PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
Wits has grown revenue on the back of its Samsung Electronics Galaxy wireless-charging module business, but quarterly earnings volatility has widened sharply as it grafts on new EV charger and gaming display businesses.
2025 consolidated revenue reached KRW 168.7bn, up sharply from KRW 90.8bn a year earlier, but operating margin fell to 1.5% versus 10.3% in 2023.
Owners' net profit swung from KRW 2.97bn in Q1 2026 to a net loss of KRW 3.37bn in Q2 2026.
GS Energy and GS Neotek made a roughly KRW 5bn strategic investment, and Wits signed an EV charger supply deal with GS Chargev, targeting KRW 100bn in charger revenue within three years.
Wits supplied the domestic market's first 25W high-power wireless charging RX module for the Galaxy S26 Ultra, and is expanding gaming display supply to U.S. casino equipment makers.
Operating cash flow was negative for two consecutive years in 2024-2025, and the debt ratio rose to 245%.
Wits is a power transmission solutions company established in 2019 when it acquired Samsung Electro-Mechanics' wireless charging business; it is listed on KOSDAQ and is a subsidiary of Chemtronics.
As a first-tier supplier, it provides wireless charging receiver (RX) modules and chargers (TX) for Samsung Electronics smartphones and wearables, and holds roughly 700 patents related to power transmission.
For the Galaxy S26 Ultra launched in February 2026, Wits supplied the domestic market's first 25W high-power wireless charging RX module, and it also supplies wireless charging modules for the foldable Galaxy Z Trifold.
The company has entered the consumer (B2C) market with its own '3-in-1 wireless charger' brand, sold through Samsung.com across 23 countries including Korea.
It is building two new growth pillars in electric vehicle (EV) chargers and gaming displays: on the EV side, it began supplying 7kW slow chargers to Hyundai Kefico and signed a joint-development and supply agreement with GS Chargev.
Its gaming display business applies parent company Chemtronics' display etching technology to develop curved and mini-LED displays, currently supplied to U.S. casino equipment maker Aruze and others.
Wits is also exploring commercialization of power transmission solutions for robots, participating in a domestic robot-parts industry council to seek business opportunities.
Competitively, it faces large component makers in wireless charging modules, small and mid-sized manufacturers in EV chargers, and a handful of U.S. and Asian players in gaming displays.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩36.2B | ₩2.2B | 6.1% |
| 2025Q3 | ₩55.7B | ₩1.6B | 2.8% |
| 2025Q4 | ₩44.6B | -₩2B | −4.4% |
| 2026Q1 | ₩54.9B | ₩1.5B | 2.7% |
| 2026Q2 | ₩42.7B | -₩1.2B | −2.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩99.5B | ₩10.3B | ₩7.6B | 10.3% | 29.8% | 187.5% |
| 2024 | ₩90.8B | ₩2.2B | ₩1.5B | 2.4% | 3.8% | 139.6% |
| 2025 | ₩168.7B | ₩2.6B | ₩1.9B | 1.5% | 4.3% | 245.0% |
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
2025 consolidated revenue was KRW 168.72bn, up sharply from KRW 90.76bn in 2024, though compared with KRW 99.53bn in 2023 it shows the revenue mix has shifted toward lower-margin sales.
Operating margin fell for three straight years, from 10.3% in 2023 to 2.4% in 2024 and 1.5% in 2025, with operating profit shrinking from KRW 10.25bn in 2023 to KRW 2.59bn in 2025. Owners' net profit was KRW 1.93bn in 2025, up from KRW 1.55bn in 2024 but well below the KRW 7.61bn recorded in 2023.
By quarter, revenue was KRW 55.7bn with operating profit of KRW 1.58bn in Q3 2025, before revenue fell to KRW 44.6bn and the company posted an operating loss of KRW 1.98bn in Q4 2025.
In Q1 2026, revenue was KRW 54.9bn with operating profit of KRW 1.5bn, while owners' net profit jumped to KRW 2.97bn — a gap between operating and net profit growth that suggests a one-off, non-operating factor may have been at play.
However, in Q2 2026 revenue slipped to KRW 42.7bn and the company swung back to losses, posting an operating loss of KRW 1.24bn and an owners' net loss of KRW 3.37bn.
As a result, cumulative owners' net profit over the trailing four quarters (Q3 2025-Q2 2026) stands at roughly KRW 1.25bn, reflecting very large swings between quarters.
Operating cash flow was negative for two straight years — KRW -4.02bn in 2024 and KRW -28.57bn in 2025 — meaning revenue growth has not translated into cash generation, in contrast to the positive KRW 20.33bn recorded in 2023.
The debt ratio jumped from 139.6% in 2024 to 245.0% in 2025, indicating financial leverage rose alongside the top-line expansion.
In Wits' core end market, the Galaxy S26 series set a record for domestic pre-order sales at 1.35 million units in 2026, with the high-performance Ultra model accounting for about 70% of that volume, indicating solid demand for premium features.
The trend of wireless charging spreading into mid-range models is a favorable factor that could broaden the volume base for module suppliers.
The EV charger market is dependent on government subsidy policy, and rising costs combined with regulated charging fees mean many slow-charger operators struggle to turn a profit, driving consolidation toward scaled players such as GS Chargev and Everon.
Wits participates in this market as a manufacturing partner rather than an infrastructure operator, supplying slow chargers to GS Chargev and Hyundai Kefico, so its key variable is securing manufacturing and supply volume rather than operating risk.
Gaming displays are a niche market centered on the G2E exhibition in Las Vegas, where casino equipment makers are the customer base, and competition is limited to a handful of players due to entry barriers.
EV wireless charging is still at an early commercialization stage, with institutional support such as eased certification procedures and regulatory sandbox pilots only just taking shape.
Overall, Wits sits at the intersection of a stable position in the mature mobile wireless-charging market and early-stage entry into still-unproven growth markets in EV chargers, gaming displays, and robotic power transmission.
The company secured roughly KRW 5bn in strategic investment from GS Energy and GS Neotek and signed an EV charger supply agreement with GS Chargev, setting a target of KRW 100bn in EV charger revenue within three years.
To reach that goal, it plans to expand its lineup into medium- and fast-speed chargers and lightweight, high-power EV wireless power transfer (WPT), building on a 2023 technology licensing agreement with WiTricity to prepare a commercialization roadmap with KG Mobility linking autonomous driving and automated valet charging.
In gaming displays, brokerage reports have noted that, beyond existing customer Aruze, Wits secured an initial supply contract with a new customer, with some assessments pointing to continued advance-order intake in the second half.
Shinhan Investment Corp said mass production had begun on the strength of curved-display technology and that a rising share of high-margin gaming revenue would contribute to company-wide profitability improvement.
IBK Securities noted that Wits has entered the mini-LED-based curved gaming display market and plans to expand supply to North American casino gaming equipment makers, with testing underway with new customers.
The robotics business remains at an early commercialization stage, with Wits exploring opportunities through participation in a domestic robot-parts industry council.
KB Securities, however, cautioned that weak device sales at key customers or changes in EV and charging-infrastructure subsidies could increase earnings volatility.
The stock trades at a modest premium to per-share net asset value, meaning the market is pricing it above book value. Because quarterly results swing between profit and loss, profitability metrics calculated on trailing four-quarter earnings can be quite volatile from one earnings release to the next.
Dividends have been paid annually, but the consistency of payout policy relative to the scale of earnings is something that still needs ongoing confirmation, and whether an earnings recovery translates into greater dividend capacity remains a point to watch.
Compared with the double-digit operating margin seen in 2023, the past two years have been a period of thinner margins despite top-line growth, so the valuation the market assigns appears to reflect both the growth narrative of new businesses (EV chargers, gaming displays) and whether the core business's margin can recover.
Ultimately, how one views the current trading level depends on whether new-business revenue can offset the margin decline in the core business.
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
Wits reinforced its status as a high-end component supplier by providing the domestic market's first 25W high-power RX module for the Galaxy S26 Ultra. The Galaxy S26 series recorded 1.35 million domestic pre-orders with the Ultra accounting for about 70%, showing solid premium demand. If wireless charging spreads further into mid-range models, the module supply volume base could widen.
The strategic investment from GS Energy and GS Neotek plus the supply agreement with GS Chargev has set a concrete target of KRW 100bn in revenue within three years. Wits has already begun supplying 7kW slow chargers to Hyundai Kefico.
Technical and institutional groundwork is also being laid to extend the business into EV wireless power transfer (WPT).
Curved and mini-LED gaming displays, built on parent company Chemtronics' display etching technology, are expanding supply to U.S. casino equipment makers. Multiple brokerages have positively assessed the addition of new customers and rising advance orders. As a high-unit-price niche product, growing volume could contribute to company-wide margin improvement.
Operating margin fell from 10.3% in 2023 to 1.5% in 2025, and the company posted operating losses in both Q4 2025 and Q2 2026. This means the quality of earnings has not improved even as revenue scale has grown.
The sharp jump in Q1 2026 net profit also diverged from the modest rise in operating profit, so a one-off factor cannot be ruled out.
Operating cash flow was negative for two consecutive years, at KRW -4.02bn in 2024 and KRW -28.57bn in 2025. Compared with the positive KRW 20.33bn in 2023, cash-generating capacity has weakened significantly.
It is worth checking whether top-line growth is instead translating into a working-capital burden from inventory and receivables.
Targets such as KRW 100bn in EV charger revenue and a 10% gaming display revenue share are figures put forward by the company and brokerages, and current segment-level revenue could not be separately confirmed via search.
The broader EV charging infrastructure industry is one where many operators struggle to turn a profit due to subsidy controls and rising costs, so the pace at which manufacturing partner Wits secures order volume could be affected by that industry backdrop. Gaming displays are also still at an early stage with high dependence on a small number of customers.
The core wireless charging module business depends heavily on the sales cycle of Samsung Electronics' Galaxy series, so weak sales of a particular model could directly affect results. KB Securities also flagged weak device sales at key customers as a factor that could cause earnings volatility. Gaming displays likewise carry high concentration in a small number of customers such as Aruze.
The debt ratio rose sharply from 139.6% in 2024 to 245.0% in 2025, and two consecutive years of negative operating cash flow could increase reliance on external financing.
Capital raises such as the third-party share issuance to GS have continued, so the potential for shareholder dilution going forward is also worth monitoring.
The EV charger market is one where results are sensitive to government-controlled charging fees and subsidy policy, and industry analysis has noted that many slow-charger operators struggle to turn a profit.
The pace of government deregulation and certification-process improvements for EV wireless charging could also affect the timing of new-business commercialization.
A point to check whether Wits secures new gaming display customers and expands advance-order volume.
Investors should check whether the Q2 2026 operating and net losses were one-off or persisted, and how much EV chargers and gaming displays contributed to revenue.
Progress toward expanding EV charger supply volume to GS Chargev and the path to the three-year KRW 100bn revenue target should be monitored.
Watch for whether wireless charging spreads further into mid-range smartphones and whether Wits secures additional supply contracts for new Samsung Electronics models.
Progress on the EV wireless charging and automated valet commercialization roadmap with KG Mobility, and any concretization of the robotics power-transmission business, should be watched.
Wits is a company in transition, building two new growth pillars in EV chargers and gaming displays on top of its stable core business of wireless charging modules for Samsung Electronics Galaxy devices. 2025 revenue grew sharply year over year, but operating margin fell to 1.5%, and the company posted operating losses in both Q4 2025 and Q2 2026, reflecting large quarterly swings.
The fact that a sharp Q1 2026 net profit and a Q2 2026 net loss occurred within the same year suggests that judging earnings quality requires looking at annual and multi-year trends rather than single quarters.
The GS Chargev partnership, the 25W module supply for the Galaxy S26 Ultra, and new gaming display customer wins provide a basis for the growth narrative, but most of these are targets set by the company or brokerages, and segment-level revenue contribution has not yet been separately confirmed through disclosures.
Operating cash flow being negative for two straight years and the debt ratio rising to 245% are the financial cost of top-line expansion that should be weighed alongside the growth story.
Going forward, upcoming earnings releases and the pace at which EV chargers and gaming displays contribute to revenue will be the key variables in determining whether the new-business transition succeeds.
Report written 2026-09-05 · Data as of 2026-09-04
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