1. What Happened at Exicon?

Exicon recorded sales of 7.5 billion KRW (YoY decrease), operating loss of -2.8 billion KRW, and net loss of -1.7 billion KRW in H1 2025. The downturn in the semiconductor industry and high R&D investment costs are identified as the main factors contributing to this poor performance.

2. Why These Results?

The slowdown in the semiconductor industry led to decreased demand for memory testers, and fixed cost burdens increased due to investments in new businesses. R&D investment, accounting for 66.77% of sales, is essential for future growth but puts pressure on short-term profitability. The rise in the KRW/USD exchange rate is positive for export companies but also leads to higher import costs for raw materials. Rising interest rates can also lead to increased interest expenses.

3. What’s Next for Exicon?

Exicon is focusing on developing new technologies such as next-generation memory testers (DDR5, LPDDR5, GDDR6), PCIe Gen5 solutions, and CXL testers. They are also making strides in the system semiconductor market with successful CIS tester supply and ongoing development of DDI and AP testers. The order backlog of 11.654 billion KRW raises hopes for improved performance in the second half of the year. However, the recovery of the semiconductor industry and the success of new businesses are critical variables.

4. What Should Investors Do?

Exicon has long-term growth potential, but there are short-term uncertainties. Investors should carefully monitor the timing of the semiconductor market recovery, the performance of new businesses, and changes in exchange rates and interest rates before making investment decisions. Pay close attention to new equipment production and order backlog trends in the second half of the year.