YC (232140) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was KRW 119.4 billion, down from KRW 211.2 billion in 2024 and KRW 255.2 billion in 2023, reflecting a significant year-over-year decline.

• Operating income for H1 2025 was KRW 2.86 billion, compared to KRW 10.6 billion in 2024 and KRW 8.6 billion in 2023.

• Net income attributable to owners was KRW 2.8 billion for H1 2025, a sharp decrease from KRW 12.9 billion in 2024.

• The company operates primarily in semiconductor test equipment, with a focus on memory wafer testers for DRAM and NAND markets.

Financial highlights

• Gross margin for H1 2025 was 37.2%, down from 42% in 2024.

• Cash and cash equivalents at June 30, 2025, were KRW 18.3 billion, slightly down from KRW 18.8 billion at year-end 2024.

• Total assets at June 30, 2025, were KRW 550.9 billion, with total liabilities of KRW 130.6 billion and equity of KRW 420.3 billion.

• R&D expenses for H1 2025 were KRW 14.0 billion, representing 11.7% of sales.

Outlook and guidance

• The company expects continued demand for high-performance memory testers, especially for HBM and DDR5, driven by AI and data center expansion.

• Anticipates gradual recovery in memory market and increased capital investment from major customers in H2 2025.