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
Nanocms has posted two consecutive quarters of operating and net profit in early 2026, signaling an earnings turnaround, even as a controlling-shareholder change and litigation over board appointments add governance uncertainty in the same period.
Operating and net profit turned positive for two straight quarters in 2026, moving the trailing four-quarter total into profit territory
SiC power-semiconductor wafer and powder materials are being developed as a new growth driver targeting EV, data center and 5G applications
A KRW 2 billion third-party share placement gives SH Energy R100 a 16.96% stake, putting a controlling-shareholder change in motion
A lawsuit to nullify March 2026 AGM director appointments and a related injunction request are both proceeding simultaneously
After heavy net losses in 2023-2024, the company remained loss-making for full-year 2025, so an annual profit turnaround has not yet been confirmed
Nanocms was founded in 2003 based on nano-scale chemical structure design technology and listed on KOSDAQ in 2021. Its core business is anti-counterfeiting security materials applied to banknotes, passports, driver's licenses and ID cards.
The company develops taggants for security ink and applies the technology to security printing, supplying near-infrared absorption/reflection pigments, ultraviolet organic fluorescent pigments and infrared emitters for national security printing and anti-counterfeiting purposes.
More recently, the company has added a new focus: it is pushing to expand sales of SiC power-semiconductor materials while simultaneously identifying new items within the value chain, concentrating on technology development and portfolio expansion to capture high-value-added markets.
The power-semiconductor materials market is growing in EV, energy and ICT applications, with SiC power-semiconductor demand in particular expanding into data centers, 5G base stations and solar power. In the bio segment, the portfolio also includes far-UV lamp technology for virus inactivation.
In January 2026, the company signed a single sales/supply contract for screen-printing outsourced processing worth KRW 492,545,454 with a domestic manufacturer, equal to 10.59% of its most recent standalone revenue based on the 2024 financial statements.
The security-printing segment's revenue is tied to national mint and security-printing orders, making it subject to seasonal and policy-driven demand swings.
In the power-semiconductor materials market, most commercialized power-semiconductor technology is currently dominated by Japan, Germany and the United States, with Korea viewed as a follower catching up to advanced economies.
Domestically, Hyundai Motor, Samsung Electronics and DB HiTek have all announced entry into the power-semiconductor business, intensifying the competitive landscape.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.1B | -₩700M | −67.5% |
| 2025Q3 | ₩1.8B | -₩41,781,124 | −2.3% |
| 2025Q4 | ₩1B | -₩800M | −86.2% |
| 2026Q1 | ₩2.3B | ₩200M | 10.3% |
| 2026Q2 | ₩2.8B | ₩900M | 31.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩7.4B | ₩600M | ₩200M | 7.5% | 0.7% | 69.0% |
| 2023 | ₩4.6B | -₩3.2B | -₩4.1B | −69.0% | −15.4% | 41.5% |
| 2024 | ₩4.6B | -₩8.9B | -₩8.8B | −190.5% | −46.0% | 62.6% |
| 2025 | ₩5.3B | -₩2B | -₩2.2B | −37.7% | −12.2% | 24.9% |
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
By annual results, 2022 revenue was KRW 7.41 billion with operating profit of KRW 0.55 billion (7.5% operating margin) and owner net profit of KRW 0.21 billion, a profitable year.
In 2023, revenue fell sharply to KRW 4.58 billion, and the company swung to an operating loss of KRW 3.16 billion (-69.0% margin) and a net loss of KRW 4.14 billion.
In 2024, revenue rose slightly to KRW 4.65 billion, yet the operating loss widened to KRW 8.86 billion (-190.5% margin), the worst of the four years, with a net loss of KRW 8.84 billion.
In 2025, revenue grew 13.8% year-on-year to KRW 5.29 billion, while the operating loss narrowed to KRW 1.99 billion (-37.7% margin) and the net loss narrowed to KRW 2.20 billion, indicating a shrinking loss trend.
On a quarterly basis, 2025Q2 marked the trough with revenue of KRW 1.06 billion, an operating loss of KRW 0.71 billion and a net loss of KRW 1.33 billion.
In 2025Q3, revenue rose to KRW 1.78 billion and the operating loss narrowed to about KRW 0.04 billion, nearing breakeven, but 2025Q4 saw revenue slip back to KRW 0.96 billion and the operating loss widen again to KRW 0.83 billion, reflecting high quarter-to-quarter volatility.
The trend shifted in 2026: 1Q revenue reached KRW 2.33 billion with an operating profit of KRW 0.24 billion and net profit of KRW 0.22 billion, and 2Q revenue climbed to KRW 2.78 billion with operating profit of KRW 0.87 billion and net profit of KRW 0.97 billion, marking two consecutive profitable quarters.
As a result, the sum of owner net profit over the trailing four quarters from 2025Q3 through 2026Q2 came to KRW 0.85 billion, moving the quarterly run-rate into profit territory.
However, since this follows three straight years of annual net losses since 2022, whether a full-year profit turnaround is achieved will only be confirmed by second-half results.
The security-printing materials market is tied to the order cycles of national mints and government agencies, so demand is not steady year to year, and in 2025Q1, declining demand in the security-printing market along with rising cost burdens were cited as key factors behind weaker results.
By contrast, the power-semiconductor materials market is showing growth in EV, energy and ICT applications, with SiC power-semiconductor demand in particular expanding into data centers, 5G base stations and solar power.
SiC materials offer roughly ten times higher dielectric breakdown field and about twice the maximum allowable voltage versus conventional silicon, along with superior thermal conductivity that enables cooling with less energy and operating temperatures more than three times higher.
However, most commercialized power-semiconductor technology is led by Japan, Germany and the United States, with a view that Korean firms are still catching up to advanced economies in this field.
Domestically, large companies including Hyundai Motor, Samsung Electronics and DB HiTek have entered the power-semiconductor business, intensifying competition. Nanocms sits upstream in the value chain, supplying materials such as wafer processing and powders rather than finished semiconductor devices.
The company stated a strategy of expanding SiC material sales while identifying new items across the value chain, aiming to lower dependence on any single industry and build a more stable revenue structure.
In January 2026, the company set a goal, stating it would "make this year the inaugural year of a profit turnaround, making visible both growth in existing businesses and results from new businesses at the same time," presenting a strategy to advance both security-materials growth and the new SiC power-semiconductor business.
The company expected first-half revenue to already exceed full-year 2024 revenue, and confirmed disclosures showed the company indeed achieved operating and net profit in both 2026Q1 and Q2, approaching that target.
The company stated revenue growth is expected in the security-materials segment, a trend supported by the screen-printing outsourcing contract signed in early 2026.
On the governance front, through an August 2026 third-party share placement, SH Energy R100 is set to acquire 887,000 new shares (issue price KRW 2,255), changing the controlling shareholder from Kim Hee-ja and two others to SH Energy R100, with a payment date of August 27 and a planned new-share listing date of September 10.
Of the proceeds, KRW 1.0019 billion is earmarked for operating capital and KRW 1.0 billion for other uses, though the detailed use of funds has not been separately disclosed.
Around the same time, the company acquired convertible bonds worth a total of KRW 1.72 billion through an over-the-counter purchase following exercise of a put option, clearing some potential dilution overhang.
However, a lawsuit to nullify director appointments resolved at the March 30, 2026 AGM has been filed at the Cheonan branch of Daejeon District Court, and a separate request for an injunction to appoint an acting director has also been filed, meaning the final composition of the board and management direction could shift depending on the court's ruling.
With two consecutive profitable quarters in 2026, the trailing four-quarter total has moved from loss into profit territory, shifting the basis for valuation comparisons away from a pure loss-making framework.
The share price sits at a level not far from per-share net asset value, so the premium over net assets is not large. There is no recent record of dividend payments, so dividend-yield comparisons carry limited meaning.
That said, new shares from the third-party placement tied to the controlling-shareholder change are set to be listed, and the resulting increase in total share count is a dilution factor worth weighing when interpreting valuation.
Since a full-year profit turnaround has not yet been confirmed, whether the recent quarterly profit recovery persists into subsequent quarters remains the key point to watch for any valuation reassessment.
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
Operating and net profit turned positive for two straight quarters in 2026Q1 and Q2, alongside a rising quarterly revenue trend. The 2025 full-year operating margin of -37.7% improved markedly from -190.5% in 2024, and quarterly results showed a full swing to profit. The company also set a goal of making this year the inaugural year of a profit turnaround.
As SiC power-semiconductor demand grows across EV, data center, 5G base station and solar applications, the company is pushing to expand SiC power-semiconductor material sales.
It has also stated a strategy of identifying new items across the value chain to lower dependence on any single industry and build a more stable revenue structure.
The screen-printing outsourcing contract signed with a domestic manufacturer in January 2026 was worth KRW 492,545,454, equal to 10.59% of 2024 standalone revenue. Revenue growth in the security-materials segment is also one of the factors the company has forecast.
The company posted net losses of KRW 4.14 billion and KRW 8.84 billion in 2023 and 2024 respectively, and annual revenue remains around KRW 5 billion, meaning the absolute scale of the business is still small.
Whether the recent two-quarter profit turnaround is a sustainable trend needs to be confirmed by further quarterly results.
A controlling-shareholder change via third-party share placement is underway, but part of the acquisition funding relies on borrowing and the specific use of proceeds has not been disclosed.
At the same time, a lawsuit to nullify director appointments from the March 2026 AGM and a request for an injunction to appoint an acting director are both proceeding, leaving the board's composition itself subject to legal uncertainty.
The company has repeatedly relied on external funding through past convertible bond issuances and now a third-party share placement, and this issuance will increase the total share count by an amount equal to 20.42% of the prior 4,343,920 shares outstanding. If further capital raises are needed, additional shareholder dilution cannot be ruled out.
An injunction request for appointment of an acting director (case 2026Kahap1124) and a lawsuit to nullify AGM resolutions (case 2026Gahap1139) are proceeding at the same time, and the court's ruling could change the board's composition and management continuity.
The security-printing segment depends on national mint and security-printing order volumes, causing revenue to concentrate around specific periods, while the SiC power-semiconductor materials business is still in an early stage with customer diversification still underway.
The new controlling shareholder's acquisition funding partly relies on borrowing, and detailed use of the raised funds has not been separately disclosed, leaving uncertainty around the company's future funding capacity and management direction.
Scheduled listing date for the 887,000 new shares from the third-party placement; watch for changes in shareholding structure and float after listing.
Once 2026Q3 results are disclosed, it will be possible to check whether profit continued for a third straight quarter and whether revenue growth persisted.
The court's rulings on the AGM-resolution nullification suit (case 2026Gahap1139) and the acting-director injunction (case 2026Kahap1124) need to be checked to assess whether board-composition risk is resolved.
It is necessary to check whether the new controlling shareholder discloses further details on business linkage plans and the specific use of raised funds.
This will provide final confirmation of whether the company achieved its stated goal of a full-year 2026 profit turnaround.
Nanocms has shown a recovery pattern from heavy losses in 2023-2024 to a narrower loss in 2025 and then two consecutive profitable quarters in early 2026.
The company has set a goal of making 2026 the inaugural year of a profit turnaround, pursuing both a stabilizing recovery in its security-materials business and expansion of its new SiC power-semiconductor materials segment.
However, a full-year profit turnaround has not yet been confirmed, and net losses in three of the past four years leave a question mark over earnings stability.
At the same time, a controlling-shareholder change tied to an ongoing third-party share placement and litigation over director appointments add governance-related uncertainty.
Investors may want to watch both the durability of the profit trend in the upcoming third-quarter results and the progress of the litigation and shareholder-change process. This report is for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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