1. What Happened at DENT?

In the first half of 2025, DENT recorded consolidated revenue of KRW 39.842 billion (down 72.8% YoY), operating profit of KRW 1.779 billion (down 66.8% YoY), and a net loss of KRW 3.282 billion (turning to a loss). The sluggish exports of the secondary battery division and the decline in sales of the display division were the main causes.

2. Why These Results?

External factors such as the global slowdown in the electric vehicle market and the IRA policy, along with internal factors such as rising cost of goods sold, combined to produce these results. The sharp decline in exports of the secondary battery division, in particular, had a significant impact on overall performance.

3. What’s Next for DENT?

There are positive signs. As of the end of H1 2025, the order backlog stood at KRW 245.822 billion, a 51.3% increase compared to the end of the previous year. This raises expectations for improved performance in the second half and beyond. However, the key is how effectively DENT can convert orders into sales. Also, changes in the external environment, such as the rising exchange rate and continued high interest rates, can affect DENT’s performance.

4. What Should Investors Do?

In the short term, there may be downward pressure on the stock price due to poor performance. However, considering the increase in order backlog and the growth potential of the secondary battery business, investment opportunities can be explored from a long-term perspective. Careful attention should be paid to whether earnings will recover in the second half and to changes in the macroeconomic environment.