ALT에이엘티

ALT's shares have swung sharply and the company is still loss-making on a trailing basis, with heavy borrowings relative to cash.

ALT is a Korean chip testing and back-end semiconductor services firm based in Cheongju. Its trailing twelve-month results to H1 2026 show revenue of about ₩57.3B but an operating loss of ₩0.7B and a net loss of ₩1.4B, after a deeper loss of ₩9.0B in 2025. Borrowings of ₩92.9B sit well above cash of ₩9.6B.

What stands out

• Revenue has recovered from ₩36.7B in 2024 to ₩57.3B on a trailing basis, but margins are negative, with a trailing operating margin of -1.3%.
• 2025 was the weakest year in the filed figures, with an operating loss of ₩7.4B and a net loss of ₩9.0B, compared with profits in 2021 to 2023.
• Liabilities are 110.9% of equity and borrowings are roughly nine times cash, so financing costs weigh on the bottom line.
• The share price closed at ₩10,700, down 22.3% over one month but up 28.6% over three months, and well below its 52-week high of ₩21,200.
• Foreign ownership rose from 7.1% to 8.7% over the past 60 days, while retail investors were net sellers over the last 20 days.
• Price-to-book is about 1.0 and there is no dividend, while the data has no forward earnings or analyst estimates to compare against.

What to watch

• Next periodic results and whether operating profit turns positive, since trailing figures are still loss-making.
• The convertible bond activity referenced in the 14 September 2026 filing on bond acquisition before maturity, and any effect on the balance sheet.
• Ongoing 5%+ holding and insider shareholding filings, which may signal ownership changes; the news feed for this period is empty, so no recent headlines are available.