KUALA LUMPUR (Oct 23): Newly-listed THMY Holdings Bhd (KL:THMY) is confident that a boom in spending on artificial intelligence (AI) will continue to drive demand for its products and services.

THMY is expanding its production capacity to capture new demand from clients, especially those making components for data centres that are still growing, chief executive officer Ooi Can Nix said in response to a question about the potential bust of AI.

“Right now, our existing factory is running” close to an 85% utilisation rate, Ooi told reporters at the company’s listing ceremony on Thursday. “We still have room to increase.”

Listed on the ACE Market on Thursday, the company serves multinational clients across the US, Europe and Asia-Pacific, offering in-circuit and functional circuit test systems to turnkey solutions involving design, fabrication, software development and assembly.

THMY’s initial public offering raised RM44.6 million for the company’s expansion, including to build a second factory, and fund current operations.

Market estimates of 15%-20% growth in AI-related revenue are in line with the company’s own projections for the financial year ending March 31, 2026 (FY2026) and FY2027, Ooi said, noting that the segment is still growing rapidly.

For the first quarter ended June 30, 2025, THMY reported a net profit of RM3 million on revenue of RM14.2 million. The bulk of its earnings came from a segment that provides in-circuit test solutions.

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