TES Co (095610) Q1 2025 earnings summary

Executive summary

• Core business is manufacturing semiconductor process equipment, with over 95% of sales from this segment.

• Q1 2025 consolidated revenue was KRW 84.5 billion, operating income KRW 16.3 billion, and net income KRW 15.9 billion.

• Domestic sales accounted for 85% and overseas for 15% of total sales.

• Major customers are concentrated, with two clients representing over 95% of Q1 sales.

Financial highlights

• Q1 2025 consolidated revenue: KRW 84.5 billion (down from KRW 240.1 billion in Q4 2024).

• Operating income: KRW 16.3 billion; net income: KRW 15.9 billion; basic EPS: KRW 904.

• Gross margin: 27.0% (KRW 22.8 billion gross profit on KRW 84.5 billion revenue).

• Cash and cash equivalents at period end: KRW 9.3 billion.

• Total assets: KRW 391.8 billion; equity: KRW 336.6 billion; liabilities: KRW 55.2 billion.

Outlook and guidance

• The company expects continued demand for semiconductor equipment, driven by AI, big data, and automotive sectors.

• Ongoing R&D and customer diversification are expected to support future growth.