PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Prices as of the 2026-10-02 close
Following the resolution of a management dispute and the near-full consolidation of subsidiary Korea Pile, both the revenue scale and profit structure of Atlas Link are shifting at the same time.
A management dispute was resolved at the June 2026 extraordinary shareholders' meeting, and the company name changed from ALOYS to Atlas Link.
The stake in PHC concrete pile subsidiary Korea Pile was expanded to 95.21%, widening the scope of consolidated results.
On confirmed financials, 2025 revenue reached KRW 42.9 billion and operating profit KRW 6.5 billion, both up year on year, while owners' net income swung from a loss to a profit.
Both Q1 and Q2 2026 showed sequential increases in revenue and operating profit, continuing the recovery trend.
The company declared plans to expand into AI, optical communication, and edge computing, but concrete revenue contributions have not yet been confirmed in disclosures.
Atlas Link is a KOSDAQ-listed manufacturer of Android-based OTT multimedia terminals (OTT set-top boxes), previously named ALOYS.
The name change reflects a strategy to expand beyond the core OTT set-top box business into growth areas such as AI, optical communication, and edge computing technology, while strengthening its global corporate image. Atlas Link completed a name-change listing on the KOSDAQ market.
Subsidiary Korea Pile is a specialized manufacturer of PHC (Pre-tensioned spun High-strength Concrete) piles, supplying products valued for their compressive strength and impact resistance in building and civil foundation work.
In August 2026 Atlas Link agreed to acquire an additional 32.15% stake in Korea Pile previously held by Sungwoo Pile, which upon completion would raise its ownership to 95.21%.
Atlas Link plans to accelerate synergy with Korea Pile, which has recorded an earnings turnaround since its acquisition and now underpins the group's financial base.
On governance, ROA&CO Holdings signed an agreement to acquire a 20.20% stake from the former controlling management for roughly KRW 11.2 billion, securing largest-shareholder status while keeping the incumbent management team in place to maintain business continuity.
Atlas Link is now grouped with Mirae Industry, Nexton&Roll Korea, EV Advanced Materials, and Dynamic Design as major listed affiliates of ROA&CO Group.
The OTT set-top box business competes with global and domestic set-top box makers, while the PHC pile business shares the market with established concrete pile producers such as Tongyang Pile.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7B | ₩1.4B | 19.9% |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩15.3B | ₩2.2B | 14.4% |
| 2026Q1 | ₩16.6B | ₩2.7B | 16.2% |
| 2026Q2 | ₩17.6B | ₩3.4B | 19.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩28.7B | ₩4.3B | ₩6.1B | 15.0% | 19.5% | 33.1% |
| 2023 | ₩26.6B | ₩4.3B | ₩4.9B | 16.0% | 12.0% | 43.6% |
| 2024 | ₩30.9B | ₩4.8B | -₩400M | 15.5% | −1.0% | 48.3% |
| 2025 | ₩42.9B | ₩6.5B | ₩5B | 15.2% | 10.7% | 105.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
On a confirmed annual basis, revenue fell from KRW 28.7 billion in 2022 to KRW 26.6 billion in 2023, then rebounded to KRW 30.9 billion in 2024 and KRW 42.9 billion in 2025, the highest of the past four years.
Operating margin stayed stable in the 15.0%-16.0% range throughout 2022-2025, with operating profit rising steadily each year from KRW 4.30 billion in 2022 to KRW 6.54 billion in 2025.
Owners' net income, however, was uneven: profits of KRW 6.08 billion in 2022 and KRW 4.90 billion in 2023 were followed by a loss of KRW 0.40 billion in 2024 despite positive operating profit, before swinging back to a KRW 4.97 billion profit in 2025.
Non-controlling interests (KRW 0.84 billion) appeared on the balance sheet for the first time in 2025, a change linked to the expanded consolidation of subsidiary Korea Pile. The debt ratio rose gradually from 33.1% in 2022 to 43.6% in 2023 and 48.3% in 2024, before jumping sharply to 105.5% in 2025.
Quarterly figures show scale expanding markedly, from KRW 6.98 billion in revenue and KRW 1.39 billion in operating profit in Q2 2025 to KRW 15.34 billion in revenue, KRW 2.20 billion in operating profit, and KRW 1.34 billion in owners' net income in Q4 2025.
This growth continued into 2026, with Q1 revenue of KRW 16.56 billion, operating profit of KRW 2.68 billion, and net income of KRW 2.18 billion, followed by Q2 revenue of KRW 17.60 billion, operating profit of KRW 3.43 billion, and net income of KRW 1.68 billion.
Quarterly operating margins have ranged between roughly 14% and 20%, indicating consistent profitability. Overall, while revenue and operating profit have expanded steadily, historical data show that net income can swing on non-operating factors, as seen in the 2024 loss.
Atlas Link is exposed to two distinct industry cycles at once. The OTT set-top box business tracks global streaming and media device demand and operates in a relatively mature market with numerous domestic and international competitors.
In contrast, the PHC concrete pile market that Korea Pile operates in supplies foundation materials for building and civil construction, making it directly sensitive to domestic construction and infrastructure investment cycles.
Established domestic PHC pile producers, such as Tongyang Pile with multiple plants, already hold positions in this market, meaning Korea Pile shares the space with incumbents. A construction slowdown could weaken pile demand and pricing power, while expanded infrastructure or housing supply could offer volume upside.
On the OTT side, content platform partnerships and hardware margin pressure are key variables.
ROA&CO Group, which Atlas Link belongs to, reported combined H1 2026 revenue of KRW 233.1 billion and operating profit of KRW 35.6 billion across its five listed affiliates, with Atlas Link representing one of the units still undergoing structural realignment within the group.
Overall, the company's industry position combines a relatively stable mature business (OTT) with a cyclically sensitive materials business (PHC piles), and the two cycles may move in different directions.
The company has publicly stated its intention to expand revenue and profitability through new business initiatives.
CEO Shin Jeong-gwan said the new name Atlas Link "embodies the ambition to become a global connectivity infrastructure company." A concrete step in this direction is a decision to acquire roughly KRW 39.0 billion in real estate, including a KRW 21.6 billion parcel currently leased by Korea Pile, aimed at securing the site directly to reduce lease-related risk and stabilize the production base.
The expansion of Korea Pile ownership to 95.21% is interpreted as part of the same effort to strengthen control over the subsidiary.
At the group level, the chairman of ROA&CO Group said the group is "focusing on qualitative growth that raises both operating profit and cash generation, rather than simple top-line expansion," and would concentrate on expanding synergy among affiliates in the second half.
The AI, optical communication, and edge computing initiatives were outlined at the time of the name change, but no disclosure has yet confirmed specific revenue contribution or new contracts from these areas.
The sequential improvement in Q1-Q2 2026 results appears to reflect the combined effect of Korea Pile consolidation and stable performance in the existing OTT business, and future quarterly disclosures will be needed to track how each business's contribution evolves.
The current share price trades at a discount to the company's own calculated book value per share, placing the price-to-book ratio below 1x.
This partly reflects the fact that the 2025 consolidated financial structure changed substantially with the incorporation of Korea Pile, altering the scale of equity and net assets themselves, making simple comparison with prior years' multiples difficult.
The earnings-based multiple is a range open to differing interpretation given the 2024 net loss and recent quarter-to-quarter earnings volatility, so the durability of the earnings recovery deserves as much attention as any single multiple.
On the dividend side, no cash dividend has been confirmed in recent disclosures, suggesting shareholder returns currently take a back seat to reinvestment and business restructuring.
Ultimately, valuation judgments should weigh both the earnings trajectory once the Korea Pile consolidation effect is fully reflected and the extent to which the new growth businesses materialize.
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 2026-09-05
In 2025, revenue reached KRW 42.9 billion and operating profit reached KRW 6.5 billion, marking the highest level in the most recent four years on a confirmed financial basis. Both revenue and operating profit have increased sequentially in Q1 and Q2 2026, continuing the recovery trend. The operating margin has also remained stable in the 14-20% range each quarter.
The management dispute that lasted over a year concluded with an extraordinary general shareholders' meeting in June 2026. With ROA&CO Holdings confirmed as the largest shareholder, possibilities for synergy and financial support among affiliates have opened up. Its stake in Korea Pile was also expanded to 95.21%, strengthening control over the subsidiary.
With the company name change, the company expressed its intent to enter new growth areas such as AI, optical communications, and edge computing. Concrete implementation is proceeding in parallel, including stabilizing Korea Pile's production base through real estate acquisitions. At the group level, expanding synergies among affiliates is also being emphasized.
The debt-to-equity ratio jumped sharply from 48.3% in 2024 to 105.5% in 2025. This is interpreted as reflecting the investment burden from making Korea Pile a wholly-owned subsidiary and large-scale real estate acquisitions on the financial structure. There is a possibility that the need for additional borrowing or fundraising will continue.
Operating profit maintained a positive trend every year, but in 2024, net income attributable to controlling shareholders turned negative due to non-operating profit/loss factors.
Quarterly net income also somewhat declined from KRW 2.18 billion in Q1 2026 to KRW 1.68 billion in Q2, showing a trend different from the increase in revenue and operating profit. This suggests that non-operating factors could affect the reliability of results.
The AI, optical communications, and edge computing businesses are still at the stage of declared direction, with no confirmed concrete revenue contribution or contract disclosures yet. It also remains uncertain when and to what scale real synergies with the existing OTT and PHC pile businesses will emerge. Adjustments to resource allocation priorities may be needed during the business diversification process.
As the largest shareholder changed to ROA&CO Holdings in 2026 and the management dispute was only recently concluded, it is necessary to continue monitoring the structure and terms of intra-group transactions (real estate acquisitions, equity transactions, etc.) among affiliates. Whether the new board of directors' system leads to actual performance is also a matter to observe.
As the debt-to-equity ratio more than doubled within a year, there is a possibility that additional funding needs related to Korea Pile investments and real estate acquisitions could translate into financial burden. Non-operating profit/loss variables such as interest expenses could affect net income.
As PHC piles are linked to domestic construction and SOC investment conditions, if the construction economy slows down, both demand and pricing power could weaken together. The OTT set-top box business is exposed to hardware margin competition with numerous competitors.
The Q3 2026 report is due around this time, offering a chance to check Korea Pile's contribution to results and the progress of the real estate acquisition.
Watch for disclosures confirming completion of ownership transfer for the roughly KRW 39.0 billion real estate acquisition.
Check for closing confirmation of the deal raising the Korea Pile stake to 95.21% and any related change in consolidation scope.
Continue monitoring for concrete contracts, revenue contribution, or investment disclosures related to the AI, optical communication, and edge computing initiatives.
Atlas Link, previously ALOYS with a single OTT set-top box business, has undergone simultaneous restructuring of both its business mix and governance through the near-full consolidation of subsidiary Korea Pile and its incorporation into ROA&CO Group.
On confirmed financials, revenue rose from KRW 28.7 billion in 2022 to KRW 42.9 billion in 2025, with operating margin holding relatively stable in the 15%-16% range.
However, owners' net income turned negative in 2024 despite positive operating profit, and the debt ratio jumped to 105.5% in 2025 from 48.3% a year earlier, clearly reflecting the financial impact of subsidiary consolidation.
Entering 2026, both Q1 and Q2 showed sequential gains in revenue and operating profit, continuing the earnings recovery. The company has outlined plans to expand into AI, optical communication, and edge computing, though concrete revenue contributions have not yet been confirmed.
With the governance events of dispute resolution and shareholder change recently concluded, ongoing verification of the restructuring's tangible results through future quarterly disclosures and new-business progress will be important.
Report written 2026-09-05 · Data as of 2026-09-04
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