MX On엠엑스온

MX On is back to trailing losses at the operating line, with the shares down sharply over the past year.

Based on the filed half-year data to June 2026, MX On reported trailing revenue of about ₩120.4B but an operating loss of about ₩7.4B, though net income was positive at about ₩2.3B. The share price is ₩3,920, roughly 40% lower over one year, and sits well above its 52-week low of ₩3,765 and below its high of ₩7,940. The company has announced a rights offering and an acquisition of shares in another company, and the data does not explain their size or purpose.

What stands out

• Trailing revenue of about ₩120.4B is well above the ₩62.3B reported for 2025, but the data does not break down what drove this increase.
• Trailing operating margin is -6.1% and free cash flow is slightly negative at about -₩0.4B, while cash of ₩14.0B is below borrowings of ₩31.5B.
• Net income of about ₩2.3B is positive despite the operating loss, and the data does not explain the gap between the two.
• Annual operating income has fallen from ₩11.5B in 2021 to a loss of ₩5.8B in 2025, a clear decline in profitability over the period.
• The fair value model's base case is ₩14,610 against the current ₩3,920 price, but the bear case is ₩8,192; these are model outputs, not forecasts, and the data gives no analyst views.

What to watch

• Terms, size and timing of the rights offering decided on 10 Aug 2026, which could dilute existing shareholders; the data does not give these details.
• Details of the share acquisition in another company and whether it changes the business mix.
• Next quarterly and annual filings, to see whether the operating loss narrows and whether debt of ₩31.5B is reduced relative to cash.