Fadu파두

Fadu's shares have swung sharply, and the business is still loss-making despite revenue growing fast.

Fadu is a Korean fabless chipmaker that designs SSD controllers for data centers and enterprise storage. Trailing twelve-month revenue reached ₩182B, but operating and net losses remain large, with a trailing net loss of ₩98.7B against ₩182B of revenue. The shares closed at ₩49,850 on 2026-10-29, down 40.4% over one month but up 107.7% over one year.

What stands out

• Revenue rose from ₩22.5B in 2023 to ₩92.4B in 2025, with 112.4% growth in 2025, while operating margin improved from -260.6% to -70.8% that year.
• Trailing twelve-month operating loss is ₩17.0B and net loss is ₩98.7B, so the net loss is much larger than the operating loss in the recent period.
• Trailing free cash flow is positive at ₩23.0B, but borrowings of ₩22.4B and a liabilities-to-equity ratio of 200.7% show a leveraged balance sheet.
• Foreign ownership fell from 27.8% to 25.3% over the last 60 days, and foreign investors were net sellers over the past 20 days, while retail investors were net buyers.
• Recent filings include a preliminary consolidated earnings release on 2026-10-19 and a major sales or supply contract on 2026-10-15, though the data does not state the contract's size or terms.

What to watch

• The full-year or half-year results and the detail behind the preliminary earnings release, including whether losses narrow.
• Further details of the major supply contract and any amendments, since the data does not explain their scale.
• Share price volatility: the stock is far from its 52-week high of ₩129,400 and well above its low of ₩21,200, and valuation metrics such as P/B of 39.2 are not supported by current earnings.