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
ALT, a non-memory semiconductor back-end test specialist, is passing through an early turnaround phase marked by alternating quarterly profits and losses as its memory-controller business expands.
2025 consolidated revenue rose to KRW 48.4 billion, but the operating loss persisted
Operating profit turned positive in 4Q25 and 2Q26, while 1Q26 reverted to a loss
Memory-controller test equipment is being expanded in two phases to address AI data-center and automotive demand
A new second plant in Cheongju's Ochang Techno Valley is expanding production capacity
The CEO and executives have made open-market purchases of company shares
ALT was founded in 2003 as a specialist in non-memory semiconductor back-end testing and listed on KOSDAQ in 2023.
Its core operations are wafer test, final test, laser-based Rim-Cut dicing, and Recon, covering high-difficulty non-memory products such as display driver ICs (DDI), CMOS image sensors (CIS), power management ICs (PMIC), microcontrollers (MCU), and memory controllers (M/C).
Its subsidiary AGP packages CIS components used in CCTV and automotive applications using ceramic and PCB substrates.
The company holds a domestically unique automated single-process laser-cutting technology called Rim-Cut for trimming ultra-thin wafer edges, which is said to deliver higher yields than the conventional blade method.
ALT has recently been expanding from its CIS- and DDI-centered business into higher-spec non-memory products such as system-on-chip (SoC) and memory controllers, with the addition of memory-controller test items and expansion of SoC and high-power semiconductor products driving revenue growth in the wafer test segment.
Because DDI volumes are mostly tied to smartphone shipments, revenue tends to fluctuate with new handset launch timing, prompting the company to expand investment in memory controllers as a buffer.
ALT has also filed a patent for SiC power-semiconductor back-end dicing technology and is pursuing technology collaboration with a global customer, extending its footprint into next-generation power-semiconductor testing.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.2B | -₩2.2B | −20.0% |
| 2025Q3 | ₩12B | -₩2.8B | −23.7% |
| 2025Q4 | ₩15.1B | ₩800M | 5.5% |
| 2026Q1 | ₩13.8B | -₩900M | −6.2% |
| 2026Q2 | ₩16.4B | ₩2.1B | 13.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩44.3B | ₩8B | ₩14.8B | 18.1% | 21.5% | 165.1% |
| 2023 | ₩47.7B | ₩4.9B | ₩5.2B | 10.3% | 4.8% | 83.9% |
| 2024 | ₩36.7B | -₩12.2B | -₩9.3B | −33.3% | −9.1% | 112.7% |
| 2025 | ₩48.4B | -₩7.4B | -₩9B | −15.3% | −9.7% | 119.7% |
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 results show revenue of KRW 44.3 billion and operating profit of KRW 8.0 billion (18.1% margin) in 2022, followed by revenue of KRW 47.7 billion and a narrower operating profit of KRW 4.9 billion (10.3% margin) in 2023.
In 2024, revenue fell sharply to KRW 36.7 billion and the company swung to an operating loss of KRW 12.2 billion (-33.3% margin), with an owners' net loss of KRW 9.3 billion.
In 2025, revenue recovered to KRW 48.4 billion but the operating loss continued at KRW 7.4 billion (-15.3% margin), with an owners' net loss of KRW 9.0 billion.
On a quarterly basis, operating losses of KRW 2.2 billion in 2Q25 and KRW 2.8 billion in 3Q25 were followed by a turn to an operating profit of KRW 0.8 billion on revenue of KRW 15.1 billion in 4Q25, before reverting to a loss of KRW 0.9 billion on revenue of KRW 13.8 billion in 1Q26, and then swinging back to a profit of KRW 2.1 billion on revenue of KRW 16.4 billion in 2Q26.
Profitability has thus alternated between quarters over the past five reporting periods; over the trailing four quarters (3Q25-2Q26), cumulative revenue was roughly KRW 57.3 billion while the owners' net result remained slightly negative at about KRW -1.4 billion, indicating the turnaround has not yet fully stabilized.
Operating cash flow, however, stayed positive every year even as accounting losses persisted—KRW 15.8 billion in 2022, KRW 15.0 billion in 2023, KRW 7.2 billion in 2024, and KRW 13.0 billion in 2025—suggesting non-cash charges such as depreciation weigh heavily on the reported bottom line.
Owners' equity rose to KRW 107.1 billion in 2023 on IPO proceeds before declining to KRW 92.8 billion by 2025 as accumulated losses ate into capital.
The semiconductor back-end test industry is generally described as growing amid rising reliability requirements tied to process miniaturization and advanced packaging adoption.
The non-memory back-end test market that ALT focuses on has historically been closely linked to mobile device shipment cycles, making DDI revenue particularly sensitive to the timing of new smartphone model launches.
More recently, expanding AI data-center and automotive semiconductor demand has elevated memory-controller testing—particularly for server and eSSD controllers—as a new growth pillar.
Silicon carbide (SiC) power semiconductors, used in high-power, high-reliability environments, are also drawing greater attention for related test technology amid growing AI, electric-vehicle, and industrial power-equipment demand.
On the competitive front, domestic back-end test players include Dosun Tesna and Nepes alongside various component and equipment suppliers, and ALT positions its Rim-Cut process as a domestically unique technological strength.
However, the company's relatively small scale and high fixed-cost base mean earnings volatility tends to be larger relative to peers when revenue swings.
The company is proceeding with phased capital investment to meet expanding customer demand and test volume for memory controllers.
Equipment from the first-phase investment made in February was set up and brought online by May, while a second-phase investment of roughly KRW 13.7 billion is planned for equipment introduction and operation in the second half of the year.
The company has also stated it began mass production of server and eSSD memory-controller products from February, with related test demand expanding in earnest. A second plant under construction in Cheongju's Ochang Techno Valley is reportedly adding substantial capacity on top of existing production capability.
ALT is pursuing technology collaboration with a global customer to develop new SiC power-semiconductor products, with upgrading test technology for high-reliability, high-voltage environments as a core task.
Sell-side commentary from a report published in February 2026 cited expanding memory-controller revenue and emerging data-center exposure as grounds for an earnings recovery, though that view reflects the perspective at the time of publication and needs to be checked against each subsequent quarter's actual results.
In the DDI segment, the company aims to sustain stable revenue based on North American and domestic customer volumes, and reports indicate it has been seeking re-entry into a flagship smartphone model's test qualification after previously failing to secure that business.
Having posted net losses in both 2024 and 2025, and with owners' net income still slightly negative on a trailing four-quarter basis, the company sits in a range where earnings-based metrics such as the price-to-earnings ratio are difficult to compute.
Its price-to-book ratio trades near net asset value, without a large premium or discount relative to book value. The company currently pays no dividend, so the market's focus rests less on dividend appeal and more on whether the recent earnings turnaround can be sustained.
Given that post-listing results moved from profit to a large loss and then to partial profitability, future valuation may hinge on whether quarterly profitability persists and on how quickly the memory-controller and data-center revenue mix expands.
A KRW 20 billion convertible bond is outstanding, so potential changes to the capital structure from an early-redemption exercise or conversion into shares also warrant monitoring.
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 company began mass-producing server and eSSD memory controllers from February and is investing in equipment across two phases to meet related test demand. This represents an attempt to diversify away from a mobile DDI-centric revenue base toward data-center and automotive demand.
The operating profit turnarounds in 4Q25 and 2Q26 suggest this diversification is beginning to translate into results.
A new second plant in Cheongju's Ochang Techno Valley and a second phase of memory-controller equipment expansion are underway, increasing capacity to respond to additional customer volume requests.
In particular, the roughly KRW 13.7 billion equipment investment planned for the second half is reportedly aimed at meeting AI data-center and automotive semiconductor demand. If this investment translates into higher utilization, it could help ease the fixed-cost burden.
Regulatory filings confirmed that the CEO and several senior executives recently purchased shares of the company on the open market. The company described this as a demonstration of management's commitment to a technology-driven, long-term growth strategy.
This is a factual disclosure of management's own actions, however, and should not be read as a guarantee of future share price direction.
While operating profit turned positive in 4Q25 and 2Q26, the intervening 1Q26 reverted to a loss. Even on a trailing four-quarter basis, owners' net income remains slightly negative, meaning whether the turnaround has fully stabilized will need to be confirmed through further quarterly results.
Given the high fixed-cost nature of the business, earnings volatility tends to be pronounced relative to revenue swings.
The company's core DDI test business mostly serves smartphones, making revenue heavily dependent on the timing of new handset model launches. Reports have noted a case in 2023 in which the company failed to secure test qualification for a particular flagship model.
This illustrates the vulnerability inherent in a business structure with high dependence on specific customers and models.
New businesses such as memory controllers and SiC power semiconductors are still at an early stage, and whether their actual revenue contribution expands to the company's targeted levels will need to be validated through future quarterly results.
Because depreciation and fixed costs from equipment investment tend to precede revenue contribution, profitability pressure may persist until the investment payback period is reached.
The 2025 debt ratio of 119.7% is higher than the 83.9% recorded in 2023, and owners' equity declined from KRW 107.1 billion in 2023 to KRW 92.8 billion in 2025 as losses accumulated. With financing for equipment investment continuing, further shifts in financial soundness indicators warrant monitoring.
Demand for non-memory back-end testing tends to track smartphone shipments and the memory semiconductor cycle, meaning revenue and utilization can be swayed by shifts in the upstream industry cycle. There have been past periods when downstream weakness caused both revenue and profit to contract simultaneously.
A KRW 20 billion convertible bond is outstanding, and once the early-redemption window arrives, there is a possibility of either cash outflow from bondholder redemption or equity dilution from conversion into shares.
Additional capital-raising issues could also arise if further financing is needed for future equipment investment.
Timing of the 3Q26 quarterly report filing, when it will be possible to check whether the recent pattern of two profitable quarters out of four continues.
Whether the second-phase memory-controller equipment begins operating and contributing to revenue, and the progress of the second-plant capacity expansion, should be tracked.
The start date for the put option on the outstanding convertible bond, when it will be necessary to check whether bondholders exercise early redemption and the resulting impact on cash and capital structure.
Concrete outcomes of the SiC power-semiconductor joint technology development (such as orders won or mass-production entry) and any new customer wins should be further confirmed.
Whether the company secures test volume from a domestic customer's next flagship smartphone model in the DDI segment should be checked.
ALT is a KOSDAQ-listed semiconductor company specializing in non-memory back-end testing, recently expanding into memory controllers and SiC power semiconductors.
After a large operating loss in 2024, revenue recovered in 2025 but the annual result remained in the red, and quarterly results have oscillated—turning profitable in 4Q25 and 2Q26 but reverting to a loss in 1Q26.
Even on a trailing four-quarter basis, owners' net income remains slightly negative, meaning a full stabilization of profitability has not yet been confirmed.
The company is expanding capacity through memory-controller equipment additions and a new second plant, positioning data-center and automotive semiconductor demand as its growth pillar.
At the same time, dependence on mobile customers, earnings volatility from a high fixed-cost base, and potential capital-structure changes tied to its convertible bond remain factors to monitor.
On valuation, the stock trades near net asset value, while earnings-based metrics remain difficult to compute given the recent loss pattern. Ahead of any investment decision, tracking upcoming quarterly results and the actual progress of new-business revenue contribution appears important.
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.