Green Resource

Green Resource was founded in 2011 and listed on KOSDAQ in November 2023 through the technology special listing track as a semiconductor materials company.

Its core business is ultra-high-density specialty coating (PVD method) applied to semiconductor and display etch equipment parts, and the company is reported to hold domestically unique coating technology for 3nm and 5nm process nodes.

The coating business has historically centered on the aftermarket—collecting contaminated parts after equipment use and recoating them—while entry into the beforemarket, supplying coated parts at the new-equipment stage, is being pursued.

As a new business line, the company has entered the ion-beam-assisted-deposition (IBAD) equipment market for superconducting wire and has secured 100% ownership of subsidiary Lattis to pursue vertical integration spanning materials, deposition equipment, mass production, and resource recycling.

Another subsidiary, Finaltech, together with Sunam, supplies superconducting wire IBAD deposition equipment to a University of Houston fusion superconducting magnet development project funded by the US Department of Energy.

In late 2024 the company acquired a 70% stake in ceramic parts processor CK, which was fully consolidated into 2025 results.

The bio-material energy trading business, covering bio-heavy oil and wood pellets, expanded rapidly on the back of the Renewable Portfolio Standard (RPS) system and accounted for a substantial portion of total revenue in 2025.

The company also signed an MOU with SSD design firm MD Device for joint development of hybrid bonding technology for semiconductor packaging, holding a 6.47% stake as its second-largest shareholder while exploring entry into the high-bandwidth-memory (HBM) value chain.

Consolidated revenue in 2025 reached KRW 102.16bn, up 452.2% from KRW 18.50bn in 2024, with the company citing increased bio-material deliveries and gains on financial assets at fair value through profit or loss as key drivers.

Operating profit rose 465.2% to KRW 6.03bn over the same period, and net income attributable to owners expanded sharply to KRW 10.25bn from KRW 2.32bn a year earlier.

However, operating margin declined from 14.9% in 2022 and 19.8% in 2023 to 5.8% in 2024 and 5.9% in 2025, reflecting margin dilution from a growing mix of lower-margin merchandise sales.

On a quarterly basis, Q4 2025 posted revenue of KRW 28.35bn and operating profit of KRW 2.41bn, yet net income attributable to owners swung to a loss of KRW 1.45bn, a mixed result.

Q1 2026 showed a clear improvement with revenue of KRW 20.93bn, operating profit of KRW 2.48bn, and owner net income of KRW 6.44bn, but Q2 2026 saw revenue drop sharply to KRW 14.42bn, operating profit shrink to KRW 0.33bn, and owner net income revert to a loss of KRW 3.82bn.

Summed over the trailing four quarters (Q3 2025 through Q2 2026), owner net income totaled KRW 8.83bn, highlighting substantial quarter-to-quarter dispersion.

Operating cash flow was negative for two consecutive years, at -KRW 17.94bn in 2025 and -KRW 3.14bn in 2024, indicating that top-line growth has not directly translated into cash generation, while the debt ratio climbed from 39.5% in 2023 to 104.2% in 2025.

The global semiconductor etch equipment market is estimated by market research firm Global Information to grow at roughly 11% annually from 2022 to 2030, reaching about USD 49bn by 2030.

As chips become more highly integrated and miniaturized, etch process environments grow harsher, which is expected to increase demand for protective part coatings.

Green Resource's coating revenue is tied to the capex cycle of its major domestic foundry customer, and the company has said its strategy of securing auxiliary revenue sources such as bio-materials to offset core-business softness has proven effective.

NH Investment & Securities analyst Hwang Ji-hyun projected in a December 24, 2025 report that demand for the company's ultra-high-density specialty coating would gradually expand as major foundry customers enter a utilization recovery phase, though the report did not issue a rating or target price.

In the same report, the analyst noted that 2026 is expected to be the year the 2nm leading-edge process ramps up, and that early-stage yield issues during technology transitions could increase customer reliance on materials and components.

Meanwhile, superconducting wire and cable have drawn attention amid rising power infrastructure demand from fusion power and AI data centers, though the company's CEO has noted that limited mass-production experience has delayed the timing of additional equipment orders.

The company has stated its plan to complete vertical integration in the superconducting wire segment—spanning materials, deposition equipment, mass production, and resource recycling—by securing full ownership of subsidiary Lattis, with the raised funds earmarked for completing the remaining production lines.

The company has outlined a mid- to long-term direction of growing into a holding-company structure spanning semiconductor materials and equipment, superconducting wire, and eco-friendly energy businesses.

In the coating business, it has stated plans to gradually pursue entry into the beforemarket following its established aftermarket presence.

Regarding the HBM value chain, the company has said it will continue enterprise-wide cooperation with MD Device based on their MOU, covering government R&D project wins, business planning, and customer network sharing from development through commercialization.

However, as of late July 2026, brokerage consensus estimates for Green Resource had reportedly not yet been established.

The superconducting wire business, presented as a new growth driver at the time of listing, still accounts for a small share of revenue, leaving the accumulation of mass-production experience and the timing of additional orders as key variables for future performance.