Mgen Solutions엠젠솔루션

Mgen Solutions remains loss-making with heavy share-price declines, and recent filings show frequent capital and management changes.

Mgen Solutions, a Korean KOSDAQ company spanning ICT networks, electrical components made in Vietnam, and bio research, reported trailing twelve-month revenue of ₩17.6B and an operating loss of ₩13.5B through H1 2026. Revenue has fallen sharply from ₩109.8B in 2022, and the shares closed at ₩1,170 on 2026-10-23, down 35.6% over one year with a market capitalisation of about ₩31.8B.

What stands out

• Revenue fell 33% in 2025 to ₩28.6B, and trailing figures to H1 2026 show further weakness at ₩17.6B.
• Operating margin is -76.3% and net margin is -87.5% on a trailing basis, with net losses in 2023 and 2025.
• Borrowings of about ₩11.8B exceed cash of about ₩4.4B, and liabilities are 81.1% of equity.
• Recent filings include a change of CEO, a rights offering, a conversion price adjustment, and a lawsuit, with several amendments to the rights offering.
• Foreign ownership rose from 0.9% to 1.6% over about 60 days, while the 20-day flows data shows net foreign selling.

What to watch

• Upcoming results and whether losses narrow, given trailing free cash flow of about -₩3.8B.
• Details and completion of the rights offering and conversion price adjustment, which may affect share count and dilution.
• Outcome of the lawsuit and any further management or board changes following the recent CEO filings.