1. MOT (413390) 2025 Semi-Annual Performance Analysis

MOT recorded sales of 9.9 billion won in the first half of 2025. This figure far exceeded the market expectation of 0 won announced at the time of the preliminary second-quarter earnings release, but it represents a decrease of approximately 49% compared to the same period last year (51.596 billion won). Operating profit shifted to a loss of 1 billion won, and net profit also recorded a loss of 0.9 billion won.

2. Causes of Poor Performance: Dependence on Company S and Market Conditions

The main cause of the decline in sales is the decrease in sales contribution from major customer ‘Company S’ (86.01% → 77.94%) due to delays in investment and changes in production plans. External factors such as the slowdown in the global electric vehicle market, IRA uncertainty, and intensified competition from China also negatively impacted performance.

3. MOT’s Future: Growth Potential and Risks

MOT is striving to secure future growth engines by expanding its secondary battery inspection equipment and software business. However, the high dependence on ‘Company S’ still acts as a risk factor. The emergence of a new customer, ‘Major Customer B,’ is positive, but diversification of sales channels is an urgent task. Financially, both operating and investing cash flows recorded negative figures, increasing the importance of liquidity management.

4. Investment Strategy: Cautious Approach and Continuous Monitoring

Currently, MOT carries a high short-term investment risk. Investors should continuously monitor performance improvements, customer relationships, and new customer acquisition. New investments should be made cautiously after confirming turnaround signals, financial soundness, and a trend of improved profitability.