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
PMT posted consecutive quarterly operating profits in the first half of 2026, but a 503% debt ratio and dilution from a large rights offering remain financial burdens.
Operating profit turned positive for two consecutive quarters in 2026 Q1-Q2, with revenue also surging sequentially
Largest shareholder Protec expanded its stake to 51.6% by participating in the rights offering, strengthening control
A KRW 37.6 billion facility investment is underway to expand probe card production capacity, while total shares outstanding rose to 20 million
Debt ratio jumped to 503% in 2025 while equity shrank sharply from the prior year
Memory semiconductor test demand and expanded supply to Samsung Electronics are key variables for earnings recovery
PMT manufactures and sells probe cards for semiconductor wafer testing based on MEMS (Micro Electro Mechanical System) technology, having been established in 2004 to produce semiconductor test equipment and listed on KOSDAQ in 2016.
Probe cards are high-value-added consumable parts used to test the electrical functions of chips at the wafer stage, with demand for precision testing rising as semiconductor processes become finer. The company specializes in probe cards for memory semiconductors, with Samsung Electronics as its main customer.
Since 2023, it has entered an expansion phase by supplying 2D MEMS probe cards to leading domestic and overseas semiconductor manufacturers, and has also commercialized 3D MEMS probe cards using 12-inch ceramic substrates with non-bonding and stacked fabrication technology.
The company's name was changed from Microfriend to PMT in April 2023. Its largest shareholder is Protec, a semiconductor back-end equipment maker, which strengthened control by raising its stake to 51.6% through participation in the June 2026 rights offering.
In May 2026, PMT signed a probe card supply contract with SAMSUNG(CHINA)SEMICONDUCTOR worth KRW 6.55 billion for the period May 19 to August 13, 2026, illustrating expansion of its overseas customer base.
Competitively, the domestic memory probe card market is a niche field concentrated among a small number of players, where technical barriers and customer qualification are the key competitive factors.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.8B | -₩4.7B | −80.3% |
| 2025Q3 | ₩6B | -₩2.5B | −41.9% |
| 2025Q4 | ₩7.2B | -₩9.5B | −131.9% |
| 2026Q1 | ₩15.9B | ₩200M | 1.0% |
| 2026Q2 | ₩18.5B | ₩1.3B | 6.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩38.2B | -₩5.2B | -₩3.9B | −13.7% | −7.4% | 18.7% |
| 2023 | ₩33B | -₩5.3B | -₩5.6B | −15.9% | −12.2% | 50.9% |
| 2024 | ₩24.4B | -₩13.1B | -₩14.2B | −53.7% | −46.0% | 94.0% |
| 2025 | ₩25.3B | -₩20.4B | -₩22.5B | −80.7% | −253.5% | 503.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
On a consolidated basis, revenue fell for three consecutive years from KRW 38.24 billion in 2022 to KRW 33.04 billion in 2023 and KRW 24.39 billion in 2024, before rebounding slightly to KRW 25.29 billion in 2025.
Operating losses widened continuously from KRW -5.23 billion in 2022 (operating margin -13.7%) to KRW -5.27 billion in 2023 (-15.9%) and KRW -13.10 billion in 2024 (-53.7%), reaching KRW -20.40 billion in 2025 (-80.7%), the weakest result of the four years.
Net losses attributable to owners also widened each year, from KRW -3.92 billion in 2022 to KRW -22.48 billion in 2025, leaving owners' equity at KRW 8.87 billion at end-2025, down sharply from KRW 30.93 billion at end-2024, while liabilities rose to KRW 44.59 billion, pushing the debt ratio to 503%.
On a quarterly basis, the operating loss narrowed to KRW -2.53 billion in Q3 2025 (revenue KRW 6.04 billion) from KRW -4.66 billion in Q2, but widened sharply again to KRW -9.53 billion in Q4 2025 (revenue KRW 7.23 billion), reflecting significant volatility.
In Q1 2026, revenue surged to KRW 15.87 billion, with operating profit of KRW 0.16 billion and net profit of KRW 1.27 billion, marking a quarterly swing to profitability, and the profitable trend continued in Q2 with revenue of KRW 18.48 billion and operating profit of KRW 1.26 billion.
However, net profit in Q2 2026 fell back to a loss of KRW -0.35 billion despite the operating profit, suggesting that interest expenses or other non-operating items weighed on the bottom line.
Summing the most recent four quarters (Q3 2025 through Q2 2026) still shows a net loss, making it a key point to watch whether quarterly profitability translates into annual earnings improvement.
Operating cash flow was negative in all four years from 2022 through 2025, another area to monitor as profit recovery unfolds.
PMT's downstream memory semiconductor market struggled in 2025 amid oversupply and weaker demand that pushed down DRAM and NAND prices, though growing AI chip demand and expanded AI use in data centers are expected to drive semiconductor market growth, with the probe card market seen expanding in tandem.
Expanded production of high-performance chips such as high-bandwidth memory (HBM) has increased customers' test equipment investment, a factor cited as boosting order visibility for PMT.
Because probe cards are essential consumable parts in the wafer test process, repurchase demand tends to rise in proportion to customers' production volumes.
However, since earnings are directly tied to the memory price cycle, revenue volatility can widen depending on DRAM/NAND price trends and the timing of customers' capital expenditure.
The domestic memory probe card supply chain is concentrated among a small number of players, giving qualified suppliers a relatively high barrier to entry.
PMT, whose customer base has centered on Samsung Electronics, has been attempting customer diversification by expanding supply to accounts such as SAMSUNG(CHINA)SEMICONDUCTOR.
In April 2026, PMT decided on a shareholder-allocated rights offering with a general public subscription for forfeited shares to raise facility funds, issuing 9,180,134 new shares that raised total shares outstanding from 10,819,866 to 20 million; the new shares listed on July 10, 2026.
The proceeds are earmarked entirely for constructing a new plant and investing in clean rooms and automation equipment to expand probe card production capacity (CAPA), with roughly KRW 37.6 billion to be deployed from Q3 2026 through Q4 2027.
The expansion was reportedly driven by the existing plant's utilization rate reaching 100%, necessitating additional production lines.
Largest shareholder Protec participated in the offering with its full allocation plus the 20% oversubscription limit, raising its stake from 47.87% to 51.6%, disclosing the purpose as strengthening control over its subsidiary.
However, since the entire proceeds are directed to capital expenditure, improving the balance sheet—where the debt ratio exceeds 500%—remains a separate task, according to market commentary.
Having posted consecutive operating profits in the first two quarters of 2026, how much order flow and revenue follow once the expanded capacity comes online is a key point to watch for future earnings.
PMT recorded annual net losses every year from 2022 through 2025, and even summing the most recent four quarters still shows a net loss, placing the stock in a range where a price-to-earnings ratio is difficult to calculate.
In terms of price-to-book, owners' equity has shrunk considerably in recent years while market capitalization has stood well above that level, suggesting a premium to net asset value, though the recent large rights offering increased both shares outstanding and equity simultaneously, so comparisons of per-share metrics across data providers require caution due to differing reference dates.
The company maintains a no-dividend policy, making it difficult to use as a basis for dividend-related comparison.
The swing to operating profit in Q1-Q2 2026 is cited as a directionally positive signal, but given the considerable quarter-to-quarter volatility seen in the past (such as the widened loss in Q4 2025), it remains to be confirmed whether this trend can be sustained on an annual basis.
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 2026-08-21
Operating profit was positive in both Q1 and Q2 2026, with revenue also rising sharply to KRW 15.87 billion and KRW 18.48 billion respectively versus prior quarters. This marks a clear contrast to the large operating losses recorded throughout the four quarters of 2025. If revenue growth continues, easing fixed-cost burden could produce an operating leverage effect.
With the existing plant's utilization already at 100%, PMT is expanding clean room and automation facilities through a KRW 37.6 billion capital investment.
This is interpreted as building production capacity to respond to future order growth, with the investment period running through Q4 2027, giving it a medium- to long-term growth-building character.
Largest shareholder Protec participated with its full allocation plus oversubscription in the rights offering, raising its stake to 51.6%. This can be interpreted as parent-level capital support and deeper business linkage within the group.
Since Protec operates in semiconductor back-end equipment, there is also potential for shared customer and technology networks.
The debt ratio jumped to 503% at end-2025, and owners' equity shrank sharply from KRW 30.93 billion at end-2024 to KRW 8.87 billion. Operating cash flow was also negative for four consecutive years from 2022 through 2025.
In Q2 2026, despite an operating profit, net income was KRW -0.35 billion, suggesting non-operating factors such as financial expenses eroded the bottom line.
The 2026 rights offering issued 9,180,134 new shares, expanding total shares outstanding by about 85% from 10,819,866 to 20 million. For existing shareholders, this structurally dilutes per-share metrics significantly.
Since the entire proceeds are directed to capital expenditure, the short-term effect on balance sheet improvement is limited.
Quarterly volatility has been substantial—the operating loss narrowed in Q3 2025 but widened sharply again to KRW -9.53 billion in Q4. Revenue is concentrated among a small number of customers including Samsung Electronics, so shifts in a given customer's investment timing can directly affect results.
The supply contract with SAMSUNG(CHINA)SEMICONDUCTOR also expired on August 13, 2026, and whether a follow-on contract has been secured is not yet confirmed.
The debt ratio has risen to 503% and operating cash flow has been negative for four consecutive years, indicating heavy reliance on external financing. If earnings recovery is delayed, the need for additional fundraising could resurface.
Until the facility investment is completed, depreciation and interest expense burdens may also weigh negatively on net income.
Revenue is concentrated among a small number of memory semiconductor customers including Samsung Electronics, meaning changes in a specific customer's capital expenditure plans could directly affect results.
Because the business is closely tied to the memory price cycle, orders and revenue risk contracting simultaneously during industry downturns. It should also be noted that efforts to expand overseas customers, such as SAMSUNG(CHINA)SEMICONDUCTOR, are still at an early stage.
The 2026 rights offering expanded shares outstanding by about 85%, and largest shareholder Protec strengthened control by raising its stake to 51.6%. Ongoing monitoring is needed to see whether future ownership-related actions or intra-group transactions could affect minority shareholder interests.
The possibility of conflicts of interest arising from a financing and control structure centered on the majority shareholder cannot be ruled out.
Check whether the H1 2026 profitability trend continues into Q3, and whether the debt ratio and operating cash flow show improvement.
Monitor progress on the KRW 37.6 billion clean room and automation equipment investment and the timing when expanded lines begin operating.
Check DART single-sale supply contract disclosures for whether a follow-on contract has been signed after the SAMSUNG(CHINA)SEMICONDUCTOR supply agreement expired on August 13, 2026.
Check for any further changes in majority shareholder Protec's stake (currently 51.6%) or additional governance-related actions.
PMT experienced continuous annual losses from 2022 through 2025 that significantly weakened its balance sheet, but showed a directional shift with consecutive operating profits in Q1 and Q2 2026.
However, earnings stability is still being confirmed, as net income swung back to a loss in Q2 2026 despite the operating profit.
Largest shareholder Protec strengthened control by expanding its stake to 51.6% through participation in the rights offering, with proceeds set to be entirely deployed into facility investment to expand probe card production capacity.
In this process, shares outstanding increased by roughly 85%, so dilution for existing shareholders and changes in per-share metrics should also be considered.
Financial burdens remain, including a 503% debt ratio and four consecutive years of negative operating cash flow, making the pace at which revenue and operating profit recovery translate into balance sheet improvement a key point to watch going forward.
Since the business structure means the memory semiconductor cycle and the investment timing of major customers like Samsung Electronics directly affect results, upcoming quarterly earnings and progress on the capacity expansion warrant continued attention.
Report written 2026-09-05 · Data as of 2026-09-04
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