PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
IVisionWorks, long centered on secondary-battery inspection equipment, is in a transition period toward semiconductor and glass-substrate inspection, while recent quarterly earnings have swung between losses and small profits.
2025 revenue fell year-on-year to KRW 23.0 billion and the company swung to an operating loss, though it posted quarterly profits in Q3 2025 and Q2 2026.
The debt ratio declined steadily from 93.2% in 2023 to 28.9% in 2025, indicating an improving balance sheet.
With battery inspection equipment still accounting for more than 95% of sales, the company has set a target of reducing that share to 50% by 2027.
Whether new semiconductor businesses such as glass-substrate and wafer inspection equipment translate into actual revenue from the second half of 2026 is a key variable.
The stock saw a string of market-alert designations in August 2026 and a trading halt in September 2026 tied to a share consolidation.
IVisionWorks was founded in 2015 and develops and manufactures machine-vision-based inspection systems.
It initially grew by supplying display appearance inspection equipment for Samsung Electronics smartphones and Apple Watch, but shifted its focus to secondary-battery inspection equipment as low-cost Chinese competition clouded the outlook for the LCD industry.
The company provides inspection systems spanning electrode processes (coating, pressing, slitting, notching), assembly processes (lamination, stacking), and pack processes (cell connection, module, pack assembly).
It has secured all three major domestic battery makers as customers, supplying electrode and assembly process inspection equipment to LG Energy Solution, electrode process equipment to SK On, and notching-process equipment to Samsung SDI.
As of 2025, battery inspection equipment is estimated to account for more than 95% of revenue, and the company has stated a goal of lowering that share to 50% by 2027 to reduce industry concentration risk.
To that end, it is broadening its product portfolio into glass-substrate inspection systems, wafer surface inspection equipment, automotive assembly-line parts inspection, and ESS appearance inspection.
In the domestic battery inspection equipment market, it competes with players such as Inometry, Encys, and SFA Engineering. It has also demonstrated technical capability in the display and mobile segment, recently delivering a domestically localized foldable smartphone material inspection system.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.2B | -₩400M | −11.5% |
| 2025Q3 | ₩10.1B | ₩1.3B | 13.2% |
| 2025Q4 | ₩4.4B | -₩700M | −16.6% |
| 2026Q1 | ₩4.5B | -₩500M | −10.4% |
| 2026Q2 | ₩4.8B | ₩10,408,206 | 0.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩23.2B | ₩2.8B | ₩2.7B | 11.9% | 14.9% | 93.2% |
| 2024 | ₩35.2B | ₩2.4B | -₩4.6B | 6.8% | −12.8% | 37.1% |
| 2025 | ₩23B | -₩400M | -₩400M | −1.7% | −1.1% | 28.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-29
Annual revenue in 2025 fell to KRW 23.0 billion from KRW 35.2 billion in 2024, and the company posted an operating loss of KRW 0.39 billion and a net loss of KRW 0.39 billion, reversing the prior year's operating profitability.
In 2024, despite higher revenue and an operating profit of KRW 2.39 billion, the company recorded a net loss of KRW 4.59 billion, a notable divergence between operating and net results. 2023 was a profitable year with revenue of KRW 23.2 billion, operating profit of KRW 2.77 billion, and net profit of KRW 2.67 billion.
By quarter, revenue of KRW 3.16 billion in Q2 2025 came with an operating loss of KRW 0.36 billion and a net loss of KRW 0.75 billion, before revenue surged to KRW 10.12 billion in Q3 2025 with operating profit of KRW 1.34 billion and net profit of KRW 1.43 billion, a sharp quarterly improvement.
Market commentary at the time noted that revenue and operating profit for that quarter rose 19% and 366%, respectively. However, the company slipped back into losses in Q4 2025, with revenue falling to KRW 4.40 billion alongside an operating loss of KRW 0.73 billion and a net loss of KRW 0.55 billion.
Q1 2026 similarly showed a loss, with revenue of KRW 4.49 billion, an operating loss of KRW 0.47 billion, and a net loss of KRW 0.24 billion, before Q2 2026 revenue rose to KRW 4.76 billion with a marginal operating profit of about KRW 10 million and a net profit of KRW 0.28 billion.
Summing the most recent four quarters (Q3 2025 through Q2 2026) yields revenue of roughly KRW 23.8 billion and owner net profit of about KRW 0.91 billion, putting the annualized trailing figure back into profitable territory.
On the balance sheet, the debt ratio steadily declined from 93.2% in 2023 to 37.1% in 2024 and 28.9% in 2025, and total equity grew from KRW 18.0 billion in 2023 to KRW 36.1 billion in 2025, though operating cash flow swung from a net inflow of KRW 5.47 billion in 2023 to net outflows of KRW 0.46 billion in 2024 and KRW 0.15 billion in 2025, indicating that cash-generating capacity has yet to fully recover.
The secondary-battery inspection equipment market is in a broadly stagnant phase as domestic battery makers' capital spending has weakened amid a temporary slowdown in EV demand (a so-called chasm) and low-cost competition from Chinese manufacturers.
The company's CEO has stated in media interviews that the battery market is slowing due to the EV chasm and competition from Chinese firms.
The company characterized 2025 as a difficult year for the domestic battery industry overall due to global supply-chain uncertainty and rapid catch-up by Chinese manufacturers, while projecting a gradual recovery driven by new form factors and expanding applications.
Meanwhile, the semiconductor inspection equipment market is growing rapidly on surging AI chip demand, and the wafer inspection segment in particular is dominated by global players such as KLA Tencor of the United States and Hitachi High-Tech of Japan.
IVisionWorks is a late entrant attempting to break into this market with domestic technology and remains at an early stage of development and customer evaluation.
Glass substrates, thinner and more heat-resistant than conventional PCBs, are increasingly adopted in AI chip packaging, and resolving in-process breakage issues caused by micro-cracks is cited as a key driver of inspection equipment demand.
In the domestic battery inspection equipment market, IVisionWorks competes with companies such as Inometry, Encys, and SFA Engineering, and positions its track record of supplying all three domestic battery makers across the full process as a point of differentiation.
In its 2026 New Year address, the company designated the year as a year of resurgence, setting three goals: upgrading AI inspection technology, securing proprietary solutions, and launching its semiconductor inspection business in earnest.
Hana Securities projected that meaningful revenue from glass-substrate inspection equipment would begin in the second half of 2026, with additional inspection systems expected to materialize through pilot equipment deliveries within the year.
For wafer inspection equipment, development is proceeding toward a proof of concept in the second half of 2026, followed by prototype completion and customer evaluation. The company has set a target of raising the share of revenue from overseas customers to 40% or more in 2026.
As evidence of progress, the company disclosed in September 2026 that it signed a battery inspection system supply contract worth KRW 3.8 billion, equivalent to 16.52% of recent revenue.
It also announced in July 2026 that it completed delivery of a domestically localized foldable smartphone material inspection system, and in August was selected as an 'AI Factory Specialized Company' under a program run by the Ministry of Trade, Industry and Energy and the Korea Evaluation Institute of Industrial Technology.
IVisionWorks is at a stage where signs of earnings recovery have only recently emerged following a large net loss in 2024 and an annual loss in 2025, meaning earnings-based valuation metrics are heavily influenced by quarter-to-quarter volatility.
Market capitalization sits close to book equity, so no large premium or discount relative to net assets is currently observed.
However, because the absolute size of recent profits remains small compared with the profitable year of 2023, the earnings multiple tends to run high relative to past profitable periods, a structural feature of the current recovery phase.
The company has no dividend payment history, so there is no basis for evaluating it from a dividend yield perspective.
In addition, repeated market-alert designations since August 2026 and a trading halt tied to a share consolidation in September 2026 suggest that recent price action has also been shaped by short-term supply-demand factors as much as by earnings fundamentals.
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 2026-09-29
Expansion into the semiconductor space is underway, including a patent filing for glass-substrate micro-crack detection and wafer inspection equipment development. If successful, this could diversify revenue sources away from the battery-heavy structure. The company has set a goal of making related revenue visible from the second half of 2026 onward.
The company posted quarterly profits in Q3 2025 and Q2 2026, showing signs of earnings recovery. The debt ratio also fell sharply from 93.2% in 2023 to 28.9% in 2025, improving financial soundness. Total equity has also grown steadily since listing.
A supply track record spanning the full process across LG Energy Solution, SK On, and Samsung SDI is cited as a differentiator versus peers.
The company has also received external recognition of its technology, including localizing a foldable smartphone material inspection system and being selected as an AI Factory Specialized Company.
With battery inspection equipment exceeding 95% of revenue as of 2025, sensitivity to the upstream industry cycle is very high. If the EV chasm and competition from Chinese manufacturers persist, earnings recovery could be delayed. The 2027 target of a 50% share remains an unproven plan at this stage.
Despite an operating profit in 2024, the company recorded a large net loss, and in 2025 both operating profit and net profit turned negative, reflecting significant volatility in earnings quality.
Operating cash flow also posted net outflows for two consecutive years in 2024 and 2025, indicating that earnings recovery has not yet fully translated into cash flow.
Glass-substrate and wafer inspection equipment remain at the customer-evaluation and prototype-development stage, making the timing of revenue contribution uncertain.
The wafer inspection equipment market is dominated by global leaders such as KLA Tencor and Hitachi High-Tech, presenting high entry barriers for a late mover.
If the EV chasm and low-cost competition from Chinese manufacturers persist, delays in capital spending by domestic battery makers could continue, slowing the recovery of the company's core revenue source.
The new semiconductor business may also take time to secure customers and reach mass-production adoption, creating earnings volatility tied to the pace of industry transition.
The consecutive net outflows in operating cash flow in 2024 and 2025 warrant ongoing monitoring of whether earnings recovery is translating into actual cash generation. Given the large quarter-to-quarter swings in profit and loss, the possibility of continued oscillation between losses and profits cannot be ruled out.
Since August 2026, the stock has repeatedly been designated as a market-alert issue due to excessive trading concentration in specific accounts and sharp closing-price swings, and it also underwent a trading halt in September related to a share consolidation.
Given the limited float and trading value typical of a small-cap stock, short-term volatility driven by supply-demand factors can be amplified.
Check the Q3 2026 quarterly report for third-quarter results and whether the new semiconductor and glass-substrate businesses are contributing to revenue.
This is when to verify whether Hana Securities' projected timing for meaningful glass-substrate inspection equipment revenue actually materializes.
Confirmation is needed on whether wafer inspection equipment prototype completion and customer evaluation proceed as targeted.
Confirmed 2026 annual results, along with progress on the 40% overseas customer revenue target and the plan to reduce the battery revenue share, should become available.
IVisionWorks is a company in transition, built on secondary-battery inspection equipment while expanding its portfolio into semiconductor and glass-substrate inspection businesses.
Earnings have been volatile, moving from a profitable 2023 through a 2024 marked by an operating profit but a net loss, an annual loss in 2025, and alternating profits and losses in recent quarters; while the balance sheet has improved with a declining debt ratio, operating cash flow posted net outflows for two consecutive years.
With battery-related revenue exceeding 95% of the total, the duration of the current downstream industry chasm is the key near-term determinant of results, while whether new semiconductor businesses such as glass-substrate and wafer inspection equipment convert into actual revenue from the second half of 2026 onward is the central variable for the medium- to long-term growth story.
The stock has also seen a series of supply-demand events recently, including concentrated trading in specific accounts, market-alert designations, and a trading halt tied to a share consolidation, suggesting price action has been influenced by factors beyond fundamentals.
On valuation, market capitalization sits close to book net assets, but because absolute profit remains small, the earnings multiple tends to run higher than in past profitable periods, a structural feature of the current stage.
Investors will want to continue monitoring upcoming quarterly results, the timing of new-business revenue visibility, and progress toward the overseas customer revenue target.
Report written 2026-09-30 · Data as of 2026-09-29
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