
Wu served as president, chief executive officer and a director of Himax Taiwan. Dr. Wu also served as the vice chairman of the board of directors of CMO prior to its merger with the predecessor of Innolux and TPO. Dr.
Su currently also serves as the dean of Academy of Innovative Semiconductor and Sustainable Manufacturing at National Cheng Kung University, since August 2022. Dr. Su is devoted to the field of research in semiconductor engineering and devices, optoelectronic devices, and microwave device and integrated circuits. He is a life fellow of the Institute of Electrical and Electronics Engineers, or IEEE.
Su currently also serves as the Dean of Academy of Innovative Semiconductor and Sustainable Manufacturing at National Cheng Kung University, since August 2022. Dr. Su is devoted to the field of research in semiconductor engineering and devices, optoelectronic devices, and microwave device and integrated circuits. He is a fellow of the OPTICA (formerly OSA) and SPIE. Also, Dr.
Employees As of December 31, 2022, 2023 and 2024, we had 2,181, 2,164 and 2,177 employees, respectively.
Employees As of December 31, 2023, 2024 and 2025, we had 2,164, 2,177 and 2,238 employees, respectively.
The following is a breakdown of our employees by function as of December 31, 2024: ​ ​ ​ Function Number Research and development (1) ​ 1,423 Engineering and manufacturing (2) ​ 292 Sales and marketing (3) ​ 327 General and administrative ​ 135 Total ​ 2,177 Notes: (1) Includes semiconductor design engineers, application engineers, assembly and testing engineers and quality control engineers.
The following is a breakdown of our employees by function as of December 31, 2025: ​ ​ ​ Function ​ ​ ​ Number Research and development (1) ​ 1,444 Engineering and manufacturing (2) ​ 307 Sales and marketing (3) ​ 339 General and administrative ​ 148 Total ​ 2,238 Notes: (1) Includes semiconductor design engineers, application engineers, assembly and testing engineers and quality control engineers.
The aggregate share-based compensation that we paid to our independent directors was nil. 73 Table of Contents The following table summarizes the RSUs and cash award that we granted in 2024 to our directors and executive officers under our 2011 long-term incentive plan. Each unit of RSU represents two ordinary shares. See “Item 6.D.
The following table summarizes the RSUs and cash award that we granted in 2025 to our directors and executive officers under our 2011 long-term incentive plan. Each unit of RSU represents two ordinary shares. See “Item 6.D.
But, the amended and restated 2011 Plan was 3 rd amended and restated by extending its duration for three (3) years to September 6, 2025, which was approved by our shareholders at the annual general meeting held on August 16, 2022.
But, the amended and restated 2011 Plan was 4 th amended and restated by extending its duration for five (5) years to September 6, 2030, which was approved by our shareholders at the annual general meeting held on August 13, 2025.
Biing-Seng Wu, our chairman. Dr. Yan-Kuin Su is our director. He has retired from the president of Kun Shan University effective July 31, 2018 and also a professor in the Department of Electrical Engineering, National Cheng Kung University since 1983 and retired in 2011. Dr.
Biing-Seng Wu, our chairman. Dr. Yan-Kuin Su is our director. He stepped down as President of Kun Shan University effective July 31, 2018 and now works as a Chair Professor in the Department of Electrical Engineering. Dr. Su is also a Chair professor Emeritus in the Department of Electrical Engineering, National Cheng Kung University. Dr.
Chen holds a B.S. and M.S. and Ph.D. degree in Electrical Engineering from National Cheng Kung University. Dr.
He now serves as Emeritus Professor of Department of Electrical Engineering, National Taiwan University. Dr. Chen holds a B.S. and M.S. and Ph.D. degree in Electrical Engineering from National Cheng Kung University. Dr.
Dr. Su holds a B.S. degree and an M.S. degree and a Ph.D. degree in Electrical Engineering from National Cheng Kung University. 72 Table of Contents Yuan-Chuan Horng is our director. Prior to our reorganization in October 2005, Mr. Horng served as a director of Himax Taiwan from August 2004 to October 2005. Mr.
Su is the life fellow of the Institute of Electrical and Electronics Engineers, or IEEE. Dr. Su holds a B.S. degree and an M.S. degree and a Ph.D. degree in Electrical Engineering from National Cheng Kung University. Yuan-Chuan Horng is our director. Prior to our reorganization in October 2005, Mr.
Amendment and Termination. Subject to, and except as, provided in the plan, the committee has the sole discretion to alter, amend, modify, suspend, or terminate the plan and any award document in whole or in part. Amendments to the plan are subject to shareholder approval, to the extent required by law, or by stock exchange rules or regulations. 6.E.
Amendment and Termination. Subject to, and except as, provided in the plan, the committee has the sole discretion to alter, amend, modify, suspend, or terminate the plan and any award document in whole or in part.
Each grant will be evidenced by an award document that will specify the period(s) of restriction, the number of restricted share units granted and such other provisions as the committee determines. 77 Table of Contents Generally, restricted share units will become freely transferable after all conditions and restrictions applicable to such shares have been satisfied or lapse and restricted share units will be paid in cash, shares or a combination of the two, as determined by the committee.
Generally, restricted share units will become freely transferable after all conditions and restrictions applicable to such shares have been satisfied or lapse and restricted share units will be paid in cash, shares or a combination of the two, as determined by the committee.
He holds a B.S. degree in Nuclear Engineering from National Tsing Hua University and an M.S. degree in Computer and Information Science from New Jersey Institute of Technology. 6.B. Compensation For the year ended December 31, 2024, the aggregate cash compensation that we paid to our executive officers was approximately $1.8 million.
Tsai holds a B.S. degree and M.S. degree in Electrical Engineering from National Taiwan University and an executive M.B.A. degree from National Taiwan University. 6.B. Compensation For the year ended December 31, 2025, the aggregate cash compensation that we paid to our executive officers was approximately $1.2 million.
None of our directors or executive officers has voting rights different from those of other shareholders. ​ 6.F. Disclosure of a registrant’s action to recover erroneously awarded compensation There was no erroneously awarded compensation that was required to be recovered pursuant to our Compensation Clawback Policy during the fiscal year ended December 31, 2024. ​
Disclosure of a registrant’s action to recover erroneously awarded compensation There was no erroneously awarded compensation that was required to be recovered pursuant to our Compensation Clawback Policy during the fiscal year ended December 31, 2025. ​
Horng retired from the position of the vice president of the Finance Division of China Steel Corporation, a TWSE-listed Corporation, effective November 30, 2016. During his 40 years of services with China Steel Corporation Group, Mr. Horng held various positions including general manager, assistant vice president and vice president in the Finance Divisions. Mr.
Horng served as a director of Himax Taiwan from August 2004 to October 2005. Mr. Horng retired from the position of the vice president of the Finance Division of China Steel Corporation, a TWSE-listed Corporation, effective November 30, 2016. During his 40 years of services with China Steel Corporation Group, Mr.
Horng currently serves as an independent director of President Securities Corporation, listed on TWSE, since June 2018. Mr. Horng holds a B.A. degree in economics from Soochow University. Dr. Liang-Gee Chen is our director. He now serves as Emeritus Professor of Department of Electrical Engineering, National Taiwan University. Dr.
Horng held various positions including general manager, assistant vice president and vice president in the Finance Divisions. Mr. Horng currently serves as an independent director of President Securities Corporation, listed on TWSE, since June 2018. Mr. Horng holds a B.A. degree in economics from Soochow University. 71 Table of Contents Dr. Liang-Gee Chen is our director.
Biing-Seng Wu ​ — ​ — ​ — ​ — ​ — Jordan Wu ​ 17,234 ​ — ​ 8,616 ​ 25,852 ​ — Dr. Yan-Kuin Su ​ — ​ — ​ — ​ — ​ — Yuan-Chuan Horng ​ — ​ — ​ — ​ — ​ — Dr.
Biing-Seng Wu ​ — ​ — ​ — ​ — ​ — Jordan Wu ​ 5,762 ​ — ​ 2,882 ​ 8,642 ​ — Dr. Yan-Kuin Su ​ — ​ — ​ — ​ — ​ — Yuan-Chuan Horng ​ — ​ — ​ — ​ — ​ — Dr.
We made grants of 2,604,545 RSUs to our employees on September 28, 2021.
We made grants of 862,516 RSUs to our employees on September 25, 2025.
Yan-Kuin Su ​ 76 ​ Director Yuan-Chuan Horng ​ 73 ​ Director Dr. Liang-Gee Chen ​ 68 ​ Director Jessica Pan ​ 55 ​ Chief Financial Officer Hsien Chang Tsai ​ 54 ​ Vice President, Sales and Operations Eric Li ​ 61 ​ Chief IR/PR Officer and Spokesperson ​ Directors Dr.
Yan-Kuin Su ​ 77 ​ Director Yuan-Chuan Horng ​ 74 ​ Director Dr. Liang-Gee Chen ​ 69 ​ Director Jessica Pan ​ 56 ​ Chief Financial Officer Hsien-Chang Tsai ​ 55 ​ Vice President, Sales and Operations ​ Directors Dr. Biing-Seng Wu is the chairman of our board of directors. Prior to our reorganization in October 2005, Dr.
Share Ownership The following table sets forth the beneficial ownership of our ordinary shares, as of March 31, 2025, by each of our directors and executive officers. Beneficial ownership is determined in accordance with the rules and regulations of the SEC. ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares Percentage of Shares Name Owned Owned ​ Dr.
Beneficial ownership is determined in accordance with the rules and regulations of the SEC. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ Percentage of Shares Name ​ ​ ​ Owned ​ ​ ​ Owned ​ Dr. Biing-Seng Wu ​ 76,904,468 ​ 22.0 % Jordan Wu ​ 7,572,035 ​ 2.2 % Dr.
Liang-Gee Chen ​ — ​ — ​ — ​ — ​ — Jessica Pan ​ 5,634 ​ — ​ 4,226 ​ 7,042 ​ — Hsien Chang Tsai ​ 2,208 ​ 38 ​ 4,416 ​ — ​ 38 Eric Li ​ 4,564 ​ — ​ 4,226 ​ 4,902 ​ — ​ 6.C.
Liang-Gee Chen ​ — ​ — ​ — ​ — ​ — Jessica Pan ​ 1,387 ​ 4 ​ 2,774 ​ — ​ 4 Hsien-Chang Tsai ​ 1,387 ​ 11 ​ 2,774 ​ — ​ 11 ​ 72 Table of Contents 6.C.
Removed
Tsai holds a B.S. degree and M.S. degree in Electrical Engineering from National Taiwan University and an executive M.B.A. degree from National Taiwan University. Eric Li is our chief IR/PR officer and Spokesperson. Joining Himax in 2012, Mr.
Added
Terms of Directors and Officers Under Cayman Islands law and our articles of association, each of our directors holds office until a successor has been duly elected or appointed, except where any director was appointed by the board of directors to fill a vacancy on the board of directors or as an addition to the existing board, such director shall hold office until the next annual general meeting of shareholders at which time such director is eligible for re-election.
Removed
Eric Li has an extensive experience in image processing related IC design, having worked in the areas of sales, marketing, R&D and served as Associate Vice President at Himax covering the Intelligent Sensing AI product line. Mr.
Added
The committee may grant restricted share units to participants. Each grant will be evidenced by an award document that will specify the period(s) of restriction, the number of restricted share units granted and such other provisions as the committee determines.
Removed
Li has previously worked in video processing ASIC service and TV/monitor ASSP products before he was put in charge of the fab construction and operation of Himax’s WLO advanced optics operation. Prior to Himax, Mr. Eric Li served in executive positions of Cadence Design Systems, Socle Technology, Macronix International and Powerchip Semiconductor.
Added
The vesting schedule for such RSU grants is as follows: 98.74% of the RSU grants vested immediately and were settled by cash in the amount of $7.4 million on the grant date, with the remainder vesting equally on each of September 30, 2026, 2027 and 2028, which will be settled by our ordinary shares, subject to certain forfeiture events.
Removed
The committee may grant restricted share units to participants.
Added
Amendments to the plan are subject to shareholder approval, to the extent required by law, or by stock exchange rules or regulations. 77 Table of Contents 6.E. Share Ownership The following table sets forth the beneficial ownership of our ordinary shares, as of February 28, 2026, by each of our directors and executive officers.
Removed
Biing-Seng Wu ​ 76,904,468 ​ 22.0 % Jordan Wu ​ 7,513,833 ​ 2.1 % Dr. Yan-Kuin Su ​ — ​ — ​ Yuan-Chuan Horng ​ 916,104 ​ * ​ Dr.
Added
Yan-Kuin Su ​ — ​ — ​ Yuan-Chuan Horng ​ 916,104 ​ 0.3 % Dr. Liang-Gee Chen ​ — ​ — ​ Jessica Pan ​ 125,456 ​ 0.04 % Hsien-Chang Tsai ​ 2 ​ — ​ ​ None of our directors or executive officers has voting rights different from those of other shareholders. ​ 6.F.
Removed
Liang-Gee Chen ​ — ​ — ​ Jessica Pan ​ 109,422 ​ * ​ Hsien Chang Tsai ​ — ​ — ​ Eric Li ​ 16,376 ​ * ​ * The sum of the number of ordinary shares held is less than 1.0% of our total outstanding shares.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

7 edited+1 added−1 removed9 unchanged
Biggest changeThe following table sets forth information known to us with respect to the beneficial ownership of our shares as of March 31, 2025, the most recent practicable date, by (i) each shareholder known by us to beneficially own more than 5% of our shares and (ii) all directors and executive officers as a group. ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Shares ​ Shares ​ Name of Beneficial Owner Beneficially Owned (3) Beneficially Owned (3) ​ Dr.
Biggest changeWe have no further information as to common shares held, or beneficially owned, by U.S. persons. 78 Table of Contents The following table sets forth information known to us with respect to the beneficial ownership of our shares as of February 28, 2026, the most recent practicable date, by (i) each shareholder known by us to beneficially own more than 5% of our shares and (ii) all directors and executive officers as a group. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Number of Shares ​ Shares ​ Name of Beneficial Owner ​ ​ ​ Beneficially Owned (3) ​ ​ ​ Beneficially Owned (3) ​ Dr.
Biing-Seng Wu (1) ​ 76,904,468 ​ 22.0 % Whei-Lan Teng (2) ​ 22,847,370 ​ 6.5 % All directors and executive officers as a group (3) ​ 85,460,203 ​ 24.4 % Note: (1) Dr. Biing-Seng Wu directly owns 315,322 ordinary shares. Dr.
Biing-Seng Wu (1) ​ 76,904,468 ​ 22.0 % Whei-Lan Teng (2) ​ 22,847,370 ​ 6.5 % All directors and executive officers as a group (3) ​ 85,518,065 ​ 24.5 % Note: (1) Dr. Biing-Seng Wu directly owns 315,322 ordinary shares. Dr.
However, CMMT resigned as a legal director and then lost significant influence on CM Visual Technology Corp. from June 25, 2024. In 2022, 2023 and 2024, the purchase of raw materials from CMMT was $1.1 million, $1.3 million and nil, respectively.
However, CMMT resigned as a legal director and then lost significant influence on CM Visual Technology Corp. from June 25, 2024. In 2023, 2024 and 2025, the purchase of raw materials from CMMT was $1.3 million, nil and nil, respectively. As of December 31, 2025, the related payable resulting from the purchase of raw materials were nil. 7.C.
These were followed by a consolidation of every 3,000 shares of par value $0.0001 each into one ordinary share of par value $0.3 each.
These were followed by a consolidation of every 3,000 shares of par value $0.0001 each into one ordinary share of par value $0.3 each. As a result, the number of ordinary shares outstanding was doubled and each of our ordinary shares had a par value of $0.3.
As of March 31, 2025, 349,826,828 of our shares were outstanding. We believe that, of such shares, 211,991,772 shares in the form of ADSs were registered in the name of a nominee of JPMorgan Chase Bank, N.A., the depositary under our ADS deposit agreement.
As of February 28, 2026, 348,851,828 of our shares were outstanding. We believe that, of such shares, 208,157,284 shares in the form of ADSs were registered in the name of a nominee of JPMorgan Chase Bank, N.A., the depositary under our ADS deposit agreement.
As a result, the number of ordinary shares outstanding was doubled and each of our ordinary shares had a par value of $0.3. 79 Table of Contents In connection with the above changes, we also changed our ADS ratio effective August 10, 2009 from one ADS representing one ordinary share to one ADS representing two ordinary shares.
In connection with the above changes, we also changed our ADS ratio effective August 10, 2009 from one ADS representing one ordinary share to one ADS representing two ordinary shares.
JPMorgan Chase Bank, N.A., advised us that, as of March 31, 2025, 105,995,886 ADSs, representing 211,991,772 common shares, were held of record by Cede & Co. and 10 other registered shareholders domiciled in and outside of the United States. We have no further information as to common shares held, or beneficially owned, by U.S. persons.
JPMorgan Chase Bank, N.A., advised us that, as of February 28, 2026, 104,078,642 ADSs, representing 208,157,284 common shares, were held of record by Cede & Co. and 11 other registered shareholders domiciled in and outside of the United States.
Removed
As of December 31, 2023 and 2024, the related payable resulting from the purchase of raw materials were $0.9 million and nil, respectively. 7.C. Interests of Experts and Counsel Not applicable. 80 Table of Contents
Added
Interests of Experts and Counsel Not applicable. ​

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