olivLaw · US equity research
GigaMedia Limited GIGM
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
GigaMedia Limited, known mainly through its FunTown platform, operates casual and role-playing digital games in Taiwan, Hong Kong and Macau. The company has reported operating losses over the last three years and is restructuring its portfolio toward mobile and browser games while trying to keep its brand in a competitive market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, GigaMedia Limited (GIGM) stock was 1.40 USD (+0.00% on the day), with market capitalisation 15.5 m USD, beta 0.05, 52-week range 1.23–1.62 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 1.19 – 1.43
- in the upper half of the band · %B 0.89 · band width 18.1%
- SMA 50 / 200
- 1.37 / 1.44
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.4% | −1.1% | +2.5 pp | — |
| 3 months | −2.1% | −0.5% | −1.6 pp | — |
| 6 months | −2.1% | +4.4% | −6.5 pp | — |
| Year to date | −7.9% | +12.3% | −20.2 pp | — |
| 1 year | −12.5% | +13.5% | −26.0 pp | −33.7% |
| 3 years | +2.9% | +76.4% | −73.5 pp | −36.6% |
| 5 years | −46.8% | +63.7% | −110.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.1 m | 6.6 m | 6.9 m | 5.5 m | 5.6 m | 4.3 m | 3.0 m | 3.5 m |
| Revenue YoY | −38.8% | −6.4% | +3.5% | −20.1% | +1.7% | −23.2% | −30.8% | +17.0% |
| Net income | -3.2 m | -1.7 m | -1.3 m | -3.4 m | -2.8 m | -3.4 m | -2.3 m | -1.6 m |
| Net income YoY | −394.0% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.12 | -0.31 | -0.25 | -0.31 | -0.21 | -0.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -45.0% | -25.0% | -18.8% | -62.4% | -49.3% | -79.2% | -77.3% | -44.7% |
| Free cash flow | -4.0 m | -1.6 m | -2.1 m | -4.2 m | -2.6 m | -1.2 m | -2.4 m | -2.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 37.0 m USD
- Total assets
- 39.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 16.80x
- ROE
- -4.0%
- ROA
- -3.8%
- FCF margin
- -58.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.9 m | 5.5 m | 5.6 m | 4.3 m | 3.0 m | 3.5 m | SEC (XBRL)· 29 Apr 2026verified |
| Cost of revenue | 3.0 m | 2.6 m | 2.3 m | 1.8 m | 1.5 m | 1.7 m | SEC (XBRL)· 29 Apr 2026verified |
| Gross profit | 3.9 m | 2.9 m | 3.3 m | 2.4 m | 1.5 m | 1.8 m | SEC (XBRL)· 29 Apr 2026verified |
| Research & development | 1.3 m | 1.4 m | 1.1 m | 729.0 k | 694.0 k | 663.0 k | SEC (XBRL)· 29 Apr 2026verified |
| Operating income | -2.2 m | -4.0 m | -3.0 m | -3.2 m | -3.7 m | -3.6 m | SEC (XBRL)· 29 Apr 2026verified |
| Pre-tax income | -1.3 m | -3.4 m | -2.8 m | -3.4 m | -2.3 m | -1.6 m | SEC (XBRL)· 29 Apr 2026verified |
| Income tax | — | — | — | 0 | 0 | 0 | SEC (XBRL)· 29 Apr 2026verified |
| Net income | -1.3 m | -3.4 m | -2.8 m | -3.4 m | -2.3 m | -1.6 m | SEC (XBRL)· 29 Apr 2026verified |
| Diluted EPS | -0.12 | -0.31 | -0.25 | -0.31 | -0.21 | -0.14 | SEC (XBRL)· 29 Apr 2026verified |
| Weighted average diluted shares | 11.1 m | 11.1 m | 11.1 m | 11.1 m | 11.1 m | 11.1 m | SEC (XBRL)· 29 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 45.7 m | 41.5 m | 38.8 m | 38.5 m | 34.8 m | 28.7 m | SEC (XBRL)· 29 Apr 2026verified |
| Receivables | 275.0 k | 265.0 k | 199.0 k | 227.0 k | 141.0 k | 108.0 k | SEC (XBRL)· 29 Apr 2026verified |
| Current assets | 46.5 m | 42.6 m | 47.8 m | 39.2 m | 35.4 m | 34.7 m | SEC (XBRL)· 29 Apr 2026verified |
| Property, plant & equipment, net | 22.0 k | 88.0 k | 103.0 k | 111.0 k | 101.0 k | 92.0 k | SEC (XBRL)· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 4.0 k | 12.0 k | 19.0 k | 13.0 k | 7.0 k | 4.0 k | SEC (XBRL)· 29 Apr 2026verified |
| Total assets | 57.0 m | 55.5 m | 52.1 m | 46.5 m | 42.4 m | 39.2 m | SEC (XBRL)· 29 Apr 2026verified |
| Accounts payable | 70.0 k | 118.0 k | 53.0 k | 44.0 k | 38.0 k | 57.0 k | SEC (XBRL)· 29 Apr 2026verified |
| Current liabilities | 2.9 m | 3.2 m | 2.6 m | 2.5 m | 1.9 m | 2.1 m | SEC (XBRL)· 29 Apr 2026verified |
| Total liabilities | 2.9 m | 4.7 m | 3.5 m | 3.0 m | 2.0 m | 2.2 m | SEC (XBRL)· 29 Apr 2026verified |
| Equity | 54.1 m | 50.9 m | 48.6 m | 43.5 m | 40.3 m | 37.0 m | SEC (XBRL)· 29 Apr 2026verified |
| Shares outstanding at year end | 11.1 m | 11.1 m | 11.1 m | 11.1 m | 11.1 m | 11.1 m | SEC (XBRL)· 29 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.1 m | -4.1 m | -2.5 m | -1.2 m | -2.3 m | -2.0 m | SEC (XBRL)· 29 Apr 2026verified |
| Capex | 24.0 k | 76.0 k | 52.0 k | 52.0 k | 46.0 k | 44.0 k | SEC (XBRL)· 29 Apr 2026verified |
| Free cash flow | -2.1 m ≈ | -4.2 m ≈ | -2.6 m ≈ | -1.2 m ≈ | -2.4 m ≈ | -2.0 m ≈ | SEC (XBRL)· 29 Apr 2026derived |
| Investing cash flow | -10.0 m | -17.0 k | -70.0 k | 837.0 k | -1.1 m | -4.3 m | SEC (XBRL)· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 15.5 m USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 52.4% | 31 (on a fixed band) | 15% |
| EBIT margin · Quality | -103.6% | 22 (vs peers) | 12% |
| FCF margin · Quality | -58.1% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -14.6% | 0 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 17.0% | 68 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 16.8x | 100 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -13.0% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality19/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GIGAMEDIA Ltd (GIGM). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.5 m USD in 2025; YoY growth 17.0%; net margin -44.7%; ROE -4.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 16.8x
What contradicts it
- EBIT margin: -103.6%
- FCF margin: -58.1%
- Revenue CAGR 3Y: -14.6%
- FCF yield: -13.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| NBISNebius Group N.V. | 30.5 bn | 364.8 | 2.1% | 15.6% | +479.0% | +27% / unavailable |
| MTCHMatch Group, Inc. | 8.9 bn | 13.3 | — | 20.7% | +0.2% | +18% / +21% |
| SNAPSnap Inc | 8.8 bn | — | -15.6% | -4.9% | +10.6% | −34% / −63% |
| SIFYSify Technologies Ltd | 5.5 bn | — | -4.1% | -2.0% | +9.0% | +13% / +44% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +28% / −59% |
| BZKanzhun Limited | 1.8 bn | 42.3 | 16.0% | 33.1% | +17.3% | −20% / +7% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.1 bn | — | -78.9% | -28,867.7% | +1.8% | −65% / −77% |
| NXDRNextdoor Holdings, Inc | 811.9 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| SMWBSimilarweb Ltd. | 731.4 m | — | -129.6% | -11.7% | +13.1% | +7% / +68% |
| TBLATaboola.com Ltd. | 729.6 m | 5.5 | 14.3% | 6.8% | +8.3% | −47% / −37% |
| BMBLBumble Inc. | 716.4 m | — | -85.9% | -61.8% | −9.9% | +68% / −57% |
| CEVACeva, Inc. | 691.5 m | — | -3.6% | -9.5% | +2.5% | +14% / +13% |
| SABRSabre Corporation | 678.0 m | 1.0 | — | 25.1% | +1.0% | +4% / −52% |
| RZLVRezolve AI plc | 410.3 m | — | -98.7% | -216.7% | +2,224.2% | −60% / −89% |
| ZIPZiprecruiter, Inc. | 265.5 m | 10.6 | — | 6.2% | −5.3% | −22% / −72% |
| MFMindForge Inc. | 190.2 m | — | -167.2% | -222.9% | −49.9% | −82% / unavailable |
| SSTSystem1, Inc. | 161.9 m | — | -581.6% | -50.7% | −22.6% | −53% / −88% |
| SANGSangoma Technologies Corp | 149.0 m | — | -1.9% | -2.1% | −4.3% | −14% / +54% |
| DOYUDouYu International Holdings Ltd | 113.3 m | — | -6.8% | -5.3% | −6.7% | −47% / −47% |
| HCATHealth Catalyst, Inc. | 112.9 m | — | -118.1% | -90.6% | +1.5% | −50% / −79% |
| JFJ & Friends Holdings Ltd | 66.2 m | — | — | -82.9% | −66.8% | −6% / −20% |
| GMMGlobal Mofy Ai Limited | 24.1 m | — | -35.8% | -34.5% | +35.3% | −99% / −100% |
1- and 3-year price returns: for GIGM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (31 Jul 2026), 6-K (25 Jun 2026), 6-K (16 Jun 2026), 6-K (28 May 2026), 6-K (04 May 2026).
In brief
GigaMedia Limited, known mainly through its FunTown platform, operates casual and role-playing digital games in Taiwan, Hong Kong and Macau. The company has reported operating losses over the last three years and is restructuring its portfolio toward mobile and browser games while trying to keep its brand in a competitive market.
SWOT
Strengths
- The FunTown brand has solid recognition in Taiwan and Hong Kong, and the registered user base is significant for the company's size.
- The company improved its gross margin in 2025 compared with the prior year, pointing to tighter control of licensing costs.
- Experience in developing and monetising casual PC games gives a transferable base of know-how.
Weaknesses
- The company has reported operating and net losses over the last three years, indicating difficulty reaching profitability.
- Dependence on PC games, whose popularity has fallen, limits revenue growth.
- Operating expenses are largely fixed in the short term, so profitability is sensitive to lower demand.
Opportunities
- A move toward mobile and browser games could attract new user groups if products are adapted well.
- Generative AI products such as FunTownPai could become a new source of revenue.
- In-house game development could reduce licensing costs and give more control over products.
Threats
- Easy entry for new competitors could reduce market share or pressure prices.
- Larger competitors with stronger financial resources and brand recognition may draw away the company's users.
- Rapid changes in consumer preferences could make existing products unpopular.
Risks
- Decline of PC gameshigh
Popularity of online PC games is falling, and revenue from this product type could keep declining if it is not replaced.
- Recurring losseshigh
The company has reported operating and net losses over several consecutive years, with no assurance of a return to profitability.
- Intense competitionmedium
Low entry barriers could lead to fewer users or lower revenue per user.
- Aeolus investmentmedium
The convertible note issued by Aeolus Robotics depends on the issuer's ability to repay or convert it, and losses in value are possible.
- Mobile device developmentmedium
If products do not work well on new devices, revenue could fail to grow.
Investment thesis
What would need to be true (bull case)
- If the move to mobile and in-house games succeeds, margins could keep improving and the FunTown brand would give an advantage in Taiwan and Hong Kong.
- The 2025 results show a higher gross margin, which could indicate more efficient cost management.
- Generative AI products could open a new revenue line if adoption grows.
What would break the thesis
- Repeated losses and the decline of PC games could keep eroding revenue and limit the company's ability to invest.
- Competition from larger, better-funded players could reduce the company's market share.
- Dependence on one segment and a narrow geographic market makes the company vulnerable to changes in preferences or regulation.
What to watch
- Revenue trend from mobile and browser games2026
- Repayment or conversion of the Aeolus note, due May 31, 2026Q2 2026
- Contribution of FunTownPai to revenuenext 20-F
- Trend in operating loss and gross marginQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (31 Jul 2026), 6-K (25 Jun 2026), 6-K (16 Jun 2026), 6-K (28 May 2026), 6-K (04 May 2026).
The business
GigaMedia is a diversified provider of digital entertainment services in Taiwan, Hong Kong and Macau, operating through FunTown, a leading digital entertainment portal in Taiwan and Hong Kong. The main revenue model is Item-Billing, in which players access the basic functions for free and revenue comes from purchases of game points, value-added services and virtual items. The company reported digital entertainment service revenues of US$3.474 million in fiscal 2025, compared with US$2.969 million in 2024 1.
The company does not use variable-interest entities and runs a single reportable segment. It had approximately 8.8 million unique registered customers in Taiwan and Hong Kong as of December 31, 2025, mostly in Taiwan, and recorded approximately 15,000 active paying users during 2025 1.
Revenue currently depends largely on PC-based online games, including MahJong and other casual games, as well as licensed titles such as Tales Runner and Yume100. The company also launched FunTownPai, a mobile app powered by commercial generative AI models, whose revenue contribution in 2025 was still insignificant 1.
Segments
Digital entertainment services (FunTown)
This is the only reported segment and represents the whole business. It covers PC and mobile games, both developed in-house and licensed, with revenue from the sale of virtual points, prepaid cards, game packs and licensing fees 1.
In-house game development
The company is investing in its own games to reduce reliance on licences, which carry high licensing and channel costs. The direct investment in these offerings was about US$0.7 million in 2025 1.
Market context
The casual game market in Asia, especially in Taiwan and Hong Kong, is shifting toward mobile and browser games while PC games lose popularity. The company reported a gross margin of 52.4% in 2025, up from 49.7% in 2024 1.
Entry barriers are relatively low, which attracts new competitors and products, and seasonality is marked by slower sales in the second and fourth quarters 1.
Trends
- Shift from PC to mobilemixed
The decline in PC game popularity is pressuring existing revenue, but a move toward mobile and browser devices could open new growth sources if products are well adapted.
- Generative AI productsmixed
The launch of FunTownPai shows interest in generative AI offerings, but in 2025 these generated very small revenue, so the impact remains uncertain.
- Lower licensing coststailwind
A strategy of reducing costly licensed games could improve margins, though it may limit portfolio variety.
- Discretionary consumer spendingheadwind
Weaker economic conditions could reduce users' entertainment spending, which would affect revenue from virtual purchases.
Competitive position
The main competitors are digital entertainment providers in Taiwan and Hong Kong. The company also faces larger players with greater financial resources and brand recognition, as well as other offline and online forms of entertainment 1.
The company aims to maintain its position through competitive products, quality services and more effective sales, but intense competition may reduce its user numbers or spending per user 1.
- Soft-World International Corporation
Major digital entertainment provider in Taiwan, cited as a direct rival of FunTown.
- International Games System
Taiwan-based company active in the same online gaming segments.
- UserJoy Technology
Taiwan online game provider competing for the same consumers.
- GameSofa
Taiwan competitor in digital entertainment, named in the company's filings.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)16 Jun 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)04 May 2026
- Annual report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)26 Mar 2026
- Current report (foreign issuer)02 Mar 2026
- Current report (foreign issuer)30 Jan 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / GigaMedia Limited · 29 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.