SEOUL, March 17 (AJP) - SK hynix has effectively pivoted into an American-centric powerhouse, with nearly 70 percent of its record-breaking 2025 revenue originating from U.S. customers, with NVIDIA alone accounting for a quarter, according to its annual business report released Tuesday.
The fiscal transformation, fueled by an insatiable appetite for High Bandwidth Memory (HBM) among Silicon Valley giants, pushed the company into a "net cash" position for the first time in six years. Cash and cash equivalents skyrocketed by 146.8 percent to 34.94 trillion won (approximately $26.47 billion), far outstripping its total debt of 22.25 trillion won (approximately $16.86 billion).
The American Surge
The report underscores a dramatic shift in the company’s geographic footprint. Revenue from the U.S. market hit 66.89 trillion won ($50.67 billion) in 2025, a staggering jump from previous years when the U.S. share hovered between 39 percent and 53 percent.
This 68.9 percent revenue concentration in the U.S. highlights the success of SK hynix’s strategy to tether its fate to the North American AI infrastructure build-out. While China sales grew to 19.14 trillion won (approximately $14.50 billion), the U.S. market expanded by more than 47 trillion won in a single year, widening the gap between the two regions to an all-time high.
The NVIDIA Anchor
Central to this U.S. dominance is a tightening grip on the supply chain for NVIDIA. SK hynix generated an estimated 23.26 trillion won ($17.62 billion) from the California-based AI leader alone—accounting for nearly a quarter (23.9 percent) of its total global sales.
Following its success as a primary supplier of HBM3E, the company is now accelerating its transition to next-generation HBM4.The improved financial liquidity, characterized by a debt-to-equity ratio that fell to 45.95 percent from 62.15 percent, provides the necessary capital to lead the high-stakes AI memory race.
Financial Fortification
This robust cash flow is now being channeled into a massive R&D push. SK hynix reported a 35.9 percent increase in research and development spending, reaching 6.73 trillion won ($5.10 billion) in 2025. This record investment specifically targets the development of 16-layer HBM4 and next-generation packaging technologies essential for the evolving AI ecosystem.
Copyright ⓒ Aju Press All rights reserved.