Universal Electronics Inc

uei.com

What Do They Do?

Sells voice-enabled remote controls and device-control software to video service providers and consumer-electronics makers, and branded control accessories to retailers.

How Do They Make Money?

Customers pay for most products when they ship or are delivered; custom products can be paid for as work progresses. License fees are tied to products made or shipped, or spread over a license term, while cloud services earn fees over the service period.

revenue

Segment	Share	Revenue	How money arrives
Connected home Sold outright	34%		Sold outright
Home entertainment Mix	66%		Mix

Who Are Their Customers?

Video service providers and consumer-electronics makers buy control products and software directly; OEMs also buy connected-home products directly. Installers and hospitality integrators use distributors and dealers, while retailers buy branded accessories.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 14% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $18.6M in FY2025, but brought in more cash than it spent: $19.8M of free cash flow.

Operating income, FY2025

−2% of revenue

▼ −58% (Loss) vs FY2024 (−$15.3M, −4%)

Net income, FY2025

−5% of revenue

▼ −23% (Loss) vs FY2024 (−$24M, −6%)

Free cash flow, FY2025

5% of revenue

▲ +93% vs FY2024 ($10.3M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −25%; vs $97.7M in Q2 FY2025
Net income: ▲ Now profitable; vs −$2.9M in Q2 FY2025

Home entertainment share of revenue vs 65.1% in Q2 FY2025

Aug 6, 2026 Interim CEO resigned; new CEO and CFO appointed Richard K. Carnifax resigned as interim CEO; Wade M. Jenke became CEO and Sui Man Ho became CFO.

Shrinking. Revenue fell 39% in 4 years, from $601.6M in FY2021 to $368.3M in FY2025, about 12% a year.

Broader connected-home markets The connected-home range extends beyond heating-and-cooling manufacturers and hospitality applications to utilities and multi-dwelling property managers.

Revenue over time

Connected home Home entertainment

$500M$250M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Remote Solutions, Home Control International, Tech4Home, Ruwido, Resideo, Copeland-Emerson, Venstar, Computime, Nice, Tuya, Leedarson, Xavi Technologies, Jasco, and Hama

Comments