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
ISTE posted a full-year loss in 2025 but returned to profit for two consecutive quarters from Q1 2026, as its FOUP cleaner-driven revenue base is joined by new SiCN PECVD equipment.
2025 consolidated revenue was KRW 32.2 billion, down year on year, with an operating loss of KRW 5.8 billion, turning the full year into a loss.
The company posted consecutive quarterly operating profits in Q1 2026 (KRW 0.5 billion) and Q2 2026 (KRW 2.1 billion), showing an improving trend.
Following its core FOUP cleaner business, the company's SiCN PECVD equipment—the only mass-production-ready unit domestically—has converted to sales to SK hynix, emerging as a new growth axis.
The customer base is expanding to include Samsung Electronics, SK Siltron and Amkor Technology Korea, but a significant share of revenue remains concentrated with one major customer.
The sum of net income attributable to owners over the most recent four quarters (Q3 2025-Q2 2026) still stands in net-loss territory.
Founded in 2013, ISTE is a semiconductor and display equipment specialist that listed on KOSDAQ in February 2025.
Its core product is the FOUP (Front Opening Unified Pod) cleaner, which cleans the containers used to transport semiconductor wafers; according to brokerage research, semiconductor equipment accounts for roughly 60% of revenue, other industrial equipment (OLED, LCD, automation systems) about 22%, and the energy business (hydrogen refueling station EPC, etc.) about 18%.
Key customers include SK hynix, which the company has supplied since 2016, SK Siltron, Samsung Electronics—which resumed orders in November 2025 after an initial deal in 2022—and OSAT provider Amkor Technology Korea, with the customer base also expanding overseas to France's Soitec and Belgium's imec.
A new growth driver is its SiCN-process PECVD (Plasma Enhanced Chemical Vapor Deposition) equipment, localized through a government-backed R&D project in 2021, which the company disclosed converting to its first mass-production sale to SK hynix in November 2025.
The company has also newly entered the automation equipment market (sorters, etc.), signing a supply contract in January 2026 for SK hynix's new M15X line.
Its energy division has broadened beyond hydrogen refueling station EPC into carbon-neutral facilities such as oxygen-enrichment systems, including a contract with Ssangyong C&E in August 2025. The largest shareholder and related parties are understood to hold roughly a 47.7% stake.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.4B | -₩900M | −26.8% |
| 2025Q3 | ₩5.3B | -₩1.1B | −20.4% |
| 2025Q4 | ₩13.3B | -₩4.2B | −31.4% |
| 2026Q1 | ₩6.4B | ₩500M | 8.4% |
| 2026Q2 | ₩16.8B | ₩2.1B | 12.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩27.2B | -₩700M | -₩100M | −2.6% | −2.7% | 891.8% |
| 2024 | ₩41.1B | ₩600M | ₩600M | 1.6% | 6.3% | 494.7% |
| 2025 | ₩32.2B | -₩5.8B | -₩4.5B | −18.1% | −22.0% | 198.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue for 2025 was KRW 32.2 billion, down from KRW 41.1 billion in 2024 but above KRW 27.2 billion in 2023, with an operating loss of KRW 5.8 billion and a net loss of KRW 4.5 billion, marking a swing into an annual loss.
Since 2024 had delivered an operating profit of KRW 0.6 billion (operating margin 1.6%) and net profit of KRW 0.6 billion, the 2025 downturn is largely attributed to a temporary gap in semiconductor equipment orders.
On a quarterly basis, revenue rose from KRW 3.4 billion in Q2 2025 (operating loss KRW 0.9 billion, net loss KRW 1.0 billion) to KRW 5.3 billion in Q3, yet the operating loss widened to KRW 1.1 billion.
In Q4 2025, revenue jumped to KRW 13.3 billion, but the operating loss deepened to KRW 4.2 billion and the net loss to KRW 2.9 billion, making it the quarter with the largest loss.
The company then swung to profit in Q1 2026, with revenue of KRW 6.4 billion, operating profit of KRW 0.5 billion and net profit of KRW 0.7 billion, before scaling up further in Q2 2026 to revenue of KRW 16.8 billion, operating profit of KRW 2.1 billion and net profit of KRW 1.8 billion.
Even so, net income attributable to owners summed over the most recent four quarters (Q3 2025-Q2 2026) came to KRW -1.2 billion, as the sizable Q4 2025 loss offset the profits of the first half of 2026 and kept the trailing four-quarter figure in net-loss territory.
On the cash flow side, operating cash flow turned to a net inflow of KRW 6.3 billion in 2025, a notable shift from net outflows of KRW 4.3 billion in 2024 and KRW 4.7 billion in 2023.
Shareholders' equity climbed steadily to KRW 20.5 billion in 2025 from KRW 8.9 billion in 2024 and KRW 4.8 billion in 2023, a rise widely attributed to the capital raised through the February 2025 KOSDAQ listing.
The market for back-end wafer-container cleaning and front-end thin-film deposition equipment is closely tied to investment in HBM (high bandwidth memory) and DDR5 DRAM capacity expansion.
ISTE's core FOUP cleaner market is estimated at roughly KRW 200 billion globally, and the company is understood to hold a high share with one major domestic customer.
The SiCN-process PECVD equipment market has historically been dominated by global leaders such as Applied Materials (AMAT) and Lam Research, leaving domestic chipmakers seeking to diversify their supply chains.
Against this backdrop, ISTE's localization success through a 2021 government-backed R&D project and its disclosure of a first mass-production sale to SK hynix in November 2025 stand out as a case of domestic equipment localization.
Several other domestic materials, parts and equipment companies compete in adjacent segments, with the pace of earnings recovery varying by product portfolio and degree of customer diversification.
If SK hynix and Samsung Electronics continue expanding HBM and DDR5 investment, related equipment orders could grow in tandem, though the timing and size of orders tend to swing considerably quarter to quarter based on individual contract disclosures.
The company is set to fulfil a KRW 4.4 billion automation (sorter) equipment supply contract for SK hynix's new M15X line by October 1, 2026, which will serve as a test of its product diversification beyond FOUP cleaners and PECVD.
In the PECVD business, the company has stated plans to continue selling its mass-production-qualified 'SiRiUS I' model while completing development of the next-generation 'SiRiUS II'—with improved productivity and stability—in the second half of 2026 for customer evaluation.
Kiwoom Securities, in a July 2026 report, forecast the company's 2026 revenue at KRW 61.9 billion (up 92% year on year) and operating profit at KRW 9.0 billion (turning profitable), without assigning an investment rating.
This forecast, however, is a preliminary estimate that can shift with order timing and has not yet been confirmed through official disclosure.
Recurring SK hynix orders tied to HBM and DDR5 capacity expansion have continued through 2026, and the resumption of FOUP cleaner orders from Samsung Electronics in November 2025—the first in three years—is also worth watching from a customer-diversification standpoint.
The company is reported to be planning capacity expansion through a second industrial site in Yongin, targeting development from 2027 and operation from 2028. Its energy division is likewise pursuing revenue diversification, expanding from hydrogen refueling station EPC into carbon-neutral facilities.
The company's earnings swung between losses and profits over 2023-2025, and even after two consecutive profitable quarters in the first half of 2026, the trailing four-quarter sum still sits in net-loss territory, making it premature to conclude that a clear earnings trajectory has fully taken hold.
Relative to net assets, the shares tend to trade at a notable premium, which can be read as reflecting some of the growth expectations attached to the semiconductor equipment sector.
No recent dividend payment history has been confirmed, so the dividend-yield appeal is limited, consistent with a pattern of prioritizing reinvestment and balance-sheet repair over shareholder distributions.
Shareholders' equity has grown steadily on capital raised through the 2025 KOSDAQ listing, lowering the debt ratio versus prior years, though the absolute scale of liabilities remains sizable.
How valuation is ultimately viewed will hinge considerably on how quickly new businesses such as PECVD and automation equipment actually scale up their revenue contribution.
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 2026-09-04
For two consecutive quarters, Q1 and Q2 of 2026, the company recorded operating profit and net income in the black, with Q2 sales and profit scale expanding markedly compared to Q1. Repeated equipment orders in response to SK hynix's HBM/DDR5 capacity expansion investment are underpinning this trend.
However, given the large-scale loss recorded in Q4 2025, the sustainability of the recovery needs to be confirmed through the following quarter's results.
PECVD equipment for SiCN processes has long been an area monopolized by leading overseas companies, but IST succeeded in localizing the technology in 2021 and disclosed its first mass-production sale to SK hynix in November 2025.
CEO Cho Chang-hyun assessed this as an initial entry into a market expected to exceed KRW 6 trillion by 2030. If next-generation model development and customer evaluations proceed smoothly, there is room for sales composition to diversify.
In November 2025, orders for FOUP cleaners from Samsung Electronics resumed after a three-year gap, and the customer base is expanding to OSAT companies such as Amkor Technology Korea, as well as overseas customers including France's Soitec and Belgium's imec.
This can be viewed as progress toward reducing dependence on specific customers. However, since the sales contribution is still not large, the diversification effect is likely to emerge only gradually.
In Q4 2025, despite sales increasing to KRW 13.27 billion, the operating loss widened to KRW 4.17 billion, illustrating how quarterly performance varies significantly due to the contract-based revenue recognition structure. Net income summed over the most recent four quarters also remains in loss territory. This makes it difficult to judge future earnings trends based on a single quarter alone.
A significant portion of FOUP cleaner sales is understood to be concentrated on a specific large domestic customer. If that customer's investment schedule is delayed or adjusted, sales could be directly affected.
New customer acquisition is underway, but it has not yet substantially offset dependence on the existing customer.
In 2025, equity increased due to funds inflow from the listing, lowering the debt ratio, but total liabilities themselves remained at over KRW 40 billion throughout 2023-2025 without significant reduction.
In 2023 and 2024, operating cash flow recorded net outflows, indicating a structure where investment in new businesses and funding burdens coexist.
Because equipment sales are recognized on an individual supply contract basis, there is large variation in quarterly sales and profit. As seen in Q4 2025, there are cases where losses widen even as sales increase, making it difficult to conclude that sales growth directly leads to profit improvement. Changes in a major customer's investment plans can have a direct impact on performance.
The debt ratio decreased from 494.7% in 2024 to 198.7% in 2025, but it still remains well above 100%, and total liabilities have not significantly decreased from the KRW 40 billion range.
Amid continued investment in new businesses (PECVD, automation, energy), the possibility of a recurrence of funding burden cannot be ruled out.
The PECVD equipment market has long been dominated by leading global companies such as Applied Materials and Lam Research, and successful localization does not automatically guarantee an expansion of market share.
The results of customer evaluations for the next-generation model SiRiUS II and the pace of mass-production expansion are expected to be key factors for mid- to long-term growth.
Check whether the KRW 4.4 billion automation (sorter) equipment contract for SK hynix's new M15X line is delivered on schedule.
Confirm whether the Q1-Q2 2026 profit trend continues in Q3 results and whether PECVD and automation equipment actually increase their share of revenue.
Monitor whether the next-generation PECVD model 'SiRiUS II' completes customer evaluation and begins contributing to revenue.
Check whether revenue from expanded customers such as Samsung Electronics, Soitec and imec actually materializes and whether customer diversification shows up in the revenue mix.
ISTE posted a full-year loss in 2025 before turning profitable for two consecutive quarters in the first half of 2026, an early sign of an earnings rebound, though the trailing four-quarter sum still sits in net-loss territory, meaning the durability of this recovery remains to be validated.
Its core FOUP cleaner business continues to see a steady flow of orders centered on SK hynix, and the expansion of its customer base to Samsung Electronics, OSAT providers and overseas clients is a positive development.
At the same time, the successful localization and conversion to mass-production sales of SiCN PECVD equipment is viewed as a factor that could reshape the revenue mix over the medium to long term, though this market has long been dominated by global leaders, so the pace of any share gain remains to be seen.
Financially, the debt ratio fell sharply on capital raised through the 2025 listing, but total liabilities remain sizable, and quarter-to-quarter earnings volatility tied to contract-based revenue recognition is considerable.
Key items to watch going forward include whether the profit trend continues beyond Q3, how quickly PECVD and automation equipment expand their share of revenue, and whether customer diversification shows tangible progress.
This report presents no investment opinion or target price and is intended solely for informational purposes, independent of any buy or sell judgment.
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.