Dawonsys다원시스

Dawonsys reports deep losses and heavy debt in its latest filings, and its share price is down about 34% over the past year.

Dawonsys makes specialized power supply equipment for nuclear fusion research, plasma processing, induction heating and urban rail. Its trailing twelve-month figures to H1 2026 show revenue of about ₩52.5B against an operating loss of about ₩114.7B, with borrowings of about ₩338.9B and negative free cash flow. Recent filings point to listing-related and audit-related notices, a trading halt and a loan extension.

What stands out

• Revenue fell from ₩301.5B in 2024 to ₩112.1B in 2025, and the trailing twelve months to H1 2026 show ₩52.5B.
• Operating losses widened sharply, from a ₩7.6B profit in 2024 to a ₩120.7B loss in 2025 and a ₩114.7B loss on a trailing basis.
• Borrowings of about ₩338.9B far exceed cash of about ₩15.7B, and free cash flow over the trailing period was negative at about ₩132.2B.
• The August 2026 half-year filing included an adverse audit opinion, a capital impairment notice, and a notice of a revenue shortfall, and filings from September include a trading halt and delisting-related items.
• The share price closed at ₩2,530 with a market value of about ₩96.6B, and the 52-week range is ₩2,015 to ₩4,350; foreign ownership is about 5.2%, and the data shows no dividend.

What to watch

• Whether the company resolves the listing-eligibility review and the trading halt, as referenced in the September filings.
• The outcome of the loan period extension and whether the company can manage its borrowings against weak cash generation.
• The next periodic filings for audit status and whether the revenue and equity shortfalls continue; the data does not include forecasts or analyst views.