Wavice웨이비스

Wavice is a small GaN chipmaker whose recent profit is far above its operating profit, and its shares have fallen sharply over the past year.

Wavice designs and makes GaN RF chips and modules for defense, anti-drone, telecom and satellite uses, and sold a ₩5.1B supply contract on 21 October 2026. Trailing revenue is about ₩39.1B with operating income of only about ₩1.4B, while net income of about ₩52.1B is not explained in the data provided. The stock closed at ₩7,130, down 12.2% over one month and 12.6% over one year.

What stands out

• Revenue rose 38.5% to ₩40.7B in 2025, and operating income turned positive at ₩0.6B after a ₩4.9B operating loss in 2024.
• Trailing net income of ₩52.1B is far above operating income of ₩1.4B, giving a 133.1% net margin; the data does not say what drove the gap.
• Free cash flow is negative at about ₩15.4B on a trailing basis, against cash of ₩7.5B and borrowings of ₩20.0B.
• Foreign ownership fell from 9.8% to 6.3% over the past 60 days, and foreign investors were net sellers over the last 20 days.
• Recent filings include a major sales contract (21 October 2026), a corrected new facility investment notice (7 September 2026) and a half-year report for June 2026.

What to watch

• Any further major contract filings and whether the ₩5.1B LAH supply deal converts into steady revenue.
• The source of the large trailing net income and whether operating profit and cash flow improve in upcoming reports; the next quarterly results date is not in the data.
• Cash burn and debt levels given negative free cash flow, plus continued foreign selling.