NBR Motion엔비알모션

NBR Motion shows deep losses and a sharp share price fall over the past month, with heavy borrowings and convertible bond activity in the filings.

NBR Motion, a KOSDAQ-listed maker of precision rolling elements for bearings, reported trailing twelve-month revenue of about ₩63B against an operating loss of about ₩3.9B and a net loss of about ₩12.2B as of H1 2026. Its share price closed at ₩4,800 on 22 October 2026, down 24.5% over one month and 18.6% over three months, and sits far below its 52-week high of ₩29,700.

What stands out

• Trailing revenue is about ₩63B, with an operating margin of -6.2% and a net margin of -19.4%.
• Borrowings of about ₩14.3B compare with cash of about ₩1.7B, and liabilities are 133.2% of equity.
• Free cash flow is reported at about ₩2.9B on a trailing basis, positive despite the losses.
• Recent filings center on convertible bond issues, a conversion of 1st series bonds, and a call option designation, with several insider and 5%+ holding reports.
• Foreign ownership fell from 9.1% to 3.7% over the past 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• The next filing with full-year or quarterly results, to see whether losses narrow from the H1 2026 trailing figures.
• Dilution from the convertible bonds, including the 5th series CB and any further conversions.
• Progress on the planned entry into ceramic balls for EV reducers from 2026, which the profile mentions but the data does not quantify.