Bluecom블루콤

Bluecom's shares have risen sharply over the past year, but its recent filings show a loss-making operating picture and a shrinking revenue base.

Bluecom, a Korean maker of Bluetooth earphones and headsets sold mainly through ODM arrangements to customers such as LG Electronics, reported trailing twelve-month revenue of ₩6.1T for the period to H1 2026. Its trailing operating income is positive at ₩2.5B, but free cash flow is negative at ₩-2.6B and the data does not explain the large gap between operating and net income. Revenue has fallen sharply from ₩71.5B in 2021 peaks... see note below.

What stands out

• Revenue fell from ₩18.3B in 2024 to ₩5.8B in 2025, a decline of 68.3%, after several years of falling sales.
• 2025 net income of ₩16.4B was far above operating income of ₩648M, so the profit appears to come from non-operating items that the data does not detail.
• Trailing free cash flow is negative at ₩-2.6B, and borrowings stand at ₩16B against cash of ₩828M.
• Shares closed at ₩5,670, up 73.7% over one year and 18.7% over one month, with the stock trading well above its 52-week low of ₩2,685.
• Recent filings are mostly amendments to property, plant and equipment sale disclosures, plus a half-year report for June 2026 and a trust contract termination result report.

What to watch

• The next quarterly or half-year results, to see whether revenue and operating income hold up after the 2025 decline.
• Further amended filings on property, plant and equipment sales, and what they mean for the asset base.
• Repayment progress on ₩16B in borrowings and whether free cash flow turns positive.