PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Revenue has resumed a growth trend and owner net income turned positive in 2025, but quarterly operating results continue to swing between profit and loss.
2025 consolidated revenue rose slightly to KRW 37.96 billion from KRW 37.0 billion in 2024, and owner net income turned positive at KRW 0.89 billion.
Over the latest four quarters (2025Q3-2026Q2), revenue rose every quarter, but operating profit alternated between gains and losses with notable volatility.
Analysts note the company is strengthening its market position through expanded sales of high-value automotive and defense sensors and reinforced patents.
Business diversification is underway, including a stake acquisition in NanoJet Korea and expansion into bio-healthcare and robotics.
A treasury-share-for-rights-issue exchange with TS Investment has created a friendly cross-shareholding structure.
Founded in 1999 and listed on KOSDAQ in 2007, ODTech specializes in opto-semiconductors and non-memory semiconductors, vertically producing non-memory semiconductor chips, sensors, sensor modules and systems on its own fabrication (FAB) process, alongside LED application products.
Although it operates as a single business segment, revenue is managed separately by type as the sensor segment and the semiconductor segment.
More recently, the company has expanded from high-reliability automotive electronics optical sensors, defense sensors and sensor packaging into bio-healthcare and robotics business areas. In 2024 it established ODT VINA, a local sales subsidiary in Vietnam, to broaden its overseas sales footprint.
In February 2026 the company acquired a stake in NanoJet Korea, and in March 2026 it added gas detectors, gas sensors, calibration, and automotive electrical parts manufacturing to its business purposes, continuing to broaden its portfolio.
On the ownership side, in January 2026 TS Investment conducted a third-party rights issue targeting ODTech and raised KRW 1.5 billion, with ODTech using proceeds from a treasury share sale to participate, resulting in TS Investment securing a 4.2% stake in ODTech through this treasury-share-mediated cross-holding.
The company holds 32 patents, including a smart-tolling vehicle detection sensor patent, underpinning its technical competitiveness. It also pursues EU RoHS compliance and product recyclability research to meet export requirements.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9B | -₩1.1B | −12.0% |
| 2025Q3 | ₩9.1B | -₩700M | −8.1% |
| 2025Q4 | ₩9.9B | ₩100M | 1.1% |
| 2026Q1 | ₩11.1B | -₩2.3B | −21.1% |
| 2026Q2 | ₩12.6B | -₩1.5B | −11.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩40.4B | -₩3.4B | -₩4.1B | −8.3% | −3.3% | 9.8% |
| 2023 | ₩35B | -₩4.3B | ₩3B | −12.2% | 2.4% | 12.2% |
| 2024 | ₩37B | -₩6.4B | ₩5.2B | −17.2% | 4.2% | 9.0% |
| 2025 | ₩38B | -₩2.3B | ₩900M | −6.0% | 0.7% | 4.0% |
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 consolidated revenue reached KRW 37.96 billion, a slight increase from KRW 37.0 billion in 2024, extending a three-year recovery from KRW 34.96 billion in 2023 and KRW 37.0 billion in 2024, after revenue had declined from KRW 40.39 billion in 2022.
The operating loss narrowed sharply, from KRW 6.36 billion (an operating margin of -17.2%) in 2024 to KRW 2.28 billion (-6.0%) in 2025.
Owner net income moved from a net loss of KRW 4.05 billion in 2022 to profits of KRW 2.95 billion in 2023 and KRW 5.24 billion in 2024, then narrowed to KRW 0.89 billion in 2025 while still remaining positive.
On a quarterly basis, 2025Q2 revenue was KRW 8.97 billion with an operating loss of KRW 1.08 billion and an owner net loss of KRW 0.80 billion, while 2025Q3 revenue rose to KRW 9.07 billion, the operating loss narrowed to KRW 0.73 billion, and net income turned positive at KRW 0.52 billion.
In 2025Q4, revenue reached KRW 9.89 billion with a quarterly operating profit of KRW 0.11 billion, and net income expanded to KRW 0.78 billion.
However, in 2026Q1, despite revenue rising to KRW 11.08 billion, the operating loss widened again to KRW 2.34 billion and the net loss reached KRW 1.04 billion, underscoring significant seasonal or one-off earnings volatility.
In 2026Q2, revenue hit a quarterly high of KRW 12.56 billion, the operating loss narrowed to KRW 1.49 billion, and net income improved sharply to KRW 1.68 billion, a result that appears to reflect non-operating factors.
Over the latest four quarters (2025Q3-2026Q2), revenue rose in every quarter, supporting expectations for annual top-line growth, while operating profitability continued to swing widely quarter to quarter, leaving stabilization of core profitability as an ongoing challenge.
The optical sensor and non-memory semiconductor industry in which ODTech operates is seeing its demand base widen alongside automotive electrification, smart factory adoption, and the spread of wearable devices.
Industry analysts have projected that the global sensor market would grow from roughly USD 204.8 billion in 2022 to about USD 294.6 billion by 2026, with the opto-semiconductor market also expected to post double-digit average annual growth over the same period.
Within this growth backdrop, ODTech has pursued a strategy of focusing on specialized, high-reliability applications such as automotive electronics, defense, and smart tolling, where precision and stability matter more than unit price, rather than competing head-on with large global players.
Credit rating agency NICE Information Service was reported to have assessed that ODTech "is steadily expanding its market position based on technological capability in optical sensors and non-memory semiconductors." However, a structural shift is also underway in the automotive sensor market as OEMs and Tier-1 suppliers increasingly source semiconductors directly and integrate components in-house, intensifying price and volume pressure on smaller module suppliers.
Against this backdrop, ODTech appears to be defending its niche market position through patent-based technology and an expanding mix of high-value-added products.
The company appears to be maintaining a direction of strengthening its market competitiveness by expanding sales of high-value-added automotive and defense sensors.
A key point to watch is how much of an effect the stabilization of operations at ODT VINA, the Vietnamese subsidiary established in 2024, will have on expanding overseas sales channels.
Given the 2026 stake acquisition in NanoJet Korea and the addition of gas detector and gas sensor business purposes, it will be important to confirm when and to what scale these new businesses translate into actual revenue.
Expansion into bio-healthcare and robotics is also underway, but no specific revenue contribution or guidance for these segments has been confirmed as disclosed, so progress needs to be monitored.
Whether the continuous quarterly revenue growth seen recently persists into the second half of 2026, and whether operating results can re-enter profitable territory as seen in 2025Q4, will be the central focus of upcoming quarterly results.
How much the mix of high-value-added products expands, built on the company's 32 patents and smart-tolling vehicle detection technology, is also likely to be key to medium-term profitability improvement.
The stock trades at a level substantially below the company's book value per share, a relationship broadly consistent with what is commonly observed among small-cap KOSDAQ component and sensor names.
Historically, this stock has formed a wide trading band during periods of high earnings volatility, and the recent pattern of alternating quarterly profits and losses can be seen as part of the backdrop for movement within that band.
Dividends have been paid in modest amounts each year, and the dividend yield does not appear to show a clear advantage over the industry average.
The shift in earnings direction from a net loss in 2022 to profits in 2023 through 2025 is a notable reference point for valuation discussions, but quarterly earnings still fluctuate considerably, making it premature to characterize this as a stable trend.
The small market capitalization and limited liquidity characteristic of this small-cap stock should also be factored into any interpretation of its valuation metrics.
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
Owner net income shifted from a net loss in 2022 to three consecutive years of profit in 2023-2025, and the 2025 operating margin narrowed sharply to -6.0% from -17.2% in 2024.
Net income expanded to KRW 0.78 billion in 2025Q4 and KRW 1.68 billion in 2026Q2, showing an earnings recovery pattern across multiple quarters. Revenue has also grown for three straight years since its 2022 trough.
The expansion of high-value automotive and defense sensor sales is said to be strengthening market competitiveness. This is underpinned by technology assets including 32 patents and a smart-tolling vehicle detection sensor patent.
A strategy focused on specialized markets where precision and stability matter more than price competition also contributes to reinforcing its niche position.
The 2026 stake acquisition in NanoJet Korea and the addition of gas detector and gas sensor business purposes are broadening the company's new business areas. Expansion into bio-healthcare and robotics segments is also underway.
ODT VINA, the Vietnamese subsidiary established in 2024, could serve as a foothold for diversifying overseas sales channels.
In 2026Q1, despite revenue growth, the operating loss widened again to KRW 2.34 billion and the net loss reached KRW 1.04 billion. The operating profit seen in 2025Q4 has not been repeated in subsequent quarters, making it difficult to conclude that the shift to profitability has become a stable trend. Whether core profitability is clearly improving despite revenue growth requires further confirmation.
Given its small market capitalization and limited liquidity, share price volatility can be elevated. The complex cross-shareholding structure involving treasury shares and a rights issue with TS Investment is an area warranting market attention from a governance transparency perspective. The modest dividend policy is also not a clear strength in terms of shareholder returns.
In the automotive sensor market, the trend of OEMs and Tier-1 suppliers directly sourcing semiconductors and integrating components in-house is intensifying price and volume pressure on smaller module suppliers.
In technology and cost competition against large global sensor and semiconductor companies, a smaller firm like ODTech may have relatively weaker bargaining power.
While strict validation requirements and long design-win cycles can act as barriers to entry for new competitors, this can also translate into competitive pressure for firms not firmly embedded in existing supply chains.
On an annual basis, net income has remained positive since 2023, but operating profit has posted losses for four consecutive years from 2022 to 2025. Quarterly results, such as 2026Q1, have also shown the operating loss widening again despite revenue growth, indicating continued uncertainty in core profitability.
In January 2026, a cross-shareholding was formed through a treasury share sale and rights issue participation with TS Investment, resulting in TS Investment securing a 4.2% stake in ODTech.
While this friendly shareholding structure could be interpreted as a long-term cooperative relationship, the highly reciprocal nature of the fund flows in this transaction structure is an area where minority shareholders may wish to seek greater transparency.
Expanded direct semiconductor sourcing by OEMs and Tier-1 suppliers, raw material price and exchange rate fluctuations, and shifts in demand cycles across end markets (automotive, defense, smart devices) could affect performance.
The company's continued high reliance on its existing sensor and semiconductor business, while revenue contribution from new ventures (bio-healthcare, robotics) has yet to materialize concretely, is also a risk factor.
The 2026Q3 quarterly report disclosure should be checked to confirm whether revenue growth continues and whether operating results return to profitability.
This is the point to watch for whether the NanoJet Korea integration and the new gas detector and gas sensor business purposes begin to translate into actual revenue.
The annual business report for fiscal year 2026 should be checked to see whether the annual profit trend is sustained and whether the operating loss continues to narrow.
Follow-up disclosures regarding any further changes or potential sale of TS Investment's 4.2% stake in ODTech should be monitored.
ODTech has shifted from a net loss in 2022 to owner net profits in 2023-2025, and the 2025 operating loss margin narrowed significantly from the prior year, signaling earnings improvement.
However, cases like 2026Q1, where the operating loss widened again despite revenue growth, show that quarterly earnings volatility remains substantial and should be weighed alongside the improvement.
Expansion of high-value automotive and defense sensor products and patent-based technical capability are cited as positive factors, alongside ongoing diversification efforts including the NanoJet Korea stake acquisition and expansion into bio-healthcare and robotics.
On the other hand, instability in core profitability, the low liquidity typical of a small-cap stock, and the complex cross-shareholding structure with TS Investment should be considered as offsetting factors and risks.
On valuation, the stock is observed to trade at a level below book value per share, but this appears to reflect earnings volatility and small-cap characteristics rather than pointing to any particular value judgment.
The timing of next-quarter results and revenue contribution from new business lines are likely to be the key variables shaping the earnings trajectory going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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