Cmtx

CMTX is a materials and parts specialist that manufactures high-function precision components based on silicon (Si), sapphire, and ceramic materials used in front-end semiconductor etching and deposition processes.

As of 2025, the silicon parts segment accounted for 97.66% of revenue, spanning hundreds of product variants such as focus rings and electrodes that differ by size and structure. These are consumable parts used inside plasma reaction chambers, designed to minimize wafer surface contamination.

The company has been a Samsung Electronics first-tier vendor since 2021 and holds sole-supplier status for silicon parts at Samsung's equipment technology institute, while it is the only Korean materials and parts firm registered as a first-tier TSMC vendor, supplying products for 3nm and 2nm leading-edge processes.

It has also been expanding its partnership with Micron Technology to the latter's Singapore fab and has completed SK Hynix vendor registration, giving it reach across major domestic and overseas IDM and foundry customers.

Through its wholly owned subsidiary Celeg, CMTX has internalized silicon ingot materials and commercialized what it describes as the world's first recycling technology for used silicon parts, supporting both supply-chain stability and cost competitiveness.

Production infrastructure is concentrated in Gumi, North Gyeongsang Province, where the company is building a roughly 15,000-pyeong second plant (M Campus) funded by IPO proceeds. CMTX listed on KOSDAQ on November 20, 2025.

Consolidated 2025 revenue reached KRW 160.56bn, sharply up from KRW 108.67bn in 2024, while operating profit climbed to KRW 51.78bn (32.3% margin) from KRW 23.64bn (21.8% margin) in 2024, showing margin expansion alongside top-line growth.

Net income attributable to owners, however, swung from a KRW 13.52bn profit in 2024 to a KRW 25.06bn loss in 2025, which reflects a fair-value valuation loss on redeemable convertible preferred shares (RCPS) ahead of listing, a factor the company itself cited as the cause of the net-loss swing.

On a quarterly basis, revenue of KRW 41.03bn and operating profit of KRW 15.46bn (roughly 37.7% margin) in Q3 2025 gave way to a margin dip in Q4 2025 (revenue KRW 42.18bn, operating profit KRW 10.00bn, roughly 23.7% margin), before recovering to 30.6% in Q1 2026 (revenue KRW 44.12bn, operating profit KRW 13.51bn) and roughly 32.5% in Q2 2026 (revenue KRW 47.90bn, operating profit KRW 15.58bn), with revenue rising every quarter.

Owners' net income also tracked KRW 15.37bn, KRW 5.36bn, KRW 10.02bn, and KRW 11.77bn across those same four quarters, moving closer to the operating-profit trend once the RCPS conversion was completed at listing.

On the balance sheet, owners' equity moved from -KRW 38.48bn (debt ratio -575.2%) in 2024 to KRW 178.10bn (debt ratio 51.0%) in 2025, confirming that the liability-style RCPS classification was resolved and the capital structure normalized after listing.

Total liabilities also fell sharply, from KRW 218.31bn in 2024 to KRW 93.04bn in 2025. Operating cash flow remained stable at KRW 35.49bn in 2024 and KRW 36.19bn in 2025, indicating that underlying cash generation stayed consistent even as reported net income was volatile.

As semiconductor manufacturing migrates to more advanced nodes, higher plasma density in etch processes is accelerating part wear and shortening replacement cycles, driving growing demand for aftermarket supply that bypasses equipment makers among chipmakers seeking yield gains and cost reduction.

Domestic aftermarket adoption is estimated at around 30% while overseas chipmakers are estimated at 10-20%, suggesting relatively more room for adoption to rise among overseas customers.

CMTX's differentiator in this market is its global customer portfolio spanning both memory and non-memory chipmakers, including Samsung Electronics, TSMC, and Micron.

On profitability, the company's material internalization and recycling technology through its subsidiary have been cited as supporting an operating margin above domestic comparable companies such as TCK (29% margin in 2025), Hana Materials (17%), and Wonik QnC (15%).

At the same time, Lam Research, the world's largest etch equipment maker, has filed a patent infringement suit, illustrating a competitive dynamic in which equipment makers are pushing back against aftermarket expansion by materials and parts suppliers.

Analysts have also noted that parallel new-fab investment and existing-line conversion investment by leading chipmakers are stimulating both before-market and aftermarket demand simultaneously.

Reports indicate the company is expanding capacity from roughly KRW 210bn to around KRW 400bn by the end of 2026, supplemented by an additional leased plant.

In December of the prior year, the company disclosed a KRW 17.7bn new facility investment aimed at production capacity and long-term growth infrastructure, with the investment period running from January to December 2026.

With Micron, discussions are underway on expanding supply of high-purity silicon parts for a new Singapore fab and developing new parts for next-generation processes, with supply-chain cooperation on recycled silicon parts also reportedly set to move forward.

For TSMC, mass-production revenue was around KRW 5bn in 2025, with additional qualification and expansion of mass-production items reportedly underway.

At an extraordinary general meeting in July, the company expanded its convertible bond (CB) and bond-with-warrant (BW) issuance ceiling, which it described as preparation for potential mergers, acquisitions, and strategic investment opportunities, while stating in early August that it currently has no plan to issue CB or BW.

The company said it will disclose interim performance, new investment and capacity updates, and new customer developments through a newly opened shareholder communication channel within legal limits. The patent dispute with Lam Research moved to an appeal in June, meaning a final resolution is likely to take more time.