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    Bit Market · Q3 2026 · Group report

    Controller Makers, Q3 2026

    Phison, Silicon Motion, Maxio and FADU all grew from a year earlier, and Phison kept the largest share of its sales as operating profit.

    Controller makers, third quarter 2026: Phison, Silicon Motion, Maxio and FADU revenue growth and marginA four-panel cover. Phison revenue up 374.6 percent from a year earlier at an operating margin of 38.22 percent. Silicon Motion up 131.5 percent at 29.0 percent. Maxio up 65.51 percent on revenue of 514.98 million yuan. FADU up 459.8 percent at a preliminary 25.3 percent.BIT MARKET / CONTROLLER MAKERSController makers, Q3 2026PHISON · SILICON MOTION · MAXIO · FADU01 PHISON+374.6%from Q3 202538.22%operating margin02 SILICON MOTION+131.5%from Q3 202529.0%operating margin03 MAXIO+65.51%from Q3 2025CNY 514.98Mrevenue04 FADU+459.8%from Q3 202525.3%margin, prelim.

    Phison, Silicon Motion, Maxio and FADU are the controller makers in the Q3 2026 earnings roundup, and all four grew from a year earlier, by between 65.51% at Maxio and 459.8% at FADU. Phison kept the largest share of its sales as operating profit, 38.22%, while Silicon Motion kept a larger share than in the second quarter and FADU turned a year-earlier operating loss into a profit. This page sets the four side by side. The Earnings Desk holds the other quarters, and the SSD and module brands have a page of their own.

    Findings

    Phison’s total operating revenue was NT$86.076 billion, up 374.6% by my arithmetic from NT$18.137 billion a year earlier. Silicon Motion’s revenue was $560.2 million, up 131.5% from $242.0 million, also my arithmetic.

    Maxio’s operating revenue was 514.98 million yuan, up 65.51% as its report prints it. FADU’s preliminary revenue came to 143.561 billion won, up 459.8%, as Chosun Biz reported.

    Findings

    Controller revenue grew between 65.51% and 459.8% in a year

    Revenue growth, third quarter 2026 against third quarter 2025

    Horizontal bars of revenue growth from a year earlier, in percent. FADU 459.8, preliminary. Phison 374.6. Silicon Motion 131.5. Maxio 65.51.Controller maker0100200300400500Revenue growth from a year earlier, %FADUpreliminary+459.8%Phison+374.6%Silicon Motion+131.5%Maxio+65.51%Revenue growth, third quarter 2026 against a year earlier
    Growth from a year earlier; Phison’s and Silicon Motion’s are my arithmetic from their filings, FADU’s and Maxio’s as printed. Source: Phison income statement (TWSE MOPS); Silicon Motion release; Maxio third-quarter report; Chosun Biz on FADU.

    Three of the four have an operating margin on the desk. Phison’s was 38.22%, a little below the 38.84% it reported for the second quarter. Silicon Motion’s rose to 29.0% from 22.4% in the second quarter and 12.1% a year earlier. FADU’s preliminary margin was 25.3%, and a year earlier it made an operating loss equal to 44.6% of its sales by my arithmetic. Maxio is tracked on revenue only, so the margin comparison leaves it out.

    My reading is that on the quarter Phison’s margin barely moved while Silicon Motion’s widened, and against a year earlier Silicon Motion and FADU now keep far more of each sale as profit. FADU’s figures are preliminary, so its final filing could move them.

    Company-reported results, explained. Each company reports on its own fiscal calendar and in its own currency; the Period column says which quarter each row is. Not investment advice.

    01

    Company against company

    Controller makers on the same bars, then the year that led up to this quarter.

    Revenue is in US dollars so every company shares one axis, converted at the Federal Reserve’s average rate for the quarter. Operating margin needs no conversion. Each bar is the company’s own quarter that falls in these months, named on the right.

    Q3 2026 revenue, controller makersRevenue in US dollars for each of the controller makers that reported Q3 2026, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / CONTROLLER MAKERSQ3 2026 revenue, controller makersUS dollars, largest firstREVENUE IN US DOLLARSREPORTED PERIOD$0$1B$2B$3BPhison 3Q 2026: NT$86.076B (TIFRS, C-E-1142), $2.7B at 31.9961 TWD per dollar (H.10, C-E-142)Phison$2.7B3Q 2026Silicon Motion 3Q 2026: $560.2M (GAAP, C-E-430)Silicon Motion$560M3Q 2026FADU 3Q 2026: ₩143.561B (K-IFRS preliminary, C-E-1098), $101M at 1417.24 KRW per dollar (H.10, C-E-140)FADU$101M3Q 2026Maxio 3Q 2026: CN¥514.98M (CAS, C-E-483), $76M at 6.7406 CNY per dollar (H.10, C-E-143)Maxio$76M3Q 2026
    Each company’s own quarter that falls in these months; non-dollar revenue converted at the Federal Reserve H.10 average for the quarter; a dashed bar is preliminary. Source: Company releases; Federal Reserve H.10 via FRED.
    Q3 2026 operating margin, controller makersOperating margin for each of the controller makers that reported Q3 2026, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / CONTROLLER MAKERSQ3 2026 operating margin, controller makersPercent of revenue, largest firstOPERATING MARGINREPORTED PERIOD0%10%20%30%40%Phison 3Q 2026: 38.22% (TIFRS, C-E-1144)Phison38.22%3Q 2026Silicon Motion 3Q 2026: 29.0% (GAAP, C-E-430)Silicon Motion29.0%3Q 2026FADU 3Q 2026: 25.3% (K-IFRS preliminary, C-E-1100)FADU25.3%3Q 2026
    Each company’s own quarter that falls in these months; a loss draws left of zero; a dashed bar is preliminary. Source: Company releases.
    Controller makers: revenue, year to this quarterRevenue in US dollars for controller makers over the five quarters up to Q3 2026.BIT MARKET / CONTROLLER MAKERSController makers: revenue, year to this quarterUS dollars; the rule marks this quarterthis issueCONTROLLER MAKERS$0$1B$2B$3BSilicon Motion 3Q 2025: $242.0M (GAAP, C-E-113)Silicon Motion 4Q 2025: $278.5M (GAAP, C-E-115)Silicon Motion 1Q 2026: $342.1M (GAAP, C-E-944)Silicon Motion 2Q 2026: $451.0M (GAAP, C-E-051)Silicon Motion 3Q 2026: $560.2M (GAAP, C-E-430)Phison 3Q 2025: NT$18.137B (TIFRS, C-E-135), $606M at 29.9447 TWD per dollar (H.10, C-E-176)Phison 4Q 2025: NT$22.799B (TIFRS, C-E-159), $735M at 31.0232 TWD per dollar (H.10, C-E-177)Phison 1Q 2026: NT$40.967B (TIFRS, C-E-161), $1.3B at 31.6302 TWD per dollar (H.10, C-E-178)Phison 2Q 2026: NT$67.888B (TIFRS, C-E-027), $2.1B at 31.603 TWD per dollar (H.10, C-E-179)Phison 3Q 2026: NT$86.076B (TIFRS, C-E-1142), $2.7B at 31.9961 TWD per dollar (H.10, C-E-142)Maxio 3Q 2025: CN¥311.15M (CAS, C-E-956), $43M at 7.157 CNY per dollar (H.10, C-E-182)Maxio 4Q 2025: CN¥406.26M (CAS, C-E-186), $57M at 7.0889 CNY per dollar (H.10, C-E-183)Maxio 1Q 2026: CN¥355.28M (CAS, C-E-187), $51M at 6.9218 CNY per dollar (H.10, C-E-184)Maxio 2Q 2026: CN¥498.83M (CAS, C-E-189), $73M at 6.8048 CNY per dollar (H.10, C-E-185)Maxio 3Q 2026: CN¥514.98M (CAS, C-E-483), $76M at 6.7406 CNY per dollar (H.10, C-E-143)FADU 3Q 2025: ₩25.6B (K-IFRS, C-E-331), $18M at 1386.95 KRW per dollar (H.10, C-E-164)FADU 4Q 2025: ₩23.9B (K-IFRS, C-E-333), $16M at 1448.76 KRW per dollar (H.10, C-E-165)FADU 1Q 2026: ₩59.5B (K-IFRS preliminary, C-E-334), $41M at 1465.57 KRW per dollar (H.10, C-E-166)FADU 2Q 2026: ₩73.2B (K-IFRS preliminary, C-E-335), $49M at 1500.48 KRW per dollar (H.10, C-E-167)FADU 3Q 2026: ₩143.561B (K-IFRS preliminary, C-E-1098), $101M at 1417.24 KRW per dollar (H.10, C-E-140)● Phison $2.7B● Silicon Motion $560M● FADU $101M● Maxio $76MQ3’25Q4’25Q1’26Q2’26Q3’26
    Up to five quarters ending with this one, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Controller makers: margin, year to this quarterOperating margin for controller makers over the five quarters up to Q3 2026.BIT MARKET / CONTROLLER MAKERSController makers: margin, year to this quarterPercent of revenue; the rule marks this quarterthis issueCONTROLLER MAKERS-50%0%50%Silicon Motion 3Q 2025: 12.1% (GAAP, C-E-114)Silicon Motion 4Q 2025: 11.4% (GAAP, C-E-116)Silicon Motion 1Q 2026: 15.3% (GAAP, C-E-948)Silicon Motion 2Q 2026: 22.4% (GAAP, C-E-052)Silicon Motion 3Q 2026: 29.0% (GAAP, C-E-430)Phison 3Q 2025: 7.9% (TIFRS, C-E-136)Phison 4Q 2025: 14.6% (TIFRS, C-E-160)Phison 1Q 2026: 36.23% (TIFRS, C-E-952)Phison 2Q 2026: 38.84% (TIFRS, C-E-056)Phison 3Q 2026: 38.22% (TIFRS, C-E-1144)FADU 3Q 2025: −44.6% (K-IFRS, C-E-1071)FADU 4Q 2025: −107.8% (K-IFRS, C-E-1072)−107.8%FADU 1Q 2026: 12.9% (K-IFRS preliminary, C-E-959)FADU 2Q 2026: 22.3% (K-IFRS preliminary, C-E-336)FADU 3Q 2026: 25.3% (K-IFRS preliminary, C-E-1100)● Phison 38.22%● Silicon Motion 29.0%● FADU 25.3%Q3’25Q4’25Q1’26Q2’26Q3’26
    Up to five quarters ending with this one; an arrow marks a quarter below the scale, with its value. Source: Company releases.

    02

    Side by side

    Every filed figure for the group in one table, each in its own currency and period.

    CompanyPeriodRevenueOperating incomeOperating marginCapex / revenueNAND shareRevenue, year on yearRevenue, last four quarters
    Silicon Motion3Q 2026Jul–Sep$560.2MGAAP$162.6MGAAP29.0%GAAP4.1%as reported–up 131.5%filed currency$1.6BUS dollars
    Phison3Q 2026Jul–Sep$2.7Bfiled NT$86.076B, TIFRS$1.0Bfiled NT$32.898B, TIFRS38.22%TIFRS––up 374.6%filed currency$6.9BUS dollars
    Maxio Technology3Q 2026Jul–Sep$76Mfiled CN¥514.98M, CAS––––up 65.5%filed currency$257MUS dollars
    FADU3Q 2026Jul–Sep$101Mfiled ₩143.561B, K-IFRS preliminary$26Mfiled ₩36.269B, K-IFRS preliminary25.3%K-IFRS preliminary––up 460.8%filed currency$207MUS dollars

    Under each period are the months it mostly covers. Year-on-year growth compares a company’s quarter with its same quarter a year earlier, in the currency it files in. The last four quarters add each quarter’s revenue in US dollars, shown where all four are filed.

    Won, yen, New Taiwan dollar and yuan figures are converted to US dollars at the Federal Reserve H.10 average for the calendar quarter; the filed figure is under each.

    Sources

    Primary is the original paper, standard or datasheet. Secondary is a review, a vendor summary or a news report. Measured is my own test data.

    Show all 7 sources, 7 primary