AVC Estimates Capital Expenditure of Over TWD 15 Billion to Build Scale Moat

AVC, a major thermal management firm, attended an earnings briefing hosted by the Taiwan Stock Exchange today. The company reiterated that 2025 is its 'Year 1 of Liquid Cooling,' with annual revenue hitting TWD 139.6 billion, a 94.59% year-on-year increase. AVC announced it will invest over TWD 15 billion in 2026 to further build its 'scale moat' and expand its lead. Senior Finance Manager Chen Yen-liang traced the company's evolution from simple aluminum extrusion to a system-level thermal provider, aided by investments from Japan's Furukawa Electric and strategic acquisitions of fan and chassis makers. AVC's early investment in liquid cooling—undergoing 10 years without profit—is now paying off as AI server demand surges. AI customers now account for over half of company revenue. Beyond AI servers, AVC sees growth in self-driving cars, robotics, and low-orbit satellites.