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
The core EMI shielding materials business shows signs of margin improvement, but revenue base has shrunk following subsidiary divestitures and the company faces KOSDAQ market-cap listing maintenance pressure.
In 2025 consolidated revenue was KRW 31.4 billion with operating profit of KRW 1.71 billion (operating margin 5.5%), and net income attributable to owners turned positive at KRW 12.17 billion after a net loss the prior year.
Operating profit was near breakeven at about KRW 0.4 billion in Q1 2026, then improved slightly to KRW 2.3 billion in Q2 2026, showing early signs of core profitability recovery.
Consolidated revenue fell sharply to KRW 35.4 billion in 2024 from KRW 158.8 billion in 2023, reflecting the narrowed consolidation scope after divesting subsidiaries DTS and DMC.
In June 2026 the company raised roughly KRW 3.2 billion in working capital through a third-party allotment capital increase to affiliates Dasan Mobile and Dasan Ventures.
The company remains close to the KOSDAQ market-cap listing maintenance threshold (currently KRW 20 billion, rising to KRW 30 billion from January 2027), keeping administrative-issue designation risk alive.
Dasan Solueta, founded in 2003, is an EMI/EMC materials specialist producing shielding and absorbing materials for electronic products. Its main products are conductive tapes, conductive cushions, and radio wave absorbers, supplied to smartphones, tablets, laptops, TVs, automotive electronics, and secondary batteries.
In 2012 the company built a vertically integrated production system from raw materials to finished goods, the first in the industry, securing quality and delivery competitiveness.
At the end of 2020 it developed a large-area heat conductor technology called GCL and launched an automotive parts material, GLPCB, based on it, entering the automotive headlamp market.
In the past, the company also ran a filter business making MB filters for masks and an auto-parts business through subsidiaries DTS and DMC, with consolidated revenue reaching over KRW 150 billion, but it began selling stakes in these subsidiaries from the second half of 2023 and stopped consolidating them from the first half of 2024.
As a result, the company has been reorganized around its core electromagnetic shielding materials business. At its March annual general meeting, the company added automotive electronic parts manufacturing/subcontracting and solar power generation to its business purposes, seeking diversification.
Its affiliate group includes Dasan Networks, Dasan Mobile, and Dasan Ventures, and transactions with these affiliates continue to influence the company's structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.6B | ₩800M | 9.0% |
| 2025Q3 | ₩8.7B | ₩400M | 5.0% |
| 2025Q4 | ₩6.2B | -₩1B | −15.8% |
| 2026Q1 | ₩6.3B | ₩3,798,600 | 0.1% |
| 2026Q2 | ₩7B | ₩200M | 3.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩157.9B | ₩5.7B | ₩4B | 3.6% | 13.1% | 277.2% |
| 2023 | ₩158.8B | -₩100M | ₩25B | −0.1% | 41.9% | 160.2% |
| 2024 | ₩35.4B | ₩2B | -₩19.9B | 5.6% | −50.9% | 113.9% |
| 2025 | ₩31.4B | ₩1.7B | ₩12.2B | 5.5% | 23.1% | 56.5% |
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
In 2025, consolidated revenue was KRW 31.4 billion and operating profit was KRW 1.71 billion (operating margin 5.5%), maintaining a similar margin to 2024 (revenue KRW 35.4 billion, operating profit KRW 2.0 billion, margin 5.6%).
However, net income diverged sharply from operating results: in 2024 the company posted an operating profit yet recorded a net loss attributable to owners of KRW 19.86 billion, while in 2023 it posted an operating loss of KRW 0.15 billion yet a net profit attributable to owners of KRW 24.99 billion, showing that non-operating factors have heavily driven bottom-line results.
In 2025, net income attributable to owners turned positive at KRW 12.17 billion, but on a quarterly basis, large profits were booked in Q2 2025 (KRW 11.42 billion) and Q3 2025 (KRW 7.47 billion), while Q4 2025 saw a net loss of KRW 9.18 billion that reversed much of the earlier gains.
In 2026, net income scale narrowed considerably, stabilizing at KRW 0.66 billion in Q1 and KRW 0.88 billion in Q2.
On the operating side, after an operating loss of KRW 0.97 billion in Q4 2025, the company posted a near-breakeven result in Q1 2026 (KRW 0.004 billion) and an operating profit of KRW 0.23 billion in Q2 2026, indicating a gradual recovery.
Revenue contracted from around KRW 8.6-8.7 billion per quarter in Q2-Q3 2025 to KRW 6.2 billion in Q4 2025 and KRW 6.3-7.0 billion in the first half of 2026, before showing a mild rebound.
Summed net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) remains in modest net-loss territory, illustrating both large annual swings and quarter-to-quarter stabilization.
The EMI shielding materials industry has steady structural demand tied to the slimming and increasing specification of IT devices such as smartphones, tablets, and laptops, but the sector is also seeing slower growth in front-end IT device markets alongside intensifying competition.
Industry players are diversifying beyond smartphone-centric IT revenue toward automotive electronics and secondary batteries, and Dasan Solueta has likewise expanded its portfolio into automotive display and headlamp materials such as GLPCB.
Recent reporting attributed weak standalone Q1 2026 results in part to a slowdown in the smartphone/electronics device cycle and intensifying competition in the EMI shielding materials market.
The automotive electronics segment carries potential for growing EMI shielding and thermal management demand as vehicles become more electrified and autonomous, and the company has built a track record including supply to North American automakers.
However, since the company's consolidated revenue base shrank sharply after divesting subsidiaries DTS and DMC starting in 2023, it is now competing in the industry with a considerably smaller scale of operations than before.
At its March 2026 annual general meeting, the company added automotive electronic parts manufacturing/subcontracting and solar power generation to its business purposes, signaling an effort to extend its existing materials and processing technology into new application areas.
In June, it raised working capital of about KRW 3.2 billion through a third-party allotment capital increase (issue price KRW 873) to affiliates Dasan Mobile and Dasan Ventures, with the new shares listed on June 29, 2026 subject to a one-year lock-up.
A company representative has stated that multiple options including new businesses, a reverse stock split (par-value consolidation), and capital increases are under consideration, though none has been finalized.
Affiliate Dasan Ventures reportedly purchased about 730,000 shares of Dasan Solueta (worth roughly KRW 0.8 billion) on the open market over about six months from November 2025 to April 2026, continuing a pattern of affiliate share accumulation framed as responsible-management and stake-securing activity.
Whether the operating profit trend—breakeven in Q1 2026 and a modest profit in Q2 2026—continues into the second half is a key point to watch for core business recovery.
Affiliate Dasan Networks has separately pursued Ukraine power grid and telecommunications network reconstruction-related business, but this should be understood as a separate affiliate matter distinct from Dasan Solueta's own operations.
The stock trades at a level below net asset value, placing its price-to-book ratio under 1x. Given that net income has swung sharply between large profits and losses across recent years, conventional earnings-multiple metrics warrant careful interpretation.
No recent dividend payment history has been confirmed, limiting the usefulness of yield-based comparisons. The company's market capitalization has fluctuated near the KOSDAQ listing maintenance threshold, which provides useful context for interpreting valuation metrics.
The 2025 operating margin (5.5%) held roughly steady versus 2024 (5.6%), though on a quarterly basis operating profit narrowed to near breakeven, making the pace of margin recovery a point to watch.
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
After an operating loss of KRW 0.97 billion in Q4 2025, the company posted a near-breakeven result in Q1 2026 and an operating profit of KRW 0.23 billion in Q2 2026, showing improving core profitability. Revenue also expanded modestly from KRW 6.3 billion in Q1 2026 to KRW 7.0 billion in Q2 2026. Whether this improvement continues into the second half is a key point to monitor.
Affiliate Dasan Ventures purchased about 730,000 shares (roughly KRW 0.8 billion) on the open market between November 2025 and April 2026. In June, a third-party allotment capital increase involving Dasan Mobile and Dasan Ventures raised about KRW 3.2 billion in working capital.
Market observers have interpreted these moves as reflecting the controlling shareholder group's responsible-management stance and support for listing maintenance.
At its March 2026 annual general meeting, the company added automotive electronic parts manufacturing/subcontracting and solar power generation to its business purposes.
This is interpreted as a strategy to diversify revenue sources by extending the application scope of existing materials and processing technology rather than entering an entirely new field. Expanding revenue sources into automotive electronics and solar could reduce reliance on smartphone-centric IT revenue over time.
Consolidated revenue, which reached KRW 158.8 billion in 2023, plunged to KRW 35.4 billion in 2024 following the divestiture of subsidiaries DTS and DMC, and remained around KRW 31.4 billion in 2025.
This reflects a narrowed consolidation scope rather than organic business growth, and market concerns about future growth capacity persist.
In 2024 the company posted an operating profit of KRW 2.0 billion yet a net loss attributable to owners of KRW 19.86 billion, and in 2023 it posted an operating loss yet net income of KRW 24.99 billion, showing net income frequently diverging from operating results.
In 2025 as well, large net gains in Q2 and Q3 were substantially offset by a Q4 net loss of KRW 9.18 billion. This volatility reduces the predictability of reported results.
The KOSDAQ listing maintenance market-cap threshold currently stands at KRW 20 billion and is scheduled to rise to KRW 30 billion from January 1, 2027. Reports have noted that shrinking earnings combined with weak share price performance have created ongoing pressure around this threshold.
If the shortfall persists for a certain period, it could lead to administrative-issue designation and delisting procedures.
Reports have indicated the company's market capitalization has fluctuated near the KOSDAQ listing maintenance threshold, which is set to rise to KRW 30 billion from 2027.
If the shortfall persists for 30 consecutive trading days, the stock can be designated an administrative issue, and failure to recover within an improvement period could lead to delisting procedures. The company has stated it is reviewing measures such as a reverse stock split, but nothing has been finalized.
Over recent years, operating results and net income have frequently diverged, with large profit-loss reversals recurring on both an annual and quarterly basis. This makes future earnings trends difficult to predict, and observers need to examine both operating profit and net income figures together.
A KRW 25 billion convertible bond issued in 2024 saw about KRW 20 billion redeemed via put-option exercises triggered by share price declines, and the company reportedly divested subsidiary stakes in response.
Recently, third-party allotment capital increases to affiliates and on-market share purchases by affiliates have continued, warranting ongoing monitoring of intra-group funding and equity transaction structures.
The Q3 2026 earnings release will show whether the operating profit recovery trend (breakeven in Q1, profit in Q2) continues.
This is when the KOSDAQ listing maintenance market-cap threshold rises to KRW 30 billion, making it necessary to continue monitoring whether market capitalization meets the requirement beforehand.
It is necessary to check future disclosures for whether the reverse stock split or new business plans the company has said it is reviewing are actually finalized through board or shareholder meeting resolutions.
This marks the end of the one-year lock-up on the roughly 3.665 million new shares issued in the June 2026 third-party allotment capital increase, warranting a check on potential share supply pressure after the lock-up expires.
This is when the audit report and business report for fiscal year 2026 are due, requiring a check on capital impairment status and whether annual net income remains positive.
Dasan Solueta is a KOSDAQ-listed company focused on EMI shielding and absorbing materials, whose consolidated revenue base has shrunk considerably since 2023 following the divestiture of key subsidiaries DTS and DMC.
The 2025 consolidated operating margin held at 5.5%, similar to the prior year, and net income attributable to owners turned positive at KRW 12.17 billion, though over recent years net income has frequently diverged from operating results with large annual profit-loss reversals.
In the first half of 2026, operating profit showed a modest recovery near breakeven, and net income scale became relatively more stable.
Meanwhile, share purchases by controlling shareholder affiliates and funding support via a third-party allotment capital increase have continued, alongside efforts to diversify into automotive electronics and solar power.
At the same time, reports have noted the company's market capitalization fluctuating near the KOSDAQ listing maintenance threshold, making listing-related developments worth continued observation ahead of the 2027 threshold increase.
Observers will want to watch both the sustainability of core margin recovery and the concretization of listing maintenance measures.
Report written 2026-09-05 · Data as of 2026-09-04
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