Company: DSWL
Filing Date: 2025-07-29
Form Type: 20-F
Source: 0001174947-25-001096
Chunk: 132

Company: DESWELL INDUSTRIES INC
Filing Date: 2025-07-29
Form: 20-F
Item: Item 18
Chunk 132
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ITEM 18. FINANCIAL STATEMENTS

The following financial statements are filed as part of this Report:

                                                                                                                                                                              Page  
  Report of Independent Registered Public Accounting Firm — BDO China Shu Lun Pan Certified Public Accountants LLP, Shenzhen, People’s Republic of China PCAOB ID # 1818      F-1   
  Consolidated Balance Sheets                                                                                                                                                 F-3   
  Consolidated Statements of Comprehensive Income                                                                                                                             F-4   
  Consolidated Statements of Shareholders’ Equity                                                                                                                             F-5   
  Consolidated Statements of Cash Flows                                                                                                                                       F-6   
  Notes to Consolidated Financial Statements                                                                                                                                  F-7   

All other schedules for which provisions are made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted.

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Deswell Industries, Inc.
Tortola, British Virgin Islands

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Deswell Industries, Inc. and its subsidiaries (the “ Company”) as of March 31, 2025 and 2024, the related consolidated statements of comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended March 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“ PCAOB”) and are required to be independent with respect to the Company in accordance with the U. S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about