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
Hana Technology's order backlog has swelled to more than five times annual revenue after a June 2026 turnkey contract with a UK customer, but a history of overseas contract cancellations and highly volatile quarterly results still weigh on investor confidence.
Signed a KRW161.4bn turnkey battery assembly line contract with a UK customer in June 2026, lifting backlog above KRW500bn
FY2025 operating loss narrowed to near breakeven from the large FY2024 loss, but the operating loss widened again in H1 2026
Q3 2025 revenue of KRW52.4bn and operating profit of KRW4.3bn were followed by sharp revenue declines in subsequent quarters, reflecting lumpy order-to-revenue recognition
Past large overseas contracts with Britishvolt and Suzhou Xin-Power were cancelled, and in 2026 US, French and Swedish contracts have also been revised or terminated
Maintains Samsung SDI, LG Energy Solution and SK On as core domestic customers while expanding overseas supply relationships in India, the UK and North America
Founded in 2003 and listed on KOSDAQ in 2020, Hana Technology is a secondary battery manufacturing equipment specialist that reportedly is the only domestic company offering a full-line turnkey solution spanning assembly, formation (activation) and pack processes.
Its assembly-process lineup includes electrolyte injectors, tab welders, Z-stacking and high-speed stacking machines and notching equipment, alongside pulse charge-discharge activation equipment and pack-process equipment, all supplied on a turnkey basis.
The company can support all lithium-ion battery form factors—cylindrical, prismatic and pouch—and has recently extended its product range into next-generation battery processes, including a Warm Isostatic Press (WIP) for solid-state batteries and solid-state stacking equipment.
Domestic customers include Korea's three major battery makers, Samsung SDI, LG Energy Solution and SK On, while the overseas customer base is expanding into India, the United Kingdom, North America, France and Sweden.
Beyond its core battery equipment business, the company has developed ultra-thin glass (UTG) heat-chamfering equipment for foldable displays and through-glass via (TGV) processing technology for semiconductor glass substrates as new growth avenues.
It has also built pack/module discharge equipment and battery diagnostic systems targeting the waste battery recycling market, reflecting an effort to diversify growth drivers.
Precise segment-level revenue mix is not separately disclosed, so quarterly revenue composition swings significantly depending on the progress of large turnkey contracts.
Competitively, results are closely tied to the capital-expenditure cycles of automakers and battery cell makers, alongside other domestic and overseas battery equipment suppliers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩17.2B | -₩3.1B | −17.7% |
| 2025Q3 | ₩52.5B | ₩4.3B | 8.1% |
| 2025Q4 | ₩9.8B | ₩300M | 2.8% |
| 2026Q1 | ₩8.3B | -₩3.7B | −44.2% |
| 2026Q2 | ₩5.3B | -₩6.4B | −120.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩113.9B | ₩11.2B | ₩1.5B | 9.8% | 2.1% | 219.7% |
| 2023 | ₩119.9B | -₩6.3B | -₩3.8B | −5.3% | −3.4% | 105.7% |
| 2024 | ₩94.2B | -₩26.4B | -₩15.5B | −28.0% | −15.8% | 145.1% |
| 2025 | ₩93.8B | -₩39,810,418 | -₩5.8B | 0.0% | −5.8% | 161.7% |
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
Hana Technology's annual revenue rose from KRW113.9bn in 2022 to KRW119.9bn in 2023, then fell for two consecutive years to KRW94.2bn in 2024 and KRW93.8bn in 2025.
On profitability, the company posted an operating profit of KRW11.2bn (a 9.8% operating margin) in 2022, before swinging to an operating loss of KRW6.3bn in 2023 and a much larger operating loss of KRW26.4bn in 2024.
In 2025 the operating loss narrowed sharply to near breakeven at KRW39.8 million, though net income remained negative at KRW5.8bn, marking a fourth consecutive year of net losses.
On a quarterly basis, Q3 2025 revenue reached KRW52.4bn with operating profit and net profit both around KRW4.3bn, a swing interpreted as reflecting revenue recognition concentrated in that quarter from large turnkey contracts.
Revenue then dropped sharply to KRW9.8bn in Q4 2025, and Q1 2026 revenue of KRW8.3bn came with an operating loss of KRW3.7bn, while Q2 2026 revenue fell further to KRW5.3bn as the operating loss widened to KRW6.4bn.
Notably, Q2 2026 still posted a net profit of KRW1.3bn, a divergence from the operating loss that appears to stem from non-operating items whose details would require further confirmation through interim disclosures.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative revenue totaled KRW75.8bn with owners' net income of KRW2.2bn, a figure still largely driven by the Q3 2025 revenue spike.
Overall, Hana Technology's results show a clear pattern of revenue and profit concentrating in specific quarters tied to the timing of large turnkey contract execution, indicating that a stable revenue cadence has not yet been established.
The battery equipment industry is broadly assessed as having passed through its worst profitability phase amid the electric vehicle demand chasm and high interest rates since 2023, with some views suggesting the sector has entered the early stage of a recovery.
Analysts point to rapidly rising energy storage system (ESS) battery demand in the United States, driven by surging power needs from AI data centers, as a factor that could extend beyond EV-related equipment into new ESS line investment.
In Europe, battery sales have been recovering from a 2024 trough, and stricter EU origin-of-content rules, if implemented, are cited as a factor that could relatively benefit Korean suppliers over Chinese competitors.
Under this backdrop, renewed capacity expansion decisions by battery cell makers translate into equipment orders, meaning Hana Technology's results ultimately hinge heavily on the timing of customers' investment decisions.
The company is pursuing a strategy of strengthening its position in next-generation battery equipment through its domestically unique full-process turnkey capability and its track record developing WIP and stacking equipment for solid-state batteries.
However, the pace and strength of the industry recovery remain dependent on external variables such as when customers resume investment and whether automaker demand rebounds, and delays in customer investment schedules—such as those previously seen at Norway's Freyr and Sweden's Novo Energy—have actually materialized.
A turnkey battery assembly line contract with a UK customer disclosed on June 9, 2026, worth roughly KRW161.4bn and running from June 2026 to December 2030, is the largest contract currently being executed by Hana Technology, and based on Eugene Investment & Securities' tally the order backlog of KRW339.3bn at end-Q1 2026 is understood to have risen into the KRW500bn range as a result.
Yuanta Securities forecast in a January 2026 report that revenue recognition from a roughly KRW157.6bn turnkey assembly equipment contract with an Indian customer, signed in December 2025, would begin progressively from April 2026.
In the same report, Yuanta noted that Hana Technology disclosed a total of seven supply contracts in 2025 and had secured new growth drivers through Z-stacking and solid-state battery WIP equipment orders, though it did not provide an investment rating or target price.
Eugene Investment & Securities noted after the Q1 2026 earnings release that first-quarter results fell short of market expectations due to costs tied to preparing North American production and preparing mass production for the Indian customer, and projected that supply to India and North America would ramp up from the second quarter, driving a shift to revenue growth.
In practice, Q2 2026 revenue instead declined from the prior quarter, diverging from that projection.
Key points to watch going forward include the actual pace of revenue recognition from the large contracts, whether additional overseas orders materialize, and whether the previously recurring pattern of contract revisions and terminations resurfaces.
Excluding 2022, Hana Technology posted net losses in three of the past four fiscal years, meaning earnings-based valuation metrics such as the price-to-earnings ratio remain highly sensitive to whether a single quarter's one-off profit occurs.
On a trailing four-quarter basis, owners' net income is positive, but since most of that profit stems from the large revenue recognition in a single quarter (Q3 2025), it is still premature to judge whether this shift to profitability is a sustained trend.
In terms of the price-to-book ratio, the stock tends to trade at a certain premium to net asset value, which can be interpreted as partly reflecting market expectations for future revenue conversion from large orders.
On dividends, the company has not paid a dividend through the most recent fiscal year, suggesting market attention is focused more on growth from order expansion than on shareholder returns.
Given the company's history of alternating losses and profits, valuation metrics may be better assessed alongside the actual pace of revenue recognition from pending large contracts rather than through simple comparison with industry averages or the company's own historical range.
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 June 2026 turnkey contract worth roughly KRW161.4bn with a UK customer lifted the order backlog into the KRW500bn range, exceeding five times annual revenue.
On top of this, revenue recognition from the KRW157.6bn contract with an Indian customer signed in December 2025 was also expected by analysts to ramp up from 2026. Both contracts run for roughly four years, meaning that if actually executed, they could underpin revenue for several years ahead.
The company is reportedly the only domestic firm capable of offering full turnkey capability across assembly, formation and pack processes, a comprehensive capability that has translated into large overseas turnkey contract wins.
It is also diversifying growth drivers through next-generation equipment development, including WIP and solid-state stacking equipment and Z-stacking machines.
New businesses such as waste battery recycling equipment and UTG heat-chamfering equipment for foldable displays are pursued in parallel, offering potential revenue sources beyond core battery equipment.
The operating loss, which had reached KRW26.4bn in 2024, narrowed sharply to KRW39.8 million in 2025, effectively approaching breakeven.
In Q3 2025, the company posted a single-quarter operating profit of KRW4.3bn on revenue of KRW52.4bn, demonstrating that revenue recognition from large contracts can translate into actual profit. If similarly sized contracts are recognized sequentially going forward, a similar earnings recovery could recur.
A roughly KRW90.7bn contract with UK-based Britishvolt in 2022 collapsed after the customer entered administration and was later liquidated, and a KRW172.4bn contract with China's Suzhou Xin-Power Energy signed in 2023 was cancelled within a year.
In 2026 as well, a US-bound contract saw specification and amount changes in February, a KRW21bn contract with a North American battery maker was terminated in May, and a France-bound contract amount was reduced.
This recurring pattern of large order announcements not translating into actual revenue means the feasibility of contract execution requires ongoing scrutiny.
Revenue, which reached KRW52.4bn in Q3 2025, fell consecutively to KRW9.8bn in Q4 2025, KRW8.3bn in Q1 2026 and KRW5.3bn in Q2 2026, showing a highly irregular pattern.
In Q2 2026, the operating loss actually widened to KRW6.4bn alongside the revenue decline, illustrating that large order wins have not directly translated into stable revenue growth. This volatility makes future results difficult to forecast.
In Q2 2026, despite the operating loss widening to KRW6.4bn, net income was positive at KRW1.3bn, suggesting that factors outside the core business had a meaningful effect on results. This non-operating volatility makes it difficult to judge whether the core business's profitability is genuinely improving. Until the details are clearly confirmed through disclosures, the quality of earnings warrants a cautious read.
The KRW161.4bn UK contract signed in June 2026 has disclosure of the counterparty withheld until the contract's December 2030 end date at the customer's request, making it difficult for investors to directly assess the counterparty's creditworthiness or business status.
As with the earlier Britishvolt and Suzhou Xin-Power cases, deterioration in a customer's business or changes to its investment plans could affect contract execution. This information asymmetry constrains investors' ability to judge whether large contracts will actually be fulfilled.
Operating cash flow deteriorated sharply to negative KRW36.1bn in 2024 before improving to roughly KRW10bn in 2025, though the burden of upfront investment to execute large turnkey contracts persists.
Repeated disclosures of changes to stock-backed loan arrangements involving major shareholders warrant monitoring of equity-related financing structures. The timing gap between receipt of advance payments on large contracts and the outlay for materials and labor can also be a source of funding pressure.
Hana Technology's orders and revenue are heavily dependent on the timing of capacity expansion decisions by battery cell makers and automakers, and delays in customer investment schedules—as previously seen with Norway's Freyr and Sweden's Novo Energy—have actually occurred.
If the pace of EV demand recovery is slower than expected, customers' resumption of investment could likewise be delayed. This directly affects how quickly the backlog converts into actual revenue.
The Q3 2026 quarterly report is due for disclosure — worth checking whether revenue recognition from the India and UK contracts actually resumes and whether the Q2 gap between operating and net results is clarified.
Whether orders and supply for the Indian customer's assembly equipment actually ramp up as planned — since sequential ordering was expected from April 2026, progress should be tracked through DART disclosures.
Continuous monitoring is needed for any new large overseas contract disclosures as well as for whether revisions or terminations of existing contracts (UK, India, France, Sweden, etc.) recur.
News of new orders for solid-state battery WIP and Z-stacking equipment and any expansion of related customers — a gauge of whether the company is strengthening its position in the next-generation battery equipment market.
Checking for disclosures on changes to major shareholders' stock-backed loan arrangements and for any additional financing events such as convertible bond issuance.
Hana Technology has reinforced its growth narrative on paper after a large turnkey contract with a UK customer in June 2026 pushed its order backlog above five times annual revenue.
In 2025, the operating loss narrowed to near breakeven and the company posted a large single-quarter profit in Q3, signaling potential earnings recovery.
However, revenue fell sharply in consecutive quarters from Q4 2025 onward, and the operating loss widened again in Q2 2026, showing that large orders have not directly translated into a stable revenue and profit trajectory.
The past collapse of large contracts with Britishvolt and Suzhou Xin-Power, together with a pattern of contract revisions and terminations that continued into 2026, calls for scrutiny of whether new orders will actually be executed.
The company's reportedly unique domestic full-process turnkey capability and its track record in solid-state battery equipment development support structural growth potential, but variables requiring further confirmation—such as undisclosed contract counterparties and cash flow pressure—also remain.
Ultimately, the direction of future results appears to hinge on the actual pace of revenue recognition from large contracts in India and the UK, and on whether the recurring pattern of contract issues resurfaces.
Report written 2026-09-05 · Data as of 2026-09-04
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