NAND flash industry faces 24% revenue drop in Q1 2025, TrendForce reports

TrendForce reports that the top five NAND Flash suppliers experienced a 24% quarter-on-quarter revenue decline in Q1 2025, totaling US$12.02 billion, driven by inventory pressure and reduced end-market demand. The industry saw a 15% drop in average selling price (ASP) and a 7% decrease in shipment volume. A late-quarter price rebound increased demand but did not offset the overall revenue decline.
TrendForce anticipates a 10% revenue increase in Q2 2025 as inventory levels stabilize, NAND Flash prices recover, and U.S. tariffs prompt accelerated procurement.
Samsung maintained the top position with Q1 revenue of US$4.2 billion, down 25% from the previous quarter due to weak enterprise SSD demand. A March rebound in NAND Flash wafer prices improved profitability, and increased shipments for NVIDIA’s new products are expected to support recovery.
SK Group, including SK hynix and Solidigm, ranked second with US$2.19 billion in revenue, affected by seasonal demand challenges and difficulties clearing 30 TB SSD inventories, leading to declines in shipment bits and ASP.
Micron rose to third place with US$2.03 billion in revenue, an 11% quarter-on-quarter decline, supported by increased shipment bits despite a lower ASP.
Kioxia fell to fourth with US$1.92 billion in revenue, impacted by reduced shipment bits and ASP due to weak off-season demand.
SanDisk, fo...