Uni Test유니테스트

Uni Test is growing revenue on trailing twelve-month figures but still loss-making, with shares down 35% over the past year.

Uni Test makes semiconductor test equipment for memory chip production, and also runs a solar EPC business and develops perovskite solar cells. On a trailing twelve-month basis to H1 2026 it booked ₩131.5B of revenue, an operating loss of ₩7.4B and a net loss of ₩3.9B. The stock closed at ₩11,430 on 2026-10-23, well below its 52-week high of ₩23,700 but up 31.8% over three months.

What stands out

• Revenue rose 19.2% in 2025 to ₩110.2B, after falling 44.9% in 2024, but operating losses widened to ₩21.1B in 2025 from ₩23.4B in 2024 only slightly narrower in relative terms, with operating margin at -19.1%.
• The trailing figures show a smaller loss than 2025, with operating margin at -5.6% and free cash flow at -₩15.6B, so cash burn remains a concern.
• Balance sheet: cash of ₩24.2B against borrowings of ₩50.6B, and liabilities at 94.7% of equity.
• Filings include several major sales or supply contracts in 2026, most recently on 2026-10-21, though the data does not give their values.
• Foreign ownership rose to 9.6% from 6.8% over the past 60 days, while institutions were net sellers of about ₩2.4B over the last 20 days.

What to watch

• The Q3 2026 quarterly report and any change in the operating loss trend, since the company has been loss-making in most recent years.
• The value and customer details of the recent supply contracts, which the data does not provide.
• Debt levels and cash flow, given borrowings above cash and negative free cash flow on a trailing basis.