Taiwan's two major power supply makers will report in quick succession. According to United Daily News, "Taiwan's power supply duo Delta Electronics and Lite-On Technology will hold their earnings calls this quarter on July 30 and 31, one after the other" (E1). CNA's report confirms the same dates and adds context on why the timing matters: "since recent market reports suggest the timeline for AI servers adopting the new 800VDC power architecture may be delayed, clarification is expected to come from the Delta Electronics and Lite-On earnings calls" (E12).
Delta Electronics has already released its Q2 revenue figures ahead of the call. Per United Daily News, the company posted "Q2 revenue of NT$183.256 billion, up 47.7% year-on-year" (E2), which CNA independently corroborates, noting the figure represented "growth of 15% from Q1, a record high for a single quarter" (E13). For the first half of the year, United Daily News reports cumulative revenue of "NT$342.609 billion, up 41% year-on-year" (E3).
Lite-On's Q2 results also show sequential and annual gains. United Daily News reports Q2 revenue of "NT$52.704 billion, up 21.4% quarter-on-quarter and 30.4% year-on-year" (E4), a figure repeated in CNA's coverage (E14). Cumulative first-half revenue reached "NT$96.112 billion, up 25.08% year-on-year" according to both United Daily News (E5) and CNA (E14).
| Metric | Delta Electronics | Lite-On |
|---|---|---|
| Q2 Revenue | NT$183.256 billion (+47.7% YoY) | NT$52.704 billion (+21.4% QoQ, +30.4% YoY) |
| Q2 vs Q1 | +15% | — |
| H1 Cumulative Revenue | NT$342.609 billion (+41% YoY) | NT$96.112 billion (+25.08% YoY) |
Delta Electronics' profitability jumped sharply in the most recent quarter reported. United Daily News states the company's "Q1 gross margin surged to 37%, a sharp increase of 5.2 percentage points from the same period last year" (E6). Looking ahead, the company's own leadership has signaled confidence this can hold. According to the same report, "Delta Electronics Chairman Ping Cheng forecast at the previous earnings call that, as the proportion of AI product shipments continues to rise, he expects the high gross margin to be sustained for some time" (E7).
Lite-On management has already pointed to Q1 as the low point for the year. United Daily News quotes the company: "Lite-On President Sen-Pin Chiu also stated at the previous earnings call that Q1 was the operational bottom for Lite-On this year, and expects the proportion of AI product shipments to rise quarter by quarter, providing growth momentum for revenue and profit" (E8).
The backdrop to both earnings calls is a research report raising doubts about the pace of AI power infrastructure adoption. United Daily News reports that "research firm SemiAnalysis recently published a report indicating that NVIDIA's push for AI servers to adopt the 800VDC power architecture may be delayed to after 2028, drawing market attention" (E9). CNA's coverage carries an identical claim, word for word, attributing it to the same SemiAnalysis report (E15).
Delta Electronics had already laid out its own shipment roadmap for high-voltage direct current products before the SemiAnalysis report surfaced. According to United Daily News, "Delta Electronics stated at its previous earnings call that, for AI data centers moving toward high-voltage direct current architecture, the plus/minus 400VDC products—because their installation architecture is relatively similar to existing systems—are progressing faster and should see some shipments this year, though volume will not be large; as for the 800VDC architecture led by NVIDIA, more meaningful shipments are not expected until 2027" (E11). The urgency behind this architecture shift is tied to power density: NVIDIA is "actively leading the 800VDC high-voltage direct current (HVDC) architecture to meet the massive power demand of new-generation AI server racks, which can reach up to 600KW per rack" (E10).
The timing of these two earnings calls, arriving just days after the SemiAnalysis report questioning 800VDC's 2028-plus timeline (E9, E15), sets up a direct test of Delta Electronics' own prior guidance. Delta Electronics had already told investors that meaningful 800VDC shipments were not expected until 2027 and that only limited 400VDC volume would ship this year (E11)—a timeline that is more conservative than some market expectations but not necessarily contradicted by SemiAnalysis's delay warning. Meanwhile, both companies enter their calls on strong footing: Delta Electronics posted record quarterly revenue with a 5.2-percentage-point margin expansion (E2, E6), while Lite-On's management had flagged Q1 as its bottom, with sequential growth of 21.4% in Q2 now bearing that out (E4, E8). Whether the 600KW-per-rack power demand driving NVIDIA's 800VDC push (E10) accelerates or further delays shipment volumes will be a key point investors are expected to press for at the July 30 and 31 calls (E1, E12).
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