Atum에이텀

Atum's revenue has grown sharply but it still posts operating and net losses, with heavy debt and a share price that has risen strongly over three months.

Atum makes flat-plate transformers for chargers and TV power supplies, with production in Ansan and Vietnam. Trailing twelve-month revenue is about ₩111.6B, but operating income is about -₩4.4B and net income about -₩5.9B, and liabilities are roughly 2.4 times equity. The share price closed at ₩8,040 on 2026-10-16, well below its 52-week high of ₩9,920 but up 82% over three months.

What stands out

• Revenue rose from about ₩20.4B in 2024 to about ₩70.4B in 2025, a growth rate of roughly 245%, yet the company remained loss-making in both years.
• Trailing figures to H1 2026 show an operating margin of -4% and a net margin of -5.3%, with free cash flow of about -₩1.8B.
• Borrowings of about ₩24.7B compare with cash of about ₩11.7B, and liabilities are 235.8% of equity.
• Several filings in August to October 2026 relate to convertible bonds, including conversion of 1st Series bonds, conversion price adjustments and early repurchase of own bonds, which can dilute existing shareholders.
• Foreign ownership rose from 3.1% to 3.6% over about 60 days, while retail and institutional investors were net sellers over the last 20 days.
• Valuation data shows a P/B of 6 and P/S of 0.7, with no P/E because earnings are negative and no dividend yield.

What to watch

• Upcoming results and whether losses narrow, since the company has not yet reported a profitable period in the data provided.
• Further conversion of convertible bonds and related share issuance or price adjustments noted in the filings.
• The 5%+ holding reports from October 2026, which could indicate changes in major shareholders; the data does not state their purpose.