Cyclical Fluctuations in the Flash Memory Market and Declines in Selling Prices
First written in FY2025. 1 of 4 entries say "Materialised", first in FY2026-H1. Latest entry: FY2026.
The whole theme swung hardest in 2022: 3 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The flash memory market generally exhibits pronounced cyclical fluctuations in supply and demand, with market conditions improving and deteriorating periodically, due to rapid technological innovation and productivity gains, changes in customer demand, continuing downward pressure on prices, and competition with other companies for market share.」
Selling prices rose in the current fiscal year due to AI demand and other factors following the price decline in the latter half of the previous fiscal year, but market cyclicality and the risk of falling prices continue to be disclosed. - 2026-05-15MitigatedEarnings forecast revision
「Revenue for the fourth quarter of the current consolidated fiscal year (1 January to 31 March 2026, hereinafter, the “Quarter”) was ¥1,002.9 billion, an increase of ¥459.2 billion from the previous quarter. This was attributable to a substantial increase in average selling prices, despite a decline in shipment volumes on a memory-capacity basis, among other factors.」
Average selling prices rose substantially during the Quarter, indicating that recent downward pressure on selling prices had eased. However, the disclosure did not state that the risk of cyclical market fluctuations had disappeared. - FY2026-H1MaterialisedAnnual report
「Revenue for the six-month consolidated accounting period was ¥791.1 billion, down ¥118.3 billion year on year. This was due to a decline in the average selling price and adverse foreign exchange effects, despite an increase in shipments on a memory-capacity basis.」
Average selling prices actually declined, resulting in lower revenue and profit year on year. - FY2025First statedAnnual report
「The flash memory market generally exhibits pronounced cyclical fluctuations in supply and demand, with market conditions improving and deteriorating periodically, due to rapid technological innovation and productivity gains, changes in customer demand, continuing downward pressure on prices, and competition with other companies for market share.」
The Group experienced deteriorating supply and demand and a rapid decline in selling prices from the second half of 2022 through 2023. It monitors market conditions, customer inventories and competitors monthly.