Sphere스피어

Sphere's shares are well above their 2021 listing-era levels, but its trailing numbers are loss-making and the 2025 profit came from a sharp one-year revenue jump.

Sphere, a KOSDAQ-listed supply chain manager for special alloys used in space and defence, reported trailing twelve-month revenue of ₩177B and an operating profit of ₩5.0B through H1 2026, but a net loss of ₩45B. Its 2025 annual revenue of ₩95.6B was far above the ₩2.6B of 2024, while 2024 and 2023 were heavy loss years, so the recent picture is hard to read as a steady trend. Recent filings and news centre on new nickel production in Indonesia and several supply contracts.

What stands out

• Trailing net margin is -25.6% and operating margin is 2.8%, so the business is profitable at the operating line but loses money after other items.
• 2025 revenue rose about 3,639% to ₩95.6B, and the 2025 net income of ₩0.2B was close to break-even; earlier years show large losses.
• Trailing free cash flow is about -₩25.5B and liabilities are 258% of equity, while cash stands at ₩63B against ₩7.3B of borrowings.
• Shares closed at ₩21,850, up 124% over one year but down 9.5% over one month, with the 52-week high at ₩57,300.
• Filings show several major sales or supply contracts in October 2026, and news reports that mass production started at an Indonesian nickel smelter.

What to watch

• Whether the H1 2026 net loss narrows in the next reported period, given the gap between operating profit and net income.
• Whether the Indonesian nickel production and the recent supply contracts translate into sustained revenue, and any amended filings on those contracts.
• Foreign ownership fell from 10.1% to 7.6% over 60 days, and foreign investors were net sellers over the last 20 days; the data does not explain the cause.