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
Xavis has seen both revenue and profitability deteriorate amid the battery sector chasm, while simultaneously pursuing new growth drivers such as glass substrate (TGV) inspection equipment, physical AI, and a stock consolidation to restructure its capital base.
2025 consolidated revenue fell 25.8% YoY to KRW 27.9bn, with operating profit turning to a loss of KRW 3.92bn
H1 2026 revenue came in at roughly KRW 13.3bn with an enlarged operating loss, indicating a delayed recovery
Order backlog rose 72% from end-2025 to about KRW 13.7bn at end-June 2026, with new orders exceeding KRW 14bn in H1
The company is pursuing TGV (glass substrate) inspection equipment for Samsung Electro-Mechanics, though some reports have pushed the expected mass-production timeline from 2027 to around 2028
An extraordinary shareholders' meeting on September 10 is set to vote on a 5-for-1 share consolidation and the addition of AI business lines to the corporate charter
Founded in 2002, Xavis develops and manufactures non-destructive inspection equipment combining X-ray, machine vision, and factory automation software, and moved its listing to KOSDAQ in 2019.
Its core product lines split into Xscan, which inspects industrial parts such as batteries, semiconductors, and PCBs, and Fscan, which detects foreign materials in food.
The company develops, produces, and sells inspection products for secondary battery and semiconductor industrial parts as well as food foreign-material detection, securing customers including LG Energy Solution and Samsung SDI.
According to a Korea IR Council report, the secondary battery segment accounted for 49.5% of total revenue in 2024, making it the core growth driver.
In 3D CT battery inspection, the company achieved an inspection speed of up to 400 PPM for cylindrical batteries and ultra-high resolution at the 30nm level, a performance said to exceed Germany's ZEISS at the 50nm level.
Its subsidiary, XAVIS Optics, developed a nanoscale 4D X-ray solution called TXM-XUi, extending into the advanced research equipment market, and Xavis exports its products to more than 20 countries including the United States, Japan, China, and Russia.
More recently, the company has been trying to enter the through-glass-via (TGV) inspection market via its high-resolution X-ray CT inspection equipment 'XSCAN-H110-OCT' for advanced semiconductor packaging.
It is also pursuing new businesses in parallel, including X-ray modules for explosive detection/disposal robots and low-dose radiation dementia treatment medical devices.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9B | ₩200M | 1.7% |
| 2025Q3 | ₩7B | -₩300M | −4.8% |
| 2025Q4 | ₩7B | -₩3.3B | −46.5% |
| 2026Q1 | ₩5.3B | -₩800M | −14.7% |
| 2026Q2 | ₩8.1B | -₩700M | −8.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩22.3B | -₩13,457,464 | ₩400M | −0.1% | 3.6% | 180.6% |
| 2023 | ₩28.7B | ₩800M | -₩3.9B | 2.9% | −14.2% | 67.3% |
| 2024 | ₩37.6B | ₩1.2B | ₩1.3B | 3.2% | 4.6% | 36.6% |
| 2025 | ₩27.9B | -₩3.9B | -₩4B | −14.1% | −15.9% | 53.6% |
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
Xavis's consolidated revenue grew from KRW 22.32bn in 2022 to KRW 28.71bn in 2023 (+28.6% YoY) and to a record KRW 37.61bn in 2024, before declining 25.8% YoY to KRW 27.90bn in 2025.
Operating profit moved from a loss of KRW 13mn in 2022 to a profit of KRW 841mn (2.9% margin) in 2023 and KRW 1.21bn (3.2% margin) in 2024, before swinging back to a loss of KRW 3.92bn (-14.1% margin) in 2025.
Net income attributable to owners fluctuated from a profit of KRW 363mn in 2022 to a loss of KRW 3.89bn in 2023, a profit of KRW 1.32bn in 2024, and a loss of KRW 3.97bn in 2025; the 2023 gap between a positive operating profit and a sharply negative net result suggests non-operating factors weighed on the bottom line that year.
On a quarterly basis, Q2 2025 posted revenue of KRW 9.01bn with a brief operating profit of KRW 152mn, but the operating loss widened to KRW 336mn in Q3 and to KRW 3.25bn in Q4, severely damaging the full-year result.
The loss-making trend has continued into 2026, with Q1 revenue of KRW 5.27bn and an operating loss of KRW 774mn, followed by Q2 revenue of KRW 8.08bn and an operating loss of KRW 675mn.
According to a Bloter report, R&D spending reached KRW 4.1bn in H1 2026, weighing on profitability, while operating cash flow remained negative at roughly KRW -2.3bn over the same period.
Over the trailing four quarters (Q3 2025 to Q2 2026), combined revenue was about KRW 27.36bn with a net loss attributable to owners of roughly KRW 4.49bn, reflecting persistent pressure from softer secondary battery demand.
The global secondary battery market is navigating a demand 'chasm' driven by slower EV uptake; FnGuide noted that Xavis's cumulative consolidated revenue fell 28.4% YoY in the first three quarters of 2025, with both operating and net income turning negative, attributing the decline in Xscan segment revenue to delayed factory expansion by battery makers amid weak EV sales and the chasm phase.
Even so, the industry-wide shift from sampling-based inspection to inline 3D CT full inspection, driven by battery safety concerns, continues, and Xavis has secured a reference supply relationship with SK On's North American production line.
In semiconductor packaging, glass substrates are emerging as a next-generation material as AI chips grow larger, with Intel, SK, and Samsung Electro-Mechanics competing for commercialization.
Samsung Electro-Mechanics formed a joint venture with Sumitomo Chemical Group and Dongwoo Fine-Chem in November 2025 to internalize its glass substrate material supply chain, and FnGuide stated that rising AI and high-performance semiconductor demand has drawn attention to TGV glass substrate technology, with Samsung Electro-Mechanics and LG Innotek advancing pilot line operations and mass-production preparations, increasing demand for related inspection equipment.
However, forecasts on the mass-production timeline diverge across reports: a March 2026 outlet reported Samsung Electro-Mechanics aiming for full-scale production between H2 2026 and 2027, while a June 2026 report from The Elec stated that Samsung Electro-Mechanics expects glass substrate commercialization around 2028, leaving schedule uncertainty.
The food foreign-material inspection (FSCAN) segment remains a relatively stable cash cow, with one analysis projecting revenue to cross KRW 10bn for the first time in 2025, up from KRW 4.5bn in 2018, with exports showing 42.1% growth driving the expansion.
In September 2025, Xavis stated in IR materials that it had completed a cost-efficiency restructuring and was targeting a phased turnaround from the second half of the year, noting that its order backlog had risen 103.5% versus the prior year-end at that point.
In March 2026, the company exhibited at 'SMART SMT/PCB ASSEMBLY 2026,' unveiling its lowest-priced domestic chip counter XSCAN-C050, the combined 3D AXI/PCT inspection equipment XSCAN-9800P3, and the new XSCAN-H110-OCT unit.
In August 2026, it announced selection as a participating company in Gyeonggi Province's 'Physical AI Diffusion Center' project, pursuing automation technology using robotic arms and sensors intended to cut equipment setup time by more than 95%.
The company has framed secondary batteries, TGV, real-time 3D AXI, and global food inspection as its 'five growth pillars' while also launching a new paid industrial X-ray inspection service.
According to a Bloter report, Xavis plans to add AI-based software, hardware/platform R&D, manufacturing, operations and maintenance, and AI consulting to its corporate charter, to be voted on at an extraordinary shareholders' meeting on September 10, 2026, alongside a 5-for-1 share consolidation proposal; if approved, outstanding shares would be reduced from about 30.75 million to about 6.15 million.
The company's stated growth story around glass substrate inspection equipment and semiconductor exposure remains tied to Samsung Electro-Mechanics' mass-production schedule, making future announcements on that timeline a key variable to watch.
Xavis has seen operating and net income swing between profit and loss repeatedly between 2023 and 2025, so its price-to-book ratio has historically fluctuated within a fairly wide range.
In an October 2025 report, Korea IR Council analyst Lee Won-jae assessed that the stock's then-estimated PBR was trading below both the KOSDAQ average and the industry average, suggesting potential for a valuation re-rating once new growth drivers become visible, though no investment rating or price target was given.
Whether the stock trades at a premium or discount to net asset value going forward will likely depend on whether earnings return to profitability and whether new businesses such as glass substrate inspection and physical AI actually translate into revenue.
No recent dividend has been confirmed, making it difficult to expect a stable income stream from dividend yield, a characteristic shared with many other growth-stage peers in the sector.
It is also worth noting that the planned 5-for-1 share consolidation will change the absolute level of per-share metrics without altering the underlying enterprise value.
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
The order backlog at end-June 2026 reached about KRW 13.7bn, up 72% from the prior year-end, and new orders in H1 exceeded KRW 14bn. This suggests the revenue pipeline is expanding, though the timing and scale of backlog conversion into actual sales still needs to be monitored.
Xavis successfully converted its existing TSV process equipment for TGV use and has expanded its cooperation with Samsung Electro-Mechanics through technical seminars. Its high-resolution X-ray CT inspection equipment XSCAN-H110-OCT was introduced as improving CT inspection speed threefold versus prior models. If the glass substrate market grows as expected, the semiconductor segment could become a new revenue source.
The FSCAN segment has long served as Xavis's cash cow, with revenue projected to grow from KRW 4.5bn in 2018 to about KRW 10.3bn in 2025, a roughly 14.6% CAGR over the past five years according to one analysis.
Exports in particular have grown at a 42.1% CAGR, driving overall segment growth and providing a relatively stable earnings buffer during the secondary battery chasm phase.
Revenue fell 25.8% YoY in 2025 and operating profit swung to a loss of KRW 3.92bn. FnGuide attributed the decline in Xscan segment revenue to delayed factory expansion by battery makers amid weak EV sales and the chasm phase. The operating loss continued into H1 2026, leaving the timing of recovery uncertain.
R&D spending reached about KRW 4.1bn in H1 2026, weighing on results, while operating cash flow remained negative at about KRW -2.3bn over the same period. If revenue recovery fails to offset ongoing spending on business diversification, profitability improvement could be delayed.
Forecasts for Samsung Electro-Mechanics' glass substrate mass-production timeline differ across reports: a March 2026 report expected production between H2 2026 and 2027, while a June 2026 report from The Elec suggested commercialization around 2028.
If the timeline for Xavis's TGV inspection equipment revenue slips further, it may take longer for new-business expectations to translate into actual results.
According to a Bloter report, the KOSDAQ market-cap delisting threshold rose to KRW 20bn in July 2026 and is set to rise further to KRW 30bn in January 2027.
Xavis is pursuing its 5-for-1 share consolidation and business diversification against this backdrop, making ongoing market capitalization trends worth monitoring.
A significant portion of Xavis's revenue depends on the capital expenditure cycles of secondary battery manufacturers, with relatively high dependence on a small number of large customers. If battery makers delay or scale back expansion plans, orders for inspection equipment could be pushed back as well.
Xavis exports its products to more than 20 countries including the United States, Japan, China, and Russia, and its quarterly report notes exposure to exchange rate fluctuation risk, primarily against the US dollar.
For large overseas contracts, exchange rate differences between the contract date and revenue recognition date can affect reported results.
Check whether the extraordinary shareholders' meeting approves the 5-for-1 share consolidation and the addition of AI business lines to the corporate charter.
If the consolidation is approved, the record date and effective date will change the number of outstanding shares and per-share metrics, so related disclosures should be checked.
Check the Q3 results (preliminary or quarterly report) for whether backlog is converting into revenue and whether the operating loss is narrowing.
The KOSDAQ market-cap listing maintenance threshold rises to KRW 30bn at this point, so it is worth continuously checking whether market capitalization remains above that level.
After posting its highest-ever revenue in 2024, Xavis has experienced consecutive revenue declines and operating losses in 2025 and H1 2026, closely tied to the chasm phase in the secondary battery industry.
That said, its order backlog has grown substantially versus the prior year-end, and the company continues efforts to diversify its business structure through new ventures such as glass substrate (TGV) inspection equipment and physical AI.
The planned 5-for-1 share consolidation and addition of AI business lines to its charter appear to be proceeding against the structural backdrop of a rising KOSDAQ market-cap listing threshold, making the outcome of the September extraordinary shareholders' meeting a near-term event to watch.
Given diverging reports on Samsung Electro-Mechanics' glass substrate mass-production timeline, uncertainty remains over when new businesses will translate into actual revenue. The food foreign-material inspection (FSCAN) segment continues to grow relatively steadily, providing a buffer to overall results.
Overall, this stock sits at a point where both the recovery of the traditional secondary battery/semiconductor inspection equipment cycle and the pace of new-business commercialization need to be watched simultaneously.
Report written 2026-09-05 · Data as of 2026-09-04
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