OptiCore옵티코어

OptiCore's revenue is shrinking and losses are deep, with a stock price that has risen sharply over the past year despite weak fundamentals.

OptiCore makes optical transceivers for telecom networks and runs an automation business making platform screen doors and factory equipment. Trailing twelve-month revenue is ₩31.6B, with an operating loss of ₩4.8T... to be precise, ₩4.8B, and a net loss of ₩22.7B, and borrowings of ₩20.3B exceed its ₩3.2B of cash. The share price is ₩8,450, up 120.2% over one year but flat over one and three months.

What stands out

• Annual revenue fell 7.7% in 2025 and 11.5% in 2024, after growing 8.3% in 2023.
• Operating margin was -15.1% on a trailing basis and net margin was -71.8%, meaning losses are large relative to sales.
• Liabilities are 403.9% of equity and ROE is -176.2%, so the balance sheet is stretched.
• Recent filings include an early redemption decision on own convertible bonds, a 14 August auditor adverse opinion flag tied to capital impairment, and a derivatives trading loss.
• Price-to-book is 18.8 against peers that mostly trade near 1 to 5, and no earnings-based valuation is available because earnings are negative.

What to watch

• Whether the convertible bond early redemption proceeds and funding plan are clarified in upcoming filings.
• Progress on the data center optical transceiver business and North American sales, which the profile says are being prepared but no figures are given.
• Follow-up on the audit adverse opinion and capital impairment disclosure, plus any results from the extraordinary shareholders' meeting.