KOSDAQMachinery251630

V-one Tech

₩3,750▲ 0.40%2026-10-02 close

Market Cap

₩59.9B

Turnover

₩30,273,360

Volume

8,122 shares

Shares out.

15.9M

PER

—

PBR

0.5×

EPS

-₩478

Dividend Yield

2.87%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close

Report overview

Losses Persist as New Growth Bets Widen

V-ONE Tech, a display and secondary battery inspection equipment maker, is pursuing business diversification through a Genoray stock swap and entry into semiconductor materials inspection even as revenue contracts and operating losses widen.

1
2025 revenue fell to KRW 49.0bn year-on-year, with operating loss widening to KRW 12.8bn
2
Operating losses persisted for four straight quarters from 2025Q3 to 2026Q2, with the widest loss in 2026Q1
3
Strategic stock swap with Genoray aims to expand into healthcare automation and industrial X-ray inspection
4
Co-developed SiC ring surface inspection equipment with TCK, now entering customer testing stage
5
Subsidiary Syscon Robotics is expanding its logistics robot business with new-technology certification and automaker-line awards

Business structure

V-ONE Tech was established in 2006 and listed on KOSDAQ in 2017 as a machine-vision and image-processing based inspection equipment specialist.

Its core product is the impact inspection system that checks IC and FPC attachment during display manufacturing, complemented by a lineup including OLED mother-glass FMM align and inspection vision systems, FPR attachment inspectors, RTP film attachment inspectors, and COG/FOG/TAB vision systems.

The company also operates secondary battery inspection systems and autonomous robots for automated processes, with the robotics/conveyance segment recently accounting for the largest share of revenue.

Major customers include domestic conglomerates such as Samsung Display, Samsung Electronics, LG Display, LG Electronics, and LG Chem, as well as overseas panel makers such as AUO, Sharp, and Tianma, supplied either directly or as a secondary vendor.

Through its subsidiary Syscon Robotics, the company is expanding its autonomous mobile robot (AMR/AGV) business, having cumulatively supplied roughly 1,400 units to North American automaker production lines and large appliance manufacturing lines.

Competitors in display inspection equipment include Donga ELTEC, Youngwoo DSP, and HB Technology, while secondary battery automation equipment peers include Koh Young Technology, Hana Technology, Toptec, and TSI.

More recently, the company has been developing a 'with AI' platform that combines machine vision and artificial intelligence, aiming to transition from an inspection-equipment-centric model toward becoming an industrial AI total solution provider.

Earnings trend

Quarterly revenue · Operating profit

₩13.4B-₩3.7B25Q2₩10.4B-₩1.6B25Q3₩20B-₩4B25Q4₩18.9B-₩4.8B26Q1₩13B-₩2.4B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩59.8B₩38,008,8922022₩81.8B₩2B2023₩72.7B-₩4.4B2024₩49B-₩12.8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩13.4B	-₩3.7B	−27.4%
2025Q3	₩10.4B	-₩1.6B	−15.6%
2025Q4	₩20B	-₩4B	−19.9%
2026Q1	₩18.9B	-₩4.8B	−25.4%
2026Q2	₩13B	-₩2.4B	−18.3%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩59.8B	₩38,008,892	-₩700M	0.1%	−0.7%	80.4%
2023	₩81.8B	₩2B	₩3B	2.4%	2.5%	53.4%
2024	₩72.7B	-₩4.4B	-₩3.2B	−6.0%	−2.8%	41.8%
2025	₩49B	-₩12.8B	-₩9.4B	−26.2%	−8.8%	62.4%

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

Earnings analysis

V-ONE Tech's revenue rose from KRW 59.8bn in 2022 to KRW 81.8bn in 2023, then contracted for two consecutive years to KRW 72.7bn in 2024 and KRW 49.0bn in 2025.

Operating profit was modestly positive in both 2022 (KRW 0.04bn) and 2023 (KRW 2.0bn), but the company swung to an operating loss of KRW 4.4bn in 2024 that widened sharply to KRW 12.8bn in 2025.

Net income attributable to owners followed a similar path, from a KRW 3.0bn profit in 2023 to losses of KRW 3.2bn in 2024 and KRW 9.4bn in 2025.

On a quarterly basis, after posting revenue of KRW 13.4bn and an operating loss of KRW 3.7bn in 2025Q2, revenue fell to KRW 10.4bn in 2025Q3 while the operating loss actually narrowed to KRW 1.6bn.

Revenue recovered to KRW 20.0bn in 2025Q4, but the operating loss widened again to KRW 4.0bn, and 2026Q1 posted the widest loss of the recent five quarters at KRW 4.8bn on revenue of KRW 18.9bn. In 2026Q2, revenue declined to KRW 13.0bn while the operating loss narrowed somewhat to KRW 2.4bn.

Across the most recent four quarters (2025Q3-2026Q2), net losses attributable to owners persisted every quarter, and the sizable swings in both revenue and profit suggest profitability has not yet settled onto a stable trajectory.

Cash flow also warrants attention, as operating cash flow showed an outflow of KRW 11.6bn in 2025, alongside the profit-side deterioration.

Industry analysis

The display and secondary battery inspection equipment industry that V-ONE Tech operates in is heavily dependent on the capital expenditure cycles of downstream panel makers such as Samsung Display and LG Display.

During phases of expanding OLED-related equipment investment, peer equipment stocks tend to rally together, while investment lulls tend to produce pronounced earnings slowdowns, making this a cyclically sensitive sector.

In the secondary battery segment, a series of battery fire incidents has prompted customers to emphasize additional inspection functions for battery safety and the introduction of new processes on mid-to-large lines, which is cited as a continuing order driver for inspection equipment makers.

In terms of competitive positioning, peers in display inspection equipment include Donga ELTEC, Youngwoo DSP, and HB Technology, while secondary battery and automation equipment peers include Koh Young Technology, Hana Technology, Toptec, and TSI.

Within the robotics theme, the logistics robot business run through Syscon Robotics draws market attention alongside other robotics-related names such as Rainbow Robotics and SBB Tech.

The semiconductor materials inspection equipment market represents a relatively new area of entry for V-ONE Tech, where it is attempting a differentiated approach compared with established semiconductor inspection equipment specialists such as Intekplus.

Broadly, expanding demand for AI-based inspection and automation is cited as a common opportunity for equipment makers across the sector.

Outlook

In December 2025, V-ONE Tech signed a strategic stock swap agreement with Genoray to pursue new growth drivers.

Genoray is a medical device company that develops and manufactures medical X-ray imaging diagnostic equipment, and the company has stated plans to apply Genoray's medical X-ray technology to industrial X-ray inspection as a new equipment category.

In semiconductor materials, the company co-developed surface inspection equipment with TCK, which supplies silicon carbide (SiC) rings to Samsung Electronics and SK Hynix, entering customer testing in the third quarter of 2026 with plans for broader application when new plants are built.

Subsidiary Syscon Robotics had its tram-based transshipment cargo automated transport shuttle system, co-developed with the Busan Port Authority, designated as an excellent logistics new technology by the Ministry of Oceans and Fisheries, while its mobile picking robot 'SPR' won the grand prize at Hyundai Motor Group's new manufacturing technology contest and a 2025 Robot World Award.

The company has outlined a medium-to-long-term direction of combining machine vision, AI, and robotics through its 'with AI' platform to turn equipment manufacturing, setup, and field operation data into industrial AI solutions.

However, these new business initiatives remain at an early stage, and the timing and scale of any revenue contribution have not yet been determined.

Valuation

PER

—

PBR

0.5×

ROE

-7.1%

EPS

-₩478

BPS

₩6,391

Dividend per share

₩100

V-ONE Tech has yet to enter a profit-recovery phase, with revenue contracting and operating losses widening over the past several years.

Shares trade at a discount to net asset value, which can be read either as the market not yet fully pricing in the potential of new initiatives (the Genoray tie-up, semiconductor materials inspection equipment, and logistics robotics) or as the market pricing in substantial earnings uncertainty.

Compared with 2023, when the company was profitable, it is now in a loss-making phase, making simple comparisons of profit-based valuation metrics difficult, and it remains uncertain whether the dividend policy from the profitable period will be maintained.

Because market assessments vary widely across peers in the equipment sector depending on revenue mix and progress on new initiatives, V-ONE Tech's valuation could be reassessed going forward depending on how quickly new businesses translate into revenue and whether the core inspection equipment business returns to profitability. Such judgments ultimately depend on each investor's own analysis.

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

Bull factors

Diversification into New Growth Drivers

The strategic stock swap with Genoray is expanding the business into healthcare automation and industrial X-ray inspection.

The joint development of SiC ring surface inspection equipment with semiconductor materials firm TCK marks an attempt to move from the existing display and secondary battery-centric business into semiconductor materials.

Such diversification represents a potential opportunity to reduce dependence on any single downstream industry cycle.

Recognized Technology in the Robotics Business

Subsidiary Syscon Robotics has had its logistics robot technology recognized through the grand prize at Hyundai Motor Group's new manufacturing technology contest and a 2025 Robot World Award.

Its automated transport shuttle system, co-developed with the Busan Port Authority, was also designated an excellent logistics new technology by the Ministry of Oceans and Fisheries.

The company has also accumulated a track record of supplying roughly 1,400 robot units to North American automaker production lines and large appliance manufacturing lines.

Order Expectations from Battery Safety Requirements

Following a series of battery fire incidents, customers are emphasizing additional inspection functions for battery safety and the introduction of new processes on mid-to-large lines. This is cited as a potential continuing order driver for inspection equipment specialist V-ONE Tech.

It is also an area where the company can leverage its already accumulated secondary battery inspection technology.

Bear factors

Continued Revenue Contraction and Widening Losses

Revenue fell for two consecutive years, from KRW 81.8bn in 2023 to KRW 72.7bn in 2024 and KRW 49.0bn in 2025, while the operating loss widened from KRW 4.4bn in 2024 to KRW 12.8bn in 2025. Among the most recent five quarters, the 2026Q1 operating loss of KRW 4.8bn was the widest. The timing and magnitude of any earnings recovery remain uncertain.

Uncertainty Over New Business Outcomes

The Genoray stock swap, SiC ring inspection equipment, and Syscon Robotics business are all still at an early stage, with the timing and scale of revenue contribution not yet determined. Pursuing multiple new initiatives simultaneously warrants attention to resource allocation and execution capability. The possibility that new businesses may not translate into results as quickly as hoped cannot be ruled out.

Dependence on Downstream Investment Cycles

Display inspection equipment revenue is heavily dependent on the capital expenditure decisions of a small number of customers such as Samsung Display and LG Display. During gaps in downstream capex, both revenue and profitability can contract simultaneously. The revenue decline in 2024-2025 is also interpreted as linked to this customer investment cycle.

Risk factors

Earnings Volatility

Over the most recent four quarters (2025Q3-2026Q2), revenue swung widely between KRW 10.4bn and KRW 20.0bn, and the operating loss ranged from KRW 1.6bn to KRW 4.8bn. This volatility is interpreted as stemming from a business structure with high revenue dependence on specific customers and projects. Whether the company can settle onto a stable earnings trajectory needs continued monitoring.

Financial Structure and Cash Flow

Operating cash flow showed an outflow of KRW 11.6bn in 2025, and the debt ratio, which had fallen from 80.4% in 2022 to 41.8% in 2024, rose again to 62.4% in 2025. Amid accumulating losses, cash generation capacity and financial soundness metrics warrant joint monitoring. Funding needs associated with parallel investment in new businesses should also be considered.

New Business Execution Risk

The Genoray stock swap, semiconductor materials inspection equipment, and logistics robot businesses are all early-stage initiatives that may take time to commercialize and generate revenue.

Pursuing multiple new businesses simultaneously also raises the possibility that personnel and R&D resources could become spread thin. Delays beyond expectations in customer testing or certification processes cannot be ruled out.

What to watch next

During Q3 2026 (ongoing)
Check the outcome of customer testing for the SiC ring surface inspection equipment co-developed with TCK, and whether it leads to mass production or additional orders.
Around November 2026 (expected Q3 earnings release)
Check whether Q3 2026 revenue and operating profit move toward the higher or lower end of the recent five-quarter range (revenue of KRW 10.4bn-20.0bn, operating loss of KRW 1.6bn-4.8bn).
From Q4 2026 onward
Check the progress of the Genoray stock swap procedure, any changes in new share listing or governance structure, and whether concrete industrial X-ray inspection products materialize.
At each subsequent quarterly disclosure
Continue to monitor new order intake and revenue contribution from Syscon Robotics' logistics robots, as well as whether major customers such as Samsung Display and LG Display announce OLED-related investment plans.

Overall view

V-ONE Tech's core display and secondary battery inspection equipment business has yet to find profitability stability, as revenue contracted and operating losses widened through 2024-2025.

Results over the most recent four quarters showed large swings in both revenue and profit, revealing a structure dependent on specific customers and projects.

Amid this, the company is simultaneously pursuing several new growth drivers, including the strategic stock swap with Genoray, joint development of SiC ring inspection equipment with semiconductor materials firm TCK, and expansion of the logistics robot business through subsidiary Syscon Robotics.

These new initiatives remain at an early stage, with the actual timing and scale of revenue contribution not yet confirmed, and should be watched alongside whether the existing business's profitability improves.

On the financial side, the shift to negative operating cash flow in 2025 and the renewed rise in the debt ratio are also factors to consider. Investment judgments would benefit from a comprehensive assessment of concrete execution outcomes in new businesses and any recovery in the downstream industry investment cycle.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.