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
Signs of a server and storage order recovery are emerging even as the company pushes into semiconductor IP while its balance sheet continues to weaken.
2025 revenue fell to KRW 89.63 billion from KRW 130.1 billion a year earlier, though the company has reported a sharp year-on-year increase in first-half 2026 order intake.
Fourth-quarter 2025 operating profit was marginally positive, yet the net loss attributable to owners reached KRW 13.72 billion, pointing to sizable one-off items.
The debt ratio has risen for three straight years, from 100.9% in 2023 to 199.3% in 2025, while 2025 operating cash flow was negative at KRW -4.66 billion.
In December 2025 the company changed its name from Yulho to MemRay BT and secured an exclusive license to semiconductor startup MemRay's ByteFlash patent technology, expanding its business scope.
A 2.5-for-1 common share consolidation was resolved in early September 2026, with trading suspended October 7-28 and new shares set to list on October 29.
MemRay BT, formerly Yulho, is an IT infrastructure supplier focused on enterprise server and storage integration solutions.
It serves large customers including financial institutions, and in March 2026 signed a KRW 18.6 billion contract with NH Nonghyup Bank for the second phase of computer equipment integration under 'Project NEO,' which the company said represented 14.32% of its recent annual revenue.
This contract is described as core infrastructure supply for the bank's customer- and digital-centric core banking overhaul.
In December 2025, the company changed its name from Yulho to MemRay BT at an extraordinary shareholders meeting and added data storage and processing technology development to its business purposes.
Around the same time, it obtained an exclusive Korean and US patent license for 'ByteFlash,' an expanded memory technology developed by GPU-storage interface startup MemRay, marking its entry into semiconductor IP business.
The technology is described as addressing the GPU memory capacity bottleneck in AI infrastructure by supplementing it with NAND flash-based external memory.
Separately, MemRay has filed a patent infringement lawsuit against Hewlett Packard Enterprise in the US Eastern District of Texas over GPU data transfer technology, which the company says is unrelated to ByteFlash.
The company has also pursued several unrelated diversification attempts in the past, including securing nickel and graphite mining exploration rights in Tanzania in 2024 and adding green hydrogen to its business purposes.
Given this history, some in the industry view the new semiconductor venture as more of a thematic expansion than a core-business synergy.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩23B | -₩700M | −2.9% |
| 2025Q3 | ₩19B | -₩1.1B | −6.0% |
| 2025Q4 | ₩31.7B | ₩100M | 0.3% |
| 2026Q1 | ₩10B | -₩1.6B | −16.1% |
| 2026Q2 | ₩25.2B | -₩700M | −2.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩112B | ₩3.4B | -₩100M | 3.0% | −0.3% | 113.1% |
| 2023 | ₩90B | -₩2.3B | -₩9.1B | −2.5% | −13.0% | 100.9% |
| 2024 | ₩130.1B | -₩2.8B | -₩14.8B | −2.2% | −26.3% | 146.4% |
| 2025 | ₩89.6B | -₩2.8B | -₩20.1B | −3.1% | −44.2% | 199.3% |
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 moved from KRW 112.02 billion in 2022 to KRW 90.0 billion in 2023 and KRW 130.14 billion in 2024, before declining again to KRW 89.63 billion in 2025.
Operating profit swung from a KRW 3.36 billion gain in 2022 to losses of KRW 2.25 billion in 2023, KRW 2.82 billion in 2024, and KRW 2.81 billion in 2025, marking three consecutive years in the red.
The net loss attributable to owners widened each year, from KRW 9.13 billion in 2023 to KRW 14.76 billion in 2024 and KRW 20.14 billion in 2025, expanding far more than the operating loss and suggesting that financial costs and other non-operating items played a significant role.
On a quarterly basis, fourth-quarter 2025 revenue jumped to KRW 31.71 billion from KRW 18.99 billion in the prior quarter and operating profit turned marginally positive at KRW 0.11 billion, yet the net loss attributable to owners widened to KRW 13.72 billion, suggesting sizable non-operating or impairment-related items.
Revenue then fell sharply to KRW 9.96 billion in the first quarter of 2026 as the operating loss widened to KRW 1.61 billion, before recovering to KRW 25.20 billion in the second quarter alongside an operating loss of KRW 0.73 billion and a net loss of KRW 1.97 billion.
Over the trailing four quarters from the third quarter of 2025 through the second quarter of 2026, the cumulative net loss attributable to owners totaled KRW 19.43 billion, underscoring high quarter-to-quarter volatility.
On the balance sheet, equity attributable to owners fell from KRW 70.36 billion in 2023 to KRW 56.17 billion in 2024 and KRW 45.57 billion in 2025, while the debt ratio climbed rapidly from 100.9% to 146.4% to 199.3% over the same period.
Operating cash flow turned negative at KRW -4.66 billion in 2025, a deterioration from the positive KRW 2.25 billion and KRW 2.14 billion recorded in 2023 and 2024, respectively.
Demand in the upstream AI datacenter server and storage market appears to remain in an expansion phase. According to IDC forecasts cited by the company, global AI infrastructure spending this year has been revised upward to roughly USD 497 billion.
Dell Technologies, the company's key partner, reported that its Infrastructure Solutions Group revenue rose 181% year-on-year and AI server revenue rose 757% in its February-to-May quarter, confirming broad demand growth across the hardware distribution and integration channel.
Industry observers also note that datacenter customers' order-to-shipment ratios remain at around 70-80%, reflecting ongoing supply shortages across server DRAM, enterprise eSSDs, and semiconductors more broadly.
This environment could provide a favorable order backdrop for domestic IT infrastructure distribution and integration companies.
However, the semiconductor IP field the company has newly entered, GPU memory expansion technology, remains at an early commercialization stage, and its partner MemRay is itself a small startup with very limited annual revenue, making it premature to view this as a proven business.
In the server and storage integration distribution business, the company competes against other domestic partners of global vendors such as Dell and HPE, and its market position depends heavily on winning individual large-scale projects, particularly in the financial sector.
The company said cumulative order intake in the first half of 2026 reached KRW 87.4 billion, up 278% from KRW 31.4 billion a year earlier, and stated that it expects this order momentum to continue into the second half and translate into a full-year earnings turnaround.
Management attributed the increase in orders mainly to continued acquisition of new customers in the server and storage business, citing the KRW 18.6 billion NH Nonghyup Bank contract followed by additional deals with new partners.
In the semiconductor IP business, MemRay chief executive Jeong Young-jong said the company is in joint development with a US AI accelerator developer, but also indicated that meaningful revenue generation would likely take about three more years, suggesting limited near-term earnings contribution.
On the equity side, the board resolved on September 3, 2026 to consolidate common shares 2.5-for-1, reducing the share count from 41,512,098 to 16,604,839, with trading suspended from October 7 to 28 and new shares scheduled to list on October 29.
The company said the consolidation aims to stabilize the share price and enhance corporate value by maintaining an appropriate float.
This follows an earlier consolidation from a KRW 500 to KRW 1,000 par value approved at the March 2026 annual general meeting, indicating repeated attempts to manage share supply through reductions in share count.
The company has posted a net loss attributable to owners in each of the last four fiscal years, which limits the usefulness of earnings-based metrics such as the price-to-earnings ratio during periods of sustained losses.
The shares trade below book value per share, meaning the value the market assigns currently sits under the accounting net asset value. No dividend has been paid in the most recent fiscal year, so dividend appeal is limited under the current structure.
Shareholders' equity has been shrinking each year due to accumulated losses, and the rising debt ratio is a balance-sheet factor that should be weighed alongside any valuation assessment.
With the recent name change, entry into semiconductor IP, and successive share consolidations layered on top of the historical operating results, traditional valuation yardsticks based on past performance alone may not fully capture the company's current situation.
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 reported first-half 2026 cumulative order intake of KRW 87.4 billion, up 278% year-on-year. Management attributed the increase to new customer wins in the server and storage business, against a backdrop of growing server and storage demand driven by AI datacenter investment.
In March 2026 the company signed a KRW 18.6 billion contract with NH Nonghyup Bank for the second phase of computer equipment integration under 'Project NEO,' equal to 14.32% of recent annual revenue and demonstrating its standing in large financial institution IT infrastructure projects. It has since added further contracts with new partners.
In December 2025 the company secured an exclusive Korean and US license to GPU-storage interface startup MemRay's 'ByteFlash' patent technology. The technology is presented as addressing the GPU memory capacity bottleneck in AI infrastructure, and if successfully commercialized could become a new revenue source.
Operating profit has been negative every year from 2023 through 2025, and even though fourth-quarter 2025 operating profit was marginally positive, the net loss attributable to owners widened to KRW 13.72 billion, suggesting significant one-off effects.
Revenue then fell sharply to KRW 9.96 billion in the first quarter of 2026 as losses widened again. Such large quarter-to-quarter swings raise concerns about business stability.
The debt ratio rose for three consecutive years, from 100.9% in 2023 to 199.3% in 2025. Operating cash flow turned negative at KRW -4.66 billion in 2025, and equity attributable to owners declined continuously from KRW 70.36 billion in 2023 to KRW 45.57 billion in 2025.
A separate report noted the debt ratio reached 169.7% and the net-debt-to-equity ratio climbed to 39% as of September 2025.
Without clear results in its core IT solutions business, the company pivoted to Tanzania mining exploration and added green hydrogen to its business purposes in 2024, before shifting again toward semiconductor IP at the end of 2025.
Its partner MemRay is also known to be an early-stage startup with very limited annual revenue, leading some observers to argue that tangible results from the new business will take time to verify.
The debt ratio has risen for three straight years to reach 199.3% in 2025, with operating cash flow negative in the same year. Continued losses are eroding shareholders' equity, raising the possibility of a growing need for additional financing or capital raises.
MemRay, the key partner in the semiconductor IP business, is known to be an early-stage startup with very small annual revenue, and its own chief executive has said meaningful revenue generation could take about three years.
The related patent litigation is still proceeding in the US Eastern District of Texas, and industry observers note that it is difficult for a small startup to prevail against a large global company.
Following a par-value consolidation from KRW 500 to KRW 1,000 in March 2026, a further 2.5-for-1 consolidation was resolved in September, with new shares set to list in late October.
While repeated consolidations are explained as measures to manage the number of shares outstanding, combined with a history of convertible bond issuances, share-count changes could continue to create supply-and-demand variables.
This is the trading suspension period for the 2.5-for-1 share consolidation; the resulting change in shares outstanding and per-share price adjustment should be checked afterward.
This is the scheduled listing date for the consolidated new shares, a point to check the actual post-consolidation share count and initial trading supply-and-demand once trading resumes.
The third-quarter report is expected to be disclosed around this time, when it will be possible to check how much of the previously cited first-half order growth (KRW 87.4 billion) has actually converted into third-quarter revenue and profit.
Progress on MemRay's ByteFlash commercialization and equity investment discussions, along with developments in the patent lawsuit in the US Eastern District of Texas, should continue to be monitored through further disclosures or news reports.
MemRay BT shows positive signals in its server and storage integration business, including a large financial-sector contract and rising order intake, while simultaneously carrying financial burdens from three consecutive years of operating losses and a rapidly rising debt ratio.
The apparently one-off large net loss in the fourth quarter of 2025 and the sharp revenue decline in the first quarter of 2026 illustrate significant quarter-to-quarter volatility.
The company presented a new growth narrative by entering the semiconductor IP business at the end of 2025, but given that its key partner MemRay remains small in scale and commercialization is still some time away, near-term earnings contribution may be limited.
On top of this, two rounds of share consolidation in 2026 add a structural change that warrants watching alongside future earnings. This report does not include an investment opinion or a buy/sell recommendation and is provided for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.