Irem이렘

Irem's revenue and losses have deteriorated sharply, and recent filings point to a rights offering and bond activity.

Irem makes stainless steel pipes and tubes and integrated deck plates, sold mainly in Korea. Trailing twelve-month revenue to H1 2026 was ₩75.0B, with an operating loss of ₩14.7B and a net loss of ₩17.1B, and borrowings stand at ₩40.7B against cash of only about ₩1.0M. Recent filings are dominated by a paid-in capital increase through a rights offering and executive share-trading plans.

What stands out

• Revenue fell 16.2% in 2025 to ₩92.0B, after a 43% rise in 2024 to ₩109.8B, and TTM revenue is lower again at ₩75.0B.
• Operating losses have persisted since 2024, and the TTM operating margin is -19.6% with a net margin of -22.8%.
• Liabilities are 142.4% of equity, and the data shows no dividend yield.
• Price is ₩2,075, up 38.1% over three months but down 72.1% over one year, with the 52-week high at about ₩8,070.
• Foreign ownership is 0%, and the 20-day flows are mainly retail; the data gives no analyst ratings or forecasts.

What to watch

• Terms and timing of the rights offering (ex-rights date and first tranche issue price were set on 2026-10-08) and how much dilution it implies.
• Next half-year or annual results, to see whether revenue recovers and losses narrow from the TTM figures.
• Repayment capacity against ₩40.7B of borrowings given very low reported cash; the data does not say how the company plans to fund this.