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
Nano Co., Ltd. holds what is described as the world's only full-chain SCR DeNOx catalyst technology and returned to operating profit in 2025, but quarter-to-quarter earnings swings and a history of financial instability remain part of the picture.
2025 revenue reached KRW 85.68 billion with operating profit of KRW 5.53 billion (6.5% margin), turning positive from operating losses in 2022-2023
Revenue swings sharply by quarter, ranging from roughly KRW 11 billion to KRW 34 billion, reflecting a project-driven sales structure
2024 net income attributable to owners of KRW 30.41 billion far exceeded that year's operating profit of KRW 1.66 billion, suggesting a significant non-operating impact
A May 2024 third-party rights offering changed the largest shareholder to A Plus Asset Advisors and affiliates, holding a 41.12% stake
The 2025 debt ratio fell to 136.3%, sharply down from the extreme levels of 11,212.8% in 2023 and 5,421.6% in 2022
Nano Co., Ltd. was founded in 1999 as an air-purification specialist, with its core business being SCR (Selective Catalytic Reduction) DeNOx catalysts that reduce nitrogen oxides generated during combustion.
The company is described as the world's only SCR DeNOx catalyst firm capable of handling the entire chain in-house, from manufacturing the TiO2 raw material to catalyst design, performance evaluation, and regeneration of used catalysts.
Revenue is composed of SCR DeNOx catalysts at 41.14%, automotive parts at 37.78%, and TiO2 at 21.08%. The automotive parts business applies materials and processing know-how accumulated from catalyst manufacturing to supply automakers and parts suppliers, forming a second major pillar alongside the catalyst business.
TiO2 serves both as a raw material for the company's own catalyst production and as a separately sold product.
The company achieved domestic localization of SCR DeNOx catalyst technology in the early 2000s, replacing imported products, and in 2021 obtained an environmental specialty construction license, expanding into DeNOx equipment installation.
Building on this, the company is pursuing supply of DeNOx catalysts for backup generators at North American data centers, broadening its customer base beyond traditional power-generation and shipbuilding demand.
In May 2024, a third-party rights offering changed the largest shareholder to A Plus Asset Advisors and affiliates, who hold a 41.12% stake.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩15.8B | ₩14,611,905 | 0.1% |
| 2025Q3 | ₩34.5B | ₩5.5B | 16.0% |
| 2025Q4 | ₩21.8B | ₩300M | 1.2% |
| 2026Q1 | ₩11B | -₩900M | −8.1% |
| 2026Q2 | ₩26B | ₩600M | 2.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩66.8B | -₩3.5B | -₩13B | −5.3% | −2074.5% | 5421.6% |
| 2023 | ₩88.1B | ₩1.6B | -₩5.3B | 1.8% | −1009.6% | 11212.8% |
| 2024 | ₩88.6B | ₩1.7B | ₩30.4B | 1.9% | 97.2% | 181.1% |
| 2025 | ₩85.7B | ₩5.5B | ₩7B | 6.5% | 16.5% | 136.3% |
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
Nano's 2025 consolidated revenue reached KRW 85.68 billion with operating profit of KRW 5.53 billion (6.5% margin), a marked improvement from an operating loss of KRW 3.55 billion in 2022 and a thin 1.8% margin in 2023.
Net income attributable to owners was KRW 7.03 billion in 2025, turning positive from a KRW 5.30 billion net loss in 2023.
However, 2024 net income attributable to owners of KRW 30.41 billion far exceeded that year's operating profit of KRW 1.66 billion (1.9% margin), a gap interpreted as reflecting sizeable non-operating items.
By quarter, revenue surged to KRW 34.47 billion in the third quarter of 2025, with operating profit of KRW 5.52 billion, generating a large share of the annual result in that single quarter.
In contrast, fourth-quarter 2025 revenue was KRW 21.78 billion with operating profit shrinking to KRW 0.26 billion, while net income attributable to owners swung to a loss of KRW 3.26 billion, again showing a gap between operating and net results.
The first quarter of 2026 remained weak with revenue of KRW 11.04 billion, an operating loss of KRW 0.89 billion, and a net loss of KRW 1.01 billion, before the second quarter of 2026 recovered to KRW 25.95 billion in revenue with operating profit of KRW 0.58 billion and net income attributable to owners of KRW 0.51 billion.
This pattern indicates that revenue tends to concentrate around large project deliveries or contracts in specific quarters, implying substantial quarter-to-quarter volatility.
Debt ratios of 5,421.6% in 2022 and 11,212.8% in 2023 reflected a near-capital-impairment financial structure, which improved markedly to 136.3% in 2025 following the 2024 rights offering and profit recovery.
The SCR DeNOx catalyst industry is underpinned by demand for environmental equipment to control nitrogen oxide emissions from power plants, ships, industrial boilers, and backup generators.
As countries tighten air-pollution emission regulations, the related catalyst and equipment market is understood to be on a structurally expanding trend.
In particular, the recent growth of data centers for AI computing has created new demand for NOx-reduction equipment on the backup generators that support them, adding a new growth axis alongside traditional power-generation and shipbuilding demand.
Nano differentiates itself by holding technology spanning the TiO2 raw material through catalyst design, evaluation, and regeneration, allowing it to offer a domestically developed solution without relying on overseas catalyst makers.
As a small-cap KOSDAQ company, however, it faces limits in capital strength and production scale relative to larger chemical and environmental-equipment companies, which can constrain its competitiveness in bidding for large projects.
Demand from the shipbuilding and power-generation sectors tends to be linked to the global economic cycle and new-order cycles, meaning revenue can fluctuate with industry conditions.
Building on the environmental specialty construction license obtained in 2021, the company is expanding beyond catalyst sales into DeNOx equipment installation.
It is reportedly pursuing supply of DeNOx catalysts for backup generators at North American data centers, an area that could become a new growth driver beyond the existing power-generation- and shipbuilding-centered revenue base.
In 2025, increased demand in the domestic and overseas shipbuilding and power-generation sectors appears to have contributed to revenue growth, and whether this continues into 2026 and beyond is a key point to watch.
Given that first-quarter 2026 results were weak again before recovering in the second quarter, further swings in revenue and profit tied to quarterly order and delivery schedules cannot be ruled out.
It is not confirmed whether the company has publicly issued specific quantitative revenue or profit guidance, so investors will need to track quarterly disclosures and order-related filings.
How the 2024 capital-structure improvements (the rights offering and change of largest shareholder) play out for continued listing status and financial stability is also something that should keep being verified through future audit reports.
Nano's price-to-earnings and price-to-book multiples sit in a range that warrants careful interpretation given the extreme profit volatility of recent years.
Having moved from operating losses and a near-capital-impairment financial structure in 2022-2023 to profitability in 2024-2025, the valuation the market assigns may reflect a significant judgment about the sustainability of that profit recovery.
The current share price appears to trade at a premium to the most recently confirmed consolidated book equity, which could be interpreted as partly reflecting expectations of earnings recovery.
No dividend has been paid based on the most recent fiscal year, so rather than dividend appeal, the continuation of earnings improvement functions as the key variable in valuation assessment.
Given the project-driven revenue structure with large quarter-to-quarter swings, it is worth examining trends across multiple quarters rather than drawing conclusions about valuation levels from any single strong quarter.
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 2025 operating margin improved to 6.5%, moving on from the 2022 operating loss and the thin 1.8% margin of 2023. Net income attributable to owners also turned from a 2023 net loss to profit in 2025.
Second-quarter 2026 results also stayed in the black with revenue of KRW 25.95 billion and operating profit of KRW 0.58 billion, indicating the recovery may not be a one-off.
Nano is described as the world's only SCR DeNOx catalyst company handling the entire chain in-house, from TiO2 raw material to catalyst design, evaluation, and regeneration. It has a track record of successfully localizing the technology in the early 2000s, replacing imported products. This technical completeness can serve as a competitive edge by reducing reliance on overseas catalyst makers.
The 2021 environmental specialty construction license expanded the business into equipment installation, and the company is pursuing supply of DeNOx catalysts for North American data center generators.
In 2025, increased demand in domestic and overseas shipbuilding and power-generation appears to have contributed to revenue growth. This can be read as a strategy to secure both traditional power-generation and shipbuilding demand alongside the new data-center backup-generator market.
Debt ratios reached 5,421.6% in 2022 and 11,212.8% in 2023, reflecting a financial structure close to capital impairment. Reports from April 2025 also indicated a listing-eligibility-related decision was scheduled following the end of an improvement period.
While the capital structure has improved in 2024-2025, this history is a background factor to weigh when assessing the company's creditworthiness.
Quarterly revenue has swung more than threefold, from roughly KRW 11 billion in the first quarter of 2026 to roughly KRW 34 billion in the third quarter of 2025. Operating profit has also alternated between losses and gains by quarter.
Because revenue tends to concentrate around project delivery schedules, it is difficult to judge trends from a single quarter's results.
In both 2024 and the fourth quarter of 2025, the gap between operating profit and net income attributable to owners was large, making it difficult to explain net income trends solely from core business profitability.
As a KOSDAQ small-cap with a market capitalization of around KRW 0.1 trillion, trading liquidity and brokerage coverage may be limited. These characteristics can heighten information asymmetry and price volatility.
The company experienced extreme debt ratios and a near-capital-impairment financial structure in 2022-2023, and reports from April 2025 indicated a listing-eligibility-related decision was scheduled following the end of an improvement period.
While the capital structure has since improved, ongoing verification through future audit reports and disclosures is needed to confirm financial stability is sustained.
The company has a project-based business structure where revenue and operating profit fluctuate significantly by quarter. When results concentrate around a large delivery or contract in one quarter, relatively weaker results can follow in the next. This reduces the predictability of near-term earnings forecasts.
As a KOSDAQ small-cap with a market capitalization of roughly KRW 0.1 trillion, trading liquidity and information accessibility may be more limited than for larger stocks. Given its small-cap nature, price swings driven by supply-and-demand shifts can be relatively large. The possibility of limited regular brokerage coverage should also be considered.
Check the third-quarter 2026 earnings disclosure to see whether the second quarter's return to profit continues and whether revenue volatility eases.
Watch for disclosures on contracts or orders related to DeNOx catalyst supply for North American data center generators, and whether new orders continue in the domestic and overseas shipbuilding and power-generation sectors.
Review the 2026 annual business report and the external auditor's opinion to check whether the improved financial structure persists, the audit opinion status, and any follow-up listing-eligibility issues.
Observe whether fourth-quarter margins again contract sharply, as occurred in the fourth quarter of 2025, following the seasonally concentrated third quarter.
Nano Co., Ltd. is a small-cap KOSDAQ chemical company that occupies a distinctive position in the air-pollution-control equipment market, based on proprietary technology spanning the raw material, catalyst, evaluation, and regeneration steps of SCR DeNOx catalysts.
It posted a 6.5% operating margin and KRW 7.03 billion in net income attributable to owners in 2025, moving out of the loss phase of 2022-2023, and its debt ratio fell sharply from 11,212.8% in 2023 to 136.3% in 2025 following the 2024 rights offering and change of largest shareholder.
However, a project-based revenue structure is evident by quarter, with revenue swinging from roughly KRW 11 billion to KRW 34 billion, and a recurring gap between operating profit and net income attributable to owners means non-operating effects need to be examined alongside core results.
The company's history of extreme financial instability and a listing-eligibility review is background that should be weighed when assessing it.
Efforts to expand into new demand areas, such as pursuing DeNOx catalyst supply for North American data center generators, could become part of a longer-term growth story, though specific contract sizes or guidance have not been publicly confirmed.
Investors will want to track upcoming quarterly results, audit reports, and order-related disclosures to gauge whether the profit improvement proves durable.
Report written 2026-09-12 · Data as of 2026-09-11
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