Lat

LAT began producing semiconductor and display manufacturing equipment in 2014 and listed on the KONEX market in December 2018 as a special-purpose machinery manufacturer.

The company mainly manufactures and sells vacuum process equipment and product transfer equipment for the semiconductor, display, MEMS, and renewable energy sectors.

Its core products are mask sputter equipment used in the OLED thin-film encapsulation (TFE) process and panel transfer logistics equipment, with design capability for high-volume equipment cited as a key strength.

Unlike conventional physical sputtering, its mask sputter uses a reactive sputtering method involving chemical reactions, which is considered technically demanding because it must apply a uniform chemical reaction across large-area glass substrates.

The company has supplied 8.6-generation equipment to a domestic display maker through a domestic equipment company and has undergone quality verification for it.

More recently, it has developed semiconductor MEMS inline sputter equipment, secondary battery selector module equipment, solar cell deposition logistics equipment, and hydrogen fuel cell stacking equipment as part of business diversification.

Key customers are domestic and overseas display panel makers, with companies pursuing 8th-generation OLED investment, including Samsung Display, cited as potential demand sources. The largest shareholder is CEO Park Kang-il, with financial investors such as SL Investment also participating as shareholders.

In 2025, consolidated revenue was KRW 29.4 billion, sharply down from KRW 40.8 billion in 2024, while operating profit rose to KRW 735 million (operating margin 2.5%) from KRW 588 million (margin 1.4%) in 2024, and net profit expanded substantially to KRW 480 million from around KRW 76 million in 2024. 2024 was a year in which revenue jumped due to recognition of 8th-generation OLED-related sales, but operating margin remained in the low single digits, whereas in 2025 revenue contracted while margins improved through cost control.

Earlier, in 2023, the company recorded revenue of KRW 9.3 billion, an operating loss of KRW 2.25 billion (margin -24.1%), and a net loss of KRW 1.8 billion, reflecting the impact of a lull in display equipment demand.

In 2022, revenue was KRW 16.9 billion with operating profit of KRW 1.7 billion (margin 10.1%), a relatively solid margin by comparison, underscoring how the project-based nature of the business causes revenue and margins to swing sharply depending on order timing.

On the balance sheet, total equity fell from KRW 5.4 billion in 2022 to KRW 5.0 billion in 2023, then rose to KRW 10.9 billion in 2024 and KRW 11.9 billion in 2025, while the debt ratio spiked to 560.8% in 2023 before easing to 197.1% in 2024 and 184.8% in 2025.

Operating cash flow was negative in both 2022 and 2023 (-KRW 391 million and -KRW 1.8 billion, respectively) but turned positive for two consecutive years, at KRW 1.93 billion in 2024 and KRW 1.13 billion in 2025.

Overall, the period can be characterized as a recovery in both profitability and cash generation following the 2023 loss.

The display industry is entering a phase where investment cycles for 8th- and 8.6th-generation OLED lines are gaining momentum. Samsung Display is leading 8.6-generation IT-OLED investment, and in China, BOE and Visionox are reportedly preparing and expanding related investments.

According to a related industry report, Korea recorded a 92.4% share of the 9-inch-and-above mid-to-large OLED market in 2025, with the market projected to grow to around USD 20 billion by 2030.

This expanding investment is creating order opportunities for domestic equipment makers of mask sputters, evaporators, and panel transfer equipment, and competitors such as Sunic System, DMS, and Nine Tech have successively announced supply contracts related to 8.6-generation lines.

LAT is known for its competitiveness in mask sputter and panel transfer equipment, a different niche from the evaporator market dominated by Canon Tokki and major domestic player Sunic System.

However, the display equipment industry is characterized by order and revenue recognition concentrated around panel makers' investment decision timing, which often causes individual equipment makers' results to swing sharply between years.

Renewable energy equipment fields such as secondary battery, hydrogen fuel cell, and solar cell equipment remain at an early stage, with limited confirmed information on revenue contribution or market position compared to the display segment.

In an April 2025 interview with Electronic Times, the company said its results had jumped due to recognition of 8th-generation OLED-related sales, and explained it was preparing a transfer listing to KOSDAQ to strengthen R&D capabilities and expand production capacity.

A March 2026 media report headline indicates the company had completed the requirements for a KOSDAQ transfer listing, though details of progress and whether a formal review application has been filed require confirmation through further disclosures.

As of April 2025, the company stated it was supplying 8.6-generation equipment to a domestic display maker through a domestic equipment company and undergoing quality verification, and whether this verification is passed and leads to follow-on orders remains a variable that could affect future results.

It was also mentioned (as of April 2025) that semiconductor MEMS inline sputter equipment, secondary battery selector modules, solar cell logistics equipment, and hydrogen fuel cell stacking equipment had completed development and were nearing mass production, so the timing of mass production launch and revenue recognition for these new businesses will likely determine the success of diversification.

These plans, however, reflect targets as of their announcement date, and confirmed revenue or order scale should be separately verified through future disclosures.