Vessel베셀

Vessel's revenue has shrunk and it still runs operating losses, while its share price has collapsed and the stock faces a listing-related market-cap warning.

Vessel makes plastic films and display production equipment, mostly for overseas customers. Trailing twelve-month revenue to H1 2026 was about ₩16.7B, with an operating loss of about ₩1.4B but a net profit of about ₩1.0B. The share price closed at ₩896 on 2026-10-28, down about 67% over one year, with a market cap of about ₩8.9B.

What stands out

• Revenue fell from ₩44.1B in 2022 to ₩16.6B in 2025, and the trailing figure to H1 2026 is about ₩16.7B.
• Operating losses appeared in every year from 2021 to H1 2026, and the trailing operating margin is -8.7%.
• Trailing net income is positive at about ₩1.0B, while 2025 net income of about ₩17.7B was well above its operating loss, so the profit figures may be driven by non-operating items the data does not explain.
• Borrowings of about ₩11.3B exceed cash of about ₩3.9B, and liabilities are 46.3% of equity.
• Filings show a trading halt, a treasury share buyback trust termination, and a convertible bond conversion price adjustment, and the company received a notice about possible administrative issue designation because its market cap is below ₩20B. Foreign ownership rose slightly to 2% from 1.6% over 60 days; the news headlines provided are about other companies.

What to watch

• Whether the exchange proceeds with the potential administrative issue designation tied to market cap below ₩20B.
• The next periodic filing and whether operating losses narrow from the H1 2026 level.
• Refinancing or repayment of about ₩11.3B in borrowings against about ₩3.9B in cash, and any further convertible bond activity.