Alpha AI알파AI

Alpha AI is in deep financial distress, with heavy losses, a court rehabilitation procedure opened in July 2026, and repeated disclosure problems.

Alpha AI, a KOSDAQ-listed maker of medical implants and surgical instruments, reported trailing twelve-month revenue of ₩11.7B against an operating loss of ₩7.6B as of H1 2026. Filings show a commencement of court rehabilitation procedures on 3 July 2026, a trading halt the same day, and a designation as an unfaithful disclosure entity after three disclosures were retracted. The shares closed at ₩520, down 73.9% over one year, with a market capitalisation of about ₩10.5B.

What stands out

• Revenue has fallen from ₩26.8B in 2024 to ₩16.8B in 2025, and trailing revenue is now ₩11.7B, while operating losses have stayed large every year shown.
• Trailing free cash flow is negative at about ₩11.9B, and liabilities are 178.9% of equity, against cash of ₩1.8B and no borrowings reported in the data.
• The auditor's semi-annual review carried an adverse opinion, and the filing notes capital impairment of 50% or more, which is a serious flag for the balance sheet.
• The company has withdrawn a convertible bond issue decision and a share acquisition decision, and it stopped its heated mattress and health products business in September 2025.
• Foreign ownership is 11.5% and unchanged over 60 days, and the 20-day flows show retail investors net sellers of about ₩1.0B while foreign investors were net buyers of about ₩1.0B.
• No news headlines are included in the data, so there is no independent press coverage to cross-check the filings.

What to watch

• Progress of the court rehabilitation procedure and any decisions on the company's future operations or listing status.
• Whether the unfaithful disclosure designation leads to further penalties or changes to disclosure practice, and any further amended filings.
• The next periodic filings and whether the company can address the adverse audit opinion, capital impairment and negative cash flow.