Naintech나인테크

Naintech's shares have roughly doubled from their 52-week low but the company is still loss-making, with falling revenue and rising convertible-bond and contract filings.

Naintech makes battery assembly and display manufacturing equipment and has a military battery subsidiary. In the twelve months to H1 2026 it reported revenue of ₩71.2B, an operating loss of ₩7.4B and a net loss of ₩5.4B, with borrowings of ₩53.7B against cash of ₩34.3B. The share price is ₩2,395, well below its 52-week high of ₩4,720 but up 26.3% over three months.

What stands out

• Revenue fell 58.2% in 2025 to ₩82.4B after a ₩197.2B peak in 2024, and the trailing operating margin is -10.3%.
• 2025 net loss was ₩17.7B, and the company has reported losses in four of the last five years shown, with 2023 the exception.
• Recent filings include several amended major sales or supply contracts, a convertible bond call option exercise, and a conversion price adjustment.
• Trailing free cash flow is positive at ₩20.0B, but liabilities are 85.4% of equity and the company pays no dividend.
• Foreign ownership fell from 1.6% to 0.9% over about 60 days, while retail investors were net buyers over the last 20 days; no news headlines were in the data.

What to watch

• The next half-year or annual results and whether the operating loss narrows from the trailing -10.3% margin.
• Further amendments to the supply contracts and any new convertible bond conversions or price adjustments, which could affect share count.
• Debt levels: borrowings exceed cash, and the data does not include any statement of refinancing plans.