Mobirix모비릭스

Mobirix remains loss-making on trailing numbers, though its shares have risen over the past month from a weak year.

Mobirix is a mobile game developer and publisher whose revenue depends on in-game purchases and advertising, mostly from overseas app stores. Trailing revenue to H1 2026 is about ₩33.2B with an operating loss of about ₩1.7B and a net loss of about ₩2.8B, and revenue has fallen sharply since 2023. The company holds about ₩21.9B in cash and reports no borrowings, and the shares closed at ₩3,565 on 2026-10-26.

What stands out

• Revenue has shrunk from about ₩87.3B in 2023 to about ₩39.7B in 2025, with 2025 down 25.1% year on year.
• Operating margin was -22.5% in 2025 and trailing operating margin is -5%, so losses have narrowed from the 2025 level but remain negative.
• The company reports no borrowings and cash of about ₩21.9B, while trailing free cash flow is negative at about -₩3.9B.
• Filings show a share buyback trust contract signed and then terminated in October 2026, and an extraordinary shareholders' meeting in July 2026.
• The shares are up 25.5% over one month but down 10.5% over one year, trading between ₩2,100 and ₩4,210 over 52 weeks.
• The DCF fair value model gives a base value of ₩2,416, below the current close of ₩3,565; this is a model output, not a forecast.

What to watch

• Upcoming results and whether operating and net losses keep narrowing from the 2025 and trailing levels.
• Whether revenue stabilises after the steep declines in 2024 and 2025.
• The outcome of the terminated buyback and any new share-related filings, as the data contains no reason given for the termination.