Alux에이럭스

Alux has swung from profit in 2024 to large losses in 2025 and the first half of 2026, and its shares are down about 42% over the past year.

Alux makes educational drones and robots and has been expanding into defense and public-facility services. Trailing twelve-month revenue is ₩76.3B, but operating and net losses are large, with an operating margin of -11.4%. Borrowings of ₩31.2B exceed cash of ₩14.2B, and free cash flow is negative.

What stands out

• Revenue rose 14.5% in 2025 to ₩63.0B, but the operating loss widened to ₩10.5B from a ₩3.0B profit in 2024.
• Trailing twelve-month net loss is ₩7.4B, and return on equity is -14.7%.
• Liabilities are 158.4% of equity, and trailing free cash flow is -₩8.6B against ₩14.2B of cash.
• The company has no dividend yield and no reported forward earnings, so the price-to-earnings ratio is not meaningful; price-to-book is 1.9 and price-to-sales is 1.1.
• Filings in 2026 include a rights offering decision, share acquisitions and disposals, a major sales or supply contract, and a loan extension, but no news headlines are in the data.

What to watch

• The rights offering (paid-in capital increase) decision, which the filings show was amended in August 2026, and its effect on existing shareholders; the terms are not in the data.
• Whether the company returns to operating profit and reduces its borrowings relative to cash, given the negative free cash flow.
• Progress of the defense and public-facility business, including the July 2026 major contract, which the data does not describe in detail.