OE Solutions오이솔루션

OE Solutions shows strong revenue recovery in 2025 and H1 2026 but remains loss-making, with the share price up sharply over the past year.

OE Solutions makes optical transceivers and core optical devices such as laser diodes for communication networks, including 5G, FTTH, CATV, telecom and datacenter markets. On trailing twelve months to H1 2026 it reported revenue of ₩65.1B, an operating loss of ₩7.8B and a net loss of ₩17.2B, and free cash flow was negative at ₩10.0B. The share price closed at ₩24,700 on 2026-10-15, with a market value of about ₩305.7B.

What stands out

• 2025 revenue rose 79.2% to ₩57.4B, but the operating margin was still -27.9% and the net loss widened to ₩27.0B.
• Trailing operating margin improved to -12% from -94.8% in 2024, though the company has not reported an annual operating profit since 2021.
• Borrowings of ₩27.9B exceed cash of ₩15.6B, and liabilities are 52.6% of equity.
• The share price is up 70.7% over one year and 27% over three months, well below its 52-week high of ₩57,900.
• Valuation is P/B 3.9 and P/S 4.7; P/E is not meaningful because earnings are negative, and the company pays no dividend.

What to watch

• The 2026 full-year results and whether losses narrow from the trailing figures.
• Filings on the change of largest shareholder, which appeared several times between May and October 2026; the filings do not explain the reason in the data provided.
• Cash burn and borrowings, since free cash flow is negative and debt exceeds cash. No news headlines were available in the data.