Metalabs메타랩스

Metalabs' revenue has grown fast but it is still loss-making, with a sharp share price fall over the past year.

Metalabs, a Kospi-listed company with fashion, consulting and healthcare segments, reported trailing twelve-month revenue of ₩119B to H1 2026 but an operating loss and a net loss of ₩5.9B. The share price closed at ₩967 on 2026-10-30, down 51.4% over one year and near its 52-week low of ₩911. Its market cap is about ₩26B, and borrowings of ₩99B are well above cash of ₩12B.

What stands out

• Revenue rose from ₩21.6B in 2023 to ₩81.3B in 2025, but operating losses widened to ₩7.2B in 2025.
• Trailing free cash flow was positive at ₩2.9B, even though net income was negative.
• Liabilities are 88.6% of equity, and borrowings of ₩99B are large relative to the company's market value.
• The stock trades at 0.3 times book value and 0.2 times sales, with no dividend and no earnings-based valuation because profits are negative.
• Recent headlines centre on an MOU and partnership with Chinese robotics firms to expand a hair-loss and 'physical AI' business, while filings show a merger decision process running through August 2026.

What to watch

• Outcome and amendments of the merger decision, which appeared in several filings in July and August 2026.
• Full-year 2026 results and whether operating losses narrow from the trailing figures.
• Refinancing or repayment of the ₩99B borrowings relative to ₩12B of cash, and whether the partnership news turns into revenue.