The E&MTHE E&M

The E&M remains deeply loss-making as revenue keeps shrinking, though its shares have risen sharply over the past year.

The E&M, which runs the PopcornTV live-streaming platform and an entertainment management arm, reported trailing twelve-month revenue of ₩16.8B against an operating loss of ₩11.2B and a net loss of ₩26.8B as of H1 2026. Revenue has fallen for several years, from ₩56.4B in 2021 to ₩12.3B in 2025, and the company carries ₩41.5B of borrowings against ₩11.5B of cash. The share price closed at ₩2,785 on 2026-10-20, up 145.4% over one year but well below its 52-week high of ₩4,500.

What stands out

• Trailing revenue of ₩16.8B is down sharply from ₩56.4B in 2021, and operating margin is about -67%.
• Free cash flow over the trailing period was negative at roughly -₩13.7B, and liabilities are 115.5% of equity.
• Valuation metrics are mixed: price-to-book is 3.8 and price-to-sales is 6.5, while P/E is not meaningful because earnings are negative.
• Recent filings include a shareholders' meeting, independent director changes, a conversion price adjustment on the 24th series, and amended reports on the sale of the company's own convertible bonds.
• Foreign ownership fell from 1.7% to 0.8% over 60 days, while retail investors were net buyers over the last 20 days; no recent news headlines were available in the data.

What to watch

• Upcoming results, especially whether revenue stabilises and losses narrow from the H1 2026 level.
• Outcome of the extraordinary shareholders' meeting and any further convertible bond or conversion-related filings, which could dilute existing holders.
• Ability to service ₩41.5B of borrowings given limited cash, as the data does not describe a funding plan.