--- title: "Wistron posts a record NT$1.15 trillion AI-server quarter funded by a $1.47 billion share sale" description: "Wistron posted a record NT$1.149 trillion quarter and is spending NT$12.87 billion for demand expected in 2028, but the growth burns cash, a $1.47 billion September share sale funds it, and the US states that buy the racks just elected governors who ran against data centers." publisher: "The Inference" section: "Data Center" published: 2026-11-14T18:16:17.884Z modified: 2026-11-14T18:16:17.884Z canonical: https://theinference.org/article/wistron-posts-a-record-nt-1-15-trillion-ai-server-quarter-funded-by-a-1-47-billion-share-sale language: en keywords: "Wistron, AI Servers, Taiwan, Data Centers, Earnings" --- # Wistron posts a record NT$1.15 trillion AI-server quarter funded by a $1.47 billion share sale > Wistron posted a record NT$1.149 trillion quarter and is spending NT$12.87 billion for demand expected in 2028, but the growth burns cash, a $1.47 billion September share sale funds it, and the US states that buy the racks just elected governors who ran against data centers. Wistron's board met on November 11 and did two things at once [2][3]. It [approved the accounts for a record third quarter](https://www.marketscreener.com/news/wistron-corporation-reports-earnings-results-for-the-third-quarter-and-nine-months-ended-september-3-ce785edbd18eff27), revenue of NT$1,149.09 billion against NT$567.81 billion a year earlier, net income of NT$18.40 billion against NT$7.41 billion, and it signed off NT$12.87 billion of new capacity in Taiwan, NT$11.93 billion at Southern Taiwan Science Park and about NT$940 million at Zhubei AI Smart Park [2][3]. New lines can come online as early as 2027, for customer demand expected in 2028. [2][3] ## The boom is real, the profit is thin AI servers carried it: AI products are 80% of January-to-September revenue, which rose 97.2% to NT$2.89 trillion, with profit after tax up 122.7%. [4] October kept the pace, NT$402.6 billion, up 117.6% year on year, the fastest among the big assemblers after Gigabyte. [5] But [gross margin fell to 5.9%](https://www.tokenpost.com/news/business/55292), below the 6% to 8% Wistron held for four years, as rack-scale mix and component prices took their cut [3]. A 1.6% quarterly profit margin means every unit of growth eats working capital first. [3] *Chart: **Wistron's October sales nearly doubled, but the fastest growers are all rack builders** Bar chart of October 2026 year-on-year revenue growth for six Taiwan AI server assemblers, with Wistron highlighted* *October 2026 consolidated revenue growth vs October 2025, per company filings on Taiwan's Market Observation Post System, compiled by MLQ.ai. Alchip (+515.8%, small base) excluded. [5]* ## Shareholders and lenders are funding the ramp Not operations. Levered free cash flow over the trailing twelve months is minus NT$124.32 billion, debt to equity sits at 123.10%, and cash on hand is NT$157.02 billion [1][9]. In September the company priced [25 million depositary receipts at $58.88 each](https://theinference.org/article/nvidia-server-assembler-wistron-doubles-revenue-then-sells-1-47-billion-of-stock), $1.47 billion, a 7.29% dilution, explicitly to buy raw materials; the stock fell more than 6% on the news. [1][9] Shareholders and lenders are paying for 2028. [1] ## Booked for 2028, permitted nowhere yet Here is the tension. Data centers average 33 months from announcement to first power, so the demand Wistron is building for in 2028 is being booked now, from [a 120 GW signed-load pipeline in the US](https://www.latitudemedia.com/news/quantifying-the-state-of-ai-power-development-post-midterms/). [7] But the governors elected this month in Texas, Georgia, Ohio and Michigan campaigned on halting new data center construction, and Ohio voters backed all 21 local restriction measures [6]. A Taiwan analyst already calls 2028 the dangerous year, and names Wistron among the most exposed. [6] ## Cheap on earnings, expensive to fund At NT$171, 14.7 times trailing earnings and 0.20 times sales, Wistron is the cheapest listed way to own AI racks [5]. The price is not the risk. The funding model and the permit calendar are. Watch the November revenue filing, due December 10, and [the first Texas or Ohio permit decision](https://theinference.org/article/foxconn-s-october-revenue-jumped-46-with-capacity-booked-18-months-out-texas-permits-are-the-new-risk). [5] ## Takeaway Wistron's AI rack revenue is real, but the profit is thin, the cash comes from a 7.29% dilution and debt, and the 2028 demand it is building for depends on permits in states whose new governors campaigned against data centers. ## Sources 1. [Yahoo! Finance Canada, Wistron Corporation (3231.TW) quote and key statistics, 13 Nov 2026](https://ca.finance.yahoo.com/quote/3231.TW/) 2. [MarketScreener, Wistron Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2026, 11 Nov 2026](https://www.marketscreener.com/news/wistron-corporation-reports-earnings-results-for-the-third-quarter-and-nine-months-ended-september-3-ce785edbd18eff27) 3. [TokenPost, Wistron Sets Profit Record as Quarterly Revenue Tops NT$1 Trillion, 12 Nov 2026](https://www.tokenpost.com/news/business/55292) 4. [TradingView/Quartr, Wistron: AI-led growth lifted 1-3Q26 revenue 97.2% and PAT 122.7% YoY, 11 Nov 2026](https://www.tradingview.com/news/urn:summary_document_slides:quartr.com:4570999:0-wistron-ai-led-growth-lifted-1-3q26-revenue-97-2-and-pat-122-7-yoy/) 5. [MLQ.ai, Taiwan's AI server makers doubled October sales from a year earlier as Wistron, Gigabyte and Quanta led, 12 Nov 2026](https://mlq.ai/news/taiwans-ai-server-makers-doubled-october-sales-from-a-year-earlier-as-wistron-gigabyte-and-quanta-led/) 6. [Korea Herald Biz, 'Next year looks fine, but 2028 is dangerous', 12 Nov 2026](https://biz.heraldcorp.com/article/10930863) 7. [Latitude Media, Quantifying the state of AI power development post-midterms, 14 Nov 2026](https://www.latitudemedia.com/news/quantifying-the-state-of-ai-power-development-post-midterms/) 9. [CNBC, Nvidia supplier Wistron's shares drop after it announces $1.5 billion global stock sale, 7 Sep 2026](https://www.cnbc.com/2026/09/08/nvidia-supplier-wistron-share-sale.html) --- Wistron posts a record NT$1.15 trillion AI-server quarter funded by a $1.47 billion share sale — The Inference. Canonical: https://theinference.org/article/wistron-posts-a-record-nt-1-15-trillion-ai-server-quarter-funded-by-a-1-47-billion-share-sale