Pixelplus픽셀플러스

Pixelplus remains loss-making on a trailing basis, with revenue shrinking and the share price down sharply over the past year.

Pixelplus is a fabless chip designer focused on image sensors for automotive and security cameras, with China as its largest sales destination. Trailing twelve-month revenue to H1 2026 was ₩46.7B, with an operating loss of ₩6.5B and a net loss of ₩2.9B. The shares closed at ₩3,735 on 2026-10-26, about 41% lower over one year, and trade near 0.4 times book value.

What stands out

• Revenue fell 20.1% in 2025 to ₩42.7B after a 5.5% rise in 2024, and the trailing figures show continued operating losses at a -14% operating margin.
• 2024 was the only recent profitable year in the data, with net income of ₩3.5B, which was well above that year's operating income of ₩0.8B, so it is not a clear base for comparison.
• The trailing free cash flow is positive at ₩1.4B, while cash of ₩6.8B sits against borrowings of ₩15.7B.
• Foreign ownership is recorded at 0% now and 60 days ago, and 20-day investor flows show retail buying offset by foreign selling, with institutions at zero.
• Recent filings are mostly routine, including the half-year report, a stock purchase option grant notice and several 5%+ holding reports, and the data contains no news headlines.

What to watch

• The next quarterly and annual results, to see whether operating losses narrow from the trailing -14% margin.
• Debt levels: borrowings of ₩15.7B exceed cash of ₩6.8B, and the data does not explain the repayment schedule.
• The 5%+ holding reports and option grants, which may bear on ownership changes; the data does not say what they signal.