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JONBUR Research · Initiation

SK ie technology · 361610 · Batteries

SK ie technology: Deep Losses and a Merger Filing Trail, Shares Up 22.3% in Three Months

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

SK ie technology (KOSPI: 361610) closed at ₩17,680 on 2026-10-12, up 22.3% over three months but down 33.9% over one year, with a market cap of about ₩1.26T. Filed statements show large losses over the trailing twelve months to H1 2026, and recent filings include a merger decision and a trading halt.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a battery-sector company whose revenue has fallen sharply from its 2021-2023 level and which has posted operating losses in four of the last five years. Trailing revenue is ₩196.3B against an operating loss of ₩259.7B and a net loss of ₩1,580.3B, a much larger net loss than in any annual period shown. The data does not explain the cause of the widening net loss. The share price has recovered from a 52-week low of ₩11,840 but remains well below the 52-week high of ₩35,100. Filings from late August to September 2026 show a merger decision (with a correction ordered on an earlier version), a shareholders' meeting call, a record date setting, a trading halt, and an amended filing on the sale of shares in another company. The terms and counterparties are not in the data, so their effect cannot be assessed. Investor flow, foreign ownership and short balance data are not available, and no news headlines were provided.

Business overview

SK ie technology is listed on KOSPI in the Batteries sector. It was founded on 2019-04-01 and listed on 2021-05-11, with 71,297,592 listed shares. Revenue was ₩603.8B in 2021, ₩585.8B in 2022 and ₩649.6B in 2023, then dropped 66.5% to ₩217.9B in 2024. In 2025 it rose 20.2% to ₩261.9B. The CEO is listed as 이상민. Details on products, customers and segments are not in the data.

Financial analysis

These figures come from filed financial statements (DART). Operating income was ₩89.2B in 2021 (14.8% margin), a loss of ₩52.3B in 2022, a profit of ₩32.0B in 2023 (4.9% margin), then losses of ₩291.0B in 2024 (-133.6%) and ₩246.4B in 2025 (-94.1%). Net income was ₩82.2B in 2023, then a loss of ₩246.6B in 2024 and ₩211.4B in 2025. On a trailing basis to H1 2026, operating margin is -132.3%, net margin is -805.0%, and ROE is -87.5%. Liabilities to equity stand at 151.8%. Cash is ₩341.6B against borrowings of ₩1,104.2B, and free cash flow is -₩175.5B. Borrowings are therefore about 3.2 times cash.

Valuation

Current price-to-book is 1.0, compared with 0.7 at the end of 2025. Price-to-sales is 6.4, and enterprise value is about ₩2.02T. P/E, EV/EBITDA and dividend yield are not available because of the losses and absence of data. Among the listed peers, P/B ranges from 1.6 (Samsung SDI) to 6.3 (Ecopro BM), with LG Energy Solution at 4.2, POSCO Future M at 3.3 and L&F at 5.0, so SK ie technology's P/B is below all of them. Peer P/E figures are mostly unavailable or extreme (for example 1,024.7 and 307.7), so they are of limited use. The valuation model did not produce a fair value estimate for this company (fair_value_model is null), so there is no model estimate to compare with the ₩17,680 share price.

Catalysts

  • The merger decision filed on 2026-09-04, following a correction order on 2026-08-26, could change the company's structure, though terms are not in the data.
  • The shareholders' meeting call and record date setting filed on 2026-08-25 point to a shareholder vote on matters not detailed in the data.
  • The trading halt filed on 2026-08-25 coincided with these corporate actions.
  • The amended filing on a sale of shares in another company (2026-09-10) may affect cash or holdings, but amounts are not given.
  • IR events on 2026-08-25 and 2026-09-09 offer management communication, with content not available in the data.

Risks

  • Trailing operating and net losses are large (-₩259.7B and -₩1,580.3B), and the cause of the net loss is not explained in the data.
  • Free cash flow is -₩175.5B while borrowings of ₩1,104.2B exceed cash of ₩341.6B.
  • Revenue fell 66.5% in 2024 and has not returned to its 2021-2023 level.
  • Merger terms, and the correction order on the earlier filing, add uncertainty that the data cannot resolve.
  • The share price fell 33.9% over one year and is volatile, with a 52-week range of ₩11,840 to ₩35,100.

Closing view

The evidence shows a company with sharply lower revenue, persistent losses, and a leveraged balance sheet, alongside a recent share price rebound and a series of corporate-action filings. P/B of 1.0 is below the listed peers, but peers are profitable to varying degrees and the company's returns are deeply negative, so the comparison is limited. No model fair value is available, and investor flow and news data are missing. The merger details and the source of the large trailing net loss are the key unknowns this data cannot answer.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)SK ie technology: Deep Losses and a Merger Filing Trail, Shares Up 22.3% in Three Months

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information