1. What Happened?

Macus reported impressive Q2 2025 results: revenue of KRW 65.6 billion (vs. expected KRW 56.3 billion, +17%), operating profit of KRW 9.3 billion (vs. expected KRW 6.4 billion, +45%), and net income of KRW 7.6 billion (vs. expected KRW 0). The return to profitability in net income particularly exceeded market forecasts.

2. Why Did This Happen?

This earnings surprise is attributed to the growth of the non-memory semiconductor market and Macus’s effective exchange rate management. Demand for non-memory semiconductors, particularly FPGAs (Field-Programmable Gate Arrays), is increasing, and Macus maintained profitability despite volatility in the KRW/EUR exchange rate. The significant year-over-year growth – revenue +57.3%, operating profit +69.1%, and net income +81.0% compared to 2024 – is also noteworthy.

3. What’s Next?

Analysts predict continued growth for Macus. The steady growth of the non-memory semiconductor market, Macus’s technological competitiveness, and its high treasury stock holdings (41.05%) are positive signals for investors. However, the increasing volatility of the KRW/EUR exchange rate and the high debt-to-equity ratio (260.9%) represent potential risk factors.

4. What Should Investors Do?

This earnings announcement is likely to provide positive momentum for Macus’s stock price. Maintaining a positive investment outlook is reasonable, but continuous monitoring of external factors like exchange rate fluctuations and potential increased competition is crucial. Investors should also pay attention to the company’s strategies for securing future growth drivers, such as acquiring new customers and strengthening technological competitiveness.