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
Naturalendo Tech has continued to grow revenue through its Baeksuo health food and NEEDLY cosmetics businesses while steadily narrowing operating losses, but as of the second quarter of 2026 it has not yet achieved a full turn to sustained profitability.
Annual revenue rose from KRW 13.95 billion in 2022 to KRW 22.26 billion in 2025, while the operating margin improved from -60.5% to -14.8% over the same period.
Net income attributable to owners briefly turned positive at roughly KRW 100 million in the first quarter of 2026, but reverted to a net loss of about KRW 312 million in the second quarter.
As of the first quarter of 2026, cosmetics accounted for 50.9% of revenue and Baeksuo-related products 36.8%, with cosmetics emerging as the primary revenue source.
The NEEDLY brand and microneedle patch products are expanding overseas distribution, including a confirmed listing at Costco Canada in April 2026.
Recent media reports have raised a governance concern regarding the absence of any outside directors on the board.
Naturalendo Tech is a healthcare and beauty company built on natural-ingredient research and development, supplying both health functional foods and cosmeceutical products.
It operates the health food brand NEEDIN and the cosmetics brand NEEDLY, while its subsidiary Endoderma manufactures hyaluronic-acid-based microneedle patches.
As of the first quarter of 2026, cosmetics was the largest segment at KRW 2.902 billion, or 50.9% of revenue, followed by Baeksuo complex-extract products at KRW 2.095 billion, or 36.8%, which are sold mainly to overseas buyers in Canada, the United States, and Southeast Asia.
Food products contributed KRW 156 million (2.7%), and other items including OEM and rental income added KRW 549 million (9.6%).
NEEDLY's key products include toner pads, cleansing enzyme powder, and Cicachid ampoules, and the brand is pursuing offline exports to the United States, Singapore, Thailand, Malaysia, Ukraine, Russia, Czech Republic, Poland, the United Kingdom, and Canada.
The microneedle patch business is expanding into North America, Europe (Germany, Switzerland, France), Australia, Russia, Japan, and Vietnam.
On the technology side, the company holds numerous women's health-related healthcare patents and has filed or registered microneedle-related patents in roughly 30 countries, forming a competitive barrier.
It competes against larger health-food ingredient makers and cosmetics ODM/ingredient suppliers, differentiating itself through the proprietary approval history of its Baeksuo complex extract.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.1B | -₩1.1B | −20.8% |
| 2025Q3 | ₩5.8B | -₩700M | −11.9% |
| 2025Q4 | ₩5.2B | -₩800M | −16.0% |
| 2026Q1 | ₩5.7B | -₩70,159,178 | −1.2% |
| 2026Q2 | ₩6.2B | -₩200M | −3.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩14B | -₩8.4B | -₩10.7B | −60.5% | −29.2% | 8.8% |
| 2023 | ₩18.8B | -₩4.1B | -₩5.6B | −21.7% | −18.2% | 20.2% |
| 2024 | ₩22.3B | -₩3.8B | -₩3.9B | −16.9% | −14.3% | 24.1% |
| 2025 | ₩22.2B | -₩3.3B | -₩3.2B | −14.8% | −13.4% | 54.1% |
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
Annual revenue rose steadily from KRW 13.95 billion in 2022 to KRW 18.79 billion in 2023 and KRW 22.26 billion in 2024, then held roughly flat at KRW 22.23 billion in 2025.
Over the same period, the operating loss narrowed continuously: -KRW 8.44 billion (2022, operating margin -60.5%), -KRW 4.08 billion (2023, -21.7%), -KRW 3.77 billion (2024, -16.9%), and -KRW 3.29 billion (2025, -14.8%).
The net loss attributable to owners also shrank sharply, from -KRW 10.69 billion in 2022 to -KRW 3.22 billion in 2025. However, operating cash flow actually worsened, from -KRW 2.14 billion in 2024 to -KRW 5.66 billion in 2025, showing a gap between income-statement improvement and cash generation.
On a quarterly basis, revenue generally trended upward, from KRW 5.05 billion in the second quarter of 2025 to KRW 5.75 billion in the third quarter, KRW 5.18 billion in the fourth quarter, KRW 5.70 billion in the first quarter of 2026, and KRW 6.15 billion in the second quarter of 2026.
The operating loss narrowed sharply from -KRW 1.05 billion in the second quarter of 2025 to just -KRW 70 million in the first quarter of 2026, before widening again to -KRW 194 million in the second quarter.
Notably, in the first quarter of 2026, despite the operating loss nearing breakeven, net income attributable to owners turned positive at about KRW 108 million, likely reflecting non-operating items, before reverting to a net loss of about KRW 312 million in the second quarter.
Over the trailing four quarters (third quarter of 2025 through second quarter of 2026), the cumulative net loss attributable to owners was about -KRW 1.63 billion, indicating the annual loss scale has moved into a narrower range than in prior years.
The health functional food and cosmeceutical industry in which Naturalendo Tech operates is exposed both to domestic home-shopping and e-commerce channels and to overseas demand for K-beauty and K-health products.
The company was selected as a K-Export Star 500 company in March 2026, and in April of the same year its NEEDLY Daily Toner Pad was listed at Costco Canada, illustrating progress in securing overseas retail channels.
Microneedle-based transdermal drug delivery system (TDDS) technology has potential applications beyond cosmetics into functional ingredient delivery, an area where the company competes with multiple domestic and overseas microneedle players.
Baeksuo complex-extract products occupy a niche built on specific regulatory approvals, including FDA New Dietary Ingredient status and Canadian Natural Product Number certification, but the company still competes against larger ingredient and finished-product makers across the broader health-food market.
Media coverage has described the company exploring new growth areas such as genetic-analysis-based anti-aging solutions and AI-driven personalized wellness. Across the industry, export diversification and strengthened raw-material traceability are cited as key competitive factors.
Following its selection as a K-Export Star 500 company in March 2026, the company confirmed in April that its NEEDLY Daily Toner Pad was listed at Costco Canada, and it has disclosed that NEEDLY offline exports are proceeding to the United States, Singapore, Thailand, Malaysia, Ukraine, Russia, Czech Republic, Poland, the United Kingdom, and Canada, while microneedle patch exports are being expanded toward North America, Europe, Australia, Russia, Japan, and Vietnam.
Such channel expansion could serve as a key driver of revenue growth, though entering new markets typically carries added marketing and certification costs.
The company has also mentioned genetic-analysis-based anti-aging solutions and AI-driven personalized wellness as future growth areas, though specific timing or scale of revenue contribution has not been disclosed.
While quarterly revenue growth has continued and operating losses have narrowed in some periods, volatility remains, as seen in the second quarter of 2026 when net income reverted to a loss, making it necessary to watch upcoming quarterly results for signs of profit stabilization.
Given media reports pointing to the absence of outside directors, any future changes to board composition also warrant monitoring.
The current share price appears to trade at a level that reflects a clear premium relative to the company's net asset value per share. This can be read as partly reflecting the multi-year trend of narrowing losses and expectations tied to the overseas channel expansion of the cosmetics and microneedle businesses.
That said, the company has posted consecutive operating and net losses in recent years, and the brief return to net profit in the first quarter of 2026 reversed into a net loss again in the second quarter, so volatility remains in the stability of its earnings.
Dividends have not been paid recently, making the dividend-related appeal limited, and valuation is likely to hinge on whether the recent earnings improvement proves durable.
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
The NEEDLY brand and microneedle patches are expanding export markets into the United States, Canada, Europe, and Southeast Asia, with a confirmed Costco Canada listing in April 2026. The company has also continued to participate in government support programs such as the K-Export Star 500 selection. This channel diversification could support the sustainability of revenue growth.
From 2022 to 2025, the operating margin steadily improved from -60.5% to -14.8%, and the net loss attributable to owners also shrank substantially. In the first quarter of 2026, the operating loss came close to breakeven.
This can be interpreted as a signal of structural improvement as fixed-cost burden eases alongside revenue growth.
The company holds numerous women's health-related healthcare patents and has filed or registered microneedle-related patents in roughly 30 countries.
Its Baeksuo complex extract carries distinct regulatory approvals, including FDA New Dietary Ingredient status and Canadian Natural Product Number certification, giving it ingredient differentiation. This intellectual property and approval history could serve as a barrier to entry for later competitors.
While the operating loss has narrowed over multiple years, the company had still not reached full operating profitability as of the second quarter of 2026. The return to net profit in the first quarter of 2026 reversed into a net loss again in the second quarter, showing continued quarter-to-quarter volatility. It is still premature to conclude that a stable profit structure has taken hold.
Operating cash flow actually worsened from -KRW 2.14 billion in 2024 to -KRW 5.66 billion in 2025. Unlike the narrowing income-statement loss, actual cash outflow expanded, suggesting a possible increase in working-capital burden from inventory or receivables. Continued cash consumption could raise the need for future financing.
According to a July 2026 report, the board of directors had no outside directors, raising concerns about the adequacy of independent oversight during a period of business restructuring.
As the business structure shifts toward a cosmetics-centered model, this governance gap could affect the transparency of major decisions.
Consecutive operating and net losses, along with the widened operating cash outflow in 2025, could lead to financing pressure. If earnings improvement depends on one-off factors, the possibility of renewed deterioration in coming quarters cannot be ruled out.
Recent media reports pointing to the absence of outside directors raise concerns about the board's capacity for independent oversight. This could be a factor affecting the credibility of major decisions during the ongoing business restructuring.
Plant-based raw materials such as Baeksuo, Hansokdan, and Angelica are subject to price volatility depending on crop conditions.
Given the significant share of overseas exports, changes in individual countries' health-food and cosmetics approval requirements or trade regulations are also variables that could affect the business.
The third-quarter report filing should be checked to see whether the revenue growth trend and operating loss trajectory continued into the third quarter of 2026.
The 2026 annual business report should reveal changes in the revenue mix across cosmetics, Baeksuo, and other segments, as well as progress on new export-country entries for microneedle patches.
It will be worth checking whether the board adds any outside directors or takes other governance improvement measures.
Sales performance of NEEDLY products at new retail channels such as Costco Canada, and any further distribution expansion, warrant ongoing monitoring.
Naturalendo Tech showed a pattern of simultaneous revenue growth and narrowing operating losses from 2022 through 2025, and revenue growth continued into the first half of 2026.
However, full earnings stabilization has not yet been achieved, as illustrated by the reversal from a brief net profit in the first quarter of 2026 back to a net loss in the second quarter.
The worsening of operating cash flow in 2025 and the governance issue of an all-insider board are points that deserve balanced consideration.
On the other hand, the expansion of NEEDLY and microneedle patch distribution overseas, the K-Export Star 500 selection, and the Costco Canada listing are confirmed facts supporting growth momentum.
The share price trades at a level reflecting a premium to net asset value, making the durability of future earnings improvement the key point to watch. Investment decisions should be made by readers themselves after weighing these bullish and bearish factors in combination.
Report written 2026-09-05 · Data as of 2026-09-04
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