Enjet

Founded in 2009, Enjet listed on KOSDAQ in 2022 through the special listing track for technology-growth companies, and specializes in Electro-Hydrodynamic (EHD) inkjet printing and coating solutions.

Its core technology uses a high-voltage electric field to eject liquid at extremely fine scale, enabling far smaller droplets than conventional piezoelectric inkjet, which is applied to ultra-fine wiring patterns for displays, semiconductors, and PCBs.

The business is split into EHD inkjet printing solutions and EHD coating solutions, and according to a company profile, EHD printing solutions accounted for 78.31% of revenue, EHD coating for 1.05%, and other items for 20.64%.

The customer base is concentrated with a large single customer: as of 2024, Company D accounted for 68.10% of revenue from equipment sold mainly for display and semiconductor production processes.

The company became a registered partner of Samsung Electro-Mechanics and Samsung Electronics in 2017 after supplying its iEHD Printer, and became a registered partner of Samsung Display in 2019, while also securing two rounds of investment in 2020 and 2021 from Applied Materials Innovation Fund I, L.P., a subsidiary of U.S.-based Applied Materials, establishing a cooperative base with a global semiconductor equipment maker.

In 2025 the company newly established a Vietnam subsidiary to expand applications such as film replacement and thin-film coating. More recently, it has moved beyond an equipment-sales-centric structure into a new recycling business intended to add operations-based recurring revenue and secure a more stable cash flow.

There is a technical entry barrier given the limited number of firms that have commercialized EHD-type inkjet heads domestically, but heavy reliance on a small number of customers means results are highly dependent on individual customers' investment cycles.

Enjet's annual results show a clear contraction in revenue and a swing into losses after peaking in 2022. In 2022 revenue was KRW 21.67 billion with operating profit of KRW 5.30 billion (24.4% operating margin) and net profit of KRW 4.11 billion, reflecting solid profitability.

In 2023, revenue fell to KRW 12.07 billion and the company posted an operating loss of KRW 2.12 billion, though net profit remained slightly positive at KRW 0.31 billion. In 2024, revenue declined further to KRW 6.26 billion, with the operating loss widening to KRW 6.53 billion and net loss reaching KRW 3.48 billion.

In 2025, revenue fell again to KRW 5.41 billion, with an operating loss of KRW 6.28 billion (-116.0% operating margin) and an owner net loss of KRW 7.22 billion — a net loss larger than the operating loss, suggesting a meaningful non-operating expense burden.

On a quarterly basis, revenue kept shrinking through 2025 Q3 (revenue KRW 0.88 billion, operating loss KRW 1.93 billion) and Q4 (revenue KRW 0.53 billion, operating loss KRW 1.77 billion).

However, revenue jumped to KRW 4.37 billion in 2026 Q1 and held at KRW 4.07 billion in Q2, coinciding with the ramp-up of contribution from the newly acquired recycling business.

Notably, 2026 Q2 operating profit came in at KRW 0.11 billion, the first positive operating result within the recent quarterly window, though the owner net loss for the same quarter was KRW 1.20 billion, showing the non-operating burden persisted.

Over the trailing four quarters (2025 Q3–2026 Q2), the cumulative owner net loss was KRW 6.00 billion, indicating that the revenue recovery has not yet translated directly into improved net profitability.

The display/semiconductor equipment industry is opening new demand areas as competition intensifies over next-generation packaging technology aimed at boosting AI chip performance.

In particular, domestic conglomerates are moving ahead with glass-substrate projects described as a 'game changer' for AI semiconductor performance, drawing broad interest across the equipment and materials supply chain, and there is anticipation that Enjet's precision EHD printing and coating technology could be applied to defect detection or fine wiring formation in glass-substrate processes.

However, one independent research firm has pointed out that the biggest obstacle to commercializing glass substrates is yield loss from micro-cracks that occur during the TGV (through-glass-via) process, so uncertainty remains over the timing and scale of commercialization.

Application areas such as Micro LED and foldable displays are also gradually expanding, though the pace of commercialization has moved more slowly than earlier market expectations.

In terms of competitive positioning, there is technical differentiation given the limited number of firms that have commercialized EHD-type inkjet heads, but since the market itself is still at an early stage, individual companies' revenue scale remains small.

The scrap-PCB and rare-metal recycling industry is drawing attention for its resource-circulation value, since semiconductor and display process scrap contains valuable metals such as gold, silver, and nickel, with permits and raw-material supply-chain access seen as key competitive factors.

Enjet is attempting a structural shift from an equipment supplier toward material circulation, positioning itself differently from traditional equipment makers.

In November 2025, Enjet decided to acquire EMR's entire recycling business unit for about KRW 8.87 billion, with the transfer date set for January 2, 2026, so the new business began operating from the start of the year.

The company subsequently stated that, following the acquisition contract for EMR's PCB-based precious-metal recycling business, it had secured about 30 tons of PCB scrap and roughly 800 tons of mixed motor scrap.

Management explained its target was to quickly process all secured raw materials into products and reflect that in revenue within the first quarter.

The company has said that as materials are processed, added value can more than double, and EBITDA margin on the secured raw materials is expected to reach up to 20% or more, suggesting the recycling business could follow a different margin trajectory from the existing equipment business.

On the financing side, Enjet issued a KRW 6 billion convertible bond in December 2025, with the proceeds understood to be earmarked for R&D related to newly developed AI software and upgrades to existing EHD equipment.

The company has continued developing glass-substrate-related applications, including an AI-based high-precision inspection software capable of automatically detecting micro-defects down to about 3 micrometers in semiconductor glass-substrate packaging processes.

However, regarding collaboration with major customers such as Samsung, the company has said that specific details and application scope are difficult to disclose due to agreements with the customer, so the actual scale and timing of orders remain unconfirmed.

Securing a Southeast Asian production base through the Vietnam subsidiary and diversifying the raw-material supply chain also remain medium- to long-term tasks.