Ask Warren

JONBUR Research · Initiation

Tomocube · 475960 · Medical & precision devices

Tomocube: Revenue Growing Fast but Still Loss-Making, Shares Well Below 52-Week High

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Tomocube's revenue rose 90.4% in 2025 to ₩11.3B and losses have narrowed, but the company remains unprofitable on an operating and net basis. The shares closed at ₩30,100 on 2026-10-23, 55.6% below the 52-week high, with a market value of about ₩405.6B.

Written Oct 24, 2026 · Data as of Oct 23, 2026 · 0 views

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

XfWATGr/in@

Thesis

The data supports a picture of a young, fast-growing company whose losses are shrinking. Operating margin improved from -147.8% in 2024 to -49.3% in 2025 and to -25.5% over the trailing twelve months to H1 2026. The balance sheet is very light on debt, with liabilities at 9.5% of equity and cash of ₩17.4B against borrowings of ₩932M.

What the data does not show is a path to profit. Operating income and free cash flow are still negative, and the valuation model could not produce an estimate. The share price has fallen 12.5% over three months and 25.6% over one year, though it gained 8.1% in the last month. Valuation multiples are high relative to current earnings, so the market price relies heavily on future growth that the filings do not yet confirm.

Business overview

Tomocube is listed on KOSDAQ (code 475960) and operates in the medical and precision devices sector. It was founded on 2015-08-24 and listed on 2024-11-07, with 13,476,174 shares listed. Market capitalisation is about ₩405.6B and enterprise value about ₩378.2B. Revenue grew from ₩5.9B in 2024 to ₩11.3B in 2025, and trailing revenue to H1 2026 is ₩15.2B. Further detail on products or customers is not available in the data provided.

Financial analysis

These figures come from filed financial statements. Revenue was ₩5.9B in 2024, ₩11.3B in 2025 (+90.4%), and ₩15.2B over the twelve months to H1 2026.

Operating loss narrowed from ₩8.8B in 2024 to ₩5.6B in 2025 and ₩3.9B on a trailing basis. Net loss went from ₩8.3B to ₩4.8B and then ₩2.5B. Trailing net margin is -16.1%. Return on equity improved from -19.8% to -11.9% for 2025 and -6.1% trailing.

Free cash flow over the trailing period was -₩4.1B. Cash stands at ₩17.4B, so on these figures the company has funding for the current rate of cash burn, though future capital needs are not specified in the data.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 10.7 (17.7 at end-2025 and 4.9 at end-2024), and price-to-sales is 26.6. No dividend is paid.

Listed peers shown have price-to-book ratios of 3.3 to 6.0 and positive earnings multiples of 13.2 to 71.9, so Tomocube's price-to-book is above all five peers shown. Those peers are all profitable, which limits comparability.

The valuation model returned no fair value estimate, so there is no model estimate to compare with the ₩30,100 share price.

Catalysts

  • The half-year report filed on 2026-08-14 showed trailing revenue of ₩15.2B and continued narrowing of losses, which investors may track in the next quarterly filing.
  • Investor relations events were held on 2026-03-25, 2026-05-15 and 2026-08-20, giving regular opportunities for management to discuss progress.
  • A grant of stock purchase options was announced on 2026-03-30 alongside the annual general meeting results.
  • Over the last 20 days foreign investors (+₩1.3B) and institutions (+₩3.0B) were net buyers while retail investors were net sellers (-₩4.1B).
  • A 5%+ holding report was filed on 2026-05-28 and an insider shareholding report on 2026-07-15, which show ownership changes worth following.

Risks

  • The company is still loss-making, with a trailing operating margin of -25.5% and negative free cash flow of ₩4.1B.
  • Price-to-book of 10.7 and price-to-sales of 26.6 leave the share price sensitive to any slowdown in growth.
  • The shares are 25.6% lower over one year and trade near the lower part of their 52-week range of ₩26,000 to ₩67,800, indicating high volatility.
  • No valuation model estimate is available, and no recent news headlines were provided, so there is limited external context.
  • Foreign ownership is only 2.2%, unchanged over 60 days, which may mean thinner foreign demand.

Closing view

The filings show clear operating progress: revenue has roughly tripled from 2024 levels on a trailing basis, losses have narrowed each period, and the balance sheet carries little debt. Against that, the company is not yet profitable, burns cash, and trades at multiples well above profitable peers. The data neither confirms nor rules out a move to profitability, so the evidence is mixed and depends on whether the loss reduction continues in coming filings.

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 24, 2026InitiationStart of coverage (reader request)Tomocube: Revenue Growing Fast but Still Loss-Making, Shares Well Below 52-Week High

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