Thinkware Systems팅크웨어

Thinkware swung to a large TTM net loss in H1 2026 after two profitable years, though it still reports revenue growth.

Thinkware, a Korean dashcam, map and appliance maker, reports trailing-twelve-month revenue of ₩509B with an operating loss of about ₩1.7B and a net loss of about ₩28.3B through H1 2026. Its 2025 full-year results already showed a net loss of about ₩25.4B despite a small operating profit of ₩15.9B. The data shows shares at ₩6,670, down 25.6% over one year and well below the ₩10,730 52-week high.

What stands out

• Revenue has grown each year in the data, from ₩225B in 2021 to ₩537B in 2025, with 9.7% growth in 2025.
• Operating margin has fallen from 8.4% in 2023 to a trailing -0.3%, and net income turned negative in 2025.
• Cash of about ₩32B is shown against no reported borrowings, while free cash flow is negative at about -₩4.3B on a trailing basis.
• The fair value model's base case is ₩14,058 against the ₩6,670 close, but the bear case is shown as ₩0 and the bull case as ₩42,680, a very wide range.
• Recent filings include a major sales or supply contract (and an amendment) dated 13 October 2026, and the data includes no news headlines to explain it.

What to watch

• The next half-year or annual filings, to see whether the H1 2026 operating loss narrows or deepens.
• The details of the October 2026 supply contract filings, including the counterparty and value, which are not in the data.
• Foreign ownership has risen from 2.5% to 3% over 60 days, while retail investors were net sellers over the last 20 days; the data does not explain why.