Linked링크드

Linked reported large operating losses over the last twelve months, even though its net income was positive, which the filings attribute to non-operating items.

Linked, a KOSDAQ-listed maker of vibration motors and harnesses, posted trailing twelve-month revenue of about ₩11.9B and an operating loss of about ₩8.6B through H1 2026. Revenue has fallen for four straight years, from ₩38.4B in 2021 to ₩10.5B in 2025, and free cash flow over the trailing period was negative at about ₩12.5B. The company is also starting a licensed character homewear retail business, which the data describes only briefly.

What stands out

• Trailing net income of about ₩10.4B contrasts sharply with an operating loss of about ₩8.6B, so the profit appears to come from items outside core operations; the data does not explain what they are.
• Operating margin was -72.3% on the trailing figures, versus -69% for 2025 and -43% for 2024, so losses have been deep for several years.
• Cash of about ₩14.8B is reported with no borrowings listed, and liabilities are 34.9% of equity.
• At ₩1,875, the stock is down 21.4% over one year and 9.2% over one month, and sits well above its 52-week low figure of ₩0 shown in the data, which looks like a data gap rather than a real low.
• Recent filings include convertible bond and exchangeable bond actions, a conversion price adjustment, and several insider and 5%+ holding reports, indicating ongoing capital-structure activity.
• Foreign ownership is 1.3%, and the 20-day investor flows show small net selling by foreign and retail investors.

What to watch

• The next results release and whether operating losses narrow from the trailing level.
• Details of the convertible and exchangeable bond transactions and any further conversion price changes, which could affect share count.
• Progress of the new character homewear retail business, which the data gives little detail on.