AHA아하

AHA is a small KONEX-listed electronics maker that swung to a large FY2025 loss on higher revenue, with its share price down over the past year.

AHA reported FY2025 revenue of about ₩79.0B, up 40.5%, but posted an operating loss of about ₩336M and a net loss of about ₩2.25B after a profit in 2024. Its balance sheet carries about ₩64.9B of borrowings against ₩15.2B of cash, with liabilities at roughly 123% of equity. The shares closed at ₩1,665 on 2026-10-23, with a market value of about ₩21.8B.

What stands out

• Revenue rose 40.5% to about ₩79.0B in FY2025, but the operating margin fell to -0.4% from 4.3% a year earlier.
• The net loss of about ₩2.25B is much larger than the operating loss, and free cash flow was about -₩1.47B.
• Valuation metrics are low: price-to-book about 0.3 and price-to-sales about 0.3, while the P/E is not meaningful because earnings are negative.
• The shares are down 8.4% over one year and trade well below the 52-week high of ₩3,400, though above the low of ₩1,149.
• Filings in 2026 include a merger decision (amended in August), a change of CEO in April, and a share acquisition in another company.

What to watch

• The merger decision and related filings from August 2026, including any further amendments or record date notices, as the data does not explain the deal terms.
• Next annual and quarterly results, to see whether the operating loss narrows and whether debt levels change.
• Foreign and institutional ownership is currently 0%, and the data contains no news headlines, so limited coverage and liquidity are a factor to note.