PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩60 per share · Prices as of the 2026-10-02 close
Hass is a domestic leader in dental lithium disilicate glass-ceramics, but it has posted operating losses for two consecutive quarters in 2026, putting profitability at an inflection point.
The company specializes in lithium disilicate glass-ceramic dental restorative materials, with exports accounting for over 90% of sales.
Revenue edged up in the KRW 16 billion range from 2023 to 2025, but the operating margin narrowed from 10.1% to 5.4%.
Both the first and second quarters of 2026 recorded operating losses, and the sum of owner net income over the trailing four quarters (3Q2025-2Q2026) also turned negative.
The company is carrying out a government-funded semiconductor glass substrate R&D project through 2028, but commercialization and revenue contribution have not yet been confirmed.
The company has signaled potential earnings improvement through new ODM customer orders and cost-structure streamlining.
Founded in 2008, Hass specializes in dental restorative materials and produces lithium disilicate glass-ceramics based on nano-crystallization technology under its own brands, Amber and Rosetta.
The company was the first in Korea to commercialize lithium disilicate and is regarded as holding a leading global market position.
As of 2023, lithium disilicate restorative materials accounted for 68.6% of revenue, followed by zirconia primary crowns at 19.7%, zirconia restorative goods at 8.7%, investment materials at 2.3%, and other items at 0.7%.
Exports made up 91.7% of sales, with products supplied to more than 70 countries across Europe, Latin America, and North America.
The company recently developed and obtained Korean regulatory approval for the world's only 3-in-1 implant crown block, the Amber Mill Abut Crown, which combines the crown restoration, cap, and abutment.
As part of business diversification, it is preparing to enter the dental cement market with an anti-fouling functional product, while also developing 3D printing resin and metal-composite and crystallized glass 3D printing technologies.
As a new growth driver, the company has launched a government-backed R&D project to localize glass substrate materials (wafer-type aluminosilicate glass substrate) for semiconductor packaging.
Domestically there are few companies with comparable glass technology, but globally the glass substrate field is dominated by Schott, Corning, AGC, and NEG, meaning Hass's entry remains at an early stage.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.6B | ₩1B | 20.9% |
| 2025Q3 | ₩4.8B | ₩300M | 6.3% |
| 2025Q4 | ₩3.8B | ₩300M | 8.6% |
| 2026Q1 | ₩3.3B | -₩800M | −24.6% |
| 2026Q2 | ₩4.1B | -₩600M | −14.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩16B | ₩1.6B | ₩1.8B | 10.1% | 11.9% | 92.6% |
| 2024 | ₩16.2B | ₩1.2B | ₩1.8B | 7.7% | 3.9% | 20.7% |
| 2025 | ₩16.6B | ₩900M | ₩1.5B | 5.4% | 3.3% | 18.3% |
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
Annual revenue rose gradually from KRW 16.04 billion in 2023 to KRW 16.16 billion in 2024 and KRW 16.59 billion in 2025.
However, operating profit contracted for three straight years, from KRW 1.61 billion (10.1% operating margin) in 2023 to KRW 1.24 billion (7.7%) in 2024 and KRW 0.90 billion (5.4%) in 2025, showing margins thinning even as revenue grew.
Owner net income also edged down slightly, from KRW 1.80 billion in 2023 to KRW 1.79 billion in 2024 and KRW 1.55 billion in 2025.
Shareholders' equity jumped from KRW 15.15 billion in 2023 to KRW 45.46 billion in 2024 and KRW 46.38 billion in 2025, reflecting proceeds from the company's July 2024 KOSDAQ listing, alongside a sharp decline in the debt ratio from 92.6% in 2023 to 20.7% in 2024 and 18.3% in 2025.
On a quarterly basis, 2Q2025 posted revenue of KRW 4.61 billion with operating profit of KRW 0.96 billion (a 20.9% margin), but 3Q2025 revenue rose to KRW 4.83 billion while operating profit fell sharply to KRW 0.30 billion (6.3%).
In 4Q2025, revenue was KRW 3.82 billion and operating profit KRW 0.33 billion (8.6%), yet owner net income reached KRW 1.02 billion, well above operating profit, suggesting non-operating items lifted the bottom line.
The trend reversed in 2026: 1Q2026 revenue fell to KRW 3.32 billion with an operating loss of KRW 0.82 billion and a net loss of KRW 0.90 billion, and 2Q2026 revenue recovered to KRW 4.12 billion but still posted an operating loss of KRW 0.62 billion and a net loss of KRW 0.58 billion.
As a result, owner net income summed over the trailing four quarters (3Q2025-2Q2026) turned negative at roughly KRW -0.16 billion, and excluding the one-off gain in 4Q2025, the recent quarterly earnings trough is clearly visible.
According to market research, the global lithium disilicate market was estimated at roughly KRW 320 billion in 2022 and is projected to reach about KRW 1 trillion by 2029, implying a 17.2% compound annual growth rate.
Separate research indicates the global dental cement market could expand from about KRW 2.35 trillion in 2022 to KRW 3.33 trillion by 2030.
Hass has been credited with being the first Korean company to enter this market and holding a top-three global market share, establishing a position in a high-barrier segment that few companies have successfully entered.
By contrast, the semiconductor glass substrate field the company is pursuing as a new growth driver is drawing heavy investment from large semiconductor and materials firms such as Samsung Electro-Mechanics, Intel, and SKC's Absolics unit.
However, that field remains dominated by a handful of advanced-economy firms—Schott of Germany, Corning of the United States, and AGC and NEG of Japan—making entry difficult for a smaller latecomer like Hass.
Overall, the company can be characterized as an established niche player in its core dental restorative business, while in the glass substrate venture it remains at an early, challenger-stage research and development position.
At a February 2026 IR seminar, the company said it expects ODM orders from new customers within the year and plans to gradually improve earnings by streamlining its cost structure and reducing fixed-cost burden.
A key point to watch is whether the world's only 3-in-1 implant crown block, the Amber Mill Abut Crown—already approved by Korean regulators—can become a driver of revenue expansion. A dental cement product with anti-fouling functionality is also under development and could become a new revenue source.
The semiconductor glass substrate government project, running for 54 months from July 2024 through the end of 2028 with KRW 2.75 billion in government funding, aims to secure a foothold in the glass interposer market and as a PCB substitute for mobile and 5G/6G devices.
That project, however, remains at the research and development stage, and neither a commercialization timeline nor a revenue contribution has been confirmed.
Given two consecutive quarters of operating losses in the first half of 2026, whether performance recovers as planned in the second half and beyond will likely be the most important near-term point to monitor.
With owner net income turning negative on a trailing four-quarter basis, conventional price-to-earnings analysis becomes difficult to apply. The price-to-book ratio sits around the 1x mark, indicating the share price is close to, or modestly below, book value per share.
The debt ratio, which stood at 92.6% in 2023, fell into the low-20% range following the 2024 listing, marking an improvement in the balance-sheet foundation.
That said, with the operating margin narrowing from around 10% in 2023 to around 5% in 2025, and two consecutive quarters of operating losses in the first half of 2026, the underlying earnings trajectory has yet to settle in a clear direction.
The company has a history of paying cash dividends, but the size of future dividends remains contingent on whether earnings recover.
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
Hass was the first Korean company to commercialize lithium disilicate glass-ceramics and is credited with a top-tier global market share. Through its Amber and Rosetta brands, the company exports to more than 70 countries, building a stable overseas network with exports exceeding 90% of sales.
Its established position in a high-barrier market that few companies have successfully entered is a competitive advantage.
The world's only 3-in-1 implant crown block, the Amber Mill Abut Crown, has completed Korean regulatory approval. An anti-fouling dental cement is also under development, raising the possibility of new revenue sources beyond existing restorative materials. The company has also mentioned the potential for ODM orders from new customers within the year.
Following the 2024 KOSDAQ listing, the debt ratio fell sharply from 92.6% in 2023 to 18.3% in 2025. Shareholders' equity also expanded from KRW 15.1 billion in 2023 to KRW 46.4 billion in 2025, strengthening the financial buffer. This could provide room to invest in new businesses or absorb periods of weaker earnings.
The company posted operating losses in both the first and second quarters of 2026, and the loss persisted in the second quarter even as revenue recovered from the prior quarter. Owner net income summed over the trailing four quarters also turned negative, underscoring near-term profitability pressure.
The operating margin declined for three straight years, from 10.1% in 2023 to 7.7% in 2024 and 5.4% in 2025. Revenue grew modestly while cost burdens rose faster, and margin recovery remains uncertain until improvements in cost structure and fixed costs are confirmed.
The semiconductor glass substrate business remains at the research and development stage, with no confirmed revenue contribution. The field is dominated by established firms such as Schott, Corning, AGC, and NEG, meaning additional time and investment may be required for a latecomer to reach commercialization.
If the ODM orders and cost-streamlining measures the company has flagged do not materialize as planned, operating losses could continue into the second half of 2026. If fixed-cost reductions fail to keep pace with revenue recovery, the timing of a profitability turnaround could be delayed.
With exports accounting for more than 90% of sales, fluctuations in the Korean won exchange rate can directly affect earnings. Changes in demand from key export markets or shifts in trade conditions could also be variables affecting revenue stability.
As a small-cap company listed via the KOSDAQ technology-track special listing, tradable share volume and market liquidity may be limited. Supply-demand events such as the expiration of post-listing lock-up periods could increase share price volatility.
Check the 3Q2026 earnings disclosure to see whether operating losses persist and whether the revenue recovery trend continues.
Watch for disclosures or news confirming the new-customer ODM orders the company has flagged.
Review the full-year 2026 results to assess the actual effect of the cost-streamlining plan and the direction of the annual operating margin.
Check for interim results or commercialization announcements related to the semiconductor glass substrate government project, which is scheduled to conclude at the end of 2028.
Hass is a dental materials specialist with established technology and export networks in lithium disilicate glass-ceramics, but its profitability outlook has become uncertain after two consecutive quarters of operating losses in the first half of 2026.
Revenue grew modestly from 2023 to 2025, while the operating margin narrowed from 10.1% to 5.4%, even as the 2024 listing significantly improved balance-sheet stability.
New products—the 3-in-1 implant crown block and dental cement—along with the semiconductor glass substrate venture represent potential growth drivers, though the latter remains at an early research stage with no confirmed revenue contribution.
The company has signaled earnings improvement this year through ODM orders and cost-structure reform, but whether this materializes will need to be confirmed through upcoming quarterly results.
With owner net income over the trailing four quarters having turned negative, watching the direction of a profitability recovery is important in the near term. Before forming any investment judgment, continued monitoring of upcoming quarterly earnings and new-order disclosures is warranted.
Report written 2026-09-05 · Data as of 2026-09-04
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