VRT · Forward model · Asia Pacific
What has to happen in Asia Pacific
Model as of
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Asia Pacific
Basis quarter$720M
Final quarter$1.43B
Implied CAGR+15%
Final revenue mix17%
The second geography, 22% of the basis quarter, growing fast at half the Americas margin. Q2 jumped from $514M to $720M; that is a step-change, not a run-rate, so opening sequential growth is set well below the trailing quarter. FY2026 organic guide is still low-30s, so the year remains a growth year. No published volume constraint.
Last four quarters
2025 Q3
$520M
Reported
2025 Q4
$492M
Reported
2026 Q1
$514M
Reported
2026 Q2
$720M
Reported
Power and thermal products into APAC hyperscale, colocation and enterpriseServices and spares on the regional installed base
Sequential growth
+9.5%/qtr
decaying toward +2.0%
9.5% underlying; Q3 seasonality preserves the prior ~$778M regional target.
Asia Pacific
Latest: $1.43B (2031Q2E)
| Period | Value |
|---|---|
| 2024Q1 | $332M |
| 2024Q2 | $409M |
| 2024Q3 | $432M |
| 2024Q4 | $544M |
| 2025Q1 | $447M |
| 2025Q2 | $560M |
| 2025Q3 | $520M |
| 2025Q4 | $492M |
| 2026Q1 | $514M |
| 2026Q2 | $720M |
| 2026Q3E | $778M |
| 2026Q4E | $865M |
| 2027Q1E | $836M |
| 2027Q2E | $948M |
| 2027Q3E | $976M |
| 2027Q4E | $1.05B |
| 2028Q1E | $984M |
| 2028Q2E | $1.09B |
| 2028Q3E | $1.11B |
| 2028Q4E | $1.17B |
| 2029Q1E | $1.09B |
| 2029Q2E | $1.21B |
| 2029Q3E | $1.22B |
| 2029Q4E | $1.29B |
| 2030Q1E | $1.19B |
| 2030Q2E | $1.31B |
| 2030Q3E | $1.32B |
| 2030Q4E | $1.40B |
| 2031Q1E | $1.30B |
| 2031Q2E | $1.43B |
Assumptions & reasoning
- A growth driver for the same reason as Americas: no units, no megawatts, a disclosed geography. The 9.5% opening rate is before the lower Q3 seasonal factor and preserves the prior ~$778M target; it does not repeat Q2's 40% jump.
- Margin is structurally lower than the other two geographies — 13.3% in the basis quarter, 9.9-13.2% across 2025. Terminal 16% is a few points of leverage, not a walk to Americas 28%. Closing that gap is a bull-case claim.
- Q2 FX was a $15.8M tailwind and there was no APAC acquisition contribution. Organic +25.7% is the number that actually happened. Taiwan 800 VDC and NVIDIA collaborations are content mix inside this line, not a fourth vertical.