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
PhilEnergy's revenue collapsed roughly 88% in 2025 and turned to losses, and while results remained weak through the first half of 2026, a new order booked in May is being watched as an early recovery signal.
2025 consolidated revenue fell 88.4% year over year to KRW 33.19bn from KRW 285.40bn, with both operating profit and net income swinging to losses
Quarterly revenue stayed thin at KRW 1.74bn and KRW 2.39bn in Q1 and Q2 2026, while the operating loss actually widened
A KRW 14.77bn secondary battery assembly equipment supply contract was signed in May 2026, running through August 2028
Key customer Samsung SDI is the company's second-largest shareholder and receives notching and stacking equipment on an exclusive-supply basis
The battery sector shows signs of an ESS-led rebound, though some brokerages see a meaningful earnings recovery only from 2027 onward
PhilEnergy was established in 2020 through a spin-off of PhilOptics's secondary battery business division and listed on KOSDAQ in July 2023.
Its core business centers on laser notching and stacking equipment used in the secondary battery assembly process, with an integrated notching-and-stacking unit as the flagship product.
As of the third quarter of 2025, notching and stacking equipment accounted for 84.7% of revenue, while equipment retrofits and parts made up 15.3%.
Its largest customer is Samsung SDI, which co-developed the stacking equipment with the company and receives it on an exclusive basis; Samsung SDI also holds roughly a 14-15% stake as the second-largest shareholder.
The company has recently expanded its portfolio into an integrated notching-and-winding unit for next-generation 46-series cylindrical batteries and has secured related orders from a European battery maker.
It has also developed a UHP stacking system aimed at solid-state batteries, which has already been supplied to a customer's pilot line, positioning the company for potential mass-production orders once solid-state materials mature.
Parent company PhilOptics is a semiconductor and display equipment maker whose main business is laser equipment for OLED panels supplied to Samsung Display, and PhilEnergy shares part of its production facilities with the parent to pursue synergies.
The domestic secondary battery equipment sector includes process-specific competitors such as PNT, M Plus, Hana Technology and CIS, along with a separate equipment maker that supplies laser notching gear to LG Energy Solution's lines.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩22.9B | -₩3.9B | −16.8% |
| 2025Q3 | ₩1.4B | -₩5.4B | −394.9% |
| 2025Q4 | ₩8B | -₩6.9B | −87.0% |
| 2026Q1 | ₩1.7B | -₩3.9B | −223.3% |
| 2026Q2 | ₩2.4B | -₩7.1B | −298.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩189.7B | ₩16.8B | ₩3.7B | 8.9% | 15.2% | 471.0% |
| 2023 | ₩196.7B | ₩15.3B | -₩6.4B | 7.8% | −5.0% | 94.3% |
| 2024 | ₩285.4B | ₩14.2B | ₩14.1B | 5.0% | 9.8% | 48.3% |
| 2025 | ₩33.2B | -₩22.2B | -₩15.8B | −66.8% | −12.5% | 67.1% |
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
PhilEnergy's 2025 consolidated revenue fell 88.4% year over year to KRW 33.19bn from KRW 285.40bn in 2024, and operating profit swung from KRW 14.20bn (operating margin 5.0%) in 2024 to an operating loss of KRW 22.17bn (margin -66.8%) in 2025.
Owner-attributable net income likewise flipped from a profit of KRW 14.06bn in 2024 to a net loss of KRW 15.85bn in 2025.
On a quarterly basis, revenue of KRW 22.92bn and an operating loss of KRW 3.85bn in the second quarter of 2025 were followed by a collapse to KRW 1.36bn in revenue in the third quarter, with the operating loss widening to KRW 5.38bn; the fourth quarter saw revenue recover partially to KRW 7.95bn, yet the operating loss expanded further to KRW 6.92bn.
Into 2026, revenue stayed thin at KRW 1.74bn in the first quarter (operating loss KRW 3.88bn) and KRW 2.39bn in the second quarter (operating loss KRW 7.14bn), with losses widening even as revenue remained depressed.
This pattern suggests fixed costs and R&D spending continued to weigh on results even as little revenue was recognized, producing negative operating leverage.
In 2023, the company posted revenue of KRW 196.72bn and an operating profit of KRW 15.31bn (margin 7.8%) yet still recorded a net loss of KRW 6.42bn, a divergence attributable to an accounting expense tied to convertible bond conversions shortly after its IPO.
On the balance sheet, the debt ratio fell from 471.0% in 2022 to 94.3% following the 2023 listing and improved further to 48.3% in 2024, before rising back to 67.1% in 2025 as accumulated losses eroded equity.
Operating cash flow also swung sharply, from a large inflow of KRW 90.53bn in 2023 to an outflow of KRW 16.59bn in 2024.
The domestic secondary battery equipment sector went through a contraction cycle in 2024-2025 as the EV chasm and reduced capital spending by the three major Korean battery makers curtailed both new orders and revenue across the industry.
Entering 2026, the expansion of the U.S. energy storage system (ESS) market and a recovery in European EV sales have emerged as the pivot for a rebound, and NH Investment & Securities projected in a June 2026 report that EV and ESS orders centered on LG Energy Solution and Samsung SDI would become more concrete in the second half.
By contrast, Kiwoom Securities took a neutral stance on the sector in a late-May 2026 report, citing prolonged U.S.
EV demand softness, continued European market share erosion, concerns over ESS profitability, and valuation burden, and expected a meaningful earnings recovery only from the second half of 2027 through 2028.
Shinhan Investment & Securities likewise noted in a May 2026 report that the axis of recovery is shifting from EVs to ESS, while judging that the recovery would be differentiated by region and product rather than broad-based.
For equipment makers, the resumption of capital spending by cell manufacturers serves as a leading indicator of an earnings rebound, and PhilEnergy stands among the more extreme cases of revenue decline within this cycle.
In terms of competitive positioning, PhilEnergy holds an exclusive supply status to Samsung SDI in the notching-and-stacking process, while a separate domestic equipment maker supplies similar laser notching equipment to LG Energy Solution's lines, leaving customer diversification as a key point to watch for future competitiveness.
PhilEnergy disclosed a KRW 14.77bn secondary battery assembly equipment supply contract on May 13, 2026, running through August 5, 2028, equivalent to about 44.5% of recent revenue.
The counterparty remains undisclosed under confidentiality provisions, but because the contract's revenue will be recognized over more than two years, it is likely to function as a medium- to long-term revenue base rather than an immediate boost.
Order backlog stood at KRW 64.6bn as of the end of the third quarter of 2025, down 56.4% year over year, and it will be worth watching whether this new contract reverses that declining trend.
The company has shipped an integrated notching-and-winding unit for 46-series cylindrical batteries to a European battery maker, and discussions on 4680 winder equipment with U.S. and European customers have previously been reported, indicating ongoing customer diversification in the cylindrical battery segment.
A UHP stacking system for solid-state batteries has already been supplied to a customer's pilot line, with potential for follow-on orders once material stabilization and mass-production investment decisions are made.
The '2027 combined revenue of KRW 1 trillion' target that PhilEnergy and parent PhilOptics presented at a November 2023 investor event was premised on rapid growth at the time, but given the sharp revenue contraction since then, whether that target remains attainable will need to be confirmed by future results.
As of late 2023 the company shared Factory 1 with PhilOptics for annual capacity of about KRW 250bn and had been expanding capacity through a second factory; given the recent revenue collapse, the recovery of utilization at this expanded capacity is likely to be a key factor for future profitability improvement.
PhilEnergy's swing to losses in 2025 and the low-revenue conditions that persisted through the first half of 2026 make it difficult to apply traditional earnings-based valuation metrics.
From a price-to-book perspective, the stock trades at a premium to net asset value, which can be interpreted as reflecting some degree of market expectation for a future recovery in orders and revenue. On the dividend side, the absence of recent dividend payouts leaves little basis for an attractive yield case.
The earnings-based trading bands established during the company's earlier profitable growth phase are not directly comparable to the current loss-making environment, and valuation judgments going forward will likely hinge heavily on the pace and durability of any revenue recovery.
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
PhilEnergy co-developed its stacking equipment with Samsung SDI and supplies it on an exclusive basis, and Samsung SDI is also the company's second-largest shareholder with roughly a 14-15% stake.
This structure lowers the risk of customer attrition and carries the potential to translate directly into orders whenever Samsung SDI resumes line investment. The new order booked in May 2026 is presumed to stem from this relationship.
The company has developed an integrated notching-and-winding unit for 46-series cylindrical batteries and a UHP stacking system for solid-state batteries, having already shipped the former and supplied the latter to a pilot line.
Should next-generation battery technologies reach commercialization, related equipment demand could follow. The shipment of a 46-series winder to a European battery maker can be viewed as an early result of customer diversification.
NH Investment & Securities projected in a June 2026 report that EV and ESS orders centered on LG Energy Solution and Samsung SDI would materialize in the second half.
Growth in the ESS market tied to rising data center power demand could lead cell makers to resume capital spending, which could subsequently be reflected in an improved order environment for equipment maker PhilEnergy.
Revenue fell 88.4% year over year in 2025, and quarterly revenue in the first half of 2026 remained thin at KRW 1.74bn and KRW 2.39bn. The operating loss has continued to widen even at these low revenue levels, leaving a recovery in revenue scale sufficient to absorb fixed costs as an urgent task.
Order backlog stood at KRW 64.6bn at the end of the third quarter of 2025, down 56.4% year over year. A structure in which most revenue and orders are concentrated with Samsung SDI offers relationship stability but also carries the risk that a delay in a single customer's investment decision can directly hit results.
Kiwoom Securities took a neutral stance on the sector in a late-May 2026 report, citing U.S. EV demand softness, European market share erosion, and ESS profitability concerns, and expected a meaningful earnings recovery only in the second half of 2027 through 2028.
Because an order recovery for equipment makers requires cell manufacturers to resume investment first, any delay in the sector recovery could likewise push back the timing of PhilEnergy's earnings normalization.
The 'delay in secondary battery industry capital investment' that the company cited as the main cause of its 2025 earnings deterioration remains an ongoing risk. If major customers such as Samsung SDI further delay new line investment decisions, the order gap could persist.
In the first half of 2026, the operating loss actually widened even at low revenue levels. In a low-revenue phase, fixed costs and R&D spending weigh directly on earnings, and if revenue fails to recover, the loss could deepen further.
For the new order signed in May 2026, the counterparty has not been disclosed under confidentiality provisions, creating an information asymmetry.
A structure in which a substantial portion of revenue and orders is concentrated among a small number of customers can be vulnerable to shifts in a particular customer's business strategy.
The Q3 2026 report filing will indicate whether revenue and order backlog have entered a recovery phase and whether the widening trend in operating losses has stabilized.
Watch for announcements of new line investment by major customers such as Samsung SDI, as a resumption of customer investment could serve as a leading indicator for new orders at PhilEnergy.
If additional single-sale supply contract disclosures with confidential counterparties emerge as in May 2026, monitor whether the counterparty is revealed after the contract's confidentiality period ends and how quickly revenue is recognized.
Track over multiple years whether the 'sector recovery in the second half of 2027 through 2028' scenario put forward by some brokerages actually materializes, and whether PhilEnergy's revenue and orders normalize in tandem.
PhilEnergy's revenue fell 88.4% year over year in 2025, turning both operating profit and net income to losses, and quarterly revenue remained around KRW 2bn through the first half of 2026 even as the operating loss continued to widen.
Compared with the profitable growth phase of 2023, the company currently appears to be at a distinct earnings trough.
That said, a new order worth KRW 14.77bn was confirmed in May 2026, and development of new products for 46-series cylindrical and solid-state batteries is ongoing, suggesting the medium-to-long-term growth drivers have not disappeared entirely. Across the sector, expansion of the U.S.
ESS market and a recovery in European EV sales are cited as the axis for a rebound, though brokerages differ on timing, with some pointing to the second half of 2027 or later.
The company's heavy reliance on Samsung SDI, both in revenue and in shareholding structure, brings relationship stability but also carries customer concentration risk. Overall, the pace of earnings normalization and the durability of new orders will likely be the key variables for future assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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