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
PNTMS swung to positive revenue, operating profit and net income in Q2 2026, but losses persisted on an annual basis through 2025 and quarterly results remain highly volatile.
Q2 2026 revenue of KRW 7.2 billion, operating profit of KRW 0.71 billion and net income of KRW 0.92 billion marked the first quarterly profit in five quarters.
Full-year 2025 revenue fell sharply to KRW 11.1 billion from KRW 26.2 billion in 2024, with a net loss of KRW 7.3 billion reversing the prior year's profit.
The debt ratio rose from 101.3% at end-2024 to 145.8% at end-2025, and the company issued a KRW 5 billion convertible bond in April 2026 to fund working capital.
Amid delayed investment by the three major battery cell makers, separator equipment orders have been delayed, causing quarterly revenue to swing between KRW 0.36 billion and KRW 7.2 billion.
The company holds a position within the PNT (137400)-PNT Materials-PNTMS secondary battery value chain, specializing in separator equipment.
PNTMS was established in 2001 and listed on KOSDAQ in September 2018 as a specialized manufacturer of secondary battery separator production equipment.
Its main products are separator stretching equipment, coaters, extractors and dryers used in secondary battery separator production, and it also manufactures stretching equipment for display polarizing film.
In separator manufacturing equipment, aside from Japanese and German makers, the company is the only domestic firm capable of producing an entire full-line system. It also holds a domestic patent related to immersion-type separator coaters aimed at improving battery performance.
The company is a subsidiary of PNT, Korea's largest secondary battery equipment maker, and is part of the PNT-PNT Materials-PNTMS secondary battery value chain.
Within this structure, PNT handles electrode-process coating equipment, PNT Materials handles separator materials and chemicals, while PNTMS handles separator production equipment, aiming for synergy across affiliates.
In December 2023, the company won a contract worth KRW 20.5 billion for a separator production line from a domestic battery materials firm, a deal equivalent to 329.7% of the prior year's revenue, illustrating how a single large contract can dominate annual revenue. This order-based revenue recognition structure results in large swings in quarterly revenue.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.6B | -₩800M | −21.2% |
| 2025Q3 | ₩400M | -₩500M | −133.6% |
| 2025Q4 | ₩2.9B | -₩1B | −34.2% |
| 2026Q1 | ₩800M | -₩1.5B | −194.9% |
| 2026Q2 | ₩7.2B | ₩700M | 9.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩6.2B | -₩5.9B | -₩7.1B | −95.1% | −44.9% | 206.9% |
| 2023 | ₩25B | -₩1.1B | -₩2.5B | −4.2% | −10.3% | 110.3% |
| 2024 | ₩26.2B | ₩1.2B | ₩1.4B | 4.5% | 5.1% | 101.3% |
| 2025 | ₩11.1B | -₩2.1B | -₩7.3B | −19.2% | −34.1% | 145.8% |
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
PNTMS turned profitable in 2024 with revenue of KRW 26.2 billion, operating profit of KRW 1.18 billion and net income of KRW 1.44 billion, but in 2025 revenue plunged to KRW 11.1 billion with an operating loss of KRW 2.12 billion and a net loss of KRW 7.33 billion, reversing back into the red.
The 2025 operating margin deteriorated sharply to -19.2% from 4.5% a year earlier.
By quarter, Q3 2025 revenue shrank to just KRW 0.36 billion with an operating loss of KRW 0.48 billion and a net loss of KRW 2.92 billion, a disproportionately large net loss relative to revenue suggesting the inclusion of non-operating factors such as one-time impairments.
Q4 2025 revenue recovered to KRW 2.91 billion, yet the operating loss widened to KRW 0.99 billion and the net loss reached KRW 3.59 billion. Q1 2026 revenue contracted again to KRW 0.76 billion, with an operating loss of KRW 1.49 billion and a net loss of KRW 1.45 billion, extending the trough.
However, Q2 2026 revenue jumped to KRW 7.2 billion from the prior quarter, with operating profit of KRW 0.71 billion and net income of KRW 0.92 billion, marking the first quarterly profit in five quarters.
This quarter-to-quarter revenue swing (from KRW 0.36 billion to KRW 7.2 billion) reflects the project-based revenue recognition structure of the business. Consolidated equity fell to KRW 21.5 billion at end-2025 from KRW 28.1 billion a year earlier, while the debt ratio rose from 101.3% to 145.8%.
Operating cash flow was negative KRW 0.41 billion in 2025, marking a second consecutive year of negative operating cash flow following negative KRW 1.25 billion in 2024.
The secondary battery industry is passing through a phase in which electric vehicle demand slowdown, or chasm, has delayed new investment by cell makers, raising concerns that capital expenditure by cell manufacturers, which accounts for most equipment makers' orders, could shrink and remain subdued for an extended period.
LG Energy Solution plans to focus on essential investments while deferring or adjusting non-urgent ones, and Samsung SDI is also expected to cut back on investment.
In separator equipment, PNTMS is the only domestic firm capable of full-line production aside from Japanese and German makers, though its recent results have been weighed down by an overall revenue decline.
Parent company PNT has been diversifying its order base toward India and China to cope with the industry slowdown, with an order backlog of roughly KRW 1.5 trillion as of the first half of this year, up more than 60% from around end-2021.
However, this figure reflects orders for PNT's own electrode-process equipment and does not directly apply to PNTMS, which handles separator equipment. The battery cell makers' pullback in capital expenditure is cited as a factor that could, with a lag, also affect orders for separator and other material equipment.
In April 2026, the company issued a KRW 5 billion fourth-series convertible bond to secure working capital, with a conversion price of KRW 3,242 and a maturity date of May 6, 2029. The proceeds are planned to be used entirely for working capital such as raw material purchases.
If the conversion right is exercised, the resulting new shares would total 1,542,257, equivalent to 10.98% of the current total share count, implying potential future dilution.
Parent PNT is building a new plant (Plant No.4) in Gumi to combine equipment production with cell and material production lines in pursuit of expanded turnkey orders, and has set a target for trial production at the facility.
If the group's LFP battery and materials business scales up, it could indirectly affect demand for PNTMS's separator equipment, though there is no publicly confirmed evidence yet that this has translated into specific new orders.
No separately disclosed guidance on new orders or revenue has been identified for the company itself, so future quarterly results will need to be monitored to confirm the trend.
Over the trailing four quarters (Q3 2025 to Q2 2026), the pattern shows a run of net losses followed by a swing to profit in Q2 2026, though losses remain on a cumulative annual basis. The share price appears to trade at a modest premium relative to net asset value.
The company has no history of paying dividends, leaving little historical basis for a dividend yield comparison. Given the recent rise in the debt ratio and a revenue structure that swings sharply by quarter depending on project orders, valuation metrics are also likely to be sensitive to earnings volatility.
Potential equity dilution from the conversion option on the CB issued in April 2026 is another factor worth considering when assessing per-share 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
Q2 2026 revenue of KRW 7.2 billion, operating profit of KRW 0.71 billion and net income of KRW 0.92 billion marked the first quarterly profit in five quarters. The rebound follows two consecutive quarters of large net losses, indicating an improvement in the timing of project-based revenue recognition.
Whether a single profitable quarter represents a sustained trend will need to be confirmed by subsequent quarterly results.
In separator production equipment, aside from Japanese and German makers, the company is the only domestic firm capable of producing an entire full-line system. It holds patent-based technology, including immersion-type separator coaters, positioning it to respond to demand for improved battery performance.
The company handles separator equipment within the PNT-PNT Materials-PNTMS secondary battery value chain, positioning it to potentially benefit from synergy as the group expands new businesses such as LFP batteries and materials.
2025 revenue fell to KRW 11.1 billion, less than half of the prior year's KRW 26.2 billion, and the net loss reached KRW 7.33 billion, reversing the 2024 return to profit within just one year.
The company has a history of recurring losses, including KRW 7.15 billion in 2022 and KRW 2.49 billion in 2023, meaning earnings stability has not yet been established.
The debt ratio rose from 101.3% at end-2024 to 145.8% at end-2025, while equity fell from KRW 28.1 billion to KRW 21.5 billion over the same period. Operating cash flow was negative in both 2024 and 2025, increasing reliance on external financing.
As the three major battery cell makers scale back to focus on essential investments, orders for separator equipment could be delayed. Given the order-based revenue structure, delay in a single large contract can affect results across several quarters.
Quarterly revenue has swung nearly 20-fold, from KRW 0.36 billion to KRW 7.2 billion, depending on the timing of project revenue recognition. It is difficult to draw conclusions about the annual trend from any single quarter's profit or loss.
If the convertible bond issued in April 2026 is converted, up to 1,542,257 new shares could be issued, equal to 10.98% of total shares outstanding. The conversion request period begins in May 2027, raising the possibility of subsequent changes to the shareholding structure.
The debt ratio has risen to 145.8%, and operating cash flow has been negative for the past two years, continuing the need for external financing. Any further fundraising could lead to additional equity dilution or increased borrowing burden.
The Q3 2026 earnings disclosure will show whether the profit turnaround seen in Q2 continues.
Indicators on whether the three major battery cell makers resume or further cut investment should be tracked, along with any resulting disclosures of new separator equipment orders.
This is the start date of the conversion request period for the fourth-series CB; whether conversion occurs and the resulting dilution will depend on the share price relative to the KRW 3,242 conversion price.
The 2026 annual business report will confirm whether the company achieved a full-year profit and clarify the overall earnings trend.
PNTMS returned to profit in Q2 2026, but losses persisted on an annual basis through 2025, and quarterly results remain highly volatile.
The company holds technology enabling it to produce full-line separator production equipment domestically, aside from Japanese and German makers, and occupies a position handling separator equipment within the PNT group's secondary battery value chain.
However, amid delayed investment by the three major battery cell makers, the order-based revenue structure constrains earnings stability.
A rising debt ratio and two consecutive years of negative operating cash flow are factors to watch on the financial soundness front, and the convertible bond issued in April 2026 carries potential future equity dilution.
Next quarter's results, whether the cell industry resumes investment, and the progress of CB conversion are cited as key variables for gauging future earnings and capital structure changes.
Report written 2026-09-05 · Data as of 2026-09-04
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