[Click eStock] "Intellian Technologies: Now Is the Right Time for Optimism"

On December 31, Korea Investment & Securities analyzed that Intellian Technologies is seeing rising expectations for performance recovery and growth as the construction of low Earth orbit (LEO) satellite communication networks gains momentum.

Jang Namhyun, a researcher at Korea Investment & Securities, stated, "Sales of gateway antennas are growing rapidly due to the expansion of LEO satellite communication network construction," adding, "It is a time when optimism is well warranted." In fact, Intellian Technologies' terrestrial antenna sales for the third quarter of this year reached 40 billion won, a 25.7% increase compared to the same period last year.

Jang further explained, "New orders are also increasing, so this sales growth is expected to continue." The company signed a contract worth 28.1 billion won with AST SpaceMobile in August, and in December, secured an additional large-scale supply contract worth 86.4 billion won. As major clients continue to expand their gateway infrastructure, new orders are expected to steadily rise going forward.

The recovery trend is also clear in the maritime antenna segment. With OneWeb expanding its global coverage, the supply of flat panel antennas is increasing, accelerating the rebound in sales. Maritime antenna sales in the third quarter of this year reached 37.2 billion won, up 30.9% from the same period last year.

Jang noted, "Since the rebound in the second quarter, the upward trend in sales has continued," and added, "Demand for hybrid solutions that utilize both geostationary (GEO) and low Earth orbit (LEO) satellites is increasing in the maritime antenna market." He analyzed that the expansion of new product supply will sustain the recovery in performance.

There are also signs of improvement in profitability. Intellian Technologies recorded an operating profit of 2.4 billion won in the third quarter of this year, achieving a surplus for the second consecutive quarter. Jang emphasized, "This performance recovery trend is not a temporary phenomenon," and stated, "Sales growth is expected to continue for both terrestrial and maritime antennas." He explained that terrestrial antenna order backlogs are increasing due to continued infrastructure investment by global satellite operators and client diversification, while the profitability of maritime antennas is improving as the proportion of high-value flat panel antenna sales rises.

The market expects Intellian Technologies' growth in performance to become more pronounced starting in 2026. Jang evaluated, "As major clients continue to expand their infrastructure in response to the growth of the LEO satellite internet market, sales of Intellian Technologies' products will also continue to rise," adding, "Accordingly, the company has entered a structural growth phase where profit improvement is accelerating."