Koses

Coceus was founded in 1994 as a semiconductor equipment manufacturer, listed on KOSDAQ in 2006, and changed to its current name in 2018.

Its business spans four pillars: semiconductor back-end equipment, laser application equipment, secondary battery manufacturing equipment, and, more recently, solid oxide fuel cell (SOFC) energy equipment.

In the semiconductor segment, the company supplies solder ball attach systems, laser application equipment, and conversion kits to customers including Samsung Electronics and SK Hynix. In the secondary battery segment, it supplies front-end turnkey equipment to customers such as US-based Enovix.

Its most closely watched new business is SOFC electrode-cell automation equipment supplied to US-based Bloom Energy. As of cumulative Q3 2025 figures, revenue mix was reported at roughly 34% semiconductor, 16% secondary battery, and 26% laser application equipment.

Key customers include Samsung Electronics, SK Hynix, ASE, Amkor, Enovix, and Bloom Energy. The largest shareholder group, led by Park Myung-soon and related parties, holds a 49.52% stake, providing a stable ownership structure.

Building on precision control and laser application technology, the company has expanded from semiconductor back-end equipment into display, secondary battery, and energy applications.

In 2025, consolidated revenue reached KRW 82.4 billion with operating profit of KRW 17.4 billion (operating margin 21.1%) and owners' net income of KRW 13.2 billion, marking a turnaround from the prior year's loss.

In 2024, revenue was KRW 69.2 billion with an operating loss of KRW 5.6 billion and a net loss of KRW 0.2 billion, reflecting the impact of reduced capital spending across the semiconductor equipment industry.

In 2023, revenue was KRW 95.7 billion with operating profit of KRW 8.0 billion (margin 8.4%), while in 2022 revenue of KRW 72.9 billion generated operating profit of KRW 8.5 billion (margin 11.7%), showing that a smaller revenue base actually carried a higher margin.

On a quarterly basis, the recovery continued through Q3 2025 (revenue KRW 22.2 billion, operating profit KRW 3.6 billion) and Q4 2025 (revenue KRW 24.3 billion, operating profit KRW 3.0 billion).

However, Q1 2026 saw a sharp pullback to revenue of KRW 12.6 billion and operating profit of KRW 1.5 billion, a slowdown attributed to reduced capital spending among semiconductor equipment customers combined with cost-cutting and delayed capex among device makers.

The business then rebounded strongly in Q2 2026, with revenue of KRW 18.6 billion, operating profit of KRW 5.7 billion, and owners' net income of KRW 6.2 billion. The Q2 2026 operating margin came in around 30%, the highest profitability level of recent quarters.

Cumulative owners' net income over the trailing four quarters (Q3 2025 through Q2 2026) totaled KRW 15.6 billion, which on an annualized basis exceeds full-year 2025 results.

This quarter-to-quarter volatility reflects the order-to-revenue-recognition structure typical of equipment makers, where large supply contracts book revenue based on inspection and installation milestones.

The semiconductor back-end equipment market is expected to keep growing on the back of expanding 5G, autonomous driving, and AI-related capital spending. Demand for packaging and assembly equipment is also expected to rise alongside growing mobile device and electric vehicle demand.

However, as seen in Q1 2026, when front-end semiconductor and device makers temporarily delay capital spending, equipment suppliers such as Coceus feel the impact immediately. Meanwhile, surging power demand from AI data centers is opening a new growth avenue for Coceus.

Solid oxide fuel cells (SOFC) are gaining traction as a power procurement option for big tech companies because they can establish distributed power generation without grid expansion. Bloom Energy, Coceus's SOFC customer, has stated plans to expand production capacity to 2.5GW in 2026, 5GW in 2027, and 14GW by 2030.

Bloom Energy itself posted record quarterly revenue of $1.0654 billion in Q2 2026, up 165.5% year-on-year, confirming its capacity to invest further.

Coceus is regarded as holding a leading position in SOFC electrode-cell manufacturing automation equipment, making follow-on orders a key variable for its competitive standing.

From November 2025 through July 2026, Coceus signed four separate SOFC electrode-cell automation equipment supply contracts with Bloom Energy, sustaining an order momentum. The most recent, disclosed on July 13, 2026, was a single sales supply contract worth KRW 150.42 billion, equivalent to 183% of recent revenue.

That contract runs from July 10 to October 29, 2026, with the supply region being the United States.

Payment is structured in stages tied to purchase order receipt, factory acceptance testing, site acceptance testing, and final approval, meaning revenue recognition could be spread across the inspection and installation schedule.

SK Securities, in a February 2026 report, assessed Coceus as being at the early stage of an SOFC capacity-expansion cycle and assigned a neutral rating without providing a specific target price.

Kiwoom Securities, in a January 2026 report, projected a substantial year-on-year increase in Coceus's 2026 operating profit based on Bloom Energy's aggressive investment plans, though actual Q1 results came in weaker than that projection, leaving achievement of the full-year outlook contingent on the pace of second-half orders and revenue recognition.

In the semiconductor back-end segment, orders from existing customers such as Samsung Electronics and SK Hynix continue, alongside the possibility of additional orders for SOFC interconnect (IC) line equipment.