SK ie technology: Q3 2026 Preliminary Revenue Down 47.7% Year on Year, Operating Loss Narrows

What happened

On 2026-10-29 the company issued preliminary consolidated results for July to September 2026. The figures are provisional and may differ from final numbers.

Revenue was ₩41.4B, up 4.7% from ₩39.5B in Q2 2026 but down 47.7% from ₩79.1B in Q3 2025. Nine-month revenue was ₩116.8B, down 46.9% from ₩220.0B a year earlier.

The operating loss was ₩36.8B, versus ₩63.4B in Q2 2026 (a 42.0% smaller loss) and ₩47.2B in Q3 2025 (a 22.1% smaller loss). The nine-month operating loss was ₩173.5B, against ₩170.6B a year earlier, a 1.7% larger loss.

Pre-tax profit from continuing operations was ₩41.6B in Q3, a swing from a loss of ₩1,545.3B in Q2. The quarterly net loss was ₩109.6B, against ₩1,327.8B in Q2 and ₩40.1B in Q3 2025. The nine-month net loss was ₩1,519.1B, against ₩80.7B a year earlier. The filing does not explain the cause of the large Q2 loss or why Q3 net loss is larger than pre-tax profit.

What it changes for the thesis

The previous report described a battery-sector company with sharply lower revenue and persistent operating losses, plus a very large trailing net loss whose cause the data did not explain. The Q3 figures support the first part: revenue is roughly halved from a year earlier and the company is still loss-making at the operating level.

The narrower quarterly operating loss is a modest positive against Q2, but nine-month operating losses are still slightly larger than last year's. The filing also does not clarify the net loss, so that unknown remains. The merger filings (amended again on 2026-10-28) are still without terms or counterparties in the data, so their effect cannot be assessed.

What it changes for the valuation

The model has no estimate for this company, and the previous report had none either, so there is no fair value range to compare with the latest share price of ₩15,920 (2026-10-28), down from ₩17,680 in the earlier report. Price-to-book is 1.0 and price-to-sales 6.6. P/E and EV/EBITDA are not available because of the losses. Enterprise value is about ₩1.50T and market cap about ₩1.30T. These multiples are based on trailing figures through H1 2026 and do not yet include the Q3 results. Peers show price-to-book of 1.8 to 5.3, though they differ in profitability.

Closing view

The Q3 preliminary result shows revenue still far below last year, an operating loss that narrowed from Q2 but persists, and a nine-month net loss of ₩1,519.1B. The evidence mostly confirms the earlier picture rather than changing it. With no model estimate, no merger terms and no explanation of the net loss in the data, key uncertainties remain open. The final audited figures and details of the merger filings would be needed to refine this view.

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

• Preliminary earnings (consolidated)Oct 29, 2026
• Amended: Merger decisionOct 28, 2026
• Amended: Merger decisionOct 28, 2026
• Amended: Sale of shares in another companySep 10, 2026
• Investor relations (IR) eventSep 9, 2026
• Amended: Investor relations (IR) eventSep 9, 2026
• Merger decisionSep 4, 2026
• Disclosure on Large Business Group Status [Quarterly Disclosure (For Individual Company)]Aug 28, 2026
• Correction ordered: Merger decisionAug 26, 2026
• Other Informational Disclosure (Informational Disclosure)Aug 25, 2026
• Determination of Shareholder Register Closure Period or Record DateAug 25, 2026
• Investor relations (IR) eventAug 25, 2026
• Daily prices up to 2026-10-28
• Financial statements, trailing 12 months as of H1 2026

Report history

1. Oct 29, 2026Update noteEarningsSK ie technology: Q3 2026 Preliminary Revenue Down 47.7% Year on Year, Operating Loss Narrows
2. Oct 13, 2026InitiationStart of coverage (300 largest)SK ie technology: Deep Losses and a Merger Filing Trail, Shares Up 22.3% in Three Months