EMnI이엠앤아이

EM&I's trailing revenue is shrinking and losses are deep, though the shares have risen 45% over three months.

EM&I, a KOSDAQ-listed OLED materials maker, reported trailing twelve-month revenue of ₩12.2B for the period to H1 2026, with an operating loss of ₩3.2B and a net loss of ₩5.7B. Revenue fell 38% in 2025 after a strong 2024, and the company has booked losses in both 2025 and the trailing period. The share price closed at ₩1,000 on 2026-10-28, well above its 52-week low of ₩610 but below its high of ₩1,550.

What stands out

• Trailing operating margin is -26.1% and net margin is -46.3%, against a 2024 operating margin of only 1.1%.
• Trailing free cash flow is about -₩4.0B, while cash of ₩2.2B sits against borrowings of ₩1.2B.
• Balance sheet liabilities equal 57.7% of equity, and the price-to-book ratio is 2.4 with no earnings-based valuation available.
• The CEO bought 130,000 shares on the open market in mid-October, bringing his holding to 392,000 shares, and news coverage links this to the company's battery materials outlook.
• Foreign ownership rose from 0.8% to 2% over 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• Upcoming results and whether losses narrow from the trailing figures, since the data shows no forecasts.
• Recent filings show amended shareholder meeting notices and a change in largest shareholder, so the outcome of those matters is worth following.
• An exchange inquiry about a news report or price move was filed in October, and the data does not say how it was resolved.