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Nara Space Technology · 478340 · Aerospace & Defense

Nara Space Technology: Loss-Making Newly Listed Space Firm Trades Far Below Its 52-Week High

Why this report

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

Nara Space Technology, listed on KOSDAQ in December 2025, reported revenue of ₩13.2B and a net loss of ₩7.7B in the latest filed period. The shares closed at ₩9,800, about 84.8% below the 52-week high of ₩64,600 and 30.3% above the low of ₩7,520.

Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views

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

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Thesis

The data shows a small company with sizeable losses and a share price that has fallen sharply from its peak. Revenue of ₩13.2B is set against an operating loss of ₩5.5B, an operating margin of -41.3% and a net margin of -58.0%. Free cash flow was -₩7.7B, so the business is consuming cash.

On the supportive side, the balance sheet looks light on debt: borrowings are ₩10M and liabilities are 38.4% of equity. Cash is ₩7.5B. At the current free cash flow pace, that cash covers roughly one year, though the data does not show whether funding is planned.

The data does not show order backlog, guidance or a path to profit, so it cannot say when losses might narrow. Recent filings include two major sales or supply contract disclosures (May and June 2026), but the contract values are not in the data.

Business overview

Nara Space Technology is a KOSDAQ-listed company in the Aerospace & Defense sector, founded on 2015-03-31 and listed on 2025-12-17. It has 11,610,415 listed shares and a market capitalization of ₩113.8B. Enterprise value is ₩106.3B. Only one annual period is available (2025), with revenue of ₩13.2B, so a multi-year growth history cannot be assessed and revenue growth is not available. The one news headline in the data concerns the company selecting nine sites for a field survey of flood damage in Nepal analyzed with AI (Chosun Biz).

Financial analysis

These figures come from filed financial statements. For the period through H1 2026, trailing revenue was ₩13.2B, operating income -₩5.5B and net income -₩7.7B. The operating margin was -41.3% and the net margin -58.0%. Return on equity was -18.4% on a trailing basis, versus -16.1% for 2025.

Cash was ₩7.5B against borrowings of only ₩10M. Liabilities to equity were 38.4%. Free cash flow was -₩7.7B. The data shows the same revenue and profit figures for 2025 and the trailing period, so the trend between them cannot be separated.

Valuation

Because earnings are negative, the price-to-earnings ratio and EV/EBITDA are not available. The price-to-book ratio is 2.7, down from 6.9 at the end of 2025. The price-to-sales ratio is 8.6. The dividend yield is 0.0%.

Among peers, price-to-book ranges from 1.6 (Samyang Comtech) to 7.9 (LIG Defense&Aerospace), with Hanwha Aerospace at 3.8, Korea Aerospace Industries at 5.6 and Satrec Initiative at 2.5. Nara's 2.7 sits within that range. Peer price-to-earnings ratios (9.3 to 66.8) cannot be compared because Nara has no positive earnings.

A valuation model estimate per share is not available, as the model could not be worked out for this company, so no comparison with the ₩9,800 share price can be made.

Catalysts

  • The 5%+ holding report filed on 2026-10-08 and the insider shareholding reports show changes in ownership that investors may follow.
  • Major management matter filings on 2026-07-14 and 2026-09-21 may carry company developments, though details are not in the data.
  • The major sales or supply contract filings of 2026-05-28 and 2026-06-19 point to commercial activity, with values not shown.
  • The next periodic filing will show whether losses and cash burn change from the H1 2026 level.
  • News on the AI-based Nepal flood damage survey shows an ongoing project, with no financial impact given.

Risks

  • Operating losses (-41.3% margin) and negative free cash flow of -₩7.7B could erode the ₩7.5B cash balance, and the data shows no financing plan.
  • The share price is down 8.1% over one month and 7.5% over three months, and sits far below its 52-week high of ₩64,600.
  • Foreign ownership fell from 6.0% to 2.7% over 60 days, and over 20 days foreigners and institutions were net sellers (-₩4.0B and -₩9.3B) while retail bought ₩13.0B.
  • With only one annual period and a recent listing, the track record is short and trends are hard to verify.
  • With no valuation model estimate and negative earnings, there is little to anchor the value on beyond the price-to-book and price-to-sales ratios.

Closing view

The data shows a small, recently listed space company with low debt but heavy losses, cash burn and a sharp share price decline from its peak. The price-to-book ratio of 2.7 is within the peer range, but peers' earnings-based multiples are not comparable, and no model estimate is available. Contract and management filings suggest activity, though the data does not show their size or effect on results. The evidence is mixed and limited by a short history.

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 19, 2026InitiationStart of coverage (reader request)Nara Space Technology: Loss-Making Newly Listed Space Firm Trades Far Below Its 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