Bitmax비트맥스

Bitmax remains deeply loss-making, with heavy shareholder-equity pressure and a share price down 84% over the year.

Bitmax runs an augmented reality software business and, since its July 2025 merger with subsidiary IL4U, an IT services business for electronics manufacturers. Trailing twelve-month revenue to H1 2026 was about ₩24.0B, with an operating loss of about ₩6.6B and a net loss of about ₩51.8B. The filings show liabilities at roughly 82 times equity and a half-year audit flagged matters including capital impairment and equity under ₩1B.

What stands out

• Trailing revenue of ₩24.0B is down from ₩27.2B in 2025, and the company has not reported a profit in any year shown from 2021 to H1 2026.
• Net loss of ₩51.8B over the trailing period is far larger than the operating loss of ₩6.6B, so non-operating items or other charges weighed heavily; the data does not break these down.
• Cash of ₩8.5B against borrowings of ₩1.8B, but free cash flow was negative ₩9.8B over the trailing period.
• The share price fell 84% over one year, though it is up 30.5% over three months; the stock is priced at about 31.5 times book value with no dividend.
• Filings in August and September 2026 include a half-year audit matter on capital impairment and equity, a decision to buy back its own convertible bonds early, and a conversion price adjustment.

What to watch

• Whether the audit matters on capital impairment and equity under ₩1B are resolved or lead to further listing consequences, as named in the August 2026 filing.
• Outcome of the shareholders' meeting, which has been called and amended several times since September 2026, and any agenda items it covers.
• Next periodic results and whether operating losses narrow from the trailing level; the data does not include forecasts.