Delta Electronics Powers into Computex 2026

Most of the attention in the AI server boom goes to the companies building the servers. Delta Electronics makes the power and thermal layer they all depend on. The Taoyuan-based firm heads into Computex 2026 with its strongest first-quarter results ever and near-record April revenue. Chairman Ping Cheng recently told investors that customer demand is “very, very large” and current capacity “absolutely insufficient” – language Delta has rarely used in any prior cycle. Its booth theme, “Superior Efficiency, Shaping Sustainable AI,” reflects two decades of quiet mastery over the technologies now most critical to AI: high-efficiency power conversion, advanced cooling, and their tight integration.

Delta reported Q1 2026 consolidated revenue of NT$159.4 billion (US$5.05 billion), up 34% year over year and the best first quarter in company history. Gross margin reached a record 37%, up 5.2 percentage points year over year. Operating margin set a record at 17.8%, up 6.0 points year over year. A richer AI product mix and economies of scale were key drivers of this strong performance.

These margin gains stand in sharp contrast to the compression many AI server ODMs are experiencing. Delta benefits from its position higher in the value chain supplying power shelves, power supplies, and cooling systems that command stronger pricing power as rack densities and power demands escalate.
 
April extended the momentum, with revenue reaching NT$58.69 billion (US$1.86 billion), up 43.9% year-over-year. The first four months of 2026 totaled NT$218 billion (US$6.92 billion), an increase of 36.5%. Analysts expect Q2 revenue to grow around 20% sequentially, well above normal seasonal patterns, as Nvidia’s GB300 and other next-generation platforms ramp.

Delta’s continued market leadership rests on two major advances aligned with the needs of next-generation AI factories. The first is 800V high-voltage direct current (HVDC) power delivery. Its 800V rack power shelves, developed with Nvidia and aligned to the Kyber architecture, achieve over 98% efficiency and support up to 1.1 MW per rack. By dramatically reducing current and resistive losses, 800V simplifies cabling, cuts copper usage, and makes it easier to integrate renewables and battery storage.

The second is cooling. Delta shipped roughly US$1.6 billion in liquid-to-air cooling products in 2025 and expects further growth in 2026. Its new 3 MW liquid-to-liquid Coolant Distribution Unit (CDU) is already gaining traction in large AI factory projects.

To keep pace with what it calls a generational opportunity, Delta is expanding rapidly. In late April, the board approved NT$12.1 billion (US$384 million) for a new Guanyin plant and Taoyuan Plant 1 upgrade in Taiwan. Full-year 2026 capex is budgeted at NT$46.1 billion (US$1.46 billion). The company’s global footprint spans China, Thailand, Taiwan, India, the US, Slovakia, and South America, with Mexico under evaluation.

Delta is also pulling its supplier ecosystem forward. Its Thai partner JPP is building a dedicated sheet-metal plant, and battery supplier Dynapack is tripling capacity to support Delta’s orders through 2028.

At Computex, Delta will showcase its Prefabricated AI Data Center, 800VDC Power and Liquid Cooling Solutions, and Physical AI Applications. With hyperscaler capex projected to surge from US$410 billion in 2025 to US$670 billion in 2026, Delta is exceptionally well positioned to capture a growing share of the power and thermal spend that underpins the entire AI buildout.