Phionx파이온엑스

Phionx is in severe distress: losses are deep, cash is thin, and it has filed for bankruptcy amid a liquidity crisis.

Phionx, a KOSDAQ-listed apparel wholesaler and California cannabis retailer, reported trailing twelve-month revenue of ₩4.2B against an operating loss of ₩3.8B as of H1 2026. Borrowings of ₩3.4B far exceed cash of ₩0.4B, and recent filings show a bankruptcy petition that was later dismissed. The shares trade at ₩1,424, down 80.3% over one year.

What stands out

• Revenue has fallen every year shown, from ₩71.4B in 2021 to ₩4.5B in 2025, with operating losses in each of the last three years.
• Trailing free cash flow was negative ₩3.0B, and borrowings are about eight times cash on the latest figures.
• Filings from 19 to 22 October 2026 include a bankruptcy petition, its dismissal, a trading halt, a convertible bond amendment and a rights offering, showing a company in financing stress.
• A news report from 21 October says the company sought bankruptcy after a management rights sale stalled.
• No foreign ownership is recorded, and the 20-day flows show net foreign selling of about ₩241M.

What to watch

• Whether the trading halt lifts and how the rights offering and convertible bond terms are finalised.
• Any further court or creditor filings, and whether the company can meet its borrowings.
• The shareholders' meeting and the next periodic financial statements, which are not yet in the data.