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
Graphy is narrowing its operating losses on the back of growing shape-memory aligner (SMA) material sales, while simultaneously undertaking a capital-intensive acquisition of digital dental company Ray that could reshape its business structure.
2025 consolidated revenue reached KRW 20.53 billion, up from the prior year, but the company still posted an operating loss of KRW 11.05 billion and a net loss of KRW 11.67 billion.
Second-quarter 2026 revenue reached KRW 6.28 billion, a recent quarterly high, yet the operating loss widened to KRW 3.69 billion.
In August 2026, Graphy agreed to acquire a 26.14% stake in digital dental firm Ray (228670) for roughly KRW 49.2 billion, a controlling-stake deal far exceeding its own equity base.
The acquisition was funded through convertible bonds and convertible preferred stock, leaving a potential share-dilution overhang from future conversions.
Overseas certification and distribution build-out across the US, China and Europe are underway, though China's medical device approval timeline has been delayed due to an escalation in the review authority.
Graphy developed a proprietary shape-memory 3D-printing material, based on oligomer design and synthesis technology, that restores its shape spontaneously at body temperature, and used it to commercialize the world's first Shape Memory Aligner (SMA) that activates at oral temperature.
The business spans materials (shape-memory resin), equipment (nitrogen curing units, residual resin removal devices, etc.), finished SMA products, and merchandise such as intraoral scanners and 3D printers, with the materials segment expanding rapidly in recent periods.
In the fourth quarter of 2025, shape-memory material sales accounted for 88.0% of total material revenue, up sharply from 71.0% in the fourth quarter of 2024.
The customer base ranges from individual dental clinics to large US dental distributors and global partners such as Germany's SCHEU Group, supported by a network of over 90 countries and roughly 150 distributors.
In terms of competitive positioning, Align Technology's Invisalign dominates the clear aligner market, leaving Graphy as a later entrant attempting niche penetration through the differentiated properties of its shape-memory material.
In August 2026, Graphy signed an agreement to acquire a 26.14% stake in digital dental equipment and software company Ray (228670) for approximately KRW 49.2 billion, marking an attempt to shift from a materials-focused business toward a platform combining diagnostic equipment, software, and a global distribution network.
Graphy stated that the acquisition aims to secure a new growth axis by combining its material and clear-aligner technology with Ray's digital diagnostic equipment, software, and global business infrastructure.
The company is also collaborating with Raonmedi to commercialize a platform linking CBCT analysis, orthodontic design, and aligner fabrication.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩3.4B | -₩3.7B | −108.2% |
| 2025Q4 | ₩10.4B | -₩1.2B | −11.2% |
| 2026Q1 | ₩3.4B | -₩3.2B | −95.1% |
| 2026Q2 | ₩6.3B | -₩3.7B | −58.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩16.1B | -₩9.2B | -₩32.7B | −56.9% | −846.8% | 470.0% |
| 2025 | ₩20.5B | -₩11.1B | -₩11.7B | −53.8% | −55.4% | 88.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue rose to KRW 20.53 billion in 2025 from KRW 16.12 billion in 2024, yet the operating loss widened to KRW 11.05 billion from KRW 9.17 billion.
The net loss, however, narrowed sharply to KRW 11.67 billion from KRW 32.66 billion in 2024, a change largely attributable to one-off items recorded in the prior year.
On a quarterly basis, third-quarter 2025 revenue was KRW 3.44 billion with an operating loss of KRW 3.72 billion, while fourth-quarter revenue surged to KRW 10.44 billion even as the operating loss narrowed to KRW 1.17 billion, reflecting a pronounced seasonal concentration of sales.
Moving into 2026, first-quarter revenue returned to a low KRW 3.35 billion with an operating loss of KRW 3.19 billion, before second-quarter revenue jumped to KRW 6.28 billion quarter-on-quarter, even as the operating loss widened again to KRW 3.69 billion.
This pattern suggests that despite revenue growth, spending on overseas certification, marketing, and acquisition-related costs increased in tandem.
On the balance sheet, equity grew sharply from KRW 3.86 billion in 2024 to KRW 21.05 billion in 2025 on the back of listing proceeds, while the debt ratio improved from 470.0% to 88.6% over the same period.
Operating cash flow, however, showed a wider outflow of KRW 15.10 billion in 2025 compared with KRW 9.62 billion in 2024, indicating that revenue growth has not yet translated into improved cash generation.
In the global clear aligner market, US-based Align Technology holds a dominant position, while clear aligners continue to gain share within the broader orthodontic market—where traditional bracket-based treatment still accounts for roughly 70%—by leveraging aesthetics and convenience.
Graphy is approaching the market as a later-stage technology entrant, seeking to address limitations of conventional thermoforming (PETG) aligners through the differentiated properties of its shape-memory material, backed by a large body of peer-reviewed publications and clinical data to build credibility among clinicians.
Domestically, to move beyond its position as a small materials company listed under the KOSDAQ technology-growth special listing track, Graphy is attempting to build an integrated value chain spanning diagnosis, design, and fabrication through its acquisition of digital dental equipment and software firm Ray.
On the regulatory front, the company is sequentially pursuing certifications including US FDA 510(k) clearance, European CE MDR, and China's NMPA, with the China approval timeline delayed after the review authority was elevated to the central government.
Graphy's revenue scale remains modest relative to major global competitors, and the company appears to be in an early phase of narrowing that gap through material differentiation and expanding partnerships.
The company and sell-side analysts have pointed to the second half of 2026 as the period when overseas sales in the US and China are expected to gain traction in earnest.
In the US, Graphy has signed a partnership with large dental distributor Benco Dental, and has been working toward launching a local production facility in Florida under its Delaware entity around August 2026, with an annual US revenue target that has been cited at around KRW 10 billion.
In China, the company is pursuing SMA material and equipment supply through a local partner, though the NMPA medical device approval timeline was expected to be delayed by several months after review authority was elevated to the central government, while a separate export revenue target has reportedly been maintained.
In Europe, recovery is anticipated following inventory adjustment, supported by CE MDR certification and the partnership with Germany's SCHEU Group. The largest variable going forward is whether the Ray acquisition closes as planned and how well the integration performs.
The change of largest shareholder was disclosed to take effect on September 16, 2026, and upon completion Graphy has stated it plans to leverage Ray's diagnostic equipment, software, overseas subsidiaries, and distribution network to accelerate cross-selling and overseas market entry.
Some industry analysis has suggested that a simple combination of the two companies' revenue and operating profit could result in substantially larger consolidated figures, though this scenario assumes deal completion and successful integration, meaning any actual financial impact would likely take time to materialize.
Graphy remains in an operating loss position, making profit-based valuation metrics difficult to apply, and the market has generally assessed the stock relative to book value.
Despite a substantial increase in equity following the 2025 listing proceeds, the shares have traded at a considerable premium to net asset value, which can be read as reflecting market expectations for an early-stage materials-and-platform growth story.
The net loss narrowed from 2024 to 2025, though this was driven largely by a base effect from one-off items in the prior year, while the operating loss actually widened over the same period—a divergence worth noting.
The company pays no dividend, with resources currently directed toward reinvestment and acquisition financing rather than shareholder returns.
Sangsangin Securities issued a 'BUY' rating with a target price of KRW 62,000 in a May 2026 report, citing growth potential from overseas market expansion; as this reflects the assessment at that point in time, the gap between then and now should be considered when comparing it with the current share price.
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 2026-09-04
Shape-memory material revenue grew 124.0% year-on-year in the fourth quarter of 2025, with its share of total material sales rising from 71.0% to 88.0%. A shift toward a materials-centered revenue mix raises the potential for improved cost ratios and more recurring revenue. The cost-of-sales ratio has shown a multi-year improving trend.
Partnerships with large US dental distributor Benco Dental and Germany's SCHEU Group are expanding the sales network, alongside progress in building a local production system through the Delaware entity and Florida facility.
Export growth has been reported across multiple regions including Asia, North America, and Latin America, broadening the base for regional diversification.
If the Ray acquisition is completed, Graphy would gain an opportunity to expand from a materials-focused business into an integrated dental platform combining diagnostic equipment, software, and a global distribution network.
Industry analysis has suggested this could shift the revenue structure from one-off equipment sales toward recurring material-based revenue, improving consolidated earnings stability. Cross-selling potential across existing customers and distribution partners is also cited as a positive factor.
Even though second-quarter 2026 revenue jumped substantially quarter-on-quarter, the operating loss widened, meaning revenue growth and profitability improvement have not yet moved in tandem. The SG&A ratio has declined from 212.5% in 2022 to 147.8% in the first half of 2025 but has been described as still elevated.
With ongoing costs tied to overseas certification, marketing, and the acquisition, the timing of reaching breakeven remains uncertain.
Financing for the Ray acquisition came from convertible bonds and convertible preferred stock, resulting in potential new shares equivalent to roughly 30% of shares currently outstanding.
Graphy raised additional capital roughly twice the size of its original IPO proceeds within about a year of listing, and it undertook the acquisition after having already deployed a substantial portion of its IPO funds—both cited as financial burdens.
China's NMPA medical device certification has been expected to be delayed by several months after review authority was elevated to the central government.
Regulatory processes such as FDA 510(k) clearance and CE MDR certification are also underway in other regions including the US and Europe, meaning certification delays could sequentially affect revenue expansion plans.
The KRW 49.2 billion Ray acquisition price exceeds Graphy's consolidated total assets and equity as of the end of the prior year, and was funded through convertible bonds and convertible preferred stock.
The company had already deployed a significant portion of its original IPO proceeds before raising substantial additional capital for the acquisition, warranting close monitoring of its financial capacity.
During the acquisition process, existing major shareholder Megagen Implant had been increasing its stake in Ray, meaning that stakeholder alignment may be needed as the board composition and management stability are settled following deal completion.
If business integration following Ray's incorporation does not proceed as planned, expected synergies could be delayed.
Graphy's overseas revenue expansion plans presuppose the completion of country-specific medical device certifications, including US FDA, European CE MDR, and China's NMPA.
In China, a schedule delay has already been flagged following the elevation of the review authority, meaning certification delays could affect the timing of planned export targets.
The disclosed date for the change of Ray's largest shareholder; confirm whether the roughly KRW 49.2 billion share transfer closes as planned and how the board composition changes.
Check whether Ray convenes an extraordinary shareholders meeting to appoint directors and auditors designated by Graphy, as a marker of how substantively the management integration is progressing.
Review third-quarter 2026 revenue and operating results to check whether initial US distribution shipments and a growing material sales mix are translating into actual earnings improvement.
Watch for further disclosures or news on the progress of China's NMPA approval to assess how much the timeline has actually slipped and what impact this has on the feasibility of the annual export target.
Graphy is showing a positive structural signal in the growth of shape-memory material sales and an expanding material mix, but profitability improvement remains unclear, as second-quarter 2026 revenue growth was accompanied by a widening operating loss.
The Ray acquisition decided in August 2026 represents a bold attempt to transform from a materials company into an integrated dental platform, but it involves capital far exceeding the company's own equity, bringing financial strain and share-dilution issues.
Expanding partnerships in the US and Europe, along with entry into the Chinese market, remain central to the growth story, though regulatory variables such as the delayed China certification could affect when revenue actually materializes.
The sharp increase in equity and improved debt ratio since listing are positive changes to the balance sheet, but operating cash outflow actually widened, meaning improved cash generation has not yet been confirmed.
Going forward, whether the Ray acquisition closes and integrates successfully, the pace of overseas certifications, and quarterly profit-and-loss trends will likely be the key variables in judging the company's trajectory.
Further confirmation through disclosures and quarterly earnings releases is warranted before forming an investment view.
Report written 2026-09-05 · Data as of 2026-09-04
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