Innospace이노스페이스

Innospace is a pre-revenue-scale rocket developer still deep in losses, with its shares down sharply over the past year.

Innospace builds small rockets to launch small satellites and sells rocket engine parts and testing services. Over the last twelve months to H1 2026 it reported about ₩5.9B of revenue against roughly ₩69.8B of operating losses, and it still holds about ₩68.2B of cash. The shares closed at ₩4,975 on 2026-10-15, about 56% lower over one year and near the bottom of their 52-week range.

What stands out

• Revenue jumped from about ₩15M in 2024 to about ₩2.7B in 2025, but operating losses remain far larger than sales, at a margin of about -1,179% on a trailing basis.
• Cash of about ₩68.2B against borrowings of only about ₩0.7B means the balance sheet is not heavily leveraged, though free cash flow was about -₩62.9B on a trailing basis.
• Filings show repeated conversion of convertible preferred shares in September and October 2026, plus a conversion price adjustment, which can add shares outstanding.
• Price-to-book is about 1.6 and there is no meaningful earnings-based valuation because profits are negative; the company pays no dividend.
• News on 2026-10-14 covers a collaboration with InSERA Solution on a LEO satellite optical communication demonstration; no financial impact is stated in the data.

What to watch

• Upcoming results and filings for the next period, especially whether losses narrow relative to revenue and how cash burn trends from roughly ₩68B.
• Further conversion of convertible preferred shares and any resulting dilution of existing holders.
• Commercial progress on launches and the InSERA demonstration; the data does not include launch schedules or contract values.