Contec컨텍

Contec's revenue is growing but it still runs large operating losses, with its trailing figures showing a net profit.

Contec is a Korean satellite ground infrastructure and imagery company listed on KOSDAQ since late 2023. Its trailing twelve-month revenue to H1 2026 was ₩77.7B, with an operating loss of ₩14.9B and a net profit of ₩8.9B, and cash of ₩65.0B against borrowings of ₩10.2B. The data does not explain what drove the gap between the operating loss and the net profit.

What stands out

• Annual revenue rose from ₩15.8B in 2023 to ₩86.9B in 2025, but operating losses stayed large at ₩16.2B in 2025, an operating margin of -18.6%.
• Trailing figures show a net margin of 11.4% despite an operating margin of -19.2%, so the filings suggest non-operating items or other gains mattered; the data does not give detail.
• Free cash flow was negative at -₩11.6B on a trailing basis.
• The share price is ₩8,130, down 4.5% over one year but up 13.4% over three months, and well below its 52-week high of ₩26,350.
• Foreign ownership fell from 5.9% to 2.9% over about 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• The Q3 2026 quarterly report and whether operating losses narrow.
• Conversion rights exercises and the bond acquisition filing from September 2026, which may affect share count and cash.
• Whether the net profit is repeatable, since the data does not explain its source.