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
Laserssel has secured initial orders in next-generation packaging markets such as CPO and FOPLP using its area-laser bonding technology, but its revenue base remains small and operating losses have persisted for years.
In the first quarter of 2026, the company won an order for its first mass-production LSR unit from a top global CPO module maker.
2025 revenue rose to KRW 4.68 billion from KRW 4.02 billion a year earlier, but the operating loss widened to KRW 13.55 billion.
In April 2026, the company raised roughly KRW 8.0 billion via a third-party rights offering (about KRW 7.0 billion) and convertible bonds (KRW 1.0 billion) to fund clean-room expansion and a dedicated FOPLP line.
Operating losses narrowed to about KRW 1.7 billion and KRW 1.1 billion in the first and second quarters of 2026, respectively, down from the third and fourth quarters of 2025.
Repeated capital raises through rights offerings and convertible bonds keep share-dilution risk in the picture.
Laserssel is a technology-listed maker of laser bonding equipment used in semiconductor and display back-end packaging, described as the first company in the world to bring area-based (rather than spot-based) laser irradiation technology to commercialization.
Its main product lines are the Laser Selective Reflow (LSR), Laser Compression Bonder (LCB), electronic Laser Micro-solder-ball Bonder (eLMB), and Laser SMT Line (LMT), which the company says were developed in-house to address high-value-added packaging processes such as FOPLP, HBM, and micro BGA.
According to the company, its technology base includes collaboration with a core TSMC-related partner, joint development with Apple, and joint development with a Japanese company that is the world's top FC-BGA maker.
More recently, Laserssel secured its first mass-production LSR unit order from a top global CPO (Co-Packaged Optics) module maker, and discussions on follow-on LSR orders and new LCB orders with the same customer are ongoing.
In HBM and other memory packaging segments, thermal-compression (TC) bonders remain mainstream, a field in which Hanmi Semiconductor is known to be prominent, while Laserssel's LCB attempts to differentiate itself by irradiating laser evenly across an entire wafer surface to reduce warpage.
In FOPLP (fan-out panel-level packaging), the company describes itself as the world's only firm to have commercialized equipment capable of handling very large glass-panel areas, and it continues to work with and receive orders from major Taiwanese semiconductor firms.
The company listed on KOSDAQ in 2022 through a technology special listing, reportedly the only such listing in the area-laser field. Its revenue base is still small, however, so quarterly sales can swing significantly depending on the timing of specific customer orders and acceptance inspections.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1B | -₩4.2B | −423.8% |
| 2025Q3 | ₩200M | -₩3.1B | −1462.0% |
| 2025Q4 | ₩2.3B | -₩3.8B | −164.8% |
| 2026Q1 | ₩1.2B | -₩1.7B | −142.8% |
| 2026Q2 | ₩2.1B | -₩1.1B | −51.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩6B | -₩5B | -₩4.1B | −83.4% | −11.7% | 8.2% |
| 2023 | ₩6B | -₩5.8B | -₩200M | −95.9% | −0.5% | 9.2% |
| 2024 | ₩4B | -₩9.2B | -₩8.5B | −229.3% | −29.8% | 59.8% |
| 2025 | ₩4.7B | -₩13.5B | -₩16.2B | −289.2% | −84.8% | 131.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue was KRW 6.03 billion in 2022 and KRW 6.03 billion in 2023, before falling to KRW 4.02 billion in 2024 and rebounding to KRW 4.68 billion in 2025.
Operating losses, however, widened every year, from KRW 5.03 billion in 2022 to KRW 5.78 billion in 2023, KRW 9.21 billion in 2024, and KRW 13.55 billion in 2025, with the operating margin deteriorating to -289.2% in 2025 from -229.3% in 2024.
Net loss attributable to owners also grew sharply, from KRW 182 million in 2023 to KRW 8.50 billion in 2024 and KRW 16.21 billion in 2025. On a quarterly basis, revenue bottomed out at just KRW 213 million in the third quarter of 2025, with an operating loss of KRW 3.11 billion that quarter.
Revenue rebounded to KRW 2.33 billion in the fourth quarter of 2025, but the operating loss actually widened to KRW 3.83 billion, a result attributable to higher cost of sales and inventory valuation losses.
In 2026, the first quarter posted revenue of KRW 1.19 billion and an operating loss of KRW 1.71 billion, while the second quarter posted revenue of KRW 2.06 billion and an operating loss of KRW 1.05 billion — a narrowing trend in quarterly operating losses compared with the third and fourth quarters of 2025.
Net loss attributable to owners in the second quarter of 2026, however, reached KRW 3.62 billion, far larger than the operating loss of KRW 1.05 billion, suggesting non-operating items weighed further on the bottom line.
Operating cash flow has also remained persistently negative, worsening from -KRW 3.68 billion in 2022 to -KRW 11.76 billion in 2023 before registering -KRW 6.84 billion in 2024 and -KRW 8.43 billion in 2025, underscoring the company's continued reliance on external funding.
The next-generation packaging markets Laserssel is targeting are still at an early stage.
According to market research, the Co-Packaged Optics (CPO) market was valued at roughly $121 million in 2025 and is expected to reach about $165 million in 2026 and about $764 million by 2031, implying a compound annual growth rate of roughly 36% between 2026 and 2031.
Global tech giants including Nvidia, Broadcom, and Cisco are pushing to commercialize CPO, and TSMC's entry into silicon photonics packaging programs is cited as a factor improving the economics of mass production.
In Korea, optical and component makers such as Sungho Electronics and RF Materials have achieved supply wins related to CPO, while on the bonding-equipment side Laserssel has supplied equipment to a Taiwanese outsourced semiconductor assembly and test (OSAT) firm and a Singaporean semiconductor company, and is reportedly in discussions with a Japanese substrate maker as well.
In HBM and other memory packaging, thermal-compression (TC) bonders remain the mainstream bonding technology, a field in which Hanmi Semiconductor is understood to hold a strong position, positioning Laserssel's LCB (Laser Compression Bonder) as a later entrant attempting to differentiate itself through reduced warpage.
The FOPLP (fan-out panel-level packaging) market is likewise at an early commercialization stage, with supply-chain shifts such as the joint-venture glass-substrate plans between Samsung Electro-Mechanics and Sumitomo Group underway, and Laserssel is presented as essentially the only firm with commercialized equipment in this space.
Still, both CPO and FOPLP remain small in absolute market size at this stage, and competition from larger equipment makers or new entrants cannot be ruled out.
The company's CEO has noted that order activity resumed in the second half of 2025 and order-related disclosures have continued into 2026, a shift he contrasts with roughly two years of an order drought that preceded it.
In April 2026, the company decided to raise a total of about KRW 8.0 billion through a third-party rights offering (roughly KRW 7.0 billion) and a convertible bond issuance (KRW 1.0 billion), with facility funds earmarked for clean-room expansion at its plant (April-August 2026), construction of a dedicated LSR_300FOPLP line (April-December 2026), and an integrated R&D space.
Operating funds were allocated to pre-purchasing raw materials for a semiconductor foundry customer, pre-purchasing materials tied to memory-related orders, and general administrative expenses.
This is interpreted as pre-emptive investment tied to a recent shift in order flow, as equipment supply contracts with Taiwan's PTI and a Singaporean semiconductor company have increased, making mass-production readiness more concrete.
In May 2026, the company disclosed a KRW 895 million equipment supply contract (equivalent to 19.11% of 2025 revenue) with a domestic substrate maker tied to a global semiconductor customer, though the counterparty was undisclosed for trade-secret reasons.
In the CPO segment, the company is discussing follow-on LSR orders and new LCB orders with a top global module maker, and its CEO has said he expects expanded ordering in the second half of 2026 and into 2027.
That said, the company has a history of repeated rights offerings and convertible bond issuances to repay maturing debt (an 80 billion won second-round CB issued in January 2024 was repaid via a 2 billion won third-round CB in January 2026), so the possibility of further capital raises and associated share-count increases warrants continued attention.
Whether the clean-room expansion and FOPLP line come online as planned, and whether CPO, HBM, and FOPLP orders actually convert into recognized revenue upon inspection, are likely to be key variables for any earnings recovery.
Because Laserssel has posted operating and net losses every year in recent history, earnings-based valuation metrics are difficult to calculate, and the stock appears to trade at a premium to its net asset value. The company pays no dividend, so dividend yield is not a relevant valuation angle at this stage.
Historically on KOSDAQ, its trading range has swung significantly on news of new orders or thematic issues tied to CPO and HBM, a volatility pattern common among small-revenue, technology-listed companies still in the early stages of an earnings turnaround.
Losses have continued through the most recent four-quarter window (Q3 2025-Q2 2026 by the report's reference frame), suggesting that, until a clearer earnings recovery emerges, valuation may be better interpreted alongside operating indicators such as order and revenue growth and the pace of operating-loss narrowing.
Judgments about any such premium or discount, however, are left to market participants, and this report does not take a directional stance.
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 2026-09-05
In the first quarter of 2026, after roughly two years of collaboration and testing, the company secured its first mass-production LSR order from a top global CPO module maker.
CPO is considered a key next-generation data-center technology that big tech firms including Nvidia, Broadcom, and Cisco are pushing to commercialize. The company has said it is discussing follow-on LSR orders and new LCB orders with the same customer.
According to the company, Laserssel is the world's only firm with commercialized equipment for the FOPLP process, which uses very large glass substrates. Collaboration with major Taiwanese semiconductor firms continues, and a recent order has reportedly materialized.
If the supply-chain shift toward glass-substrate-based packaging accelerates, the company is positioned to potentially benefit from being an early mover.
Operating losses narrowed to about KRW 1.71 billion and KRW 1.05 billion in the first and second quarters of 2026, respectively, down noticeably from the KRW 3.1-3.8 billion range in the third and fourth quarters of 2025. Revenue over the same period also recovered from its third-quarter-2025 low of KRW 213 million. If new orders are increasingly recognized as revenue, this loss-narrowing trend could potentially continue.
The company posted operating losses for four straight years from 2022 through 2025, with the loss widening each year to exceed KRW 13.5 billion in 2025. Operating cash flow was also negative in all four years, reaching -KRW 8.4 billion in 2025. This structural cash burn increases reliance on external funding.
After issuing an 80 billion won second-round CB in January 2024, the company issued a new 2 billion won third-round CB in January 2026 to repay it, then raised an additional roughly 7 billion won via a rights offering and issued a 1 billion won fourth-round CB in April of the same year.
In at least one case, the rights offering was priced at a discount to, or scaled down from, its original plan. This pattern of repeated fundraising implies a continued possibility of share-count increases going forward.
Quarterly revenue can swing sharply depending on specific customer and project timing, as seen when third-quarter-2025 revenue fell to roughly KRW 200 million. Both the CPO and FOPLP markets remain small and early-stage, and there could be a time lag before the growth forecast by research firms materializes.
Competitor entry or delays in a customer's mass production could also push revenue recognition later than expected.
With four consecutive years of operating and net losses and negative operating cash flow, the company's own cash generation appears insufficient to cover investment and operating needs. This has led to repeated rights offerings and convertible bond issuances, and further capital raises may be needed going forward.
Note also that fundraising terms (issue price, conversion price) can be adjusted less favorably than originally planned depending on market conditions.
Recently disclosed major contracts are typically tied to a single specific customer or project, and the counterparty is often undisclosed for trade-secret reasons.
Dependence on a small number of customers—such as a CPO module maker, Taiwan's PTI, and a Singaporean semiconductor company—means that an order delay or cancellation by any one of them could directly affect results.
Equipment for CPO, FOPLP, and HBM applications is still largely at the initial-order or verification stage, and passing qualification, applying the technology on actual mass-production lines, and securing acceptable yields will require additional time.
Because competing technologies such as TC bonders are already established in the market, further customer verification steps remain before Laserssel's newer technology can displace existing methods.
The 2026 third-quarter earnings disclosure is due around this time; check whether the revenue recovery continues and whether the operating-loss-narrowing trend persists.
This is the target completion timeline for the clean-room expansion and the dedicated LSR_300FOPLP line funded by the rights offering; watch whether these come online as planned and their subsequent utilization.
Watch for whether discussions on follow-on LSR orders and new LCB orders with the CPO module customer actually convert into signed contracts.
Monitor disclosures on conversion requests and conversion-price adjustments for the third- and fourth-round convertible bonds to gauge the scale of potential share dilution.
Check the acceptance-inspection completion and revenue-recognition timing for equipment supply contracts with Taiwan's PTI and the Singaporean semiconductor company, to assess whether these convert into actual mass-production revenue.
Laserssel is in a phase of accumulating initial orders and customer qualifications one by one in next-generation semiconductor packaging markets such as CPO, FOPLP, and HBM, built on its proprietary area-based laser bonding technology.
The first mass-production order from a CPO module maker in the first quarter of 2026 came after roughly two years of collaboration, and whether order volume expands from here bears watching.
That said, the confirmed financials show operating losses widening for four consecutive years from 2022 through 2025, and 2025 revenue was only about KRW 4.68 billion, meaning the revenue base remains very small.
Quarterly operating losses narrowed in the first half of 2026, but net losses were still notably larger than operating losses, indicating an unstable profit-and-loss structure.
Repeated rights offerings and convertible bond issuances have supported the company's growth investments but also leave lingering share-dilution concerns.
Given that the CPO and FOPLP markets themselves are still at an early stage, how quickly and how substantially new orders convert into actual revenue and profit is likely to be the key variable for future results.
Report written 2026-09-05 · Data as of 2026-09-04
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