YMTC Q1 Revenue Up 445%, NAND Share Hits 13%

According to a latest Q1 2026 NAND Flash market tracking report released by Counterpoint Research, the global NAND flash memory industry has reached a record-breaking revenue of approximately USD 46 billion, driven by sustained demand expansion from AI infrastructure. Revenue surged 3.5 times year-on-year and nearly doubled quarter-on-quarter, with a single-quarter scale already exceeding the full-year total of 2023.

Enterprise solid-state drives (eSSD) have emerged as the primary growth engine in this cycle. In Q1 2026, eSSD accounted for 43% of total NAND market revenue, and its share is expected to exceed 60% by the end of 2026 as AI data center deployment continues to accelerate.

In terms of competitive landscape, Samsung Electronics maintained its leading position with a 29% market share. SK hynix, including Solidigm, ranked second with an 18% share.

The battle for third place remains highly competitive. Kioxia holds a 14% share, while Micron Technology, SanDisk, and Yangtze Memory Technologies are closely grouped at around 13% each, forming a tightly contested second-tier cluster.

Among all vendors, Yangtze Memory Technologies (YMTC) delivered the strongest performance in the quarter. Supported by robust domestic demand in China and favorable pricing conditions amid industry-wide supply tightness, YMTC’s revenue surged nearly 445% year-on-year. Its market share rose sharply from 8% a year earlier to 13%, significantly narrowing the gap with major global players and firmly establishing its presence among top-tier NAND manufacturers.

At the same time, YMTC is actively preparing for its domestic initial public offering (IPO), following a development path similar to Changxin Memory Technologies. Once listed, the company is expected to gain stronger financial resources to expand production capacity, enhance brand credibility, and increase its influence across the memory industry ecosystem.

MS Hwang, Research Director at Counterpoint Research, noted that if YMTC secures additional funding through its IPO, it would significantly strengthen its ability to scale production and expand its business footprint. Under such conditions, YMTC could potentially surpass Kioxia and Micron, further strengthening its competitive position and potentially becoming the world’s third-largest NAND flash supplier.

Overall, amid accelerating AI-driven demand and steadily rising NAND pricing, the global memory market is undergoing a significant structural reshaping. Chinese manufacturers, led by YMTC, are rapidly redefining the competitive landscape.