KOSDAQSemiconductors115610

Imagis

₩1,649▲ 3.06%2026-10-02 close

Market Cap

₩19.5B

Turnover

₩93,816,905

Volume

60,000 shares

Shares out.

11.8M

PER

—

PBR

1.9×

EPS

-₩86

Dividend Yield

0.00%

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

Report overview

Expanding into Automotive Semiconductors and Tactile AI

Imagis, a fabless touch and haptic IC designer, is pursuing revenue growth through new automotive semiconductor orders and a Physical AI partnership, while operating losses have persisted for several consecutive years.

1
2025 consolidated revenue reached KRW 13.2 billion with an operating loss of KRW 2.0 billion, marking a fourth consecutive year of losses
2
In June 2026 the company signed a KRW 5.78 billion automotive semiconductor supply contract with an overseas distributor, to be reflected in second-half revenue
3
The company projects 2026 revenue of KRW 21 billion, up roughly 60% year over year, with an expected narrowing of operating losses
4
The company formed a strategic partnership with a Physical AI robotics firm leveraging its tactile sensor technology to expand into new business areas
5
Second-quarter 2026 revenue rose markedly to KRW 5.07 billion from the prior quarter, though operating losses continued

Business structure

Imagis, a fabless semiconductor design company listed on KOSDAQ in 2010, outsources production to foundry partners without maintaining its own fabrication lines.

Its core products include Touch Controller ICs that convert electrical signals from touch panels in mobile devices, and Haptic Driver ICs that deliver tactile feedback through vibration, along with an integrated Touch and Haptic Controller IC.

The company has also diversified into MST-dedicated ICs supporting mobile payments, SAR sensor ICs for reducing electromagnetic radiation, and TOUCH ICs for notebooks.

More recently, building on its haptic and touch solution capabilities, the company has been expanding into automotive semiconductor products, securing a new revenue stream through a supply contract signed in June 2026 with an overseas automotive semiconductor distributor.

Simultaneously, it is cultivating a Physical AI business that combines high-precision tactile sensor technology with AI semiconductors, forming strategic partnerships with robotics and industrial AI solution firms to apply full-body tactile sensing technology for precise control of humanoid and collaborative robots.

The mobile device industry is subject to economic cycles but is classified as an area with continued growth expectations driven by improvements in product performance and communication services.

Given the short product life cycles typical of this sector, optimized technology development and timely product launches are considered key competitive factors.

Earnings trend

Quarterly revenue · Operating profit

₩3.3B-₩600M25Q2₩3.2B-₩600M25Q3₩3.5B-₩200M25Q4₩3.6B-₩500M26Q1₩5.1B-₩500M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩21.9B₩1.6B2022₩16.1B-₩2.3B2023₩13B-₩5.2B2024₩13.2B-₩2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩3.3B	-₩600M	−17.9%
2025Q3	₩3.2B	-₩600M	−18.9%
2025Q4	₩3.5B	-₩200M	−4.7%
2026Q1	₩3.6B	-₩500M	−13.5%
2026Q2	₩5.1B	-₩500M	−9.1%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩21.9B	₩1.6B	₩1.8B	7.1%	17.2%	57.6%
2023	₩16.1B	-₩2.3B	-₩4.6B	−14.4%	−73.4%	255.5%
2024	₩13B	-₩5.2B	-₩3.7B	−40.2%	−77.3%	198.0%
2025	₩13.2B	-₩2B	-₩1.8B	−15.0%	−17.3%	27.5%

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

Earnings analysis

Imagis's consolidated revenue declined from KRW 21.9 billion in 2022 to KRW 16.1 billion in 2023 and KRW 13.0 billion in 2024, before rebounding slightly to KRW 13.2 billion in 2025, suggesting a move away from the earlier revenue contraction trend.

Operating profit, however, swung from a KRW 1.55 billion surplus in 2022 (operating margin of 7.1%) to losses of KRW 2.31 billion in 2023 and KRW 5.21 billion in 2024, before narrowing to a KRW 1.99 billion loss in 2025.

Net income followed a similar pattern, moving from a KRW 1.81 billion profit in 2022 to losses of KRW 4.61 billion in 2023, KRW 3.75 billion in 2024, and KRW 1.84 billion in 2025, marking three consecutive years of losses attributable to owners.

On a quarterly basis, revenue moved from KRW 3.33 billion in the second quarter of 2025 with an operating loss of KRW 597 million, to KRW 3.16 billion in the third quarter and KRW 3.46 billion in the fourth quarter, before rising to KRW 3.61 billion in the first quarter of 2026 and then jumping notably to KRW 5.07 billion in the second quarter of 2026.

Operating losses narrowed to KRW 164 million in the fourth quarter of 2025 before widening again to KRW 489 million in the first quarter of 2026 and KRW 464 million in the second quarter. Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners totaled KRW 1.44 billion.

On the balance sheet side, the debt-to-equity ratio dropped sharply from 255.5% in 2023 and 198.0% in 2024 to 27.5% in 2025, reflecting capital structure improvement measures likely including capital raises. Full-year 2025 operating cash flow remained negative at KRW 964 million.

Industry analysis

The touch and haptic IC market in which Imagis operates is closely tied to demand for mobile devices such as smartphones and notebooks, characterized by intense technology competition amid short product life cycles.

The company describes the fabless semiconductor industry as driving overall semiconductor sector growth, though its own results have reflected the impact of slowing demand in front-end mobile devices.

The automotive semiconductor market that the company is newly entering is expected to see mid-to-long-term growth driven by vehicle electrification and EV expansion, with global market research firms projecting the automotive segment to grow at a relatively faster rate compared to other application areas.

However, this market already features large established players such as Sony and ON Semiconductor, suggesting that Imagis, as a later entrant, holds only an early-stage position.

Meanwhile, the Physical AI and tactile sensing field the company is newly cultivating is an emerging market tied to growing demand for tactile interfaces in precise robot and humanoid control, with industry observers noting that tactile sensing is emerging as a key interface for next-generation robotics beyond vision-centric recognition.

This field remains at an early commercialization stage, and the specific market size or Imagis's share within it has not been confirmed.

Outlook

The company stated in a June 2026 disclosure that it projects fiscal 2026 revenue of KRW 21 billion, representing growth of roughly 60% year over year.

This forecast incorporates the KRW 5.78 billion automotive semiconductor supply contract signed in June 2026, with the supply period running from July through December 2026, to be reflected progressively in second-half revenue.

The company explained that revenue growth from expanded orders, combined with cost efficiency measures such as fixed cost reductions, would contribute to narrowing operating losses.

It also noted that discussions are underway to expand supply volumes for 2027 following this contract, suggesting the automotive semiconductor business could evolve into a multi-year arrangement rather than a one-off deal.

In the Physical AI segment, the company stated plans to expand into applications including tactile sensing technology for humanoid and collaborative robots, smart factory automation, and tactile feedback for VR/AR devices through strategic partnerships with robotics and industrial AI solution firms.

However, these new business lines remain at an early stage, and specific timing or scale of revenue contribution has not been disclosed.

The notable increase in second-quarter 2026 revenue compared to the prior quarter can be interpreted as consistent with the beginning of automotive contract revenue recognition, though operating losses also widened during the same period, suggesting some lag between revenue growth and profitability improvement.

Valuation

PER

—

PBR

1.9×

ROE

-17.8%

EPS

-₩86

BPS

₩850

Dividend per share

₩0

Given that Imagis has posted operating losses for several consecutive years, conventional earnings-based valuation metrics are difficult to apply in the current period.

Relative to net asset value, the shares trade at a level above book value, which can be seen as the market assigning some premium to the growth potential of the new automotive semiconductor and Physical AI businesses.

That said, while the company's financial structure has improved markedly, with the debt ratio declining substantially, its operating performance has not yet achieved a full turnaround to profitability.

The company has not recently paid dividends, making dividend-related metrics difficult to apply, and investment considerations are likely to hinge on the actual revenue contribution and pace of earnings improvement from these new business lines.

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

Bull factors

New Automotive Semiconductor Order Secured

The KRW 5.78 billion automotive semiconductor supply contract signed in June 2026 represents 43.71% of the company's recent revenue base and is expected to be reflected progressively in second-half 2026 revenue.

The company stated that discussions for expanding 2027 supply volumes are underway, suggesting potential for this to develop into a recurring revenue source rather than a one-off deal. This revenue diversification could partially buffer demand volatility in the existing mobile touch and haptic IC business.

Entry into Physical AI and Tactile Sensing

The company is cultivating a Physical AI business combining high-precision tactile sensor technology with AI semiconductors as a new growth axis, having formed a strategic partnership with an AI solutions firm in the robotics field.

It is exploring expansion into applications including full-body tactile sensing for precise control of humanoids and collaborative robots, smart factory automation, and tactile feedback for VR/AR devices.

Korea's globally high robot adoption density has been cited as a favorable environment for technology validation and commercialization in this area.

Improved Financial Structure

The debt ratio declined sharply from elevated levels of 255.5% in 2023 and 198.0% in 2024 to 27.5% in 2025, improving financial stability. This is likely attributable to capital structure improvement measures such as equity raises, potentially providing some financial capacity for future new business investments. However, this improvement has not directly translated into a turnaround to operating profitability.

Bear factors

Operating Losses Persisting for Four Consecutive Years

Following an operating profit in 2022, Imagis recorded operating losses every year from 2023 through 2025, and losses continued into the first and second quarters of 2026 at KRW 489 million and KRW 464 million respectively.

While the company projected 60% revenue growth and improved operating losses for 2026, actual first-half results showed loss levels widening rather than narrowing compared to the prior quarter.

The possibility that profitability improvement will be delayed until new businesses generate meaningful revenue contribution cannot be ruled out.

Early-Stage Nature of New Businesses

Both the automotive semiconductor and Physical AI businesses remain at an early commercialization stage, with no clear disclosure of specific revenue contribution scale or timing.

The automotive semiconductor market already features established large players such as Sony and ON Semiconductor, leaving uncertainty over whether Imagis, as a later entrant, can secure competitiveness.

The Physical AI segment is likewise still at the partnership stage, requiring verification before translating into actual commercial results.

Dependence on Mobile End-Market and Revenue Volatility

The company's core existing touch and haptic IC business is closely tied to mobile device demand, making it vulnerable to economic cycles within short product life cycles.

Annual revenue declined from KRW 21.9 billion in 2022 to KRW 13.0 billion in 2024 before rebounding modestly in 2025, reflecting significant volatility in recent years. Until new businesses contribute meaningfully, fluctuations in demand for the existing mobile business could directly affect results.

Risk factors

Risk of Missing Earnings Guidance

The company's own projection of KRW 21 billion in 2026 revenue and improved operating losses is a company guidance figure, not confirmed results.

Given that actual operating losses widened in the first and second quarters of 2026 compared to the prior quarter, if second-half automotive semiconductor contract revenue is not recognized as expected, achieving the annual guidance could be delayed.

Risk of Intensifying Competition in New Businesses

The automotive semiconductor market is already dominated by large global players such as Sony and ON Semiconductor, potentially placing the company at a disadvantage in price and technology competition as a later entrant.

The Physical AI and tactile sensing field is likewise an early-stage market where multiple companies are seeking entry, carrying the risk that the company may not gain an advantage in technology standardization or securing major customers.

Financing and Dilution Risk

The sharp decline in the debt ratio in 2025 may have involved a capital raise, and given ongoing operating losses and negative operating cash flow (KRW 964 million negative in 2025), any need for additional financing to fund new business investments could raise shareholder value dilution concerns.

What to watch next

Mid-September 2026
It is worth checking whether and to what extent third-quarter revenue reflects the automotive semiconductor supply contract, which runs from July to December 2026.
Mid-November 2026 (expected third-quarter earnings release)
This is a key point to assess whether third-quarter 2026 revenue and operating results track the company's annual guidance of KRW 21 billion in revenue and narrowing losses.
Fourth quarter of 2026
Progress on discussions for expanding 2027 automotive semiconductor supply volumes, and whether a formal contract is reached, should be monitored.
Expected timing of the confirmed full-year 2026 results disclosure in early 2027
This will be the point to finally confirm whether the company's guidance of KRW 21 billion revenue and improved operating losses for 2026 was actually achieved.

Overall view

Imagis is pursuing two new growth axes—automotive semiconductors and Physical AI tactile sensing—while attempting to move past the revenue contraction phase of its existing mobile touch and haptic IC business.

The KRW 5.78 billion automotive semiconductor supply contract signed in June 2026 is expected to be reflected progressively in second-half revenue, forming the basis for the company's guidance of KRW 21 billion in annual revenue and improved operating losses.

However, the fact that actual operating losses widened rather than narrowed in the first and second quarters of 2026 illustrates a lag between revenue growth and profitability improvement. On the balance sheet, the debt ratio improved substantially, though operating cash flow remained negative.

The Physical AI segment is expanding the potential applications of tactile sensing technology through a partnership with a robotics AI firm, but remains at an early stage with no confirmed timing for meaningful revenue contribution.

Future performance is likely to hinge on the actual pace of revenue recognition from the automotive semiconductor contract and the progress of commercialization in the new business lines.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.