Iron Device아이언디바이스

Iron Device is still loss-making on a trailing basis, though its share price has rebounded over the past three months after a steep fall over the past year.

Iron Device is a small fabless chip designer focused on audio amplifier, power-management and haptic drive chips for consumer devices. Over the trailing twelve months to H1 2026 it booked about ₩18.6B of revenue but an operating loss of about ₩5.3B, and free cash flow was negative at about ₩10.2B. The shares closed at ₩1,825 on 2026-10-23, roughly 60% below the 52-week high of ₩4,590 but well above the 52-week low of ₩1,125.

What stands out

• Revenue rose about 21% in 2025 to ₩10.1B, but operating margin was still deeply negative at -55%, with the 2025 operating loss of about ₩5.6B.
• Trailing operating margin improved to -28.4% from the 2025 level, though the business still loses money at the operating and net line.
• Balance sheet: cash of about ₩14.1B against borrowings of about ₩11.8B, with liabilities at 77.5% of equity.
• Valuation metrics are not meaningful on earnings: P/E is unavailable because of losses, while price-to-book is about 1.0x and price-to-sales about 1.4x; no dividend is paid.
• Recent filings include a half-year report (Aug 2026), a quarterly report (May 2026), a completed asset acquisition and transfer merger report (Apr 2026), and a 5%+ holding report (Sep 2026). No news headlines were included in the data.

What to watch

• The next quarterly or annual results, to see whether the operating loss keeps narrowing from the trailing -28.4% margin.
• Foreign ownership fell to 4% from 4.8% over 60 days, and foreign investors were net sellers over the last 20 days; watch whether this continues.
• Cash burn versus the ₩14.1B cash balance and ₩11.8B of borrowings, given negative trailing free cash flow of about ₩10.2B.