Jeio

Founded in 1994, Jeio began as a plant engineering company before shifting its center of gravity toward carbon nanotube (CNT) conductive materials for secondary batteries, achieving Korea's first mass production of multi-walled carbon nanotubes (MWCNT) in 2006 after more than 20 years of R&D.

The company now operates two segments—plant engineering and battery materials (CNT)—and is regarded as the only firm capable of producing the full CNT lineup spanning iron-based and non-iron-based, multi-walled (MWCNT), thin-walled (TWCNT), and single-walled (SWCNT) types.

CNT serves as a conductive additive that boosts the conductivity of battery cathode and anode materials; compared with conventional carbon black, it allows lower usage while enabling more active material to be packed in, improving battery capacity and fast-charging performance.

Known customers include SK On, CATL, and BYD, and the company recently completed sample supply of anode-use SWCNT to a Japanese automaker as part of its customer diversification effort.

CATL reportedly asked Jeio to expand steady monthly production and supply of TWCNT, and the company expects to supply at least 100 tonnes of TWCNT annually as a result. At InterBattery 2026 in March, Jeio unveiled a diversified portfolio beyond CNT, including its LFP dispersant brand "JENODM,

Jeio's consolidated revenue surged from KRW 67.66bn in 2022 to KRW 114.49bn in 2023, a year in which operating profit of KRW 12.02bn and net profit of KRW 17.42bn marked the best results since its listing.

In 2024, however, revenue fell 27.6% to KRW 82.87bn, and both operating profit (-KRW 5.46bn) and net profit (-KRW 8.87bn) swung to losses. Revenue contracted sharply again in 2025 to KRW 55.17bn, though the operating loss (-KRW 4.23bn) and net loss (-KRW 7.44bn) were somewhat smaller than in 2024.

On a quarterly basis, 2025Q2 revenue of KRW 18.95bn and operating profit of KRW 0.05bn were close to breakeven, yet the net loss reached -KRW 4.11bn, which is attributable to a one-off accounting loss from the valuation of exchangeable bonds tied to the falling share price.

Revenue then declined further to KRW 9.37bn in 2025Q4 and KRW 7.17bn in 2026Q1 before recovering modestly to KRW 8.93bn in 2026Q2. The operating loss narrowed for two consecutive quarters, from -KRW 3.79bn in 2025Q4 to -KRW 1.96bn in 2026Q1 and -KRW 1.55bn in 2026Q2.

The net loss, however, widened again from -KRW 0.39bn in 2026Q1 to -KRW 2.48bn in Q2, showing that operating improvement did not immediately translate into a narrower bottom line.

On cash flow, operating cash flow reached KRW 27.63bn in 2023 but turned negative at -KRW 4.91bn in 2024 before recovering to a modest inflow of KRW 0.87bn in 2025, while shareholders' equity rose from KRW 58.84bn in 2022 to KRW 170.23bn at the end of 2025.

The secondary battery conductive material market continues to shift from conventional carbon black toward CNT, driven by CNT's superior conductivity, which allows lower usage while increasing the amount of active material that can be packed into cells.

In 2024, however, inventory adjustments among major customers amid the EV chasm and the bankruptcy of Swedish battery maker Northvolt combined to slow CNT order growth more than expected.

From 2025 onward, analysts pointed to a recovery phase as key customer SK On worked through inventory and TWCNT supply to Chinese cell makers resumed. The next-generation SWCNT product has high entry barriers, with Jeio and Russia's OCSiAl reportedly the only producers capable of mass supply, and the U.S.

Inflation Reduction Act's Foreign Entity of Concern (FEOC) rules, which discourage adoption of Chinese-origin materials, could work in favor of Korean-made CNT.

Domestically, LG Chem runs a similar business but with an affiliate-centered supply chain, positioning it as a parallel rather than direct competitor, while firms that process CNT into slurries or components are described by the company as collaborators rather than rivals.

Capital spending on secondary battery materials and recycling equipment—the end market for the plant engineering segment—is also tied to the capex cycle of domestic battery material makers, meaning both the pace of CNT recovery and plant-segment order flow remain variables for results.

The company plans to expand Ansan Plant 2 by an additional 1,000 tonnes per year to bring total capacity to 3,000 tonnes, with the new line estimated to enter mass production in the second half of 2026.

CATL reportedly asked Jeio to expand steady, monthly production and supply of TWCNT, and the company expects to supply at least 100 tonnes annually as a result.

Jeio has already completed sample supply of anode-use SWCNT to a Japanese automaker and says it is preparing for formal supply in line with the customer's parts-procurement forecast.

New MWCNT product supply to a domestic cell maker is also reportedly planned, part of an ongoing effort to shift the revenue mix away from plant engineering and toward CNT.

Through 2027, the company is said to be pursuing R&D on dry-process CNT membrane technology aimed at extreme ultraviolet (EUV) pellicle applications for the semiconductor sector.

New businesses such as the JENODM LFP dispersant and graphene thermal materials remain in the stage of performance and stability testing with multiple customers, suggesting it will take more time before they contribute meaningfully to revenue.

That said, combined revenue for the first half of 2026 (KRW 7.17bn in Q1 and KRW 8.93bn in Q2) still fell short of the single-quarter figure of KRW 18.95bn recorded in 2025Q2, indicating that the effects of capacity expansion and new customer wins have yet to show up clearly in the top line.