KOSDAQMachinery452450

Pie

₩5,350▲ 2.49%2026-10-02 close

Market Cap

₩193.5B

Turnover

₩900M

Volume

180,000 shares

Shares out.

36M

PER

—

PBR

3.1×

EPS

-₩753

Dividend Yield

0.00%

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

Report overview

Battery Slump Prompts Pivot to Glass Substrate

PIE Co. swung to a loss in 2025 as battery-inspection equipment sales fell sharply, and the company is now diversifying into glass-substrate (TGV) inspection and non-destructive testing for semiconductors.

1
2025 consolidated revenue fell to KRW 65.09 billion, roughly half of the KRW 124.05 billion recorded in 2024.
2
Operating profit swung from a gain of KRW 9.43 billion in 2024 to a loss of KRW 21.22 billion in 2025.
3
The debt ratio rose from 89.2% in 2024 to 166.6% in 2025, and operating cash flow turned negative.
4
The company was selected as a co-research institute for a government-funded project to develop TGV inspection equipment for semiconductor packaging glass substrates.
5
The 2026 Q2 net loss to owners widened sharply even as the operating loss narrowed, warranting a check on the non-operating factors involved.

Business structure

PIE Co. was founded in 2018 and listed on KOSDAQ in February 2025 as an AI machine-vision and data-based smart factory solutions provider.

Its core business is inspection solutions for secondary battery cell manufacturing lines, supplying differentiated software exclusively to domestic battery cell makers and major overseas battery manufacturers.

The company supplies differentiated solutions on an exclusive basis tailored to each manufacturing line of its battery-maker customers. More recently, the company has been building a new business around TGV (Through Glass Via) inspection equipment for semiconductor packaging glass substrates and interposers.

In 2025 it was selected as a co-research institute, led by Philoptics, for a Ministry of Trade, Industry and Energy-funded project running through 2028 with a total budget of about KRW 8.56 billion, in which PIE is responsible for developing high-precision TGV inspection and measurement equipment.

The company is also growing a non-destructive inspection business using ultrasonic, X-ray, and CT technologies, addressing rising demand for battery safety inspection and internal quality checks in semiconductor manufacturing.

On smart factory software, the company has a track record of supplying a data-based smart factory system to LG Energy Solution's Nanjing subsidiary in China, and has said it plans to expand this business over the medium to long term.

However, revenue remains heavily dependent on a small number of large battery cell manufacturers, making results highly sensitive to those customers' capital expenditure cycles.

Earnings trend

Quarterly revenue · Operating profit

₩17B-₩4.3B25Q2₩14.7B-₩6.9B25Q3₩16.7B-₩6.5B25Q4₩9.8B-₩3.1B26Q1₩11B-₩3B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩124B₩9.4B2024₩65.1B-₩21.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩17B	-₩4.3B	−25.3%
2025Q3	₩14.7B	-₩6.9B	−46.7%
2025Q4	₩16.7B	-₩6.5B	−38.6%
2026Q1	₩9.8B	-₩3.1B	−31.5%
2026Q2	₩11B	-₩3B	−27.1%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2024	₩124B	₩9.4B	₩10.5B	7.6%	20.1%	89.2%
2025	₩65.1B	-₩21.2B	-₩22.3B	−32.6%	−39.7%	166.6%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

2025 consolidated revenue came to KRW 65.09 billion, roughly half of the KRW 124.05 billion posted in 2024. Operating profit swung from a gain of KRW 9.43 billion (7.6% margin) in 2024 to a loss of KRW 21.22 billion (-32.6% margin) in 2025.

Net profit attributable to owners also flipped from a gain of KRW 10.46 billion in 2024 to a loss of KRW 22.29 billion in 2025.

According to FnGuide, cumulative revenue through the third quarter of 2025 fell 40.8% year over year, with both operating profit and net profit turning negative, attributed to delayed investment and slower capacity expansion by battery cell makers, which reduced demand for AI-vision smart factory solutions.

On a quarterly basis, revenue moved from KRW 17.00 billion in 2025 Q2 to KRW 14.74 billion in Q3 and KRW 16.72 billion in Q4, then fell further to KRW 9.84 billion in 2026 Q1 before a modest recovery to KRW 11.01 billion in Q2.

The operating loss peaked at KRW 6.88 billion in 2025 Q3 and KRW 6.45 billion in Q4, then gradually narrowed to KRW 3.10 billion in 2026 Q1 and KRW 2.98 billion in Q2.

However, the net loss attributable to owners widened sharply to KRW 10.20 billion in 2026 Q2, in contrast to the prior quarter's KRW 2.22 billion loss and the narrowing operating-loss trend, suggesting a sizable non-operating item whose specific details require confirmation from subsequent disclosures.

On the balance sheet, total equity rose to KRW 56.34 billion at end-2025 from KRW 51.83 billion at end-2024, but total liabilities nearly doubled to KRW 93.89 billion from KRW 46.21 billion, pushing the debt ratio up from 89.2% to 166.6%, while operating cash flow turned negative to KRW -6.88 billion in 2025 from KRW 15.18 billion in 2024.

Industry analysis

The secondary battery equipment industry saw inspection equipment demand contract between 2023 and 2025 as EV demand slowed and battery cell makers entered a chasm phase, delaying new investment and capacity expansion.

A battery-sector report published in May 2026 noted that while results are passing through their worst phase, meaningful recovery is expected around the second half of 2027 through 2028.

Conversely, growth in the energy storage system (ESS) market driven by AI data-center power demand and a recovery in European EV sales are seen as partly offsetting the demand gap.

In semiconductor packaging, Samsung Electronics has reportedly been moving to adopt glass substrates (glass interposers) in advanced semiconductor packaging by 2028, generating expectations for related inspection and process equipment demand.

Samsung Electronics is said to have built a roadmap replacing silicon interposers with glass interposers to prepare for the AI chip market.

The glass-substrate inspection market remains at an early stage, with commercialization timing and demand size not yet fixed, and numerous domestic component and equipment makers are preparing related technology.

The non-destructive inspection segment (ultrasonic, X-ray, CT) is seen as growing on rising demand for internal inspection to prevent battery safety incidents and for internal quality checks in high-performance chip manufacturing.

PIE is pursuing a strategy of extending its battery-inspection customer base into semiconductor and non-destructive inspection businesses, but established competitors already exist in each market, and the results of new entry have not yet been fully reflected in performance.

Outlook

PIE was selected in 2025 as a co-research institute, led by Philoptics, for a Ministry of Trade, Industry and Energy-funded project to develop laser-scanning process technology and equipment for semiconductor packaging glass substrates, running through 2028 with a total budget of about KRW 8.56 billion; the company is responsible for developing high-precision TGV inspection and measurement equipment combining holotomography and AI inspection platforms.

The company has said that interest from semiconductor companies in its non-destructive inspection solutions is high, and has indicated it expects these to be used for internal quality inspection of glass substrates.

In the battery segment, the pace of any earnings recovery is likely to hinge on when domestic and overseas battery cell makers resume capacity expansion plans, with a meaningful sector-wide recovery generally expected from the second half of 2027 onward.

The smart factory software business is an area the company has said it plans to expand over the medium to long term, building on its reference supply to LG Energy Solution's China subsidiary to seek further customers.

The timing and scale of revenue contribution from new businesses (glass-substrate inspection, non-destructive inspection) have not yet been specifically confirmed in disclosures, making future order announcements or mass-production adoption an important point to monitor.

First-half 2026 results remained at a lower revenue level than 2025, so whether new businesses contribute to revenue and whether battery customers resume investment in the second half are likely to be key to the earnings trajectory going forward.

Valuation

PER

—

PBR

3.1×

ROE

-50.8%

EPS

-₩753

BPS

₩1,223

Dividend per share

₩0

PIE has posted net losses for four consecutive quarters, putting it in a loss zone where a price-to-earnings ratio cannot be calculated.

The stock trades at a level that carries a premium over net asset value per share, which could be interpreted as partly reflecting market expectations for growth from its battery and semiconductor new businesses.

The company has not paid a dividend in the most recent fiscal year, so dividend-related metrics offer little basis for assessment.

Compared with the profitable state through 2024, the earnings structure has shifted to losses from 2025 onward, and the basis for this valuation premium could change depending on future revenue contribution from new businesses and whether battery customers resume investment.

Assessing valuation going forward requires watching both the pace of any earnings recovery and changes in the balance sheet.

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 2026-09-04

Bull factors

New Semiconductor Glass-Substrate Inspection Business

The company was selected as a co-research institute, led by Philoptics, for a government-funded materials and components project and is responsible for developing high-precision TGV inspection equipment through 2028.

Samsung Electronics is reportedly pursuing glass-substrate adoption in advanced semiconductor packaging by 2028, generating expectations for the related market. In February 2025 the company said inquiries from domestic and overseas semiconductor majors had surged. However, revenue contribution from this business has not yet been specifically confirmed in disclosures.

Exclusive Supply Relationships in Batteries

The company has exclusive supply relationships tailored line-by-line to domestic battery cell makers and major overseas battery manufacturers. This provides a structural basis for revenue to recover if customers resume capacity expansion.

Industry reports note that ESS market growth and a recovery in European EV sales are seen as partly offsetting the battery-sector demand gap.

Non-Destructive Inspection as a New Growth Driver

The company is nurturing non-destructive inspection solutions using ultrasonic, X-ray and CT technology as a new growth driver. Demand for internal inspection to prevent battery safety incidents and for internal inspection in high-performance chip manufacturing are both reported to be increasing. This can be viewed as a diversification effort to reduce reliance on the single battery-inspection business.

Bear factors

Sharp Revenue Decline and Profitability Deterioration

2025 revenue fell to about half of the 2024 level, and both operating profit and net profit swung from gains to losses. FnGuide explained that delayed investment and slower capacity expansion by battery makers led to reduced demand for AI-vision smart factory solutions. This illustrates the vulnerability of a business structure heavily dependent on a small customer base.

Deteriorating Financial Health

Total liabilities nearly doubled to KRW 93.89 billion in 2025 from KRW 46.21 billion in 2024, pushing the debt ratio from 89.2% to 166.6%. Operating cash flow also turned negative to KRW -6.88 billion in 2025 from KRW 15.18 billion in 2024.

Amid continued new-business investment, this shift in financial structure could increase the need for future funding.

Limited Earnings Visibility

The 2026 Q2 net loss attributable to owners widened sharply to KRW 10.20 billion, in contrast to the prior quarter's KRW 2.22 billion loss and the concurrent narrowing of the operating loss. This suggests a sizable non-operating loss factor, though the specific details require confirmation.

The scale and timing of revenue contribution from new businesses also remain unspecified in disclosures, leaving significant uncertainty in forecasting future results.

Risk factors

Customer Concentration Risk

Revenue is heavily concentrated among a small number of large battery cell makers, so a prolonged downturn could result if their investment delays persist. Industry reports note that a meaningful recovery in the battery sector is expected only from the second half of 2027 onward. This risk is likely to persist until customer diversification progresses further.

New-Business Execution Risk

The glass-substrate TGV inspection and non-destructive inspection businesses remain at an early stage, and the government-funded project itself runs on a long timeline through 2028. Commercialization timing and mass-production adoption remain uncertain, meaning it could take time before these translate into revenue.

If the recovery of the core business is delayed while new-business investment continues, financial strain could increase.

Financial Risk

The debt ratio jumped from 89.2% to 166.6% within a year, and operating cash flow also turned negative. If new-business investment and operating losses continue, additional financing could become necessary, which is a factor that could affect shareholder value. The trend in financial structure warrants continued monitoring.

What to watch next

Around November 2026
The 2026 Q3 earnings release should be checked to see whether revenue is recovering, whether the operating loss continues to narrow, and what drove the Q2 net loss widening.
Around March 2027
The 2026 annual business and audit report filings should be checked for confirmed full-year results and changes in the debt ratio and cash flow.
Ongoing through 2028
Interim milestones of the government-funded TGV inspection equipment project and progress of coordination with process equipment makers such as Philoptics should be checked.
When battery makers issue capex guidance from 2027 onward
It should be checked whether domestic and overseas battery cell makers signal a resumption of capacity investment, which would indicate a recovery in inspection equipment demand.
Upon follow-up news on Samsung Electronics' glass-substrate adoption roadmap
It should be checked whether the planned 2028 glass-substrate (glass interposer) adoption roadmap becomes more concrete and how it could translate into related inspection equipment demand.

Overall view

PIE is in a transitional phase, maintaining battery inspection equipment as its core business while diversifying into semiconductor glass-substrate (TGV) inspection and non-destructive testing. 2025 revenue fell to roughly half of the prior year, both operating profit and net profit turned negative, and the debt ratio rose alongside a deterioration in operating cash flow.

Through 2026 the operating loss has gradually narrowed, but the Q2 net loss widened sharply instead, warranting further confirmation of the non-operating factors involved.

The new glass-substrate inspection business has made technical progress, including selection for a government-funded project, but its revenue contribution has not yet been specified in disclosures, and a meaningful recovery in the battery sector itself is generally expected only from the second half of 2027 onward.

This is a phase that calls for watching changes in financial structure, the next quarterly results, and progress on orders and mass-production adoption in the new businesses.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.