J.E.T. Co., LTD.

Business Details

The company's core business is the development, design, manufacturing, and sale of batch-type and single-wafer-type cleaning equipment used in semiconductor front-end processes. Its main customers are semiconductor manufacturers in South Korea (Samsung Electronics), China, and Taiwan, and since 2024 the company has also expanded into the Japanese and U.S. markets. In batch-type cleaning equipment, the company held approximately 8.8% of the global market share in FY2024, with customizability and technological superiority as its strengths. It also provides field services (modifications, parts sales, and maintenance).

Recent Overview

Sharp decline in sales to China and lower margins led to an operating loss, with net sales down 24.1% year on year

In FY2025 (ending December 2025), net sales fell to ¥14,662 million (down 24.1% year on year) due to a decrease in the number of equipment units sold to Chinese foundries. In addition to booking low-margin orders—such as competitive deals against domestic Chinese manufacturers and new orders involving significant development elements—the company recorded inventory valuation losses on products, resulting in an operating loss of ¥1,493 million (compared to operating income of ¥1,087 million in the prior period). Furthermore, due to the reversal of deferred tax assets, net loss attributable to owners of the parent expanded to ¥2,336 million. On the other hand, sales to Samsung Electronics increased to ¥4,664 million (up 14.6% year on year), and new sales of ¥690 million to the United States were also recorded. Additionally, accounting irregularities involving improper manipulation of the timing of revenue recognition from the fiscal year ended December 2022 through the fiscal year ended December 2024 came to light, and the company received the investigation report from its special investigation committee on April 30, 2026.

Key Products

Growth Drivers

• Continued demand for equipment supporting HBM and high-stacking NAND production for South Korean memory manufacturers (Samsung Electronics)
• New expansion into the U.S. market (establishment of JET AMERICA INC., commencement of sales recognition for cleaning equipment for glass interposers)
• Final stage of joint development of an innovative single-wafer-type cleaning equipment with a leading-edge foundry in the Japanese market
• Sales expansion of the new BW3500 product in the South Korean, Chinese, and Taiwanese markets
• Strategy to introduce Chinese-made equipment through a 24% equity investment in a local Chinese equipment manufacturer (Sinsibs Semiconductor Technology (Nantong) Co., Ltd.)
• Strengthened overseas expansion of the field service business (maintenance, modifications, and parts sales)

Risks

• Stagnation in capital investment for mature-generation semiconductors in the Chinese market and intensifying competition with local domestic manufacturers
• Concentration of sales in specific customers and regions (Samsung Electronics 31.8%, China 44.5%, South Korea 43.2%)
• Impact on equipment sales to China from strengthened U.S. export restrictions targeting China
• Risk of discovery of accounting irregularities (improper manipulation of the timing of revenue recognition from the fiscal year ended December 2022 through the fiscal year ended December 2024) and associated loss of credibility
• Deterioration in profitability due to acceptance of low-margin orders and recording of inventory valuation losses
• Risk of sharp fluctuations in orders due to volatility in semiconductor market conditions