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
TWIM is expanding its AI vision technology into robotic automation as a new growth axis, even as 2025 revenue declined and operating losses widened.
2025 consolidated revenue was KRW 21.04 billion with an operating loss of KRW 4.08 billion, reversing the profitable 2023–2024 period back into a loss.
The combined net loss to owners over the four quarters from Q3 2025 to Q2 2026 was KRW 0.48 billion, narrower than the full-year 2025 net loss of KRW 3.1 billion, though the Q2 2026 swing to profit may reflect one-off items.
In March 2026, the company announced a partnership with intelligent robot firm GALBOT to enter the industrial automation solutions business by combining AI vision with robotic platforms.
The debt ratio has remained stable in the 9–19% range over the past four years, and the shares trade at a discount to net asset value on a self-calculated basis.
On July 20, 2026, the company disclosed a KRW 6 billion supply contract equivalent to 28.52% of revenue.
Founded in 2010, TWIM is a machine vision specialist known for having been the first in Korea to introduce machine vision standardization to display manufacturing processes.
Through its self-developed AI deep learning platform MOAI and the AI inspection equipment T-MEGA built on it, the company supplies AI-based vision inspection equipment across industries including metal components, food and beverage, bio, secondary batteries, automotive, and electronics.
According to a past executive interview, the company's alignment vision system specialized for laminator equipment in small display module processes has been supplied almost exclusively to one domestic display manufacturer.
In the secondary battery segment, the company has stated it has secured solutions capable of detecting various defects across the entire process, from electrode formation to assembly and post-processing. Due to non-disclosure agreements with customers, specific buyers and order sizes are often not disclosed publicly.
To expand overseas, TWIM operates subsidiaries in the United States, Vietnam, and India. In March 2026, the company signed an agreement with intelligent robot firm GALBOT to jointly pursue an industrial automation solutions business combining TWIM's AI vision technology with GALBOT's robotic platform.
Competitively, the landscape varies by application: listed peers such as Koh Young operate in 3D metrology and inspection, specialized firms such as Dissem compete in display inspection, and global players such as Creaform and Shining3D are active in 3D scanners.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.7B | -₩700M | −11.2% |
| 2025Q3 | ₩5B | -₩1.1B | −21.7% |
| 2025Q4 | ₩6.2B | -₩1.4B | −22.3% |
| 2026Q1 | ₩2.9B | -₩1.7B | −56.5% |
| 2026Q2 | ₩4.7B | -₩1.2B | −25.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩19.6B | -₩6.5B | -₩5.3B | −33.0% | −8.1% | 11.0% |
| 2023 | ₩34.5B | ₩2B | ₩3B | 5.8% | 4.5% | 19.0% |
| 2024 | ₩29.3B | ₩600M | ₩1.6B | 2.1% | 2.5% | 9.3% |
| 2025 | ₩21B | -₩4.1B | -₩3.1B | −19.4% | −4.9% | 10.3% |
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
TWIM's consolidated revenue surged from KRW 19.56 billion in 2022 to KRW 34.49 billion in 2023, then declined for two consecutive years to KRW 29.28 billion in 2024 and KRW 21.04 billion in 2025.
Operating profit swung from a steep loss of KRW -6.46 billion (operating margin -33.0%) in 2022 to profits of KRW 2.01 billion (5.8%) in 2023 and KRW 0.60 billion (2.1%) in 2024, before reverting to a loss of KRW -4.08 billion (-19.4%) in 2025.
Net income attributable to owners followed the same pattern, moving from profits of KRW 2.98 billion in 2023 and KRW 1.63 billion in 2024 to a loss of KRW -3.10 billion in 2025.
On a quarterly basis, revenue contracted from KRW 6.70 billion in Q2 2025 to KRW 2.93 billion in Q1 2026 before partially recovering to KRW 4.67 billion in Q2 2026.
The operating loss widened from KRW -0.75 billion in Q2 2025 to KRW -1.39 billion in Q4 2025 and KRW -1.66 billion in Q1 2026, before narrowing slightly to KRW -1.21 billion in Q2 2026.
Notably, despite the continued operating loss, net income to owners in Q2 2026 turned positive at KRW +1.41 billion, suggesting a sizable one-off gain likely recorded outside operations.
As a result, the combined net loss to owners over the four quarters from Q3 2025 through Q2 2026 was KRW -0.48 billion, considerably narrower than the full-year 2025 net loss of KRW -3.10 billion.
On the cash flow side, operating cash flow reverted to an outflow of KRW -7.05 billion in 2025, in contrast to the inflow of KRW +3.28 billion in 2024, and outflows of KRW -5.64 billion and KRW -4.58 billion were also recorded in 2022 and 2023 respectively, illustrating that operating cash generation fluctuates significantly with the revenue cycle.
The machine vision and AI inspection equipment market is closely tied to the capital expenditure cycles of downstream industries such as display, secondary batteries, automotive, and semiconductors.
Analysis has pointed to quality issues including fires in the secondary battery industry as a driver for broader adoption of inspection equipment on production lines.
In the semiconductor back-end segment, rising AI server and high-performance chip production has been observed to expand the application scope of 3D metrology and inspection technologies, with some brokerage analyses projecting earnings expansion for related listed companies from 2027 onward.
More recently, market attention has notably broadened from simple inspection equipment toward actually operating robots, or the physical AI and humanoid segment.
As a relatively small KOSDAQ-listed company by revenue scale, TWIM competes through customer-specific specialized solutions in display and secondary battery inspection, and its market segment does not substantially overlap with larger semiconductor back-end inspection equipment makers.
A common feature across the industry, however, is that quarterly earnings can swing significantly depending on customers' capital investment and order timing.
Through its March 2026 agreement with GALBOT, the company is moving to expand from AI vision inspection into industrial robotic automation.
In the early stage of the partnership, the companies are preparing demonstrations and proof-of-concept (PoC) trials for domestic application, with a plan to build reference cases across major industries based on these results.
Cited use-case scenarios include automation of product transfer and inspection between processes, sorting and movement within logistics centers, and facility patrol and anomaly detection.
In its existing business, a supply contract disclosure on July 20, 2026 for approximately KRW 6 billion, equivalent to 28.52% of revenue, illustrates that a single order can still materially affect quarterly results given the company's revenue structure.
Clear evidence of a turnaround from the revenue decline and widening operating losses seen in full-year 2025 and first-half 2026 has not yet been confirmed, and the timing and scale at which the new robotics business could translate into meaningful revenue will need to be verified through future disclosures.
Because earnings over the most recent four quarters have been in a net loss position, price-to-earnings comparisons carry limited meaning at this time.
The price-to-book ratio, however, sits below 1x on both a self-calculated and exchange basis, indicating the shares trade at a discount to the company's net asset value. As no dividend was paid in the most recent fiscal year, dividend-based comparisons are not applicable.
Looking at the swing from profitability in 2023–2024 to a loss in 2025, and the subsequent narrowing of losses in recent quarters, earnings have moved in a loss-to-narrowing-loss direction rather than a clear return to profit. The comparatively low debt ratio can be referenced alongside this as an indicator of balance-sheet stability.
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
Through its March 2026 partnership with GALBOT, the company is expanding beyond its existing inspection equipment business into the industrial robotic automation market.
A distinguishing feature is the aim to combine AI vision technology with robotic platforms into field-applicable solutions rather than simple distribution. Although still at an early stage, this could serve as a catalyst for diversifying revenue sources.
The combined net loss to owners over the four quarters from Q3 2025 to Q2 2026 was KRW 0.48 billion, substantially narrower than the full-year 2025 net loss of KRW 3.10 billion. Net income notably turned positive in Q2 2026.
However, whether this improvement reflects genuine operational recovery or a one-off factor requires further confirmation.
The debt ratio has remained in the 9–19% range over the past four years, indicating a relatively stable financial structure. Despite consecutive operating losses, the company has maintained positive net assets without capital impairment, which could provide room to absorb further losses or fund new business investment.
Revenue peaked at KRW 34.49 billion in 2023 before declining for two consecutive years to KRW 29.28 billion in 2024 and KRW 21.04 billion in 2025. This reflects the high revenue volatility inherent in the inspection equipment industry, which depends heavily on customer order timing. The timing of a revenue recovery remains unclear.
The operating loss widened from KRW -0.75 billion in Q2 2025 to KRW -1.66 billion in Q1 2026, and remained at KRW -1.21 billion in Q2 2026. Unlike the profitable years of 2023–2024, operating losses have persisted every quarter since 2025, suggesting the current revenue scale makes it difficult to achieve breakeven.
Net income to owners turned positive at KRW +1.41 billion in Q2 2026, even as the operating loss for the same period remained at KRW -1.21 billion. This suggests the net income improvement may stem from non-operating factors, and should be interpreted separately from any recovery in core operating profitability.
Non-disclosure agreements with customers often limit transparency around specific counterparties. A single contract disclosed in July 2026 worth approximately KRW 6 billion accounted for 28.52% of revenue, illustrating how a delay or reduction in an individual contract could directly affect results.
The robotic automation partnership with GALBOT is still at the demo and PoC preparation stage, and the timing and scale at which it could translate into commercial contracts or revenue contribution have not been confirmed.
Whether the new business can offset weakness in the existing inspection equipment business will need to be verified through future results.
Operating cash flow was negative in most years — KRW -5.64 billion in 2022, KRW -4.58 billion in 2023, and KRW -7.05 billion in 2025 — with only 2024 posting a positive KRW +3.28 billion. If revenue recovery is delayed, recurring operating losses and cash outflows could pose funding management challenges.
The Q3 2026 earnings and quarterly report disclosure will show whether revenue recovers, whether the operating loss narrows, and whether the one-off items seen in Q2 2026 recur.
Watch for disclosures on the outcome of the GALBOT proof-of-concept trials and whether they lead to commercialization contracts.
Track follow-up disclosures on the revenue recognition timing and completion status of the roughly KRW 6 billion supply contract disclosed on July 20, 2026.
The 2026 annual business and audit reports will confirm finalized full-year results and the audit opinion.
TWIM is a specialized AI machine vision inspection equipment company serving the display and secondary battery industries, among others, and after a profitable stretch in 2023–2024 it experienced renewed revenue decline and widening operating losses in 2025.
The combined net loss over the most recent four quarters was narrower than the full-year loss, but the swing to net profit in Q2 2026 may reflect non-operating factors and should be viewed separately from any recovery in core operations.
The March 2026 robotic automation partnership with GALBOT represents an attempt to broaden the company's scope from AI vision into industrial robotics, though it remains at the demo and proof-of-concept stage. The consistently low debt ratio is a factor worth noting from a balance-sheet stability perspective.
On the other hand, revenue has declined for three consecutive years and operating losses have persisted across multiple quarters, so clear evidence of a profitability recovery has not yet emerged.
Upcoming quarterly results, the timing at which the new business could translate into revenue, and the execution status of individual orders will likely be important points to observe going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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