Itek아이텍

Itek's trailing revenue is falling and it posted a large trailing net loss, though operating income is positive on a trailing basis.

Itek, a Korean semiconductor testing and facility services company listed on KOSDAQ, reported trailing revenue of ₩45.5B and trailing operating income of ₩3.7B to H1 2026, but a trailing net loss of ₩10.6B. Its 2025 annual filings show revenue down 21.7% and an operating loss, and the company has recently filed many notices about convertible bonds and a rights offering. The share price is ₩5,710, well below the ₩9,730 52-week high and above the ₩4,300 low.

What stands out

• Trailing net margin is -23.2% while operating margin is 8.1%, so the gap suggests large non-operating or other costs that the data does not explain.
• Annual revenue fell from ₩83.3B in 2023 to ₩48.5B in 2025, and 2025 operating income was negative.
• Cash of ₩125.8B exceeds borrowings of ₩28.7B on the trailing figures, and trailing free cash flow is ₩9.7B.
• Recent filings are dominated by convertible bond transactions, a conversion price adjustment and a rights offering decision, which may affect share count and dilution.
• Valuation metrics are mixed: price-to-book is 0.8, price-to-sales is 3.3, the trailing P/E is not meaningful, and no dividend is paid.

What to watch

• Details and timing of the rights offering (paid-in capital increase) and how it affects the share count and pricing.
• Terms and outcome of the convertible bond buybacks and conversion price adjustments.
• Whether trailing operating profit converts into net income in the next reported results, since the data shows a large net loss gap.