Aptn앱튼

Aptn's shares have fallen sharply over the past year, and the company is reporting large losses on shrinking revenue.

Aptn, a KOSDAQ-listed engineering services company that builds geothermal and water-source heating and cooling systems and fuel cell installations, reported trailing twelve-month revenue of ₩15.4B against an operating loss of ₩7.8B and a net loss of ₩29.0B as of H1 2026. Revenue has fallen for two straight years, and liabilities are high relative to equity, with borrowings of ₩69.5B against cash of ₩4.8B. The share price closed at ₩563 on 2026-10-30, down about 91% over one year.

What stands out

• Revenue fell 8.1% in 2025 to ₩16.9B after a 10% drop in 2024, and the operating margin was -66% in 2025.
• The trailing net loss of ₩29.0B is larger than trailing revenue, and the net margin is -188%.
• Liabilities are 92.3% of equity and borrowings of ₩69.5B far exceed the ₩4.8B cash balance; trailing free cash flow was -₩2.7B.
• The price-to-book ratio is 0.3 and there is no dividend, while the earnings-based ratios are not meaningful because earnings are negative.
• Recent filings include a major sales or supply contract amendment, a shareholders' meeting notice, and several 5%+ holding reports. Foreign ownership rose from 0% to 1.3% over 60 days, and the data shows large retail net buying over the last 20 days.
• The company describes new growth businesses in lithium, brain disease treatments and digital assets, but the data gives no details on their progress or revenue.

What to watch

• The upcoming shareholders' meeting and record date, which were announced in October 2026; the agenda is not included in the data.
• Whether the amended major sales or supply contract becomes material to revenue, and the amended share acquisition filing from September.
• Debt levels versus cash and negative free cash flow; the data includes no news headlines and no analyst coverage, so there is no independent view on these risks.