Dawonsys다원시스

Dawonsys is loss-making with heavy debt and an auditor's adverse opinion, and it faces delisting-related filings.

Dawonsys, a KOSDAQ-listed maker of specialised power supply equipment, reported trailing revenue of ₩52.5B against an operating loss of ₩114.7B for the period to H1 2026. Borrowings of ₩338.9B far exceed cash of ₩15.7B, and the share price is down about 41% over the past year to ₩2,530.

What stands out

• Revenue fell from ₩301.5B in 2024 to ₩112.1B in 2025, and trailing revenue is lower still at ₩52.5B.
• Operating losses widened to ₩120.7B in 2025 after a small profit in 2024, and the trailing operating margin is -218.5%.
• Filings from August 2026 include an adverse opinion on the semi-annual review, a capital impairment ratio of 50% or more, a revenue shortfall notice and an added listing-eligibility review ground.
• September 2026 filings include a trading halt, several delisting-related entries and a loan provision decision that extended the loan period.
• Foreign ownership slipped from 5.5% to 5.2% over the past 60 days, and the 20-day flows show retail buying ahead of foreign selling.

What to watch

• Whether the company resumes trading and what the listing-eligibility review decides; the filing titles name delisting but the data does not give details.
• Progress on the loan period extension and whether the company can service ₩338.9B of borrowings against ₩15.7B of cash.
• Any further auditor opinions or capital impairment disclosures in upcoming filings.