Niche-market memory IC design house Elite Semiconductor Memory Technology (ESMT) saw its net profit climb over 100% on both sequential and on-year bases to NT$645 million (US$23.22 million) in the first quarter of 2021.

Specializing in the design and development of niche-market DRAM, NOR and SLC NAND flash, ESMT saw its net profit for first-quarter 2021 set an all-time high.

ESMT generated revenue of NT$4.97 billion in the first quarter of 2021, up 13.1% sequentially and 35.7% on year, while gross margin grew 9.31pp on quarter and 3.7pp from a year earlier to 23.01%.

ESMT held about NT$5.42 billion worth of inventory as of the end of first-quarter 2021, the company disclosed. ESMT already raised its chip quotes in the first quarter to reflect supply-side constraints, and may consider making another upward price adjustments in the following quarters.

ESMT continued its adjusted quotes for its known-good die (KGD) business will make a positive contribution to the company's sales performance in the second quarter. The product segment accounts for about 30% of company revenue.

ESMT reported consolidated revenue of NT$2.01 billion for April 2021, up 5.3% sequentially and 64.5% on year. The company saw its cumulative 2021 revenue through April increase 42.9% from a year earlier to NT$6.98 billion.