Memory chip maker Kioxia reports record revenue and profit for fiscal 2024, citing surging AI-driven demand ahead of a potential U.S. listing.
Kioxia announced plans to list American depositary shares in the U.S., citing strong demand for memory chips from AI data center builders. The move aims to broaden ownership and improve liquidity, though no timeline or exchange has been confirmed.
For the fiscal year ended March 31, Kioxia posted revenue of ¥2,337.6 billion, up 37% year over year, and non-GAAP operating profit of ¥876.2 billion, a 93.4% increase. Fourth-quarter revenue hit a record ¥1,002.9 billion, with operating profit at ¥599.1 billion.
The company’s stock has surged nearly 300% this year in Tokyo trading, reflecting robust sector growth. Kioxia’s existing U.S. over-the-counter receipts may see reduced arbitrage costs under the new ADS structure.