Device

Device Inc. was founded in 2002 and listed on KOSDAQ in 2017 as a specialist in contamination-control (cleaning) equipment for semiconductors and displays, and the company changed its corporate name from Device ENG Co., Ltd. to Device Co., Ltd. effective April 1, 2025.

Its core business consists of cleaning equipment for OLED deposition processes, optical inspection equipment, and contamination-removal equipment for semiconductor wafer front-opening unified pods (FOUP).

Its key products include fine metal mask (FMM) cleaning equipment essential for OLED panel production used in smartphone displays, and FOUP contamination-removal equipment for semiconductors.

The expansion of the IT-use OLED market and the start of Gen 8.6 equipment investment have helped its mask cleaners maintain a market share above 90 percent, contributing to improved results. The growing importance of the Hot-SPM wafer process in 3D device manufacturing is also cited as a business opportunity.

Customers include large domestic makers such as Samsung Electronics and SK Hynix, and the company has signed a semiconductor cleaning equipment supply contract with Samsung Austin Semiconductor in the United States and supplied display manufacturing equipment to Xiamen Tianma Display Technology in China, diversifying its customer base geographically.

At the March 31, 2026 annual general shareholders' meeting, the articles of incorporation were amended to add solar power facility installation to the company's business purposes.

There have also been periods when revenue and operating profit growth rates lagged those of competitors, indicating competitive pressure in the cleaning and contamination-control equipment market.

Device's consolidated revenue fell for two consecutive years, from KRW 72.74 billion in 2022 to KRW 57.15 billion in 2023 (-21.5%) and KRW 47.16 billion in 2024 (-17.4%), before rebounding 78.2% to KRW 84.08 billion in 2025.

Operating profit followed a similar pattern, declining from KRW 13.32 billion (18.3% operating margin) in 2022 to KRW 4.31 billion (7.5%) in 2023 and KRW 4.22 billion (9.0%) in 2024, before recovering sharply to KRW 17.33 billion (20.6%) in 2025.

Net profit attributable to owners was KRW 10.80 billion in 2022, KRW 7.20 billion in 2023, KRW 7.80 billion in 2024, and KRW 16.92 billion in 2025, tracing a somewhat different path from revenue and operating profit, suggesting non-operating items played varying roles each year.

The company attributed the 2024 revenue decline to reduced new investment by customers in the semiconductor and display industries.

On a quarterly basis, revenue of KRW 9.21 billion, operating profit of KRW 2.20 billion, and owners' net profit of KRW 1.03 billion in Q2 2025 jumped to revenue of KRW 39.19 billion, operating profit of KRW 13.33 billion, and owners' net profit of KRW 11.96 billion in Q3 2025, illustrating the equipment industry's characteristic revenue recognition tied to specific large-contract delivery and acceptance dates.

Revenue held up at KRW 27.04 billion in Q4 2025 but operating profit fell to KRW 2.58 billion (9.6% margin) and owners' net profit to KRW 4.23 billion, both well below the Q3 level.

Margins recovered sharply in Q1 2026, with revenue of KRW 31.09 billion, operating profit of KRW 12.28 billion (39.5% margin), and owners' net profit of KRW 11.06 billion, and Q2 2026 maintained a high margin with revenue of KRW 23.34 billion, operating profit of KRW 7.75 billion (33.2% margin), and owners' net profit of KRW 8.05 billion.

The sum of owners' net profit over the last four reported quarters (Q3 2025 through Q2 2026) reached KRW 35.30 billion, already exceeding full-year 2025 net profit, while operating cash flow turned consistently positive each year from 2023 to 2025 after being negative (-KRW 435 million) in 2022, indicating an improvement in cash conversion.

The semiconductor and display equipment industry in which Device operates is characterized by large swings in orders and revenue tied to customers' capital expenditure cycles. Indeed, the company cited reduced new investment by semiconductor and display customers as the cause of weak 2024 results.

In the display segment, the expansion of the IT-use OLED market and the start of Gen 8.6 equipment investment are driving increased demand for mask cleaners.

In the semiconductor segment, demand for higher resolution and larger substrates alongside the growing importance of the Hot-SPM process in 3D device manufacturing are notable trends.

Industry-wide, memory investment tied to AI and HBM demand has broadened order flow for domestic equipment makers, and reports noted increased orders for domestic suppliers within SK Hynix's HBM4 wafer test equipment supply chain.

Device specializes in cleaning equipment, a distinct process segment from wafer testers and other equipment categories, but it remains within the broader scope of expanding memory and non-memory investment.

Its customer base has diversified geographically beyond domestic Samsung Electronics and SK Hynix to include Samsung Austin Semiconductor in the US and Xiamen Tianma Display Technology in China, which mitigates reliance on any single customer or region.

Between December 2025 and July 2026, Device disclosed a series of single-sale/supply contracts for semiconductor cleaning equipment with Samsung Electronics and SK Hynix.

In December 2025 it signed a KRW 2.97 billion contract with Samsung Electronics, excluding VAT, for semiconductor wafer cleaning equipment, and in February 2026 it signed a KRW 10.93 billion cleaning equipment supply contract with Samsung Austin Semiconductor covering the United States.

In March 2026 it signed a KRW 3.77 billion contract with SK Hynix running from March 9 to December 25, 2026, and in April 2026 it signed a KRW 6.95 billion contract with Samsung Electronics running from April 9, 2026 to February 26, 2027.

In July 2026 the company signed an additional cleaning equipment supply contract with Samsung Electronics worth about KRW 5.1 billion.

On the display side, in September 2025 it signed a KRW 27.0 billion display manufacturing equipment supply contract with Xiamen Tianma Display Technology in China, with delivery ongoing through May 2026.

The company received a BBB+ credit rating and an A cash-flow grade from NICE Information Service (Ecredible) effective April 30, 2026.

On April 10, 2026, the board approved a bonus share issue that added 6,733,451 new common shares on May 22, bringing total shares outstanding to a planned 13,770,060, while the March 2026 annual general meeting also approved adding solar power facility installation to the company's business purposes.

However, no specific investment scale or operating schedule for the solar business has been disclosed, suggesting it remains at an early review stage, and quarterly revenue recognition may again concentrate in specific periods depending on future contract delivery and acceptance schedules.