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
IMT achieved full-year profitability in 2025 on the back of its semiconductor dry-cleaning equipment business and its subsidiary's camera parts and HBM ceramic substrate operations, but quarterly earnings volatility has continued into 2026.
Consolidated revenue jumped from KRW 6.47bn in 2023 to KRW 13.57bn in 2024 and KRW 32.94bn in 2025, with both operating profit and net income turning positive in 2025.
First-quarter 2026 revenue and operating profit hit quarterly records, but the company swung back to an operating and net loss in the second quarter as revenue declined.
Subsidiary IMTP has stated it is supplying SK Hynix with what it calls the world's first 12-inch HBM ceramic substrate (MLC), in addition to its camera AF/OIS coil business.
In April 2026 the company issued a KRW 12.0bn zero-coupon convertible bond for facility and R&D funding, which could dilute shares by 10.74% if fully converted.
The debt-to-equity ratio rose sharply from 14.0% in 2023 to 118.5% in 2025, indicating that financial leverage has increased alongside the growth phase.
Founded in 2000, IMT is a semiconductor process equipment maker whose core competitive edge is laser and CO2 dry-cleaning technology that removes contaminants without water or chemicals.
Its main products are cleaning equipment for HBM wafers, probe cards and test sockets, EUV photomask laser baking equipment, and semiconductor chemical analysis tools.
The company is known as one of the few domestic firms to commercialize EUV mask laser baking technology, giving it a differentiated position in certain processes.
Its customer base reportedly includes global chip makers such as Samsung Electronics, SK Hynix, and TSMC, and it co-developed an HBM ring-frame wafer cleaner with Micron that passed final quality testing. IMT has also signed a supply contract for HBM wafer-cleaning equipment with Micron Semiconductor Asia Operations.
Subsidiary IMTP, consolidated in 2024, produces camera Auto Focusing/OIS coils and precision parts for smartphones, and the company has said it is now supplying SK Hynix with what it describes as the world's first 12-inch HTCC-based ceramic substrate (MLC) for HBM.
According to a revenue breakdown compiled by job platform JobKorea from public filings, camera coils and precision parts account for roughly 63% of sales while semiconductor laser/CO2 cleaning equipment accounts for about 37%, suggesting the revenue mix has shifted toward camera and precision parts since the subsidiary's consolidation.
With few listed domestic competitors in dry cleaning and EUV mask baking described as a domestically unique technology, the company appears to hold entry barriers in specific processes.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.4B | -₩400M | −5.4% |
| 2025Q3 | ₩9.8B | ₩100M | 1.3% |
| 2025Q4 | ₩10.1B | ₩1.5B | 14.4% |
| 2026Q1 | ₩12.2B | ₩1.1B | 8.6% |
| 2026Q2 | ₩9.3B | -₩200M | −1.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩10.8B | ₩300M | -₩400M | 2.4% | −5.7% | 98.0% |
| 2023 | ₩6.5B | -₩2.2B | -₩2.3B | −34.6% | −8.8% | 14.0% |
| 2024 | ₩13.6B | -₩2.2B | -₩3.6B | −15.9% | −12.6% | 90.9% |
| 2025 | ₩32.9B | ₩200M | ₩1B | 0.5% | 3.2% | 118.5% |
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 fell from KRW 10.76bn in 2022 to KRW 6.47bn in 2023, then surged for two straight years to KRW 13.57bn in 2024 and KRW 32.94bn in 2025.
Operating profit swung from a KRW 254mn gain in 2022 to losses of KRW 2.24bn in 2023 and KRW 2.16bn in 2024, before turning positive again at KRW 159mn (0.5% margin) in 2025.
Net income attributable to owners also posted three straight years of losses from 2022-2024 (KRW -430mn, -2.33bn, and -3.62bn respectively) before turning positive at KRW 973mn in 2025.
On a quarterly basis, the company improved from KRW 7.36bn revenue, a KRW 397mn operating loss and a KRW 776mn net loss in Q2 2025 to KRW 9.82bn revenue, a KRW 131mn operating profit and a KRW 2.17bn net profit in Q3 2025 — a net profit disproportionately larger than operating profit, suggesting a significant non-operating impact.
Q4 2025 revenue reached KRW 10.11bn with operating profit of KRW 1.46bn, a notably improved margin, while net profit was KRW 767mn.
First-quarter 2026 revenue hit a quarterly record of KRW 12.24bn with operating profit of KRW 1.05bn, but revenue fell to KRW 9.35bn in Q2 2026, which posted an operating loss of KRW 163mn and a net loss of KRW 376mn.
This quarter-to-quarter volatility appears related to the contract-based nature of equipment sales, which tend to concentrate revenue in specific quarters tied to customer order and acceptance schedules.
On the balance sheet, the debt-to-equity ratio rose quickly from 14.0% in 2023 to 90.9% in 2024 and 118.5% in 2025, which appears linked to subsidiary consolidation and expanded external financing.
The semiconductor back-end cleaning equipment market is in a phase of rising demand as advanced packaging such as HBM expands and particle-control requirements increase.
Yuanta Securities, in a December 2025 report, assessed that demand for subsidiary IMTP's HTCC-based MLC ceramic substrates is growing quickly as the world's top HBM supplier expands component localization.
The same report forecast that customer approval for HBM4 MLC had been completed and that supply volumes would gradually expand.
Micron has stated that HBM demand is strong for 2026 and has described plans for HBM4 mass production in 2026, providing a favorable backdrop for order flow at related cleaning and component suppliers.
That said, the domestic cleaning equipment market includes numerous small and mid-sized equipment makers, and competition with larger, diversified equipment suppliers persists.
The camera coil and precision parts segment is tied to the smartphone demand cycle, giving it a different demand curve from the semiconductor segment and providing some portfolio diversification benefit.
Yuanta Securities, in a December 2025 report, estimated IMT's parent-only (non-consolidated) 2026 revenue at KRW 14.95bn (up 30.0% year-on-year) with an operating loss of KRW 2.0bn (a narrowing of losses).
The same report projected subsidiary IMTP's 2026 revenue and operating profit at KRW 28.0bn (up 86.7%) and KRW 5.04bn (18.0% operating margin), respectively, viewing the subsidiary as the driver of consolidated growth.
However, these are brokerage estimates as of December 2025, and actual consolidated results in the first and second quarters of 2026 alternated between profit and loss on a quarterly basis.
In April 2026 the company issued a KRW 12.0bn private convertible bond, raising KRW 7.0bn for facility investment and KRW 5.0bn for working capital including R&D. The company stated the proceeds would be used to expand a clean room for equipment testing and to build a second factory to meet MLC demand.
The company said it expects the investment to further increase equipment demand from SK Hynix and Micron. It also established a shareholder-approved basis for issuing up to KRW 200bn in exchangeable bonds, leaving open the possibility of further capital raising for business expansion.
IMT turned both operating profit and net income from losses to gains on a full-year 2025 basis, and it remains in a phase of establishing earnings stability in 2026 as quarterly results have alternated between profit and loss.
The shares appear to trade at a premium to net asset value, and some observers link this premium to whether the recent earnings recovery proves durable.
The company currently maintains a no-dividend policy, prioritizing reinvestment in its semiconductor equipment and MLC businesses over shareholder returns, characteristics typical of a growth-oriented name.
It is also worth noting that within the KOSDAQ semiconductor equipment and parts sector, companies in the early stages of an earnings turnaround often trade at relatively high valuation multiples.
The potential conversion of outstanding convertible bonds into new shares is a factor to consider when assessing per-share value going forward.
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
The company has demonstrated technical differentiation through co-development of an HBM ring-frame wafer cleaner with Micron that passed quality testing, and through its rare domestic commercialization of EUV mask laser baking. This validation forms a base for expanding the new equipment lineup.
Business relationships with large customers such as Samsung Electronics, SK Hynix, and TSMC have also been referenced.
In addition to its camera coil and precision parts business, IMTP is expanding into semiconductor components by supplying SK Hynix with what is described as the world's first 12-inch HBM ceramic substrate (MLC). The MLC is also reported to have received customer approval for HBM4 use. The two businesses follow different demand cycles, contributing to portfolio diversification.
The KRW 12.0bn convertible bond issued in April 2026 was structured with 0% coupon and maturity interest and no downward refixing clause, lowering financing costs. Proceeds are earmarked for clean room expansion and a second factory build-out. This could translate into expanded production capacity to meet rising orders.
Net income was disproportionately larger than operating profit in Q3 2025, pointing to a significant non-operating impact, and the company swung from profit in Q1 2026 back to an operating and net loss in Q2 2026, showing earnings have not yet stabilized.
Revenue also fluctuated between roughly KRW 7.3bn and KRW 12.2bn across quarters. Given the contract-based nature of equipment sales, results can be swayed by the timing of specific customer orders.
The debt-to-equity ratio rose sharply from 14.0% in 2023 to 118.5% in 2025. Subsidiary consolidation and expanded external financing have combined to change the balance sheet structure. Further fundraising through instruments like convertible bonds could increase both interest/repayment burden and dilution concerns.
If the convertible bond issued in April 2026 is fully converted, new shares equal to 10.74% of total shares outstanding could be issued. Conversion requests become possible starting April 2027, meaning supply overhang could emerge with a time lag.
The company has also established a basis to issue up to KRW 200bn in exchangeable bonds, leaving room for further fundraising.
Revenue in the semiconductor segment depends on the capex and order schedules of a small number of large customers such as Micron and SK Hynix. One supply contract with Micron was limited to a specific period (March-August 2025), meaning contract renewal or follow-on orders have a direct effect on results. Customer diversification appears to be underway but still at an early stage.
The debt-to-equity ratio has risen quickly over the past three years, and continued mezzanine financing via CBs and EBs raises the possibility of share count increases from future conversions. If facility investment does not translate into planned revenue growth, financial strain could increase.
New equipment under development, such as wafer warpage-improvement tools, is reportedly still in the customer evaluation stage. There is a time lag and uncertainty between development completion and mass-production adoption, and delayed or failed adoption cannot be ruled out.
Disclosure of Q3 2026 consolidated results, which will show whether the company recovered from the Q2 loss and whether quarterly earnings are stabilizing.
Watch for disclosures or IR updates on expanded HBM4 MLC supply, which would indicate progress on subsidiary IMTP's new customer approvals and production ramp-up.
Conversion rights on the 5th-series convertible bond become exercisable, allowing observers to track actual conversion volume and share count changes.
Completion timing and utilization rate of the second MLC factory expansion, which will indicate whether the raised capital translates into actual revenue growth.
IMT demonstrated an earnings turnaround in full-year 2025, with revenue growing sharply year-on-year and both operating profit and net income turning positive. However, the swing from a record Q1 2026 profit back to a Q2 2026 loss shows earnings have not yet fully stabilized.
Subsidiary IMTP's camera coil business and its HBM ceramic substrate (MLC) business have emerged as the two pillars of growth, and Yuanta Securities projected in a December 2025 report that this subsidiary would drive consolidated growth in 2026, though that estimate should be viewed as dated.
The KRW 12.0bn convertible bond issued in April 2026 secured growth capital on favorable terms, but came with a rising debt ratio and potential future share dilution.
The company shows a mix of strengths—validated technology with large semiconductor customers and rare domestic EUV mask baking capability—alongside weaknesses such as customer concentration, quarterly volatility, and rising financial leverage.
Going forward, Q3 results, the pace of MLC supply expansion, and convertible bond conversion trends will be key variables for gauging earnings stability and financial burden.
Report written 2026-09-05 · Data as of 2026-09-04
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