KGA케이지에이

KGA's shares have fallen sharply over the past year as trailing losses are large relative to its small revenue base.

KGA makes battery electrode process equipment and duct automation systems, with customers in battery and EV manufacturing. On a trailing twelve-month basis to H1 2026, revenue was about ₩4.1B against an operating loss of about ₩7.8B, and borrowings were about ₩48.1B against cash of about ₩0.4B. The share price closed at ₩1,175 on 2026-10-23, down 80.1% over one year and near its 52-week low of ₩1,130.

What stands out

• Trailing revenue of about ₩4.1B sits against an operating loss of about ₩7.8B, an operating margin of -189%.
• Full-year 2025 revenue was about ₩18.1B with a net loss of about ₩9.6B, so losses have been large in both periods.
• Borrowings of about ₩48.1B are well above cash of about ₩0.4B, and liabilities are 158.7% of equity.
• Free cash flow over the trailing period was about -₩24.7B, and the book-value multiple is 0.4 times while the price-to-sales multiple is 4.2 times.
• Recent filings include a 2026 third-party allotment rights offering, a half-year report, a shareholders' meeting notice, and a contract amendment; the data does not say what the contract involves in detail.

What to watch

• The next shareholders' meeting and the outcome of the rights offering, which the filings show was already priced in July 2026.
• Whether revenue recovers enough to narrow the operating loss and reduce reliance on borrowings.
• The data contains no news headlines and no analyst coverage, so the outlook beyond the filings is not clear from the information provided.