According to the latest research from TrendForce, the first quarter of 2025 saw NAND Flash suppliers grappling with inventory pressures and weakening demand from end customers. As a result, the average selling price (ASP) declined by 15% quarter-on-quarter, while shipment volumes dropped by 7%. Although some product prices rebounded towards the end of the quarter, temporarily stimulating demand, the total revenue generated by the top five NAND Flash brands still amounted to $12.02 billion—representing a near 24% decline compared to the previous quarter1.
Looking ahead to the second quarter, as end-market inventories gradually return to healthy levels and NAND Flash prices hit rock bottom and begin to rebound, combined with certain suppliers accelerating procurement in response to global geopolitical dynamics, TrendForce anticipates that the collective revenue of major vendors may experience a 10% sequential increase1.
Performance breakdowns for the leading NAND Flash suppliers in Q1 are as follows:
SanDisk, following its spinoff from Western Digital (WDC), saw both bit shipments and ASP slip modestly in Q1, yielding revenue of $1.7 billion. The company plans to ramp up shipments of QLC products to optimize profitability and secure capital for future process upgrades, thereby strengthening its long-term competitiveness1.
Samsung retained its position as market leader, though revenue dropped by approximately 25% to $4.2 billion, primarily due to weakened demand for enterprise SSDs. However, a price rebound for NAND Flash wafers in March helped improve profitability, and with new product shipments from NVIDIA ramping up, Samsung’s quarterly revenues are expected to recover moving forward1.
SK Group (including SK hynix and Solidigm) was the principal supplier of high-capacity products in 2024 but faced typical seasonality in Q1 2025. Persistent inventory of 30TB SSDs among customers led to reductions in both bit shipments and ASP, bringing revenue down to $2.19 billion1.
Micron benefited from increased bit shipments, and despite quarter-on-quarter ASP declines, its Q1 revenue reached $2.03 billion—a drop of roughly 11%, which was relatively modest compared to peers. Micron became the third-largest vendor by quarterly revenue for the first time1.
Kioxia dropped to fourth place, impacted by subdued seasonal demand, resulting in lower bit shipments and ASP. First-quarter revenue was recorded at $1.92 billion1.