HanWool Materials Science한울소재과학

HanWool Materials Science remains loss-making on heavy borrowings, though a ₩25.5B bond-with-warrants repayment was pushed back a year.

Filings for the first half of 2026 show revenue of about ₩13.1B against an operating loss of about ₩19.6B, and borrowings of about ₩78.3B far exceed cash of about ₩1.0B. The company makes optical transmission equipment mainly sold to KT and SK telecom and public-sector customers, and says it is expanding into IoT and semiconductor photoresist materials. The share price closed at ₩2,565 on 2026-10-20, down 12% over three months and up 6.7% over one year.

What stands out

• Trailing revenue fell 22.5% in 2025 and 53.9% in 2024, while the operating margin was -150.2% over the trailing period.
• Liabilities are about 315% of equity and borrowings are roughly 76 times cash, so financing is a central issue in the data.
• Free cash flow over the trailing period was about -₩34.1B, and net income was about -₩30.7B.
• On 2026-10-19 the company extended the maturity of a ₩25.5B bond with warrants by one year, which news outlets described as easing short-term pressure.
• Several filings in August and September 2026 relate to warrant and conversion-right exercises and 5%+ holding reports, indicating share count and ownership changes.

What to watch

• Whether the company can reduce its operating losses and cash burn in upcoming periodic filings, as the data shows no profit in recent years.
• Further warrant or convertible exercises and the 5%+ holding reports, which could add shares and affect the share price.
• Progress on the new businesses the company said it is funding, which the data does not detail; foreign ownership fell from 1.1% to 0.6% over 60 days.