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
SemiFive, an official Samsung Foundry SAFE Design Solution Partner, has shown clear revenue growth in 2026, but its quarterly profitability has swung between profit and loss and has not yet stabilized.
2025 consolidated revenue rose 8.2% year-on-year to KRW 120.95 billion, while the operating loss widened to KRW 53.4 billion.
In Q1 2026, revenue reached KRW 47.87 billion with a small operating profit of KRW 105 million and net profit of KRW 1.34 billion, the first profitable quarter since listing.
Q2 2026 revenue was KRW 46.80 billion, similar to the prior quarter, but the company swung back to an operating loss of KRW 11.04 billion and a net loss of KRW 12.23 billion.
The company reported new orders of KRW 118.9 billion in the first half, already reaching 71% of last year's full-year order total.
Major shareholder SiFive attracted a large investment round including Nvidia, drawing attention to the expanding RISC-V ecosystem.
Founded in 2019, SemiFive is a system-on-chip (SoC) platform-based ASIC design and production company holding official Design Solution Partner (DSP) status with Samsung Foundry. Its business spans three segments: ASIC development (design engineering services), production supply, and IP licensing.
The development service covers an end-to-end solution from chip specification definition through logic and physical design, sample production, packaging, testing, and software development, while production supply directly manufactures and delivers already-developed ASICs through the foundry, generating recurring revenue across the product lifecycle.
The IP business is run through its US subsidiary Analog Bits, acquired in 2022, which supplies low-power mixed-signal IP to major foundry ecosystems including Samsung Foundry, TSMC, and Intel.
As of 2024, revenue mix was roughly 59.2% from development services, 8.6% from production products, and 32.2% from other sources, indicating development revenue still dominates while production revenue is gradually expanding.
Its customer base includes domestic AI chip fabless companies such as FuriosaAI, Rebellions, HyperAccel, Mobilint, and Xcena, and is expanding toward global big tech and fabless firms in North America, China, and Japan.
In terms of competitive positioning, it competes with domestic design houses such as ADTechnology and Gaonchips, while overseas comparisons include foundry-affiliated design houses such as Taiwan's Global Unichip Corp (GUC).
Its largest shareholder is SiFive, a RISC-V design IP company, linking SemiFive's ownership structure to its RISC-V based design capabilities.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | — | — | — |
| 2025Q4 | — | — | — |
| 2026Q1 | ₩47.9B | ₩100M | 0.2% |
| 2026Q2 | ₩46.8B | -₩11B | −23.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩111.8B | -₩22.9B | -₩290.9B | −20.5% | −207.9% | 49.5% |
| 2025 | ₩121B | -₩53.4B | -₩56.2B | −44.1% | −25.5% | 40.3% |
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
SemiFive's 2025 consolidated revenue was KRW 120.95 billion, up 8.2% from KRW 111.81 billion the prior year, but the operating loss widened sharply to KRW 53.4 billion from KRW 22.9 billion, with an operating margin of -44.1%.
In contrast, the net loss narrowed considerably to KRW 56.2 billion from KRW 290.9 billion the prior year, showing a divergence between operating and non-operating performance. Total equity rose to KRW 220.5 billion from KRW 139.9 billion, and the debt ratio improved to 40.3% from 49.5%.
On a quarterly basis, Q1 2026 revenue was KRW 47.87 billion with operating profit of KRW 105 million and net profit of KRW 1.34 billion, marking the first profitable quarter since listing, but Q2 2026 revenue held roughly steady at KRW 46.80 billion while the company swung back to an operating loss of KRW 11.04 billion and a net loss of KRW 12.23 billion.
The company disclosed cumulative first-half results of KRW 94.7 billion in revenue and KRW 118.9 billion in new orders, equivalent to about 78% of last year's full-year revenue (KRW 120.9 billion) and 71% of last year's full-year orders (KRW 168.4 billion), respectively.
Management stated that the first-half gross margin improved to 30.6%, driven by balanced growth across the development, production, and IP segments.
The return to an operating loss in Q2 despite similar revenue to Q1 suggests a shift in cost structure and indicates that quarterly earnings volatility remains significant.
As global AI chip demand expands, the custom semiconductor (ASIC) design and design-house market is seen by some analysts as entering a structural growth phase.
In a report dated May 12, 2026, Shinhan Investment Corp initiated new coverage on SemiFive titled 'Coordinator of Korea's Silicon Shield,' citing competitive strengths versus peers and a return of value to the Samsung Foundry chain as key arguments.
Some in the industry view the Samsung Foundry ecosystem as being in a recovery phase amid securing major customers such as Tesla, Apple, and AMD, and SemiFive, as an official DSP for Samsung Foundry, sits directly within this value chain.
SemiFive has been expanding its share of leading-edge process projects such as 2nm and 4nm, and its overseas revenue share reached 59.8% on a nine-month cumulative basis through Q3 2025, reflecting ongoing global business expansion.
Competitively, it faces domestic design houses such as ADTechnology and Gaonchips, while also being compared to Taiwan-based GUC overseas.
The expansion of the open RISC-V architecture ecosystem is directly tied to major shareholder SiFive's business, and some observers suggest that growth in this ecosystem could translate into demand for SemiFive's design platform.
It should also be noted that brokerage coverage of the domestic semiconductor design-house sector remains limited, meaning consensus formation is still at an early stage.
At its December 2025 KOSDAQ listing, SemiFive's securities registration statement projected 2026 revenue of KRW 269 billion, of which 38.1% (KRW 102.6 billion) was expected to come from production revenue, alongside a target of turning profitable in 2026.
In practice, Q1 2026 revenue of KRW 47.87 billion represented about 17.8% of that annual guidance, an early pace broadly in line with the target.
In February 2026, the company disclosed a roughly KRW 9.9 billion contract with US-based Niobium Microsystems for the design and prototype supply of a fully homomorphic encryption (FHE) accelerator chip, running from January 2026 to August 2027, and in March it announced a roughly KRW 18 billion turnkey design contract for an AI NPU.
In April, subsidiary Analog Bits unveiled a power-management IP lineup based on TSMC's 2nm N2P process, demonstrating multi-foundry capability.
When announcing first-half results, CEO Cho Myung-hyun said he expects second-half growth to become more pronounced based on the secured order backlog, the sequential recognition of production volumes, and an expanding pipeline of new ASIC development projects.
However, the actual timing and scale of revenue conversion from this guidance and pipeline will need to be confirmed through upcoming quarterly results.
SemiFive remains in a net-loss position on an annual basis, placing it among early-growth companies for which traditional earnings-based valuation metrics are difficult to apply.
Its price-to-book ratio trades at a premium to net asset value, which can be interpreted as partly reflecting market expectations for growth since listing. The company currently pays no cash dividend, so dividend-related metrics carry limited relevance for investment judgment.
Shinhan Investment Corp, in a report dated May 12, 2026, assigned a target price of KRW 52,000 to SemiFive, describing it as 'a design house whose production revenue will become substantial from 2026,' though this figure is based on the brokerage's own estimates at a specific point in time and is subject to revision as subsequent results unfold.
With quarterly earnings currently oscillating between profit and loss, the pace of future earnings stabilization is likely to be a key variable in valuation assessment 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 2026-09-04
Shinhan Investment analyzed SemiFive as a beneficiary of the Samsung Foundry value chain's recovery, citing competitive strengths versus peers. If Samsung Foundry continues securing major customers, this could positively affect design and production volumes for SemiFive as an official DSP.
However, this reflects one brokerage's analytical view, and outcomes will depend on the actual pace of utilization recovery.
According to the company, the ASIC development, production, and IP segments grew evenly in the first half of 2026, driving results. Development revenue more than doubled year-on-year, and IP revenue already exceeded last year's full-year figure. Multiple simultaneously growing revenue streams can act as a buffer against weakness in any single segment.
Overseas revenue share expanded from 4.4% in 2024 to 59.8% on a nine-month cumulative basis through Q3 2025, and overseas customers accounted for more than 60% of development revenue in Q1 2026. New overseas contracts continue, including the FHE accelerator agreement with US-based Niobium. A declining reliance on any single region or customer can be viewed positively for revenue stability.
The swing back to an operating and net loss in Q2 2026, immediately after a profitable Q1, shows that the earnings structure has not yet stabilized. Since revenue levels were similar between the two quarters, cost structure or project-level profitability variance appears to have had a significant impact on results. The possibility of similar volatility recurring in future quarters cannot be ruled out.
The listing-time securities registration statement projected a substantial portion of 2026 revenue from production sales, which assumes that order backlog will convert into actual revenue as planned.
While Q1 results matched the guidance pace, whether this rate can be sustained through remaining quarters requires further confirmation. If customer adoption timelines slip, revenue recognition could be delayed accordingly.
SemiFive listed on KOSDAQ in December 2025, and major shareholders including the largest shareholder are subject to staggered lock-up periods. As these lock-ups are released over time, the amount of freely tradable shares could increase, which may act as a supply-side overhang.
The specific release schedule and volumes are disclosed in the lock-up details published at the time of listing.
SemiFive's production revenue depends on partnering AI chip fabless customers actually proceeding with product mass production and adoption. If a customer's product development or market entry is delayed, revenue recognition for SemiFive could be pushed back accordingly.
Having multiple projects underway helps diversify this risk, but delays at the individual project level remain possible.
As an official DSP for Samsung Foundry, a substantial part of SemiFive's business is tied to the Samsung Foundry ecosystem. If Samsung Foundry's utilization rates or advanced-process yield improvements fall short of expectations, this could affect the pace of SemiFive's project progress. This structural concentration on a single foundry is a factor that warrants ongoing monitoring.
As the share of overseas revenue grows, currency fluctuations can affect both revenue and profitability. In addition, with operating bases in multiple countries including the US and China, the company may be exposed to geopolitical factors such as semiconductor-related export controls or regulatory changes. As global business expansion is an ongoing process, continued monitoring of these risks is warranted.
Check the Q3 2026 earnings disclosure to see whether the Q2 earnings volatility eases and whether progress toward production revenue guidance is maintained.
Monitor the lock-up release schedule for major shareholders around the one-year listing anniversary and any resulting changes in freely tradable share volume.
Watch for follow-up disclosures on the actual revenue recognition timing and progress of existing contracts, including the February FHE accelerator agreement with Niobium and the March AI NPU turnkey contract.
Track whether subsidiary Analog Bits secures actual licensing agreements for its TSMC 2nm N2P process IP and when related IP revenue would be recognized.
Confirm through subsequent disclosures whether the company's stated expectation of accelerating second-half growth is actually supported by Q3 and Q4 revenue and order data.
As an official Samsung Foundry DSP, SemiFive has shown balanced growth across its ASIC development, production, and IP businesses, already achieving a substantial portion of last year's full-year revenue and order totals in the first half of 2026.
However, as seen in the swing from a first profitable quarter in Q1 2026 back to a loss in Q2, quarterly earnings remain highly volatile, and whether the earnings structure will stabilize is still an open question.
While expectations around major shareholder SiFive's expanding RISC-V ecosystem and a recovering Samsung Foundry value chain are cited as positive factors, the actual pace of realizing production revenue guidance, supply pressure from lock-up releases, and concentration on a single foundry and customer base are variables that warrant continued attention.
Given that a valuation premium typical of early-stage growth companies appears to be reflected in the shares, tracking the company's actual growth path through upcoming quarterly results and new order disclosures will be important.
Investment decisions should consider the facts presented in this report alongside the latest disclosures and market data.
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.