Mobiis모비스

Mobiis remains loss-making with small revenue, though its cash balance is large relative to its market value.

Mobiis sells control systems and software for big-science facilities such as particle accelerators and fusion projects. On a trailing twelve-month basis to H1 2026 it reported revenue of ₩3.6B, an operating loss of ₩3.0B and a net loss of ₩1.6B, with ₩34.3B in cash against ₩0.8B in borrowings. The shares closed at ₩2,680 on 2026-10-23, a market cap of about ₩86.2B.

What stands out

• Revenue has been roughly ₩5B a year since 2022, and 2025 revenue grew only 1.4%, while operating losses have persisted every year shown except none are positive.
• The 2024 net profit of ₩9.2B came despite an operating loss of ₩2.4B; the data does not explain the difference, so it should not be read as recurring earnings.
• Enterprise value is about ₩52.7B, well below market cap, because of the cash balance; free cash flow was still negative at ₩-0.5B over the trailing period.
• The company received a designation as an unfaithful disclosure company in the filings, later reversed in April 2026, and a lawsuit was filed or ruled in March 2026; the data gives no detail on either.
• Recent filings include several major sales or supply contracts from July to September 2026, with two later amended, but their size and terms are not in the data.
• The shares are down 11.8% over one month and 6% over one year, far below the 52-week high of ₩9,440, and the 52-week low is ₩2,130. The fair value model output of ₩705 base case is well below the current price; it is a model result, not a forecast, and its bear case (₩761) is higher than its base case, which looks inconsistent.

What to watch

• Whether the amended half-year report and the amended contract filings change any figures or disclosures; the data does not say what was amended.
• Outcome of the lawsuit and any further disclosure-related actions, which the data does not describe in detail.
• Next quarterly results and whether revenue and operating losses narrow; the data does not give a results date. Two news headlines in the pack concern a basketball game and a Hyundai Motor Group project, and do not clearly relate to this company's business.