Delta Electronics: Key takeaways from the management call

We hosted an IR call with Delta today; key takeaways are below. Delta's 3Q26 revenue is tracking for c.10% QoQ growth, and management expects growth to re-accelerate materially in 4Q26 and remain above seasonal levels in 1Q27. Management also clarified that the recent small batch PSU recall has no financial impact: the component supplier bears the related costs, a pre-qualified second source was activated within days, and there has been no impact on customer order allocations. Component availability remains the near term bottleneck, particularly for power semi and capacitors. Going forward, gross margin is likely to be stable and OPM will benefit from operating leverage. Management expects the supply-demand gap to widen over the next quarter before progressively improving, with shortages potentially persisting into 1H27. Delta raised ASP in September for partial products, and should be able to pass through more cost inflation in 4Q26. Rubin Ultra will lead to 100% penetration for HVDC