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
MicroToNano, previously concentrated in NAND probe cards, posted two consecutive quarters of operating profit in the first half of 2026 as it leverages SK Hynix HBM and DRAM probe card qualifications to shift its earnings structure.
Operating profit turned positive for two straight quarters in Q1-Q2 2026, alongside rising quarterly revenue
NAND-use probe cards still accounted for 78.1% of cumulative 2025 revenue
Passed SK Hynix's HBM EDS probe card qualification test, entering a higher value-added product segment
Debt ratio rose from 60.0% in 2023 to 93.8% in 2025, indicating expanding financial leverage
On a trailing four-quarter basis (Q3 2025-Q2 2026), the company still posted a net loss
MicroToNano was founded in 2000, changed to its current name in 2022, and listed on KOSDAQ in 2023 as a company specializing in semiconductor test equipment based on MEMS (Micro-Electro-Mechanical System) technology.
The company's core businesses are probe cards, which electrically test chip performance at the wafer stage, and foundry services. According to FnGuide, NAND-use probe cards accounted for an overwhelming 78.1% of cumulative 2025 revenue, while DRAM-use products made up 11.7% and foundry services 9.8%.
Its primary customer is SK Hynix, and historically most probe card revenue came from NAND-oriented products.
The company has increased investment in developing high-spec DRAM and HBM probe cards to reduce its reliance on NAND, announcing in April 2025 that its HBM EDS (Engineering Die Sort) probe card supplied to SK Hynix passed qualification testing.
The DRAM and HBM probe card market has been dominated by a small number of global players, including FormFactor of the United States and MJC of Japan, and is considered a high technical barrier segment.
Compared to NAND probe cards, DRAM products require far more test pins and must meet demanding specifications such as high-frequency response and fine pad access, which had delayed domestic localization.
MicroToNano is pursuing a strategy of expanding its product portfolio into the DRAM and HBM segments, building on the market share and quality certifications it established in NAND.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.4B | -₩1.1B | −21.2% |
| 2025Q3 | ₩6.9B | -₩800M | −11.4% |
| 2025Q4 | ₩4.6B | -₩2B | −44.6% |
| 2026Q1 | ₩8.6B | ₩800M | 9.0% |
| 2026Q2 | ₩11.2B | ₩1.1B | 10.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩41.4B | ₩6.3B | ₩5.8B | 15.2% | 22.2% | 89.6% |
| 2023 | ₩9.4B | -₩12.6B | -₩7.8B | −134.2% | −23.4% | 60.0% |
| 2024 | ₩10.2B | -₩9.5B | -₩7.9B | −94.1% | −26.0% | 74.2% |
| 2025 | ₩22.2B | -₩3.4B | -₩4.9B | −15.3% | −19.2% | 93.8% |
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
MicroToNano's annual revenue fell sharply from KRW 42.4 billion in 2022 to KRW 9.4 billion in 2023 and KRW 10.2 billion in 2024, before more than doubling to KRW 22.2 billion in 2025.
Operating profit swung from a KRW 6.3 billion gain in 2022 to losses of KRW 12.6 billion in 2023 and KRW 9.5 billion in 2024, before the loss narrowed substantially to KRW 3.4 billion in 2025. In terms of operating margin, the loss ratio narrowed from -134.2% in 2023 and -94.1% in 2024 to -15.3% in 2025.
Net income also improved from losses of KRW 7.8 billion in 2023 and KRW 7.9 billion in 2024 to a KRW 4.9 billion loss in 2025.
Looking at the quarterly trend, the operating loss widened from KRW 1.14 billion on revenue of KRW 5.35 billion in Q2 2025 to KRW 2.03 billion on revenue of KRW 4.55 billion in Q4 2025, before the company turned to an operating profit of KRW 0.78 billion on revenue of KRW 8.65 billion in Q1 2026, and expanded that profit to KRW 1.13 billion on revenue of KRW 11.18 billion in Q2 2026.
Net income also posted two consecutive profitable quarters, at KRW 0.58 billion in Q1 2026 and KRW 0.92 billion in Q2 2026. However, summing the four quarters from Q3 2025 through Q2 2026, the large Q4 2025 net loss of KRW 3.34 billion left the cumulative net result at roughly a KRW 2.6 billion loss.
On the cash flow side, operating cash outflow narrowed from KRW 9.7 billion in 2023 and KRW 7.6 billion in 2024 to KRW 2.3 billion in 2025.
The global HBM market is growing rapidly on the back of expanding AI infrastructure investment. According to a report by Finance Scope in April 2025 citing TrendForce data, the HBM market was projected to expand roughly 156%, from USD 18.2 billion in the prior year (2024) to USD 46.7 billion the following year (2026).
SK Hynix continues to expand production capacity in response to rising HBM demand, investing a total of KRW 20 trillion in constructing its M15X facility to expand next-generation DRAM and HBM production capacity.
The EDS probe card market for HBM and high-spec DRAM has long been dominated by a handful of global leaders, including FormFactor of the United States and MJC of Japan, and has been regarded as a high-barrier market that is difficult for domestic firms to enter.
Amid this, SK Hynix has pursued supply diversification with multiple domestic vendors to counter the oligopoly of foreign suppliers, and besides MicroToNano, companies such as Solbrain and TSE are known to have passed reliability evaluations for DRAM and HBM probe cards.
In contrast, the NAND probe card market has already undergone substantial localization, with domestic firms including MicroToNano securing high market share, though results remain heavily tied to swings in the NAND memory cycle.
Ultimately, MicroToNano's position can be seen as being in a transitional phase where a stable but growth-limited NAND business coexists with a DRAM and HBM business that offers greater growth potential but still represents a small and highly competitive share of revenue.
When the company announced in April 2025 that its HBM EDS probe card for SK Hynix had passed qualification testing, it stated the milestone would help "resolve the NAND-concentrated revenue structure" and contribute to reduced earnings volatility and a mid- to long-term growth foundation.
This direction was partly reflected in the Q1 and Q2 2026 results, which showed revenue growth and a return to operating profit. According to FnGuide data, on a cumulative basis through Q3 2025, standalone revenue also rose 199.8% year-on-year while both the operating loss and net loss narrowed significantly.
However, DRAM and foundry made up only 11.7% and 9.8%, respectively, of cumulative 2025 revenue, meaning NAND still accounts for the majority of sales and the portfolio shift cannot yet be considered complete.
As SK Hynix expands HBM4 mass production and brings new facilities such as M15X online, whether additional orders flow to probe card partners will be a key factor for future results.
For the company's stated goal of reducing earnings volatility to be realized, DRAM and HBM revenue share would need to keep expanding while the NAND market cycle also recovers in tandem.
Because MicroToNano's net income remains in a loss position even when summed over the most recent four quarters (Q3 2025 through Q2 2026), conventional earnings-based valuation metrics are not meaningfully available for the company at this stage.
The stock trades at a level reflecting a certain premium to net asset value, which can be interpreted as the market pricing in expectations for the earnings recovery seen in the first half of 2026 following several years of losses.
The company currently does not pay a cash dividend, meaning its investment appeal depends less on dividend income than on whether the earnings recovery and business-mix transition continue.
The multi-year earnings trajectory—from a profit in 2022, to large losses in 2023-2024, a narrowing loss in 2025, and a return to profit in the first half of 2026—serves as an important reference point for future valuation assessment.
However, whether this earnings recovery stems from a simultaneous NAND market rebound and new DRAM/HBM revenue, or from temporary factors in specific quarters, requires further confirmation through upcoming quarterly results.
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
Both operating profit and net income turned positive in Q1 and Q2 2026, marking a break from the loss streak that ran from 2023 through 2025. Revenue also showed a clear quarterly uptrend, rising from KRW 4.55 billion in Q4 2025 to KRW 11.18 billion in Q2 2026.
This can be interpreted as reflecting a simultaneous recovery in NAND demand and the addition of new DRAM/HBM revenue.
The company passed qualification testing for its HBM EDS probe card supplied to SK Hynix in April 2025, securing an opportunity to enter a higher value-added segment long dominated by FormFactor of the US and MJC of Japan.
DRAM probe cards require far more test pins and higher technical sophistication than NAND products, representing a significant entry barrier, but are known to carry relatively higher pricing and profitability once qualified. This aligns with the company's stated strategic goal of reducing its NAND-concentrated revenue structure.
According to reports citing TrendForce forecasts, the global HBM market was projected to grow from USD 18.2 billion in 2024 to USD 46.7 billion in 2026.
SK Hynix is investing KRW 20 trillion in projects including the M15X facility to expand HBM and next-generation DRAM production capacity, which could also expand demand for test-process partners. Expansion of a key customer's production capacity can translate into greater order opportunities for probe card suppliers.
The company posted large operating losses of KRW 12.6 billion in 2023 and KRW 9.5 billion in 2024, followed by an additional operating loss of KRW 3.4 billion in 2025. The debt ratio rose from 60.0% in 2023 to 93.8% in 2025, indicating expanding financial leverage. Operating cash flow has also remained negative for four consecutive years since 2022.
78.1% of cumulative 2025 revenue came from NAND probe cards alone, reflecting heavy concentration in a single product category. The primary customer base is also concentrated around SK Hynix, meaning results can swing significantly based on that customer's order schedule or policy changes.
DRAM and foundry accounted for only 11.7% and 9.8%, respectively, indicating revenue diversification remains at an early stage.
While net income turned positive in Q1 and Q2 2026, summing the four quarters from Q3 2025 through Q2 2026 still shows a net loss overall, due to the large KRW 3.34 billion net loss recorded in Q4 2025.
Whether the improvement seen in the most recent two quarters represents a sustainable trend still requires further confirmation.
The debt ratio rose rapidly from 60.0% in 2023 to 93.8% in 2025, and operating cash flow has been negative every year since 2022. If the earnings recovery is delayed, reliance on external financing could increase.
The pace of balance sheet improvement is a factor that will need continuous monitoring through upcoming quarterly results.
The bulk of revenue is concentrated in NAND probe cards and a single customer, SK Hynix, so changes in that customer's inventory policy or order schedule can directly affect results. If DRAM and HBM revenue expansion does not proceed as planned, the company could remain exposed to swings in the NAND market cycle.
In the DRAM and HBM probe card market, global leaders such as FormFactor of the US and MJC of Japan still hold a substantial share, and domestic rivals including Solbrain and TSE are known to be pursuing similar qualifications. As competition among multiple suppliers intensifies, pricing and volume competition could become more severe.
Check for the Q3 2026 earnings disclosure. A key point of interest is whether the profit turnaround seen in H1 2026 continued into Q3.
Check whether DRAM and foundry revenue share expands beyond the 2025 cumulative levels (DRAM 11.7%, foundry 9.8%). This is a gauge of the pace of revenue diversification.
Monitor progress on DRAM/HBM probe card qualifications with customers beyond SK Hynix. Customer diversification is a key variable for mitigating concentration risk.
Check whether the key customer's HBM and next-generation DRAM capacity expansion translates into actual orders. The scale and timing of orders to partner suppliers warrant attention.
MicroToNano is passing through an earnings inflection point, moving from large losses that persisted from 2023 through 2025 to two consecutive profitable quarters in the first half of 2026.
However, summing the most recent four quarters still shows a net loss due to the large loss recorded in Q4 2025, and how sustainable the earnings recovery is will require further confirmation from upcoming quarterly results.
In terms of business structure, 78.1% of cumulative 2025 revenue still came from NAND probe cards, showing clear concentration in a specific product and customer, while DRAM and HBM revenue made up only 11.7%, indicating the portfolio shift remains in an early stage.
Passing the HBM EDS probe card qualification test for SK Hynix could serve as a foothold for entering a higher value-added market, but variables remain, including competition with global leaders such as FormFactor and MJC and similar qualification efforts by domestic rivals.
On the financial side, leverage has expanded, with the debt ratio rising from 60.0% in 2023 to 93.8% in 2025, making it important to watch whether the pace of earnings recovery is matched by improvement in the balance sheet.
Overall, while the direction of the business transition is evident, its durability and financial stability are aspects that warrant continued observation through future quarterly results.
Report written 2026-09-05 · Data as of 2026-09-04
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