KOSDAQMachinery474650

Lincsolution

₩29,600▲ 4.23%2026-10-02 close

Market Cap

₩169.4B

Turnover

₩1.4B

Volume

50,000 shares

Shares out.

5.8M

PER

—

PBR

—

EPS

-₩1,344

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

At an Inflection Point Ahead of Daejeon Foundry Completion

LinkSolution continues to grow revenue through 3D printer equipment and printing services, but operating losses have widened in parallel, leaving the ramp-up of the Daejeon foundry plant slated for completion by end-2026 as the key variable for any earnings inflection.

1
2025 revenue reached KRW 13.1 billion (+17.3% YoY), yet the operating loss widened to KRW 7.4 billion from the prior year.
2
Q2 2026 revenue jumped sharply quarter-on-quarter while the operating loss also widened, yet net income attributable to owners turned marginally positive, suggesting a non-operating item that warrants confirmation.
3
The Daejeon plant, funded with roughly KRW 49 billion including a KRW 12.8 billion regional investment subsidy, is positioned as one of Asia's largest 3D printing foundries and is targeted for completion by the end of 2026.
4
The company holds reference customers including Hyundai Motor, Samsung Electronics, and Hanwha Aerospace, and expanded into defense, shipbuilding, and aerospace through its January 2026 acquisition of AM Solutions.
5
Operating cash flow has been negative for three consecutive years since 2023, making funding management ahead of the foundry ramp-up an ongoing point to monitor.

Business structure

LinkSolution was founded in 2015 and listed on KOSDAQ in June 2025 under the technology growth company special listing track, operating around two pillars: manufacturing and selling industrial 3D printers and providing on-demand 3D printing services.

Its core products are industrial 3D printers using SLA (photopolymerization), FDM (filament deposition), and MBJ (metal binder jetting) methods, with the company credited for localizing large-scale SLA equipment technology.

According to a Hana Securities report, the 2025 segment revenue mix is estimated at 68.8% for 3D printer products, 27.7% for printing services, and 3.5% for other items.

Its customer base spans mobility, aerospace, defense, consumer/medical, and robotics/semiconductor sectors, with commentary citing more than 500 customer references including Hyundai and Kia Motors, Samsung Electronics, Hanwha Aerospace, and Boston Dynamics.

In January 2026, the company acquired AM Solutions, which holds additive manufacturing and repair technology for large metal structures in defense, shipbuilding, and aerospace, expanding its consolidated business portfolio.

The company's stated mid-to-long-term strategy is to shift its revenue structure from equipment sales toward a foundry-style printing service model.

In terms of competitive landscape, China's BLT and Farsoon Technologies already operate at mass-production scale as large rivals, with the technology/price gap and trust-based positioning within Western supply chains cited as key variables.

Management has stated that in security-sensitive industries such as defense and aerospace, only a limited number of trusted vendors with proven references are likely to grow.

Earnings trend

Quarterly revenue · Operating profit

₩1.9B-₩2.3B25Q2₩1.9B-₩1.4B25Q325Q4₩1.6B-₩3.7B26Q1₩4.3B-₩4.6B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩7.4B₩800M2023₩11.2B-₩4B2024₩13.1B-₩7.4B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩1.9B	-₩2.3B	−117.0%
2025Q3	₩1.9B	-₩1.4B	−72.2%
2025Q4	—	—	—
2026Q1	₩1.6B	-₩3.7B	−235.3%
2026Q2	₩4.3B	-₩4.6B	−108.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩7.4B	₩800M	-₩12.2B	10.6%	—	−197.5%
2024	₩11.2B	-₩4B	-₩2.5B	−35.7%	−11.4%	60.5%
2025	₩13.1B	-₩7.4B	-₩7B	−56.2%	−18.3%	72.9%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

On a consolidated basis, revenue rose every year from KRW 7.36 billion in 2023 to KRW 11.19 billion in 2024 (+52.0%) and KRW 13.12 billion in 2025 (+17.3%).

However, operating income swung from a profit of KRW 0.78 billion in 2023 (operating margin 10.6%) to a loss of KRW 4.00 billion in 2024, and the loss widened further to KRW 7.38 billion in 2025 (operating margin -56.2%).

Net income attributable to owners also fluctuated: a loss of KRW 12.18 billion in 2023, a narrower loss of KRW 2.54 billion in 2024, and a widened loss of KRW 6.98 billion in 2025.

On equity, the company was in capital impairment at year-end 2023 with equity of negative KRW 17.66 billion, before turning positive to KRW 22.21 billion in 2024 and rising to KRW 38.17 billion in 2025 following the KOSDAQ listing; the debt ratio moved from -197.5% in 2023 to 60.5% in 2024 and 72.9% in 2025.

By quarter, the operating loss narrowed from KRW 2.26 billion on revenue of KRW 1.93 billion in Q2 2025 to KRW 1.39 billion on the same revenue level in Q3 2025, but in Q1 2026 revenue fell to KRW 1.57 billion while the operating loss widened sharply to KRW 3.69 billion.

Q4 2025 figures remain a data gap, as they were not confirmed within this reporting scope.

In Q2 2026, revenue jumped to KRW 4.27 billion quarter-on-quarter while the operating loss also widened to KRW 4.64 billion, yet net income attributable to owners turned marginally positive at roughly KRW 20.7 million, an unusual divergence between operating and net results.

This gap between net income and operating results may stem from non-operating items such as equity-method gains or one-off items, which warrants confirmation through subsequent disclosures.

Operating cash flow was negative in all three years -- KRW -0.79 billion in 2023, KRW -5.76 billion in 2024, and KRW -5.46 billion in 2025 -- indicating that cash generation has not yet caught up with revenue growth.

Industry analysis

The global 3D printing market is in a growth phase driven by rising demand for precision components in advanced industries such as robotics, aerospace, defense, and data centers, with the Asia-Pacific region cited as the fastest-growing area globally at roughly 17% annual growth.

Within the competitive landscape, China's BLT and Farsoon Technologies have already established themselves as large-scale players with revenue in the hundreds of billions of won and market capitalizations in the trillions, marking a clear scale gap versus domestic players.

However, amid US-China strategic competition, trust concerns around Chinese-made equipment and services in security-sensitive sectors such as defense and aerospace are being highlighted, which is cited as an opportunity for non-Chinese suppliers.

Domestically, few companies have built large-scale foundry-type 3D printing production bases, leading to views that LinkSolution's Daejeon plant could capture a first-mover advantage.

The technology itself is evolving from prototyping and development use toward accommodating mass production, placing the industry in a transition from high-mix, low-volume output toward low-mix, high-volume applications.

Compared with domestic peers, having internally developed and commercialized all three of the SLA, FDM, and MBJ methods is cited as a differentiator, though it also coexists with assessments that most industry participants remain at an early stage of mass-production verification.

Outlook

The company's most significant upcoming event is the completion of the Daejeon foundry plant; in a June 2026 report, Shinhan Investment Corp stated that the plant is expected to be completed in December 2026 as Korea's first and largest 3D printing foundry.

The same report estimated 2026 revenue of KRW 24.5 billion with an operating loss of KRW 2.1 billion, followed by a swing to operating profit in 2027 with revenue of KRW 60.9 billion and operating profit of KRW 11.9 billion, expanding further to revenue of KRW 102.5 billion and operating profit of KRW 32.8 billion in 2028.

It should be noted these are estimates from a specific securities firm and not confirmed results. Shinhan also noted that whether customer proof-of-concept (PoC) projects convert to mass production in the third or fourth quarter of 2026 will be an important variable for both the share price and earnings.

NH Investment & Securities projected that the Daejeon plant would secure annual production capacity of roughly KRW 70 billion upon completion by end-2026, and noted an ongoing strategic shift toward a higher mix of service revenue versus equipment sales.

The company has already been building references in defense and aerospace, including a supply contract for naval spare parts with the Defense Acquisition Program Administration, a 3D printing manufacturing contract for launch vehicle combustor parts with Unastella, and a development order from Hanwha Aerospace for combustor expansion-section additive manufacturing.

Discussions on parts supply with Boston Dynamics are reportedly underway, though whether a final contract has been signed remains unconfirmed.

The January 2026 acquisition of AM Solutions, which expanded the portfolio into large metal structure additive manufacturing and repair for defense, shipbuilding, and aerospace, is another variable that could affect future results.

Valuation

PER

—

PBR

—

ROE

-18.3%

EPS

-₩1,344

BPS

—

Dividend per share

₩0

LinkSolution has posted a net loss attributable to owners over the trailing four quarters (Q1-Q4 2025), placing it in a range where a price-to-earnings ratio is not meaningful.

Its price-to-book ratio is understood to trade above net asset value, suggesting the market's expectations for the 3D printing foundry growth story are weighted more toward future performance than current book value. No recent dividend payment history has been confirmed.

On valuation, Hana Securities assessed that the stock was trading at roughly 10 times price-to-sales based on 2025 estimated revenue, with that multiple projected to decline based on 2026 estimated results and decline further based on 2027 estimated results.

These figures are projections contingent on the company's top line expanding as expected, and actual realization requires further confirmation. The timing and pace of any transition from losses to profit are cited as the key variable that will determine the future direction of valuation metrics.

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

Bull factors

Business Model Shift Upon Daejeon Foundry Completion

The Daejeon plant, targeted for completion by end-2026 with annual capacity of roughly KRW 70 billion, is expected to serve as a springboard for shifting the business model from equipment sales toward foundry-style service revenue.

The company and some securities firms see potential margin improvement based on economies of scale once the plant is operational. However, this remains at the planning and forecast stage, and the actual startup timing and yield stabilization require confirmation.

Top-Tier Customer References and Business Diversification

Beyond a transaction history with domestic large corporates such as Hyundai/Kia, Samsung Electronics, and Hanwha Aerospace, discussions with Boston Dynamics are reportedly underway, pointing to potential expansion of the global customer base.

The January 2026 acquisition of AM Solutions added capabilities in large metal structure additive manufacturing and repair for defense, shipbuilding, and aerospace. This could broaden the revenue base beyond the existing polymer/electronics-focused customer group into higher-value defense projects.

Structurally Growing End-Markets

It is a favorable backdrop that industries driving 3D printing demand -- robotics, aerospace, data centers, and defense -- are in a structural growth phase.

As the Asia-Pacific 3D printing market expands at roughly 17% annually, demand for trust-based, non-Chinese production bases is being highlighted amid supply chain realignment between the US and China. The relative scarcity of large-scale foundry operators in Korea is also seen as a favorable positioning factor.

Bear factors

Operating Losses Widening for Three Straight Years

Operating income, which was positive in 2023, turned negative in 2024 and the loss widened further in 2025. While revenue has grown every year, R&D costs, plant-preparation expenses, and personnel-related costs have also risen, delaying profitability improvement.

In Q1 2026, revenue actually declined while the operating loss expanded sharply, indicating the earnings trajectory remains unstable.

Plant Startup Delay and Cost Overrun Risk

While the Daejeon plant is central to the company's mid-to-long-term strategy, there are concerns about potential construction delays, cost overruns, and early-stage equipment operation issues.

Even after completion, the plant must go through trial operation and customer qualification, so whether revenue contribution materializes on the planned timeline remains uncertain. Related securities firm estimates are also premised on the plant operating as planned, requiring ongoing verification of feasibility.

Persistent Cash Burn and Funding Burden

Operating cash flow was negative in all three years from 2023 to 2025, reflecting a structure in which the core business has not yet generated cash.

With continued investment in the plant and R&D, additional capital raising or borrowing may become necessary, which could create dilution pressure for existing shareholders. A gap between the performance targets presented at the time of listing and actual results also adds uncertainty to funding plans.

Risk factors

Execution Risk

If the completion and startup of the Daejeon plant is delayed, or if stabilizing initial yield and quality takes longer than expected, the earnings-turnaround timeline the company has presented could be pushed back.

As the foundry business proceeds on an order-by-order basis, delays in finalizing contracts with large customers are also a variable. Whether discussions with parties such as Boston Dynamics will translate into actual contracts remains unconfirmed.

Financial and Funding Risk

With operating cash flow negative for three consecutive years and continued spending on plant investment and R&D, the need for additional capital raising remains a persistent possibility. Depending on the funding method used, this could result in equity dilution or higher interest costs.

The debt ratio has shown an upward trend in recent years, making changes in the financial structure another area to monitor.

Competitive and Technology Risk

China's BLT and Farsoon Technologies are already competitors with revenue in the hundreds of billions of won and large-scale mass-production systems, creating a gap in terms of economies of scale.

While the realignment of US-China supply chains could work in favor of non-Chinese players, the possibility that regulatory or policy shifts could weaken this opportunity factor cannot be ruled out.

Some newer technologies, such as metal 3D printing (MBJ), remain at an early business stage and may take time to monetize.

What to watch next

November 2026
Check whether preliminary Q3 2026 results are disclosed and whether revenue and profitability trends improve versus Q2.
Q4 2026
Verify whether customer PoC projects convert to mass production as referenced by Shinhan Investment Corp, and monitor the progress of Daejeon plant completion and trial operation.
Around December 2026
Confirm the actual completion date of the Daejeon plant and whether factory registration is finalized, via disclosures and news reports.
Q4 2026 to early 2027
Check whether contracts are finalized with global customers such as Boston Dynamics, and whether new projects such as data-center heat exchangers are confirmed as orders.
Around March 2027
Review the 2026 annual business report to confirm full-year profit/loss and cash flow, including the previously unavailable Q4 2026 figures.

Overall view

LinkSolution is approaching completion of its Daejeon foundry plant at a stage when revenue growth and widening operating losses are occurring simultaneously, marking what is described as a watershed for its business model transition.

Confirmed results through 2025 show that despite top-line growth, profitability has not yet been secured, and mixed signals emerged with a widened loss in Q1 2026 followed by a sharp revenue jump and a marginally positive net income in Q2 2026.

References with large corporates such as Hyundai Motor, Samsung Electronics, and Hanwha Aerospace, along with expansion into defense and aerospace, are cited as positive factors, but execution risks such as plant startup delays or funding burdens also exist in parallel.

Some in the securities industry project meaningful earnings growth from 2027 onward, but these estimates are contingent on the plant operating normally and customer orders being finalized.

Before forming any investment judgment, it is important to continuously verify the actual completion and startup timing of the Daejeon plant, whether PoC projects convert to mass production, and confirmed disclosures for upcoming quarters, including the previously unavailable Q4 2025 figures.

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.