Mobile Appliance모바일어플라이언스

Mobile Appliance is loss-making, its share price has fallen about 87% over a year, and it is dealing with a string of governance and listing-related filings.

On trailing twelve months to H1 2026, revenue was ₩28.6B with an operating loss of ₩6.8B and a net loss of ₩5.4B, and free cash flow was negative ₩12.4B. Cash of ₩16.1B exceeds borrowings of ₩7.9B, but the business has shrunk from ₩49.8B revenue in 2023. The company's market value is about ₩8.0B at ₩247 a share.

What stands out

• Revenue fell 13.7% in 2025 to ₩34.9B, after declines in 2024 and 2023, and the trailing figures are weaker still.
• The business moved from a small operating profit in 2024 to losses in 2025 and the trailing period, with operating margin at -23.8% trailing.
• Recent filings include multiple notices of suspected embezzlement or breach of trust, two lawsuit filings or rulings, and a notice on the review of listing eligibility, with a submitted improvement plan.
• The company has filed decisions on a share consolidation and a called shareholders' meeting, with amended versions filed in October 2026.
• Shares are down 86.9% over one year, and the filed data shows no news headlines to explain the moves beyond the filings. Foreign ownership stayed at 5.6%, while foreign investors were net sellers over the last 20 days.
• The data's discounted cash flow model gives a base value of ₩144 per share (bear ₩84, bull ₩298), but this is a model output, not a forecast or target.

What to watch

• Outcome of the listing eligibility review and the improvement plan, which the filings flag as a live issue.
• Details of the share consolidation and the shareholders' meeting, including any effect on the share count and price.
• Developments in the embezzlement or breach of trust suspicions and the lawsuits, since the data does not describe their scale or outcome.