Fact Summary
iVisionworks is a KOSDAQ-listed company whose core business is machine-vision inspection systems covering the full pre-assembly process for secondary batteries. In FY2025, revenue was KRW 23.0 billion, down 34.48% from the prior year (KRW 35.2 billion), and operating profit swung to a loss of KRW 390 million (audit report, filed 2026-03-20). On 2026-07-01, the board of directors resolved a 5-for-1 reverse stock split reducing total shares outstanding from 34,456,481 to 6,891,296, with an extraordinary general meeting to approve it scheduled for 2026-08-07 (DART filing). On 2026-08-03, a disclosure on changes in shareholding was filed after largest shareholder Gil Gi-jae acquired shares on the open market, increasing his personal holding from 10,624,930 to 10,675,700 shares (DART). The closing price that day was KRW 730, up 15.87% from the previous close, with trading volume of 260,437 shares.
Price-Change Context Note
No news of a new contract, disclosure, or patent that would directly explain the 2026-08-03 share price increase was identified. Based on pykrx-estimated flow data, retail investor funds showed a net inflow that day, while foreign and institutional funds showed net outflows. The filing of a shareholding-change disclosure related to the largest shareholder's open-market acquisition on the same date, and the extraordinary general meeting on the 5-for-1 reverse stock split scheduled four days later on 2026-08-07, are a notable temporal coincidence.
Business Overview
Founded in Daejeon in 2015, iVisionworks originally started as an LCD inspection equipment maker, but as the LCD industry contracted under low-cost competition from China, the company pivoted from 2019 by acquiring secondary-battery inspection software technology. It has a track record of supplying all three domestic battery makers (LG Energy Solution, Samsung SDI, SK On), developing and supplying full-process machine-vision inspection systems — for electrodes, assembly, and modules/packs — using proprietary algorithms. Since 2024 the company has been developing semiconductor glass substrate and wafer inspection equipment, and in 2025 it filed a patent for technology to inspect micro-crack (1-2µm) defects in glass substrates. The company has announced a plan to expand its semiconductor inspection equipment business to 50% of revenue by 2028 (company target, E).
5-Year Financial Trend
| Fiscal Period | Total Assets (KRW 100mn) | Total Liabilities (KRW 100mn) | Total Equity (KRW 100mn) | Debt Ratio (reference) |
|---|---|---|---|---|
| 2022/12 | 180.5 | 153.9 | 26.5 | approx. 581% |
| 2023/12 | 346.8 | 167.3 | 179.5 | approx. 93% |
| 2024/12 | 492.1 | 133.1 | 359.0 | approx. 37% |
| 2025/12 | 465.4 | 104.4 | 361.0 | approx. 29% |
Source: Valueline (assets, liabilities, equity) · Debt ratio is self-calculated (E, approximate reference value) · 2021/12 data unavailable · The audit opinion for FY2025 was unqualified (no note on going-concern uncertainty)
Valuation (Factual Multiples)
5-year average PBR 1.16x · 5-year average PSR 1.13x (Valueline reference figures) · EV/EBITDA could not be calculated due to unavailable depreciation data · Analyst consensus valuation forecasts are unavailable, as the identified coverage report does not provide a target price
Competitive Landscape
In the secondary-battery inspection equipment sector, companies such as Inometry, Ensys, and SFA are cited as competitors, but specific data comparing market share or revenue scale were not obtained in this research. There are reports that the semiconductor glass-substrate and wafer inspection equipment market is dominated by an oligopoly of overseas (mainly U.S.) firms, but no primary-source data directly comparing iVisionworks with these firms was obtained. A table comparing valuation multiples against industry peers was also not obtained in this research.
Governance and Ownership
| As of | Holder / Category | Shares Held | Ownership (%) |
|---|---|---|---|
| 2024-12-31 | Gil Gi-jae (Largest Shareholder) | 10,624,930 | 31.31% |
| 2025-12-31 | Gil Gi-jae (Largest Shareholder) | 10,624,930 | 30.84% |
| 2025-12-31 | Largest Shareholder + Related Parties, Total | 11,023,894 | 32.00% |
| 2026-08-03 | Gil Gi-jae (reflecting open-market acquisition) | 10,675,700 | 30.98% |
The largest shareholder Gil Gi-jae's personal shareholding remained at 10,624,930 shares following the company's listing (2024-09) until it increased to 10,675,700 shares through an open-market acquisition on 2026-08-03. The decline in ownership ratio from 31.31% to 30.84% over that period was due to an increase (dilution) in total shares outstanding from the exercise of executive stock options; no disposal of the largest shareholder's actual holdings was identified during this period. On 2026-07-01, the board of directors resolved a 5-for-1 reverse stock split reducing total shares outstanding from 34,456,481 to 6,891,296 (the company has stated this is not a reduction of capital); the extraordinary general meeting for approval is scheduled for 2026-08-07, the planned trading-suspension period is 2026-09-09 to 2026-10-01, and the scheduled listing date for the new shares is 2026-10-02. At the 2026-03-30 annual general meeting, amendments to the articles of incorporation and the appointment of an outside director were approved, but the agenda item for appointing an auditor was rejected due to failure to meet the quorum.
Source: DART business report and quarterly report · report on changes in executive shareholding (rcept 20260803000130) · report on substantial shareholding (rcept 20260803000229) · resolution on stock consolidation (rcept 20260701900673)
Investor Flows
| Investor Category | 20-Trading-Day Cumulative (2026-07-06 to 08-03) |
|---|---|
| Foreign | +KRW 43,998,605 |
| Institutional | -KRW 85,941,956 |
| Retail | -KRW 60,976,391 |
Source: pykrx estimates (not cross-checked against official KRX data) · The sum across the three investor categories does not converge to zero, presumed to be partly absorbed by unreported categories such as other corporations and program trading · Foreign ownership 934,014 shares (2.71%, as of 2026-08-04) · Short-selling balance 0 shares (as of 2026-07-30) · Short-selling ratio unavailable
Macro Factors
| Factor | Current Value (as of report date) | Transmission Channel to iVisionworks |
|---|---|---|
| Battery-3 CAPEX (LG Energy Solution, Samsung SDI, SK On) | Approximately KRW 20 trillion in 2026 (projected to contract roughly 20% year-on-year) | A factor reducing new orders for inspection systems — already reflected in the 2025 revenue decline of -34.48% |
| U.S. IRA tax credits (AMPC, etc.) | Ongoing policy discussions on phased repeal | A factor delaying orders via reduced incentives for battery investment in the U.S. |
| Lithium carbonate price / ESS demand | CNY 175,300/ton (mid-June 2026), in a rebound phase | Potential for renewed orders via improved investment capacity at battery makers (a leading indicator with a time lag) |
| Semiconductor glass substrate commercialization | Reports of a 2026 target to supply a major domestic conglomerate | A factor expanding the new semiconductor-related revenue pipeline (timing and scale of contribution not yet determined) |
| KRW/USD exchange rate | KRW 1,429.8 (2026-08-03) | Mixed effects from KRW translation of overseas revenue and overseas cost burden (limited absolute impact given the low export share) |
| Bank of Korea base rate | 2.75% p.a. (decided 2026-07-16) | A factor raising funding costs and valuation-discount pressure for a loss-making small-cap |
The KOSDAQ index opened at 748.19 on 2026-08-04 (+1.47% from the previous close), starting higher (regular-session closing figure unavailable)
Risk Factors
- Customer concentration — The company is understood to have high dependence on the three domestic battery makers, though a quantitative revenue breakdown is unavailable. Reduced orders amid the industry downturn were cited as the main cause of the 34.48% decline in 2025 revenue.
- Declining profitability trend — The operating margin fell from 21.2% in 2021 to 6.8% in 2024, and operating profit swung to a loss in 2025.
- New-business uncertainty — The semiconductor glass-substrate and wafer inspection equipment business is still at the patent-application stage, and the timing of commercialization and revenue realization has not been confirmed. The 2028 target of a 50% revenue share is a plan presented by the company (E).
- Internal controls — At the 2026-03-30 annual general meeting, the agenda item for appointing an auditor was rejected due to failure to meet the quorum. The schedule for any follow-up action is unavailable.
- Intellectual property — The glass-substrate inspection technology is at the patent-application stage (2025-07), and whether registration has been completed is unavailable.
- Investor-flow volatility — Based on pykrx estimates, the 2026-08-03 price increase was driven by net retail inflows, while foreign and institutional investors posted net outflows. No specific catalyst (contract, disclosure, patent, etc.) explaining the increase was identified.
Recent News and Disclosure Timeline
| Date | Description | Source |
|---|---|---|
| 2026-08-03 | Disclosure of changes in shareholding and substantial holding following the largest shareholder's open-market acquisition | DART |
| 2026-07-06 | CEO interview — mentioned a 30% improvement in wafer inspection speed and a goal to supply a major domestic conglomerate | Maeil Business Newspaper |
| 2026-07-01 | Board resolution on a 5-for-1 reverse stock split; resolution to convene an extraordinary general meeting | DART |
| 2026-06-08 | Disclosure of a KRW 3.7 billion secondary-battery inspection system supply contract (counterparty and term unavailable) | Seoul Economic Daily |
| 2026-03-30 | Annual general meeting — outside director appointment approved, auditor appointment rejected | Digital Today · Nate News |
| 2026-03-20 | Filing of the FY2025 audit report (unqualified opinion, revenue -34.48%) | DART |
| 2026-03-07 | Disclosure of a KRW 2.43 billion secondary-battery inspection system supply contract | Korea Economic Daily |
| 2025-12-02 | Shares rose as a featured stock on news of a patent filing for glass-substrate micro-crack detection | Aju Business Daily |
No reporting directly explaining a specific catalyst (contract, disclosure, patent, etc.) for the 2026-08-03 increase was identified. Because figures on some real-time quote pages differ from the system's authoritative values, this report is based on the authoritative values (Toss Securities Open API: closing price KRW 730, previous close KRW 630, +15.87%, volume 260,437 shares).
Theme Exposure
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · Toss Securities Open API · DART · Aggregated news reports
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.