Korea Advanced Materials한국첨단소재

Korea Advanced Materials is loss-making with shrinking revenue, a heavy debt load and a share price down sharply over the past year.

The company makes optical communication components such as PLC splitters and AWG devices, plus data center transceiver modules. Trailing twelve-month revenue to H1 2026 was about ₩3.7B, with an operating loss of about ₩2.8B and a net loss of about ₩1.9B. The share price closed at ₩2,295 on 2026-10-28, down 46.5% over one year and near the low end of its 52-week range.

What stands out

• Revenue fell from about ₩21.3B in 2022 to about ₩3.6B in 2025, and trailing revenue to H1 2026 is about ₩3.7B.
• Operating margin was -76% on a trailing basis and net margin -50.3%, so the company is not currently profitable.
• Borrowings of about ₩10.3B exceed cash of about ₩7.1B, and liabilities to equity is 68.1%.
• Free cash flow was negative about ₩1.9B on a trailing basis, and the company pays no dividend.
• September 2026 filings include convertible bond issuance, conversion price adjustments, share acquisitions in another company and 5%+ holding reports. The data contains no news headlines to explain them.

What to watch

• Upcoming full-year 2026 results and whether losses narrow from the trailing figures.
• Effect of the convertible bond issue and conversion price adjustments on share count and dilution.
• Foreign ownership fell from 6.1% to 0.1% over 60 days and foreign flows were negative, so watch whether the selling continues.