Nextchip넥스트칩

Nextchip's revenue is growing, but losses remain deep and the share price has fallen sharply over the past year.

Nextchip designs automotive camera chips and is extending into robot and drone imaging. For the trailing twelve months to H1 2026 it reported revenue of ₩46.5B, an operating loss of ₩8.5B and a net loss of ₩9.9B, with negative free cash flow of ₩3.2B. The stock closed at ₩1,717 on 2026-10-23, about 42% lower over one year and near its 52-week low of ₩1,575.

What stands out

• Revenue rose 22.9% in 2025 to ₩39.7B, after a 99.7% jump in 2024, but operating losses still widened to ₩12.9B in 2025 from ₩18.4B in 2024 and ₩22.5B in 2023.
• Operating margin was -18.3% over the trailing twelve months, improved from -32.6% in 2025, though the business has not yet reached profitability.
• Liabilities are 169.2% of equity and cash is only ₩1.9B against ₩1.0B of borrowings, so the balance sheet is thin relative to losses.
• Filings show a second-series convertible bond issued in July 2026, with a conversion price adjustment filed on 2026-10-22, which can dilute existing shareholders.
• Foreign ownership fell from 2.5% to 2.0% over 60 days, and the data shows no recent news headlines to explain the moves.

What to watch

• The next quarterly and annual results, to see whether losses narrow as revenue grows.
• Conversion of the 2nd-series convertible bonds and any further share issuance, given the conversion price adjustment already filed.
• Cash runway: the data shows negative free cash flow and limited cash, so any new funding terms in future filings are worth reading closely.