YC (232140) Q4 2025 earnings summary

Executive summary

• Manufactures and sells semiconductor memory test equipment, focusing on DRAM and NAND wafer testers for major global memory manufacturers.

• Expanded business scope in 2025 to include investment management for startups, aiming for stable returns.

• Maintains a strong position in the high-speed memory wafer tester market, with significant R&D and patent portfolio.

Financial highlights

• 2025 consolidated revenue: KRW 272.6B, up 29% year-over-year; operating income: KRW 17.0B, up 60%.

• Net income: KRW 29.0B, more than double the previous year.

• Gross margin: 26.3% (KRW 71.6B gross profit on KRW 272.6B revenue).

• Cash and cash equivalents at year-end: KRW 98.2B, up from KRW 18.8B.

• R&D expenses: KRW 27.9B (10.2% of sales).

Outlook and guidance

• Expects continued growth in semiconductor test equipment demand, driven by AI, HBM, and advanced memory technologies.

• Anticipates stable revenue from new investment management business.

• Plans to diversify customer base and expand into China and other overseas markets.