Ivim Technology아이빔테크놀로지

Ivim Technology is growing revenue but still posting heavy operating losses, with its shares down sharply over the past year.

Ivim Technology, a KOSDAQ-listed maker of intravital microscopes for live-animal research, reported trailing twelve-month revenue of about ₩6.6B to H1 2026, but an operating loss of about ₩3.1B and a free cash outflow of about ₩4.3B. The shares closed at ₩2,480 on 2026-10-29, market cap about ₩37.5B, down 28.9% over one year and near the lower end of their 52-week range.

What stands out

• Revenue rose 22.8% in 2025 to about ₩4.4B, but the operating loss still widened to about ₩4.2B, so the operating margin remains deeply negative.
• Trailing operating margin is about -47%, an improvement on 2025's -95%, though the data gives no explanation for the change.
• Cash of about ₩4.6B exceeds borrowings of about ₩0.8B, and liabilities are 9.7% of equity, but free cash flow is still negative at about ₩4.3B.
• Filings show several major sales or supply contracts from March to October 2026, including an amended contract filed on 2026-10-22; the data does not give their values.
• Foreign ownership rose from 0.9% to 1.5% over 60 days, while retail investors were net sellers over the last 20 days; the data gives no reason for these flows.

What to watch

• The next half-year or quarterly filings, to see whether the operating loss narrows as revenue grows.
• Whether the contract filings translate into recognised revenue and cash flow, and the value of the amended October contract.
• Cash burn: at the current trailing free cash outflow, the company's cash balance would need monitoring closely; the data does not include a runway estimate.