PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
ATEC Mobility, a transit-card and mobility solutions provider, has seen its consolidated revenue base shrink sharply after divesting logistics-automation subsidiaries, and is now seeking a profitability recovery centered on its core business in recent quarters.
Consolidated revenue grew to KRW 201.0bn in 2023 but shrank for two straight years to KRW 104.2bn in 2024 and KRW 64.3bn in 2025 after the loss of control over logistics-automation subsidiaries.
The 2025 operating margin improved to 9.6% despite the revenue decline, suggesting the core business retained a relatively stable profit structure.
After swinging to an operating loss in Q4 2025, the company posted small operating profits in both Q1 and Q2 2026, but cumulative net income attributable to owners over the latest four quarters (Q3 2025-Q2 2026) remains negative.
The debt-to-equity ratio fell markedly from 79.2% in 2023 to 37.1% in 2025, indicating a more stable balance sheet.
In 2026 the company won new public-sector projects in succession, including an Incheon bus terminal supply contract and a Suin-Bundang Line station automation equipment upgrade contract.
ATEC Mobility was established in 2015 through a spin-off of the transit-card solutions division of ATEC, and changed its name from ATEC T&C to the current name in 2023.
Its core business is mobility solutions, manufacturing transit-card sale and charging terminals and bus driver terminals, with capabilities spanning hardware manufacturing, software development, and maintenance services.
The company has a history of being selected as the integrated maintenance provider for all bus, taxi, and charging terminals installed by T-money nationwide, giving it a foothold in the transit payment infrastructure maintenance market.
Its main customers are local governments and public agencies, and it has participated in large projects such as Seoul's bus terminal replacement program, which has previously driven earnings improvement.
Between 2022 and 2023 the company consolidated logistics-automation affiliates such as Alpha Engineering and Taeyang R&P, and for a period the logistics-automation segment accounted for a meaningful share of consolidated revenue.
However, in June 2024 the company lost control over the two subsidiaries through a share transfer, removing that segment from consolidated results, and the business structure has since been realigned around mobility (transit cards and bus terminals) and financial automation (ATM and kiosk equipment).
Competition centers on a market where order flow is dominated by public-sector agencies, and track record and reference projects are key to winning contracts.
In 2026 the company secured new project lines in succession, including an Incheon bus terminal supply contract in June and a Suin-Bundang Line station automation equipment upgrade contract in March.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩23.1B | ₩4.4B | 18.9% |
| 2025Q4 | ₩18.1B | -₩35,319,562 | −0.2% |
| 2026Q1 | ₩12B | ₩69,849,163 | 0.6% |
| 2026Q2 | ₩11.4B | ₩500M | 4.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩150.5B | ₩6.5B | ₩4.3B | 4.3% | 7.9% | 67.9% |
| 2023 | ₩201B | ₩15.4B | ₩6.4B | 7.6% | 10.5% | 79.2% |
| 2024 | ₩104.2B | ₩7.9B | ₩10.8B | 7.6% | 15.6% | 49.8% |
| 2025 | ₩64.3B | ₩6.2B | ₩700M | 9.6% | 1.0% | 37.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue rose from KRW 150.5bn in 2022 to KRW 201.0bn in 2023, but then fell sharply for two consecutive years to KRW 104.2bn in 2024 and KRW 64.3bn in 2025. This decline stems mainly from the loss of control over logistics-automation subsidiaries described above, which shrank the scope of consolidation.
Operating profit rose to KRW 15.4bn in 2023 from KRW 6.5bn in 2022, then declined to KRW 7.9bn in 2024 and KRW 6.2bn in 2025; notably, the operating margin actually improved from 7.6% in 2024 to 9.6% in 2025, indicating the underlying profit structure held up even as revenue shrank.
Net income attributable to owners rose from KRW 4.3bn in 2022 to KRW 6.4bn in 2023 and KRW 10.8bn in 2024; the large gap between 2024's total net income (KRW 19.7bn) and owners' net income suggests one-off items related to non-controlling interests in the logistics-automation subsidiaries at the time.
In 2025, net income attributable to owners fell sharply to KRW 0.68bn, and with non-controlling interests eliminated, total and owners' net income converged.
On a quarterly basis, revenue reached KRW 23.1bn with operating profit of KRW 4.36bn in Q3 2025 (a notably higher margin), before swinging to an operating loss of roughly KRW -35mn on revenue of KRW 18.1bn in Q4 2025.
Q1 2026 (revenue KRW 12.0bn, operating profit KRW 0.07bn) and Q2 2026 (revenue KRW 11.4bn, operating profit KRW 0.5bn) maintained consecutive small profits even as revenue scale shrank further.
However, cumulative net income attributable to owners over the latest four quarters (Q3 2025-Q2 2026) was a loss of KRW -0.14bn, and operating cash flow turned negative at KRW -2.4bn in 2025, a reversal from the positive cash flows seen between 2022 and 2024.
Korea's transit-card and ITS terminal industry is heavily dependent on orders from local governments and public agencies, where track record and reference projects are the key to winning contracts.
Terminal replacement projects across regions are proceeding sequentially as transit-card devices installed in the mid-to-late 2000s become obsolete, providing a fairly steady stream of replacement demand.
The government has designated future mobility as a national strategic industry and announced plans to build a next-generation intelligent transport system (C-ITS) across 110,000 km of highways and roads nationwide by 2030, leaving room for continued infrastructure investment.
Continued expansion of eco-friendly policy is also cited as a positive backdrop for smart transport infrastructure spending.
However, this market is structured around a small number of specialized firms sharing public-sector orders, meaning individual companies' revenue and profit can swing significantly depending on the timing of specific large project wins and completions.
Payment-method shifts such as Apple Pay's integration with T-money highlight the company's role as an infrastructure maintenance provider, though some views note that if such integration is achieved via software without terminal replacement, the revenue contribution could be limited.
In 2026 the company secured a pipeline of public-sector projects in succession, including an Incheon bus terminal supply contract in June and a Suin-Bundang Line station automation equipment upgrade contract in March.
On a separate (non-consolidated) basis, growth in Korail transit-card issuance machine sales was cited as the main driver of Q1 2026 revenue growth, though profitability reportedly declined slightly due to cost burdens.
Cumulative separate-basis figures through Q3 2025 showed both revenue and operating profit rising on the back of projects such as Seoul's bus terminal replacement program, while net income declined, underscoring how project-specific revenue recognition timing and cost structure can heavily influence quarterly results.
Given that news of progress in Apple Pay's collaboration with T-money has repeatedly drawn market attention to the company, how the eventual scope and method of commercialization affects maintenance revenue remains a point to watch.
The company states it has the capability to provide integrated ITS-based services including autonomous driving systems, suggesting a medium-to-long-term push into mobility-as-a-service (MaaS) areas.
However, the timing and scale at which such new business expansion becomes visible in disclosed figures has not yet been confirmed, so the existing flow of public-sector project wins and execution is likely to remain the central variable for near-term results.
The current share price trades at a discount to book net asset value, implying a relatively low multiple applied to shareholders' equity on the balance sheet.
Over the latest four quarters, net income attributable to owners has been in loss territory, making conventional earnings-multiple comparisons difficult to apply in this window.
The company has maintained per-share cash dividends even amid significant earnings volatility, which points to a degree of consistency in dividend policy relative to earnings flow.
The decline in the debt-to-equity ratio from 79.2% in 2023 to 37.1% in 2025 can be viewed as a positive change from a balance-sheet health perspective.
That said, since consolidated revenue itself has swung sharply due to the consolidation and deconsolidation of affiliates, any valuation discussion needs to be considered alongside the absolute changes in revenue and earnings scale.
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 2026-09-05
The debt-to-equity ratio fell markedly from 79.2% in 2023 to 37.1% in 2025. Although revenue scale shrank following the departure of logistics-automation subsidiaries, the burden on balance-sheet health has eased.
Equity attributable to owners also edged up slightly from KRW 69.4bn in 2024 to KRW 69.5bn in 2025, keeping the capital base intact.
Sequential replacement demand tied to aging transit-card terminals continues across local governments. In 2026 the company has won new projects in succession, including an Incheon bus terminal supply contract and a Suin-Bundang Line station automation upgrade contract. The government's C-ITS infrastructure buildout plan also underpins the demand base for this market.
The company has a track record of being selected as the integrated maintenance provider for all bus, taxi, and charging terminals installed by T-money nationwide. Whenever discussions of Apple Pay's integration with T-money progress, this maintenance-provider status has repeatedly drawn market attention.
If the payment ecosystem expands, there is potential for infrastructure maintenance demand to grow alongside it.
Consolidated revenue fell to about one-third of its 2023 level, from KRW 201.0bn to KRW 64.3bn in 2025. This is mainly due to the shrinkage in consolidation scope following the loss of control over logistics-automation subsidiaries.
With the revenue base having contracted sharply, the key question is how much new business can offset this going forward.
Operating profit swung sharply from KRW 4.36bn in Q3 2025 to an operating loss in Q4 2025. Although Q1 and Q2 2026 posted consecutive profits, the amounts were small at KRW 0.07bn and KRW 0.5bn respectively.
Cumulative net income attributable to owners over the latest four quarters was also a loss, reflecting significant quarter-to-quarter volatility.
Operating cash flow turned negative at KRW -2.4bn in 2025, reversing the positive flows seen between 2022 and 2024. Given the nature of public-sector projects, payment collection timing can be irregular, raising the possibility of a gap between book earnings and actual cash generation. If this pattern persists, it could pressure financial flexibility.
Given the nature of public-sector orders, quarterly results can swing significantly depending on project award and revenue recognition timing. The swing from strong operating profit in Q3 2025 to an operating loss immediately in Q4 2025 illustrates this. It is difficult to extrapolate an annual trend from any single quarter's results.
The repeated consolidation and deconsolidation of logistics-automation affiliates between 2022 and 2024 have reduced the predictability of consolidated results.
Revenue is concentrated among a small number of large public-sector clients (local governments and agencies), leading to relatively high dependence on specific customers and projects. If similar equity changes recur, consolidated revenue and profit scale could shift significantly again.
There is a view that if Apple Pay's integration with T-money is resolved via software without terminal replacement, the revenue contribution for the company as a maintenance provider may be smaller than expected.
It cannot be ruled out that changes in payment specifications could actually reduce demand for replacing existing terminals. This uncertainty has also been a factor that has amplified share price volatility whenever related news emerges.
Q3 2026 results are expected to be announced; it will be worth checking whether the profitable trend seen in Q1 and Q2 2026 continues.
This is the point to check progress and revenue recognition on the Incheon bus terminal supply contract won in June 2026.
It is worth monitoring the progress of the Suin-Bundang Line station automation upgrade project won in March, alongside whether and to what extent Apple Pay's integration with T-money is commercialized.
Q4 and full-year 2026 results are expected to be disclosed; it will be important to check whether improvements in the debt ratio and operating cash flow continue.
ATEC Mobility saw consolidated revenue shrink sharply from KRW 201.0bn in 2023 to KRW 64.3bn in 2025 as it went through the consolidation and deconsolidation of logistics-automation affiliates, while its operating margin actually improved over the same period, showing the core business's profit structure held up relatively well.
The decline in the debt ratio from 79.2% to 37.1% is a positive change in balance-sheet health, though the shift to negative operating cash flow in 2025 is a point that warrants attention alongside it.
Quarterly results have been volatile, swinging from a strong operating profit in Q3 2025 to a loss in Q4 2025 and then to small profits in Q1 and Q2 2026, with cumulative net income attributable to owners over the latest four quarters remaining in loss.
New public-sector project wins, including the Incheon bus terminal contract and the Suin-Bundang Line station automation upgrade, have continued into 2026, and their eventual revenue contribution is worth watching.
Changes in the payment ecosystem, including the Apple Pay-T-money integration, highlight the company's maintenance-provider status while also carrying uncertainty over the actual revenue contribution.
Overall, the company appears to be in a phase where a restructured revenue base and an attempted profitability recovery are unfolding simultaneously, making it worthwhile to keep tracking the flow of public-project awards and execution alongside quarterly earnings volatility.
Report written 2026-09-05 · Data as of 2026-09-04
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