Gaonchips가온칩스

Gaonchips is loss-making after a sharp 2025 revenue drop, with its share price down about 30% over the past year.

Gaonchips is a Korean fabless chip design firm that works with foundries such as Samsung to turn customer chip designs into production-ready products. Trailing twelve-month revenue to H1 2026 was ₩86.1B, but operating income was negative at about -₩9.1B and net income was about -₩5.5B. The stock closed at ₩40,350 on 2026-10-14, about 52% above its 52-week low of ₩34,950 and about 51% below its high of ₩83,200.

What stands out

• 2025 revenue fell 29% to ₩68.5B after a strong 2024 of ₩96.5B, and the company swung to an operating loss of about -₩16.7B.
• Trailing operating margin is -10.6% and net margin is -6.4%, compared with positive margins in 2022 to 2024.
• Cash of about ₩36.5B exceeds borrowings of about ₩4.8B, and trailing free cash flow is about ₩27.2B, although liabilities are 132.8% of equity.
• Recent filings include a major sales or supply contract (2026-10-08, with an amendment on 2026-10-01) and a buyback trust contract signed on 2026-09-03 that was terminated on 2026-10-02.
• The data's DCF fair value model gives a base value of ₩727 per share, far below the current price, with bear at ₩0 and bull at ₩3,361; the model's inputs and assumptions are not shown in the data, so treat it cautiously.

What to watch

• Upcoming full-year 2026 results and whether revenue recovers from the 2025 decline while losses narrow.
• Details of the recently disclosed major sales or supply contract and whether the buyback termination signals a change in capital plans.
• Ongoing 5%+ holding reports and insider filings, plus the lack of news headlines and missing foreign ownership and short-selling data in the pack.