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
Eugene Technology, a Korean maker of precision notching molds and lead tabs for secondary batteries, posted two straight years of declining revenue and widening losses amid the EV demand slowdown, but quarterly losses have been narrowing gradually through 2026.
2025 consolidated revenue fell to KRW 28.68bn from KRW 31.12bn a year earlier, while the operating loss widened to KRW 7.78bn from KRW 3.93bn.
Quarterly net losses peaked at KRW 2.74bn in Q4 2025 before narrowing to KRW 1.15bn in Q1 2026 and KRW 0.55bn in Q2 2026.
Core products are precision notching molds for the battery notching process and lead tabs for pouch-type cells, with Samsung SDI, LG Energy Solution and SK On as domestic customers.
The company recently won new orders for PET cleaning equipment for a North American battery line and a first-phase LFP ESS integrated mold order for a domestic battery maker's Ulsan plant, diversifying beyond EV-centric demand into ESS and LFP.
The stock trades below its per-share net asset value and the company does not currently pay a dividend.
Eugene Technology was founded in 2010 and listed on KOSDAQ in November 2023 as a secondary battery parts and materials specialist. The company manufactures and supplies precision molds, process machine parts, automation equipment, and lead tabs used in secondary battery production.
Its core product, the notching mold, is a key component used in the notching process that cuts electrode sheets coated with active material into cell shapes, with designs ranging from small formats for smartphones to large formats for EVs and ESS.
Machine parts include knife units, friction shafts, notching press units, and lami cutters, some of which achieved import substitution for previously foreign-sourced equipment.
Major customers include battery makers such as Samsung SDI and LG Energy Solution, as well as automation equipment makers such as PNT and GI Tech, and the company supplies products not only domestically but also to Poland, Hungary, China, and the United States.
At the time of its listing, the company said it had also secured battery equipment and electric vehicle makers such as PNT, CIS, and MPlus as partners.
Co-CEO Lee Mi-yeon said at the IPO briefing that the company's products generate recurring revenue through periodic maintenance, and that it would grow alongside the expanding EV market.
More recently, the company has been broadening its product portfolio into LFP and ESS molds and cleaning equipment to reduce its reliance on EV-linked revenue.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7B | -₩1.5B | −22.1% |
| 2025Q3 | ₩7.6B | -₩1.5B | −19.2% |
| 2025Q4 | ₩9.5B | -₩2.3B | −24.3% |
| 2026Q1 | ₩7.8B | -₩1.7B | −21.8% |
| 2026Q2 | ₩9.6B | -₩800M | −8.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩39.8B | ₩2.4B | ₩1.2B | 6.0% | 6.5% | 191.8% |
| 2023 | ₩47.5B | ₩6.4B | -₩1.8B | 13.4% | −3.8% | 47.3% |
| 2024 | ₩31.1B | -₩3.9B | -₩3.2B | −12.6% | −7.0% | 43.2% |
| 2025 | ₩28.7B | -₩7.8B | -₩7.8B | −27.1% | −20.2% | 54.4% |
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
Eugene Technology's annual revenue peaked at KRW 47.5bn in 2023 before declining for two consecutive years to KRW 31.1bn in 2024 and KRW 28.7bn in 2025.
Operating profit also swung from a KRW 6.4bn profit (13.4% margin) in 2023 to losses of KRW 3.9bn (-12.6%) in 2024 and KRW 7.8bn (-27.1%) in 2025, with the loss widening each year.
On a net income basis, the company posted three consecutive years of net losses starting in 2023 after a KRW 1.2bn profit in 2022, with the 2025 net loss reaching KRW 7.8bn.
Total equity rose to KRW 47.8bn in 2023 on IPO proceeds but has since declined to KRW 45.2bn in 2024 and KRW 38.4bn in 2025 as accumulated losses eroded capital.
Operating cash flow also deteriorated from a KRW 10.7bn inflow in 2023 to outflows of KRW 1.1bn in 2024 and KRW 5.1bn in 2025, signaling weaker cash generation.
That said, quarterly figures show net losses peaking at KRW 2.74bn in Q4 2025 before narrowing to KRW 1.15bn in Q1 2026 and KRW 0.55bn in Q2 2026, while Q2 2026 revenue rose to KRW 9.6bn from KRW 7.76bn in the prior quarter.
Notably, the trailing four-quarter revenue sum (Q3 2025 through Q2 2026) now exceeds the full-year 2025 figure. However, the company has not yet returned to quarterly operating profitability.
The secondary battery materials, parts, and equipment industry experienced broad investment contraction in 2024-2025 amid slowing EV demand growth (the so-called chasm), subsidy cuts in major markets, and supply chain uncertainty.
Eugene Technology was directly affected, with revenue down 14.7% and the operating loss widening 88.1% year-on-year on a cumulative basis through Q3 2025.
In this environment, the capex pace of the three domestic battery makers (Samsung SDI, LG Energy Solution, SK On) and the timing of a recovery in automaker EV sales remain key variables for equipment and parts suppliers.
More recently, industry observers note that even amid the EV chasm, demand for LFP battery and ESS conversion, along with pilot line expansions by automakers, is emerging as a new growth driver.
Consumable parts such as notching molds tend to generate recurring maintenance and replacement demand once initial supply begins, allowing for some repeat revenue even without full-scale new capex.
Detailed third-party competitive comparisons are limited in public sources, but the company appears to hold a relatively stable customer base, having secured all three domestic battery makers as clients and expanded its supply footprint overseas.
In its preliminary Q2 2026 earnings release in July 2026, the company reported that first-half consolidated revenue rose 53.6% year-on-year, and said the smooth conversion of its order backlog into recognized revenue is raising expectations for further improvement in the second half.
A company representative said meaningful orders from global clients are continuing into the second half, with overseas market expansion set to support continued growth, and that the company is focused on securing supply to a global automaker's project at a major battery maker's European plant.
The company recently received new orders for PET cleaning equipment to be installed on a North American battery production line and is preparing to begin mass production soon, while also confirming a first-phase order for an LFP ESS integrated mold for a domestic battery maker's Ulsan plant.
The company expects this mold order to lead to additional volume orders as the ESS market grows.
A company representative said that even amid stagnant EV demand, LFP battery and ESS conversion demand along with automakers' pilot line expansions are becoming new growth drivers, and set a goal of achieving a full-year earnings turnaround and growth through a recurring-purchase consumables structure and expanded orders for high value-added equipment such as precision notching machines and cleaning equipment for North American prismatic/LFP lines.
With net losses persisting for three consecutive years, earnings-based valuation metrics are difficult to apply to Eugene Technology at this time. The stock trades below its per-share net asset value, placing it in a discount range relative to book value.
This should be read alongside the fact that accumulated losses have been shrinking the company's equity base in recent years, and can be understood as a phase in which the market is watching for signs of an earnings recovery.
The company does not currently pay a dividend, so there is no yield-related metric to reference. Whether the recent trend of narrowing quarterly losses can translate into a full-year swing from loss to profit is likely to be the key variable shaping how the market evaluates the stock going forward.
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
Net losses have narrowed for three straight quarters, peaking at KRW 2.74bn in Q4 2025 before falling to KRW 1.15bn in Q1 2026 and KRW 0.55bn in Q2 2026. Revenue also rose to KRW 9.6bn in Q2 2026 from the prior quarter, with the trailing four-quarter revenue sum now exceeding the full-year 2025 total. If this trend continues, it could provide a basis for assessing a potential turn in full-year results.
The company has secured all three domestic battery makers—Samsung SDI, LG Energy Solution, and SK On—as customers, alongside automation equipment makers such as PNT and GI Tech.
Consumable parts such as notching molds tend to generate recurring maintenance and replacement demand once initial supply begins, supporting repeat revenue.
The company recently secured new orders for PET cleaning equipment for a North American battery line and a first-phase LFP ESS integrated mold order for a domestic battery maker's Ulsan plant.
It is pursuing customer diversification through ESS/LFP conversion demand and expanded sales networks in Europe and North America, which could help offset the impact of slowing EV demand.
The company recorded net losses for three consecutive years from 2023 to 2025, with the 2025 net loss reaching KRW 7.8bn. Total equity has declined from KRW 47.8bn shortly after listing in 2023 to KRW 38.4bn in 2025, as accumulated losses continue to erode capital.
Operating cash flow deteriorated from a KRW 10.7bn inflow in 2023 to outflows of KRW 1.1bn in 2024 and KRW 5.1bn in 2025. Weaker cash generation amid declining revenue and cost pressure is a point that warrants monitoring in terms of funding future investment.
As shown by the 14.7% revenue decline and 88.1% wider operating loss on a cumulative basis through Q3 2025, the company's revenue remains heavily dependent on the EV investment cycle. A renewed shift in subsidy policy or delays in automaker investment could again disrupt the recent improvement trend.
A significant portion of revenue is concentrated among the three domestic battery makers, so changes in a specific customer's investment plans or order volumes could directly affect results. Customer diversification is underway but appears to be in an early stage.
The battery equipment and parts industry is highly dependent on the capex cycle of upstream battery makers. External variables such as slowing EV demand, changes in subsidy policy, and global supply chain restructuring could delay order intake and revenue recognition timing.
With continued net losses shrinking equity and operating cash flow in negative territory, the company may need to rely on external funding for new investment or business diversification, which could lead to shareholder dilution or increased financial costs.
Watch for the Q3 2026 earnings disclosure (including preliminary figures) — check whether the recent trend of narrowing quarterly losses and revenue growth continues.
Confirm the timing of mass production and revenue recognition for the PET cleaning equipment supplied to the North American battery production line.
Check whether additional volume orders materialize for the LFP ESS mold at the domestic battery maker's Ulsan plant, and whether a supply contract is finalized for the project at the European battery plant.
Monitor whether the EV market chasm eases and how subsidy policies in major markets evolve, as these factors could affect the pace at which upstream battery makers resume investment.
Eugene Technology is a parts and materials company centered on precision notching molds and lead tabs for secondary batteries, with all three domestic battery makers as customers, but it has been directly affected by the EV demand slowdown over the past three years, experiencing declining revenue and widening net losses.
The 2025 operating loss reached KRW 7.78bn and the net loss KRW 7.77bn, both wider than the prior year, while equity and operating cash flow also declined.
However, quarterly losses have shown a gradual narrowing trend since peaking in Q4 2025, and the company has recently secured new orders—including PET cleaning equipment for North America and an LFP ESS mold domestically—signaling a move to broaden its EV-centric revenue base into ESS, LFP, and overseas markets.
The stock trades at a discount to its per-share net asset value and does not currently pay a dividend. Key points to watch going forward are whether the narrowing quarterly loss trend can translate into a full-year earnings recovery, and how reliably the newly secured orders convert into actual revenue.
Report written 2026-09-05 · Data as of 2026-09-04
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