PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
Atec has posted sharply higher revenue on ATM export expansion and new contracts, but quarter-to-quarter swings in net income and a recurring audit issue around revenue recognition stand out alongside the growth.
2025 revenue jumped to KRW 160.2 billion from KRW 46.2 billion a year earlier, but net income attributable to owners was only KRW 0.39 billion.
After large net losses in the third and fourth quarters of 2025, the company returned to profit for two consecutive quarters in the first and second quarters of 2026.
Net income attributable to owners over the trailing four quarters (Q3 2025-Q2 2026) remains in a loss position of roughly KRW -5.5 billion.
The debt ratio rose sharply from 13.4% in 2023 to 74.1% in 2025, indicating expanded financial leverage.
Revenue recognition has repeatedly been flagged as a key audit matter, leaving an outstanding accounting-transparency issue.
Atec is an automation solutions company built on two pillars: a financial automation segment supplying ATMs and integrated kiosks, and a logistics automation segment that designs and builds stacker cranes and related equipment.
The financial automation business traces back to the 2017 acquisition of LG CNS's financial automation division, which brought decades of domestic market experience into the group. The domestic financial automation equipment market is known to be a concentrated field with only a small number of competitors.
The group comprises five affiliates: Atec (ATM), Atec Mobility (transit card systems), Atec Auto (logistics automation), Atec System (PC maintenance), and Atec Computer (government-procurement PCs and electronic whiteboards), with CEO Shin Seung-young reorganizing operations to position ATM as the group's core business.
Overseas, the company is reported to supply ATMs to most of the top five banks in Portugal and to hold more than a 10% share of the US teller cash recycler (TCR) market used inside financial institutions.
In-house development of localized cash-recycling modules and simultaneous cash-and-check processing technology has reduced reliance on previously Japan-sourced core components, a point the company cites as a differentiator.
In 2025 the company expanded its consolidation scope by bringing Atec IoT and other entities in as new subsidiaries. This business reorganization and overseas expansion strategy is tied to the CEO's stated goal to "become one of the top three players in the global ATM market within four years."
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩36.3B | ₩2.3B | 6.3% |
| 2025Q3 | ₩47.6B | ₩5.4B | 11.4% |
| 2025Q4 | ₩51.7B | -₩2.6B | −5.1% |
| 2026Q1 | ₩41.5B | ₩4.2B | 10.1% |
| 2026Q2 | ₩53.6B | ₩10.5B | 19.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩91.7B | ₩900M | ₩5.4B | 1.0% | 6.0% | 11.1% |
| 2023 | ₩71.9B | ₩900M | ₩4.8B | 1.3% | 5.2% | 13.4% |
| 2024 | ₩46.2B | ₩1.5B | ₩15.5B | 3.2% | 15.6% | 63.8% |
| 2025 | ₩160.2B | ₩8.7B | ₩400M | 5.4% | 0.4% | 74.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
2025 revenue reached KRW 160.2 billion, sharply higher than the prior year's KRW 46.2 billion, which one media report put at roughly a 251.9% year-on-year increase.
However, operating profit was only KRW 8.7 billion (an operating margin of 5.4%), and net income attributable to owners was just KRW 0.39 billion, meaning profit improvement lagged far behind revenue growth.
In 2024, revenue actually fell to KRW 46.2 billion from KRW 71.9 billion the prior year, yet net income attributable to owners reached KRW 15.5 billion, suggesting non-operating items had an outsized impact on results that year.
In 2023 and 2022, revenue stood at KRW 71.9 billion and KRW 91.7 billion with operating margins of a modest 1.3% and 1.0%, respectively.
On a quarterly basis, operating profit and net income diverged or swung sharply negative in the third quarter of 2025 (operating profit KRW 5.4 billion, net loss KRW -4.3 billion) and the fourth quarter (operating loss KRW -2.6 billion, net loss KRW -14.9 billion).
The company then returned to profit for two consecutive quarters in the first quarter of 2026 (net income KRW 4.0 billion) and the second quarter (revenue KRW 53.6 billion, operating profit KRW 10.5 billion, net income KRW 9.6 billion), with a marked improvement in operating margin.
Still, on a trailing four-quarter basis spanning the third quarter of 2025 through the second quarter of 2026, net income attributable to owners remained a loss of roughly KRW -5.5 billion, meaning the recovery of the past two quarters has not yet offset the earlier losses.
Operating cash flow fell to KRW 10.2 billion in 2025 from KRW 29.8 billion in 2024, and one media outlet questioned the quality of earnings given that net income and cash flow declined even as revenue surged.
The debt ratio also rose markedly, from 13.4% in 2023 to 63.8% in 2024 and 74.1% in 2025, accompanying this shift in financial structure.
The financial automation equipment industry is driven simultaneously by low ATM penetration in emerging markets and unmanned-service demand in developed markets.
One securities information provider assessed that market growth continues to be led by emerging markets with low financial automation equipment penetration, while rising minimum wages are creating demand for multifunction integrated kiosks.
Domestic market growth has stalled while overseas exports have become the key growth axis, with group-level export revenue reported to have grown from KRW 32 billion in 2022 to KRW 74.3 billion in 2024.
The company is reported to have expanded its sales network beyond Asia (Vietnam, Iran) into Europe (the UK, Portugal) and, over the past one to two years, into the Russian market.
The domestic financial automation equipment market is known to be a concentrated field in which a long-established, large competitor is also present.
In the global ATM manufacturing market, large overseas players occupy the top tier, so later entrants such as Atec often focus on niche markets through technology specialization and price competitiveness.
Affiliate businesses such as electronic whiteboards and government-procurement PCs tend to have results linked to public procurement budget policy.
The company has stated it aims to secure more than half of revenue from exports starting in 2026 and will expand its North American business toward that goal. The CEO has previously set a group-level target of entering the top three in the global ATM market within four years.
The CEO also said the five affiliates together achieved roughly KRW 450 billion in combined revenue and emphasized growth through expanded exports to the United States and Europe.
Most recently, the company disclosed a KRW 19.2 billion single sales and supply contract with NongHyup Bank, showing continued supply activity to domestic financial institutions.
The return to profit for two consecutive quarters in the first and second quarters of 2026 suggests that this order- and export-expansion strategy is starting to show up in results.
However, results for the third quarter of 2026 and beyond have not yet been disclosed, and given the large quarter-to-quarter swings in net income over the trailing four quarters, the durability of the recovery needs to be confirmed through upcoming quarterly disclosures.
As the audit issue around revenue recognition persists, any change in audit opinion or key audit matters in future annual and semiannual reports will also be worth watching.
Over the trailing four quarters the company posted a net loss, putting it in a range where conventional comparisons between share price and earnings are not straightforward. The share price trades below net asset value, meaning the market is applying a discount relative to book value.
The return to profit for two consecutive quarters in the first and second quarters of 2026 suggests related metrics could improve as more profitable quarters accumulate, but the track record remains short.
Dividends appear to have been paid annually, and whether this policy continues may depend on the pace of earnings recovery. The sharp rise in the debt ratio over the past two years is another variable to weigh alongside the capital structure.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The company has built a track record in overseas markets such as Portugal, the United States, and Russia, and has stated a goal of filling more than half of revenue with exports starting in 2026. The return to profit for two consecutive quarters suggests this strategy is bearing some fruit. Low ATM penetration in emerging markets could provide a favorable demand backdrop over the medium to long term.
In-house development of core technologies such as localized cash-recycling modules has reduced reliance on Japan and strengthened global supply competitiveness. This can serve as a differentiating factor in price and quality competition.
Securing share in niche markets such as the US TCR market is also cited as evidence of the company's technical capability.
After large net losses in the third and fourth quarters of 2025, the company swung back to profit in both the first and second quarters of 2026, with improving operating margins. Second-quarter operating profit of KRW 10.5 billion rose sharply from the prior quarter. Whether this recovery continues will need to be confirmed through upcoming quarterly disclosures.
Despite sharply higher revenue in 2025, net income attributable to owners was only KRW 0.39 billion, and the company posted large net losses in the third and fourth quarters.
One media outlet reported that, in contrast to the revenue surge, net income and cash flow declined, and noted that revenue recognition has repeatedly been flagged as a key audit matter. On a trailing four-quarter basis, net income attributable to owners also remains in a loss position.
The debt ratio rose sharply from 13.4% in 2023 to 74.1% in 2025. Over the same period, operating cash flow fell from KRW 29.8 billion in 2024 to KRW 10.2 billion in 2025, revealing a gap between top-line growth and cash generation. This shift appears to be linked to structural changes such as the addition of new consolidated entities.
Past media reports indicate that, because of the CEO's political connections, the stock has at times been classified as a political theme stock and moved sharply regardless of underlying fundamentals.
Recent filings on changes in executive and major shareholder holdings have also been frequent, suggesting ownership-flow volatility could continue. Such supply-demand factors can influence the share price independently of earnings fundamentals.
Revenue recognition has continually been cited as a key audit matter in the audit report, warranting attention to the timing and method of revenue and profit recognition. There are also points noted that the impact of rising inventory on cash flow has not yet been clearly explained. Any change in audit opinion or key audit matters in future annual reports will need to be monitored.
The debt ratio rose more than 60 percentage points in just two years, raising financial leverage relative to the past. Operating cash flow also slowed relative to the pace of revenue growth. If this trend continues, liquidity management pressure could increase.
The stock has previously been reported to be classified as a political theme stock, experiencing price swings unrelated to earnings. Numerous filings on changes in major shareholder and insider holdings submitted in 2026 could also serve as a supply-demand variable. This is an area that requires observation separate from fundamental analysis.
Third-quarter 2026 earnings disclosure (preliminary/confirmed) - a point to check whether the profit turnaround of the past two quarters continues, alongside any revenue-recognition audit matters.
Any additional disclosed contracts or progress on North American and European export expansion - useful for gauging progress toward the company's stated goal of exports exceeding 50% of revenue.
Progress on execution of the NongHyup Bank and other large domestic financial-institution supply contracts, and any additional single sales/supply contract disclosures.
Re-check the audit opinion and key audit matters, along with the annual trend in debt ratio and operating cash flow.
Atec is part of an automation solutions group built around the financial automation (ATM) business acquired in 2017, alongside affiliate businesses in logistics automation and government-procurement PCs. 2025 revenue rose sharply year-on-year, but net income attributable to owners was only marginal, and the company swung through large net losses in the third and fourth quarters before returning to profit for two consecutive quarters in the first and second quarters of 2026, a pattern marked by significant volatility.
On a trailing four-quarter basis the company remains in a net loss position, so the recovery of the past two quarters has not yet been enough to offset earlier losses.
The company has set goals to raise its position in the global ATM market through expanded overseas exports and North American entry, and supply contracts with large domestic financial institutions continue.
However, the recurring citation of revenue recognition as a key audit matter, the sharp rise in the debt ratio over a short period, and a past history of being classified as a political theme stock are variables that warrant continued attention.
Confirming whether the recent recovery persists will depend on upcoming quarterly results, the audit opinion, and disclosures on export contract progress.
Report written 2026-09-05 · Data as of 2026-09-04
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