EcoGlow에코글로우

EcoGlow remains loss-making with shrinking revenue and heavy debt, while filings show ongoing convertible bond and rights offering activity.

EcoGlow, a Paju-based cosmetics contract manufacturer (OEM/ODM) with LG Household & Health Care as its largest customer, reported trailing revenue of ₩8.2B with an operating loss of ₩4.8B over the twelve months to H1 2026. Its balance sheet shows borrowings of ₩15.6B against cash of ₩7.6B, and free cash flow was negative at ₩6.3B. The share price closed at ₩3,020 on 2026-10-28, well below its 52-week high of ₩5,750.

What stands out

• Revenue fell 31.7% in 2025 to ₩9.9B, after declines in 2023 and 2022, and the trailing figures are lower again.
• Operating margin was -58.5% on a trailing basis and net income was negative at ₩4.3B, so the company is not profitable on these figures.
• Liabilities are 190.1% of equity and borrowings exceed cash, which makes funding a key issue.
• Recent filings are mostly about convertible bonds, including conversion price adjustments, early redemption and bond acquisitions, plus a rights offering decision that was amended on 2026-10-20.
• Price is up 1.5% over one month but down 2.9% over three months and 0.3% over one year; the data shows no analyst ratings or price targets, and no news headlines were available.

What to watch

• Details and timing of the rights offering (paid-in capital increase) and how much dilution it would bring, as the filing was amended.
• Upcoming half-year or full-year results, to see whether revenue stabilises and losses narrow, and whether free cash flow improves.
• Further convertible bond actions and conversion price changes, which could affect the share count and the debt load.