Innometry (302430): A Rising Star in the Electric Vehicle Battery Industry
The company's first half revenue surged to 322 billion won, a remarkable 66.7% year-over-year increase, driven by the growing demand for ESS and 46-pipe cylindrical battery inspection equipment. The successful commercialization of the OnePass RingCT, which offers a 40% faster inspection speed and a 50% reduction in installation area, has been a key catalyst for this growth. Additionally, Innometry's expansion into the semiconductor sector with their TGV inspection equipment for glass substrates and their ongoing push for HBM inline CT commercialization, further solidifies their position as an innovative leader.
Small Insight Research, in its analysis on July 26th, highlighted Innometry's strategic shift towards electric vehicle battery production lines, particularly with the transition to ESS and the expansion of 46-pipe cylindrical batteries. This has resulted in a significant recovery in core business revenue, with the company also diversifying into the semiconductor field, targeting glass substrates and HBM.
Innometry's connected revenue for the first half of 2026 reached 322 billion won, marking a substantial 66.7% increase compared to the previous year. Notably, this figure represents an impressive 83.4% of the company's 2025 annual revenue of 386 billion won, achieved within just the first half of the year. However, despite this robust growth, the company's operating loss widened from 12 billion won in the previous year to 19 billion won, indicating that profitability remains a key challenge despite the impressive top-line expansion.
Innometry, a specialist in X-ray and CT-based non-destructive testing equipment, has established itself as a key supplier to major battery manufacturers globally. Serving the likes of Samsung SDI, LG Energy Solution, SK On, and Chinese giants BYD, BAK, and EVE, Innometry leverages its strong track record and technological expertise in battery non-destructive testing to support its customers' production line transitions and new projects.
Innometry's Growing Presence in the Battery Inspection Market
A notable aspect is that the demand for testing equipment arises not only from the construction of new factories but also from the conversion and modification of existing electric vehicle battery production lines into ESS (Energy Storage Systems). Even when production facilities are utilized, the change in battery size, internal structure, and inspection items necessitates the replacement or new installation of inspection equipment. Innometry secured approximately $22 million worth of new orders for secondary battery inspection equipment in the first half of 2026, based on public disclosures. In August, they further solidified their position by signing an additional supply contract for ESS inspection equipment worth approximately $4.96 million, targeted at the US market.
Innometry has also made significant strides in the 46-pipe cylindrical battery sector. The company achieved a world-first by supplying inline CT inspection and foreign matter inspection equipment to a 46-pipe battery mass production line. In August, they delivered the equipment, which was initially ordered in February 2026. In Hungary, Innometry is currently working on a project for CT and foreign matter inspection equipment for 4680 cylindrical batteries, and they are expanding their scope to include large-capacity batteries and prismatic batteries.
Enhancing Inspection Technology Competitiveness
Innometry is revolutionizing battery cell inspection with its innovative One-Pass Ring CT technology. Unlike traditional CT methods, which rotate the battery cell, Innometry's approach involves rotating the inspection unit around the cell, resulting in a 50% reduction in installation area and a 40% increase in inspection speed. The company's next-generation Helical CT technology aims to achieve continuous inspection by moving the battery cell, with a target of completing development in 2026 and full-scale production in 2027.
New Business Ventures and Glass Substrate Inspection
Innometry's initial supply performance in the glass substrate inspection equipment market is promising. By applying X-ray and CT technologies to inspect internal defects in Through Glass Via (TGV), the company has supplied inspection equipment to JWMT and Exstol. Furthermore, Innometry has expanded its customer base to include the electroplating specialist Anycasting. Early revenue generation from glass processing and electroplating processes is expected to contribute significantly to the company's overall sales starting in 2027.
HBM Sector and Inline CT Inspection
Innometry has successfully developed inline CT inspection technology and is currently undergoing customer evaluation and mass production verification with global semiconductor manufacturers. In contrast to traditional offline inspection methods, which require 24 to 48 hours for sample movement and result confirmation, Innometry's inline CT technology enables inspection in approximately 3 minutes per test. The company aims to supply its innovative technology to global clients by 2026. Additionally, Innometry has supplied two FPCB inspection equipment units for foldable smartphones and plans to deliver an additional unit in Q4.
Innometry's Cost-Cutting Initiatives and Profitability Drive
The company is also focused on improving its profitability. Innometry has been operating a cost-reduction task force since September 2026, aiming to cut costs by 30% during the design phase through optimized product design and manufacturing efficiency. Key factors for the company's future operating profit recovery are expected to be project-specific cost ratios, product mix improvements, and expanded sales of overseas maintenance, repair, and operations (MRO) services.
"Innometry's revenue recovery in the first half has been confirmed, but as the operating loss has widened, further improvements are necessary for a return to normal performance," said Choi Sung-won, a researcher at Small Insight Research. "Going forward, the key inflection point for reevaluating the company's value will be the recovery of profitability through cost structure improvements and the actual mass production application of TGV and HBM inspection equipment."
