Onejoon원준

Onejoon's trailing results have swung to heavy losses in the first half of 2026, and the shares are down almost 48% over the past year.

Onejoon makes heat-treatment kiln equipment for battery materials, sold mostly on a project-order basis to material producers. On trailing twelve-month figures to H1 2026, revenue was ₩32B with an operating loss of ₩17.8B and a net loss of ₩31.4B, after 2025 showed a small operating profit but a net loss of ₩13.1B. The stock closed at ₩4,730, well below its 52-week high of ₩12,150.

What stands out

• Trailing revenue of about ₩32B is far below the ₩149B reported for full-year 2025, and the operating margin is -55.7% on the trailing figures.
• Full-year 2025 revenue fell 0.5% to ₩149B, with a 4.7% operating margin, but a net loss of ₩13.1B, against a net profit of ₩3.7B in 2024.
• Cash of ₩6.5B and borrowings of ₩2.0B are reported, with trailing free cash flow of ₩29.6B positive while earnings are negative.
• Price-to-book is 0.8 and there is no year-end P/E in the data because earnings are negative; the dividend yield is 0%.
• Foreign ownership fell from 2.1% to 1.5% over the last 60 days, and the 20-day flows show net foreign selling of about ₩88M.

What to watch

• The full-year 2026 results and the next quarterly filing, to see whether the trailing losses continue or narrow.
• Whether the company's project-order pipeline and any major contract filings support revenue, given the recent sharp drop in sales.
• The company's cash position and borrowing levels, since the data shows losses against modest cash reserves.