Innometry이노메트리

Innometry is loss-making on a trailing basis but is adding new inspection-equipment orders for glass substrates while its battery business rebounds.

Innometry makes X-ray inspection equipment for secondary batteries and is expanding into semiconductor packaging, glass substrates and HBM. Trailing twelve-month revenue is about ₩51.4B with an operating loss of about ₩6.4B and negative free cash flow of about ₩9.3B as of H1 2026. The share price is ₩5,900, down 28% over one year, with a market capitalisation of about ₩57.8B.

What stands out

• Revenue has fallen for two years: about ₩53.0B in 2024 and ₩38.6B in 2025, after a strong 2023 when operating income was positive at about ₩8.2B.
• Operating losses have persisted since 2024, and the trailing operating margin is -12.5%.
• Recent filings include several amended major sales or supply contracts from July to September 2026, and an investor relations event in October.
• Recent headlines report a further TGV inspection equipment order for glass substrates and a battery-inspection rebound, but the data does not give order values or timing of revenue.
• Price-to-book is about 1.0 and the company pays no dividend. Foreign ownership fell from 2.3% to 1.6% over about 60 days, while foreign investors were net buyers over the last 20 days.

What to watch

• Half-year and full-year 2026 results, to see whether the operating loss narrows and whether the new orders convert into revenue.
• Details and values of the amended supply contracts, which the data does not provide.
• Cash position of about ₩2.8B against negative free cash flow, and the share-cancellation and trust-contract filings from August 2026.