PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Autech operates two core pillars—special-purpose vehicles and HVAC—and swung back to operating and net profit in the second quarter of 2026, yet on an annual basis the company has yet to escape declining revenue and a heavy debt load.
2025 consolidated revenue fell to KRW 852.1 billion, the fourth straight annual decline, but the operating loss narrowed sharply to KRW 2.26 billion from KRW 14.9 billion in 2024.
In the second quarter of 2026, revenue reached KRW 250.98 billion with operating profit of KRW 5.11 billion and owner's net income of KRW 1.37 billion, returning to profit as the seasonal peak arrived.
Subsidiary Autech Carrier registered its data-center coolant distribution unit '65LL' on the NVIDIA Marketplace at 'Sample Ready' status and is targeting 'MP Ready' mass-production readiness by the end of September 2026.
In August 2026 the company was selected as the cooling-solution supplier for a 48MW hyperscale data center in the greater Seoul area, part of a project slated to expand to a total of 500MW by 2030.
The company continues its PBV (Purpose-Built Vehicle) conversion manufacturing partnership with Kia and has built a dedicated conversion center in Hwaseong with capacity for up to 20,000 units per year.
Autech's group structure rests on two pillars: special-purpose vehicle manufacturing and HVAC.
Founded in 1991 as a special vehicle manufacturer, the company listed on KOSDAQ in 2003 and expanded into HVAC in 2011 by acquiring Autech Carrier, and it produces advanced negative-pressure ambulances, Korean-style ambulances, welfare vehicles, cancer-screening and medical examination vehicles, special logistics vehicles, and medical devices.
With Kia, the company signed a manufacturing agreement in May 2024 covering design, parts development, and full production of PBV (Purpose-Built Vehicle) conversion models tailored to different use cases, and it has built a dedicated conversion center in Hwaseong with annual capacity of up to 20,000 units.
Subsidiary Autech Carrier, a joint venture leveraging technology from global Carrier, produces residential and commercial HVAC equipment and industrial air conditioning, and has recently expanded into cooling solutions for AI data centers.
Autech Otis Parking Systems supplies mechanical parking equipment while CRK produces commercial refrigeration showcases, rounding out the group's portfolio. In the first quarter of 2026, HVAC and refrigeration businesses accounted for more than 80% of consolidated revenue of KRW 163 billion.
The special-vehicle segment holds a leading position in Korea's ambulance and welfare-vehicle market, while the HVAC segment participates in large commercial and industrial cooling projects as the domestic partner of the global Carrier brand.
The largest shareholder is Chairman Kang Sung-hee and related parties, holding roughly 33% of shares. Autech Carrier posted 2025 revenue of KRW 491.6 billion and operating profit of KRW 8.1 billion, turning around on the back of cost reductions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩275.1B | ₩3B | 1.1% |
| 2025Q3 | ₩256.5B | ₩4.7B | 1.8% |
| 2025Q4 | ₩143.5B | -₩10.2B | −7.1% |
| 2026Q1 | ₩163B | -₩4.2B | −2.6% |
| 2026Q2 | ₩251B | ₩5.1B | 2.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1T | -₩19.1B | -₩32.5B | −1.9% | −30.7% | 330.2% |
| 2023 | ₩959.7B | -₩9.8B | -₩17.2B | −1.0% | −13.8% | 273.8% |
| 2024 | ₩909.2B | -₩14.9B | -₩23.2B | −1.6% | −23.6% | 323.4% |
| 2025 | ₩852.1B | -₩2.3B | -₩7.4B | −0.3% | −7.1% | 275.2% |
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
Annual revenue declined for four straight years, from KRW 1,019.4 billion in 2022 to KRW 959.7 billion in 2023, KRW 909.2 billion in 2024, and KRW 852.1 billion in 2025.
The operating loss narrowed from KRW 19.1 billion in 2022 to KRW 9.8 billion in 2023, widened again to KRW 14.9 billion in 2024, then shrank sharply to KRW 2.26 billion in 2025.
Owner's net loss also fluctuated—KRW 32.5 billion in 2022, KRW 17.2 billion in 2023, KRW 23.2 billion in 2024, and a much smaller KRW 7.4 billion in 2025. Quarterly figures reveal strong seasonality.
The company posted profits in the second quarter of 2025 (revenue KRW 275.1 billion, operating profit KRW 3.0 billion, owner's net income KRW 2.8 billion) and the third quarter (revenue KRW 256.5 billion, operating profit KRW 4.7 billion), but suffered heavy losses in the off-season fourth quarter of 2025 (revenue KRW 143.5 billion, operating loss KRW 10.2 billion, owner's net loss KRW 8.9 billion) and the first quarter of 2026 (revenue KRW 163.0 billion, operating loss KRW 4.2 billion, owner's net loss KRW 10.1 billion).
The second quarter of 2026 swung back to profit—revenue of KRW 251.0 billion, operating profit of KRW 5.1 billion, and owner's net income of KRW 1.4 billion—coinciding with the arrival of the summer cooling-demand peak.
Over the most recent four quarters (Q3 2025 through Q2 2026), cumulative owner's net loss stood at KRW 17.4 billion, underscoring how heavily the large fourth- and first-quarter losses still weigh on the annual result.
Operating cash flow improved from negative KRW 35.2 billion in 2022 to positive KRW 22.5 billion in 2023, KRW 0.9 billion in 2024, and KRW 6.2 billion in 2025. The debt ratio remained elevated throughout, at 330.2% in 2022, 273.8% in 2023, 323.4% in 2024, and 275.2% in 2025.
The special-vehicle market benefits from structural growth tied to an aging population's medical and welfare needs.
Growth in the online commerce market supports steady demand for interior and refrigerated box trucks, while an aging population is expanding the medical-vehicle market and increasing replacement demand for negative-pressure ambulances and 119 emergency ambulances.
The HVAC segment is a seasonal business whose results are sensitive to weather variables such as summer heatwaves, while shifts in government heat-pump and renewable-energy policy are creating new demand.
The government passed an amendment to the enforcement decree of the New and Renewable Energy Act officially classifying air-source heat as renewable energy, establishing a policy foundation for the heat-pump industry to be incorporated into the institutional renewable-energy sector.
The most closely watched growth axis recently is the AI data-center cooling market.
As AI server density rises, the limits of conventional air-cooling are becoming apparent, and experts commonly note that the latest GPUs mounted in high-density racks reach power densities of tens of kilowatts per rack, which air alone cannot effectively dissipate.
This is driving rapid growth in direct liquid cooling (DLC) and coolant distribution unit (CDU) demand both domestically and abroad, a space crowded with global cooling specialists where the speed of technical validation and certification is becoming a key competitive factor.
The company views the Gwangju-Jeonnam national AI computing infrastructure plan, part of the government's 'Great Leap Forward' megaprojects, as a catalyst for demand expansion.
Still, given that overall company revenue has declined for four consecutive years, whether new-business growth can offset structural contraction in legacy businesses remains a key point to watch.
The nearest checkpoint is certification of Autech Carrier's CDU '65LL' for mass production.
The 65LL has completed NVIDIA technical validation and is currently registered at 'Sample Ready' status, with 'MP Ready' mass-production readiness targeted for the end of September 2026; once completed, it will establish a production system capable of serving large-scale commercial AI data center projects.
In August 2026 the company was selected as the cooling-solution supplier for a 48MW hyperscale data center in the greater Seoul area, part of a project planned to expand to a total of 500MW by 2030, leaving room for additional orders.
The company stated it is scaling up its data-center cooling business from its Hanam industrial complex production base in Gwangju, and views the government's Gwangju-Jeonnam national AI computing infrastructure plan as a catalyst for demand expansion.
In the special-vehicle segment, the PBV partnership with Kia continues, and Kia plans to begin mass production of its mid-size PBV model 'PV5' in the first half of 2026 before sequentially expanding its lineup with the large 'PV7' and small 'PV1' models, with Autech supplying customized conversion models optimized for logistics, service, and medical industries.
Efforts to improve the balance sheet are also underway. In March 2026, the company issued KRW 15 billion in bonds with warrants (BW) to repay debt and expand its stake in Autech Carrier.
How much this new-business expansion can offset the seasonal volatility inherent in the legacy business structure will be a key point to watch going forward.
The stock trades at a discount to its per-share net asset value, placing it in a range where the market conservatively values the company's asset base. The company has not paid dividends in recent years, so investor attention centers more on earnings recovery and business-mix change than on dividend appeal.
On an annual basis the company continues to post net losses, making traditional profit-based valuation metrics difficult to apply, and the trailing four-quarter window also shows a cumulative net loss.
That said, quarterly results have repeatedly swung to profit during peak seasons, so whether the annual result can turn from loss to profit depends on the magnitude and persistence of seasonal peak performance.
Some market participants have suggested that the new data-center cooling business could offer a different valuation lens than the legacy business.
In a July 2026 report, Hanyang Securities analyst Lee Jun-seok noted that the company's core strength lies in thermal-management technology that connects heatwave-driven demand, heat pumps, and data-center liquid cooling.
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
Autech Carrier registered its CDU '65LL' on the NVIDIA Marketplace and is targeting mass-production certification by the end of September 2026.
In August 2026 it was selected as the cooling-solution supplier for a 48MW hyperscale data center in the greater Seoul area, part of a project planned to expand to 500MW by 2030. This is being viewed as a distinct growth axis apart from the legacy HVAC business.
Under its PBV conversion contract manufacturing agreement with Kia, the company built a dedicated center in Hwaseong with annual capacity of 20,000 units.
Kia plans to begin PV5 mass production in the first half of 2026 before expanding to PV7 and PV1 models, with Autech supplying industry-specific customized models for logistics, service, and medical applications. As new models roll out sequentially, this could become a new revenue source for the special-vehicle segment.
The 2025 annual operating loss narrowed sharply to KRW 2.26 billion from KRW 14.9 billion the prior year, and the second quarter of 2026 turned profitable with revenue of KRW 251.0 billion, operating profit of KRW 5.1 billion, and owner's net income of KRW 1.4 billion.
Operating cash flow also improved to KRW 6.2 billion in 2025. A recurring pattern of swinging to profit during peak seasons has been observed.
The fourth quarter of 2025 and first quarter of 2026 posted operating losses of KRW 10.2 billion and KRW 4.2 billion respectively, showing a clear off-season earnings burden.
The cumulative owner's net loss over the trailing four quarters stood at KRW 17.4 billion, indicating that peak-season profits have not fully offset off-season losses. Seasonal volatility remains a key variable driving the direction of annual results.
Consolidated revenue has declined for four straight years, from KRW 1,019.4 billion in 2022 to KRW 852.1 billion in 2025. Since new businesses such as data-center cooling and PBV contract manufacturing are still at an early stage, it may take time before they can offset the structural contraction in legacy businesses. If the revenue decline continues, fixed-cost burdens could constrain profitability improvement.
The debt ratio remained elevated throughout, at 330.2% in 2022, 273.8% in 2023, 323.4% in 2024, and 275.2% in 2025. In March 2026 the company issued an additional KRW 15 billion in bonds with warrants, continuing to rely on external financing.
High leverage remains an area requiring ongoing management from an interest-burden and financial-flexibility standpoint.
The debt ratio has remained elevated in the 270-330% range for four straight years, and the company continued to rely on external financing through a BW issuance in 2026. With annual net losses persisting, interest expense burdens and debt-repayment pressure could constrain financial flexibility. Sensitivity to changes in the interest-rate environment also warrants attention.
Both new growth engines—PBV contract manufacturing and data-center cooling solutions—depend heavily on cooperation with specific partners (Kia and global Carrier). Any strategic shift or volume adjustment by these partners could directly affect the pace of new-business growth.
The special-vehicle segment also relies significantly on orders from government agencies and public institutions.
The CDU '65LL' remains at 'Sample Ready' status, and there is no guarantee that the targeted 'MP Ready' completion by the end of September 2026 will proceed on schedule.
The data-center liquid cooling market involves competition from numerous global cooling specialists, making the speed of technical validation and cost competitiveness critical factors. If certification or order intake does not proceed as planned, expectations for the new business could be adjusted.
Check whether the CDU '65LL' achieves 'MP Ready' (mass-production readiness) status. If completed, it would establish a production system capable of serving large-scale commercial AI data center projects.
Check the third-quarter 2026 consolidated revenue and operating profit/loss to see whether the peak-season profitability trend continues into the seasonal transition period.
Check whether additional orders emerge as the 48MW data center project expands toward its 500MW target, and watch for news of new orders from other hyperscale operators.
Check the progress of Kia's PV5 mass production, the timeline for PV7 and PV1 lineup expansion, and changes in the actual utilization rate of the Hwaseong conversion center.
Autech is evolving beyond its traditional special-vehicle and HVAC businesses by layering on two new growth engines: PBV contract manufacturing with Kia and AI data-center cooling solutions.
Annual results carry the burden of four consecutive years of revenue decline and persistent net losses, but the narrowing operating loss in 2025 and the return to profit in the second quarter of 2026 can be read as signs of peak-season earnings improvement.
Still, the recurring seasonal pattern of heavy losses in the fourth and first quarters remains an unresolved challenge, and the elevated debt ratio in the 270-330% range requires ongoing management.
The AI data-center cooling business shows concrete progress—NVIDIA certification steps and the 48MW project order—opening up potential as a future growth axis, though it remains at an early stage with its revenue contribution not yet determined.
The PBV partnership with Kia also holds potential to become a new growth driver for the special-vehicle segment as the model lineup expands.
Ultimately, the pace at which new businesses contribute to revenue and how well the company manages the seasonal volatility of its legacy businesses will be the key variables shaping future earnings direction.
Report written 2026-09-05 · Data as of 2026-09-04
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