Zaram Technology자람테크놀로지

Zaram Technology is loss-making and its shares have fallen sharply, though it has a sizeable cash balance and just won a national AI chip project role.

Zaram is a Korean fabless chip designer focused on communication semiconductors such as XGSPON chips for passive optical networks. Trailing twelve-month revenue is ₩16.1B with an operating loss of ₩6.0B, and the share price is ₩11,280, down about 69% over the past year. The company reports ₩24.9B in cash against ₩1.7B in borrowings.

What stands out

• Revenue fell 52% in 2025 to ₩10.6B after a 91% jump in 2024, and 2025 operating margin was -66.4%.
• Trailing results through H1 2026 show an operating margin of -37.1% and a net margin of -34%, so losses continue.
• Free cash flow over the trailing period was positive at ₩2.1B, which the filings do not explain in detail here.
• Foreign ownership rose from 2.1% to 3.4% over about 60 days, while retail and institutional investors were net sellers over the last 20 days.
• Recent filings include two major supply contracts in June and July, and a supply contract termination in September.

What to watch

• The 2026 Q3 and full-year results, given the continuing losses and the need to show a path to profitability.
• Follow-up on the September contract termination and whether the June and July supply contracts proceed as filed.
• Progress of the national ultra-low-power AI chip project, which the news says aims to commercialise on-chip learning technology; the data gives no financial detail on it.