Itek

Founded in 2005, ITEK is a system semiconductor test specialist operating as an OSAT (back-end) test house that performs final pass/fail determination after package assembly.

Its main customers are IDM and fabless companies that outsource semiconductor testing, and the company serves overseas clients through sales offices in the United States, Taiwan, and Japan in addition to its domestic base.

According to a May 2025 Hana Securities report, the company had secured more than 176 customers at that time.

Beyond semiconductor testing, disclosures show the company also operates in cosmetics manufacturing and sales, pharmaceutical wholesale and distribution, graphene-related product manufacturing and distribution, cold-chain terminals and solutions, digital signage and robot integrated control solutions, and battery safety management systems.

According to older disclosure data (as of the first half of 2023), semiconductor testing accounted for about 50.3% of revenue, cosmetics 20.1%, and pharmaceuticals 18.5%, illustrating a highly diversified business mix.

The graphene business is conducted through a roughly 30.23% equity stake in a graphene composite material company founded in 2017.

More recently, the company has expanded into high-specification testing for AI and autonomous-driving semiconductors and is reported to serve as a test partner for a domestic on-device AI chip firm named DeepX.

In May 2026, the company obtained bonded-zone status from Suwon Customs, enabling wafers and package products imported from overseas to be fed directly into the test line without import declaration.

Consolidated revenue rose from KRW 76.65 billion in 2022 to KRW 83.26 billion in 2023, but then declined for three consecutive years to KRW 61.96 billion in 2024 and KRW 48.52 billion in 2025, a substantial contraction in scale.

Operating profit was positive at KRW 0.72 billion in 2022 before turning to losses of KRW -7.18 billion in 2023 and KRW -4.87 billion in 2024, then narrowing to KRW -0.26 billion in 2025, a trajectory approaching break-even.

Net income attributable to owners followed a different path, swinging from a KRW 21.66 billion profit in 2022 to a KRW -7.41 billion loss in 2023, back to a KRW 20.01 billion profit in 2024, and then a KRW -4.64 billion loss in 2025.

This influence of non-operating items is even more pronounced at the quarterly level: in the fourth quarter of 2025, operating profit improved sharply to KRW 3.27 billion, yet net income attributable to owners posted a loss of KRW -4.92 billion, and in the first quarter of 2026, an operating loss of only KRW -0.30 billion coincided with a net loss that widened to KRW -8.28 billion.

In the second quarter of 2026, all three metrics improved together, with revenue of KRW 14.25 billion, operating profit of KRW 1.08 billion, and net income attributable to owners of KRW 2.78 billion.

Over the trailing four quarters (third quarter of 2025 through second quarter of 2026), cumulative net income attributable to owners totaled a loss of KRW -9.77 billion, reflecting significant earnings volatility over the past year.

Operating cash flow actually improved to KRW 18.76 billion in 2025 despite the net loss, a stronger figure than the KRW 12.77 billion in 2024, KRW -5.93 billion in 2023, and KRW 11.15 billion in 2022, suggesting a divergence between accounting profit and actual cash generation.

One report projected that the global semiconductor market in 2026 would reach about USD 909.8 billion, up roughly 17.8% year over year, with advancing AI technology and the commercialization of autonomous driving cited as key demand drivers.

In the system semiconductor test industry, an increasing trend toward diversified, low-volume production is said to raise the importance of customized responses, which analysts suggest will increase the need for specialized outsourced test providers.

Hana Securities analyzed that AI and autonomous-driving semiconductors, which require high specifications and stability, take longer to test due to higher difficulty, which raises average selling prices, and noted its view that the number of semiconductors installed in autonomous vehicles could increase more than tenfold compared to conventional vehicles.

Companies cited as operating in similar businesses include DI Corporation, ALT, Posfil, and JH Cos. Regarding the battery safety management systems segment, one view suggested demand could increase alongside ESS market growth and the expansion of renewable energy.

That said, demand for legacy and mobile-centered semiconductor testing can be volatile during memory industry downturns as customers adjust inventory levels.

Following its designation as a bonded zone by Suwon Customs in May 2026, the company built a system that allows wafers and package products from overseas fabless customers to be tested immediately without import declaration, which management said would help reduce logistics costs and shorten turnaround time to support global customer expansion.

In a June 2026 report, GL Research analyzed that the company serves as a test partner for domestic on-device AI chip firm DeepX, and that the possibility of new AI NPU-based demand has been highlighted following DeepX's mass-production agreement with Taiwan's Aeon.

The same report also noted that the company is expanding cooperation with Samsung Foundry SAFE partner companies. In an investor relations session, the company stated it plans to gradually expand burn-in test equipment in response to growing demand for automotive (autonomous-driving) semiconductors.

It also explained that AI semiconductors typically take three to four years from development to mass production, and that it expects full-scale production to begin from 2026 onward.

Valuefinder Research stated its assessment that the company is accumulating NPU-related test references while also focusing on next-generation business expansion into physical AI and humanoid robots.