N Citron엔시트론

N Citron's losses deepened in the first half of 2026 and its trailing revenue is shrinking, with a management-change agreement and a shareholder shake-up filed in August and September.

Trailing revenue to H1 2026 was about ₩36.4B, with an operating loss of about ₩5.8B and a net loss of about ₩1.6B, after operating losses in both 2024 and 2025. The company is fabless, selling audio amplifier chips mainly to TV makers such as Hisense and TCL, and also runs restaurant and beauty-device businesses. The shares closed at ₩1,645 on 2026-10-16, with a market cap of about ₩24.9B and a 1-year return of -22.4%.

What stands out

• Trailing operating margin is -15.8% and free cash flow is about -₩1.6B, while cash is about ₩16.1B and the company reports no borrowings.
• Annual revenue fell 5.4% in 2025 after a 1.2% rise in 2024, and operating losses have been recorded in each of the last two years.
• The DCF fair value model gives a base value of ₩658 against the ₩1,645 close, with a bear value of ₩154 and a bull value of ₩1,639; the model's assumptions are not detailed in the data.
• Filings in August and September 2026 include an agreement on a change of management control, a change of largest shareholder, an extraordinary shareholders' meeting, and independent director changes.
• Foreign ownership fell from 2.6% to 1.1% over the last 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• Details of the change-of-control agreement and the new largest shareholder, which the provided filing titles do not describe.
• Whether operating losses narrow in upcoming results, since the trailing operating margin is well below break-even.
• No news headlines were provided for the period, so any recent news coverage is not reflected here.