Vina Tech비나텍

Vina Tech's trailing results have swung to a large net loss despite a small operating profit, while its share price has risen sharply over the past year.

Vina Tech, a KOSDAQ-listed battery company, reported trailing twelve-month revenue of ₩106.5B to H1 2026 with a small operating profit of ₩2.2B but a net loss of ₩40.5B, and borrowings of ₩101.4B against cash of ₩5.4B. The shares closed at ₩109,200 on 2026-10-28, up 84.8% over one year, though they remain well below the 52-week high of ₩204,500.

What stands out

• Trailing net margin is -38% and ROE is -46.4%, while operating margin is only 2.1%, so financing costs or non-operating items appear to be large; the data does not break this down.
• Free cash flow is about -₩68.9B on a trailing basis, and liabilities are 194.7% of equity.
• Annual revenue grew 38% in 2025 to ₩82.2B after a 8.4% rise in 2024, but 2025 still posted a net loss of ₩5.9B.
• Recent filings include a convertible bond issue decision (amended 2026-10-23), several major supply contracts, and an acquisition of shares in another company on 2026-10-28.
• News coverage highlights large supply contracts won by affiliated company Binatech and a ₩39.7B investment in a Vietnamese subsidiary.
• Foreign ownership fell from 13.8% to 6.2% over the past 60 days, while institutions net bought over the last 20 days.

What to watch

• Terms and dilution effects of the convertible bond issue, and the completion of the share acquisition filed on 2026-10-28.
• Whether the supply contracts convert into sustained revenue and narrow the trailing net loss in upcoming results.
• Trading halts recorded on 2026-10-19 and 2026-10-21; the data does not state their reasons.