Carry캐리

Carry is loss-making with heavy debt, a shrinking revenue base and a share price down about 75% over the past year.

Carry, a KOSDAQ-listed electrical equipment maker, reported trailing twelve-month revenue of ₩4.1B to H1 2026 against an operating loss of ₩3.6B and a net loss of ₩7.2B. Revenue has fallen in each of the last three full years, and borrowings of ₩9.9B exceed its ₩0.04B of cash. Recent filings are dominated by listing-eligibility review, trading halts and disclosure-related designations, with a rights offering also decided in August.

What stands out

• Revenue fell from ₩52.3B in 2022 to ₩7.5B in 2025, and trailing revenue to H1 2026 is ₩4.1B.
• Operating margin is -86.1% on a trailing basis and net margin is -173.6%, so losses are large relative to sales.
• Liabilities are 165.8% of equity and free cash flow is negative at -₩2.2B on a trailing basis.
• The filings list includes a trading halt, a substantive review of listing eligibility and a designation as an unfaithful disclosure company, which are regulatory and governance issues.
• The share price is ₩468, with a market cap of about ₩5.2T listed in the data, a 52-week high of ₩2,140 and a 1-year return of -75.1%. The data gives a price-to-book of 0.3 and no P/E, as earnings are negative. Peers trade at much higher P/B multiples.

What to watch

• Outcome of the substantive review of listing eligibility and any decision on the trading halt, as these could affect whether the shares continue trading normally.
• Details and timing of the rights offering (paid-in capital increase) decided on 27 August 2026, including dilution to existing holders.
• Whether the company can address its debt of ₩9.9B and negative cash flow; the data includes no news headlines or forward forecasts to assess this.