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MegaChips Forecasts V-Shaped Recovery Despite Macronix Exit

MegaChips (メガチップス), Macronix’s (旺宏) Game Card business partner, gave a strange earnings report on Friday:

  1. Its Q2 amusement sales declined YoY. This matches Macronix’s report.
Presentation slide from MegaChips Corporation Briefing FY2026 2Q (Ending March 2027): https://www.megachips.co.jp/english/irinfo/files/pdf/2609ps_e.pdf Consolidated results (P/L) Breakdown Sales -1,900M JPY 【Reasons】 • Amusement business: Product sales decreased yearon-year. • ASIC business: Both product sales and NRE sales increased year-on-yea
  1. However, it keeps the initial FY forecast unchanged—still expecting a “V-shaped profit recovery”, in part due to projected growth of amusement sales.
Presentation slide from MegaChips Corporation Briefing FY2026 2Q (Ending March 2027): https://www.megachips.co.jp/english/irinfo/files/pdf/2609ps_e.pdf FY2026 Forecast (P/L) Breakdown Sales YoY +5,800M JPY（+16.1%） 【Reasons】 • Customer demand is expected to increase in the Amusement business. • In the ASIC business, product sales are expected to recover as customer demand bottoms out, and contract development (NRE) sales are expected to grow in both Japan and oversea Operating income YoY +2,600M JPY（-） 【Reasons】 • Targeting a V-shaped profit recovery, supported by higher profits in the Amusement business driven by sales growth and in the ASIC business driven by sales growth and improved profit margin
  1. Moreover, it claims to be “progressing steadily” toward the V-shaped recovery.
Presentation slide from MegaChips Corporation Briefing FY2026 2Q (Ending March 2027): https://www.megachips.co.jp/english/irinfo/files/pdf/2609ps_e.pdf Progress of mid-to long-term management plan Aim to enhance corporate value by pursuing both business and financial strategies, strengthening business profitability and optimizing shareholders' equity. • Initiatives to strengthen the profitability of existing businesses Efforts to achieve a V-shaped recovery in sales and operating profit ⇒ Progressing steadily as of the end of 2Q

Unless MegaChips is lying to the investors (improbable), the upbeat forecast suggests that it might have a new manufacturing partner to replace Macronix.

Related: Rohm Steps Up as Game Card Supplier

[Originally posted on 2026-11-09 Pacific Time]