PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
TS Nexgen had its delisting approved by KOSDAQ in June 2026, but the process has been stayed pending a court injunction the company filed, even as it carries four straight years of operating losses and a sharp erosion of equity.
On June 8, 2026, the KRX Corporate Examination Committee approved delisting citing qualified audit opinions for FY2024 and FY2025.
The company filed for an injunction to stay the delisting decision, and trading has been fully suspended since June 10, 2026 pending the court's ruling.
Owners' equity fell sharply to KRW 17.5 billion in 2025 from KRW 66.1 billion in 2024, while the debt ratio rose to 99.1%.
Quarterly operating performance has gradually improved, turning to a marginal profit in Q2 2026.
The bio-healthcare business in brain-disease treatment devices, via subsidiary Neurosona, has been positioned as a new growth driver.
TS Nexgen began as an industrial equipment maker specializing in dampers and SOx dampers for power, nuclear, and marine desulfurization applications, alongside Busway electrical distribution systems.
More recently, it has expanded into bio-healthcare through subsidiary Neurosona, which develops brain-disease treatment devices based on Low Intensity Focused Ultrasound (LIFU) technology.
Founded in 2017, Neurosona developed the hospital-use device 'NS-US200' targeting depression and was designated an innovative medical device by Korea's Ministry of Food and Drug Safety in August 2021.
TS Nexgen acquired control of Neurosona from SU Holdings in May 2024 and later raised its stake to 73.43% through additional purchases. The company has added numerous business objectives with an investment-holding character, covering regenerative medicine, cell therapy, gene therapy, and tissue-engineering treatments.
Its controlling shareholder has changed hands multiple times in recent years, with a filing in March 2026 disclosing a change of largest shareholder to EN Plus Co.
The industrial equipment segment operates on an order-based structure tied to capital investment cycles in the power and shipbuilding industries, resulting in significant revenue volatility.
The bio-healthcare segment remains at an early stage, where business value is driven more by clinical and regulatory approval progress than by current revenue contribution.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.8B | -₩1.3B | −34.1% |
| 2025Q3 | ₩2.9B | -₩900M | −31.5% |
| 2025Q4 | ₩3.5B | -₩1.9B | −53.6% |
| 2026Q1 | ₩3.8B | -₩300M | −6.8% |
| 2026Q2 | ₩2B | ₩4,179,266 | 0.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩25.5B | -₩2.6B | -₩9.7B | −10.3% | −20.3% | 56.1% |
| 2023 | ₩26.5B | -₩1.7B | ₩39,148,357 | −6.5% | 0.1% | 52.4% |
| 2024 | ₩21.5B | -₩5.7B | -₩19.1B | −26.6% | −28.9% | 94.2% |
| 2025 | ₩14.5B | -₩5.9B | -₩38.6B | −40.4% | −220.3% | 99.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-30
Consolidated revenue edged up from KRW 25.5 billion in 2022 to KRW 26.5 billion in 2023, then fell for two straight years to KRW 21.5 billion in 2024 and KRW 14.5 billion in 2025.
Operating losses persisted for four consecutive years, with the 2025 operating loss of KRW 5.9 billion roughly in line with the KRW 5.7 billion loss in 2024.
Net income was positive only in 2023, at a marginal KRW 39 million, while owners' net loss was KRW 9.7 billion in 2022, KRW 19.1 billion in 2024, and widened to KRW 38.6 billion in 2025.
As a result, owners' equity dropped sharply from KRW 66.1 billion at end-2024 to KRW 17.5 billion at end-2025, while the debt ratio rose from 94.2% to 99.1% over the same period.
By quarter, the owners' net loss was concentrated in Q4 2025 at KRW 21.1 billion, accounting for most of the full-year 2025 loss, suggesting the possible impact of a large one-off impairment.
Operating performance, however, gradually improved — the loss narrowed from KRW 0.9 billion in Q3 2025 and KRW 1.9 billion in Q4 2025 to KRW 0.3 billion in Q1 2026, before turning to a marginal operating profit of about KRW 4 million in Q2 2026, near breakeven on a quarterly basis.
Owners' net losses in the first half of 2026 also narrowed substantially versus the year-earlier period, at KRW 0.2 billion in Q1 and KRW 0.6 billion in Q2.
Operating cash flow swung from positive KRW 6.1 billion in 2023 to negative KRW 0.1 billion in 2024 and negative KRW 5.2 billion in 2025, indicating continued deterioration in cash-generating capacity.
The industrial equipment segment (dampers, Busway) is tied to new capacity additions and environmental-compliance investment in downstream industries such as power generation, petrochemicals, and shipbuilding.
Tightening IMO marine air-pollution regulations support demand for desulfurization equipment, but order flow tends to concentrate with major shipyards, limiting the position of smaller equipment makers.
Busway and other electrical distribution equipment benefit from growing demand tied to large power-consuming facilities such as data centers and semiconductor plants, but the field is highly competitive with numerous domestic and overseas specialists.
The bio-healthcare segment (brain-disease treatment devices) remains at a pre-commercialization stage; Neurosona's LIFU technology has been described as offering more precise stimulation accuracy than second-generation transcranial magnetic stimulation (TMS) technology.
However, the business outcome hinges heavily on the timing and success of regulatory approval, and the latest official timeline for domestic approval and launch requires further confirmation.
Competitively, the industrial equipment segment resembles a mature market with many small and mid-sized specialists, while the bio-healthcare segment is in an early-stage technology race among smaller companies.
The most pressing issue is the outcome of the legal proceedings determining whether the company retains its listing. On June 8, 2026, the KRX Corporate Examination Committee approved delisting, citing qualified audit opinions for both FY2024 and FY2025.
Just before cleanup trading was set to begin, the company filed an injunction with the Seoul Southern District Court to stay the delisting decision, and trading has been fully suspended since June 10, 2026 pending the court's ruling.
As of mid-September, delisting procedures including cleanup trading remain stayed due to the injunction, while a separate court receivership petition was dismissed by the Seoul Rehabilitation Court on September 14, 2026, resolving one of the grounds for the company's administrative-issue designation.
On the business side, completing clinical trials and obtaining regulatory approval for Neurosona's brain-disease treatment device has been presented as the next step for the bio-healthcare segment, though the latest schedule requires further confirmation.
The industrial equipment segment appears focused on defending revenue with its existing power and shipbuilding customer base, but no specific order backlog has been publicly identified that would reverse the four-year revenue decline.
Given the improving operating trend in the first half of 2026, whether cost-restructuring effects persist into the second half will be a point to watch.
Since TS Nexgen's delisting was approved in June 2026 and the process has since been stayed by the company's own injunction filing, legal uncertainty over whether the listing will be retained dominates the stock's price and tradability far more than conventional earnings- or asset-based multiple comparisons.
Because owners' equity fell sharply within a single year due to large net losses, the capital base against which any share price is measured has itself been moving rapidly. On the earnings side, four consecutive years of operating losses and large net losses limit the usefulness of earnings-based multiples.
No dividend payments have been confirmed in recent years, limiting the relevance of dividend-based comparisons as well.
Ultimately, the outcome of delisting-related litigation and any improvement in the balance sheet are likely to matter more directly to how the market assesses the company than standard financial ratios at this stage.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-30
TS Nexgen entered the brain-disease treatment device market by securing a 73.43% stake in Neurosona, whose LIFU-based technology has been described as offering more precise stimulation than existing TMS technology. The related device was also designated an innovative medical device in 2021.
This represents an attempt to add a new growth axis to a business that was previously centered on industrial equipment.
The scale of operating losses narrowed noticeably from Q3–Q4 2025 to Q1–Q2 2026, with a marginal operating profit recorded in Q2 2026. This may partly reflect cost-efficiency or restructuring efforts. Whether this trend continues will be a key point to monitor.
On September 14, 2026, the Seoul Rehabilitation Court dismissed a petition for court receivership, resolving one of the grounds for the company's administrative-issue designation.
This can be read as reducing risk on at least that specific front, though the more fundamental issue of the qualified audit opinion remains unresolved.
Delisting was decided by the Corporate Examination Committee's resolution on June 8, 2026, and while the process is stayed pending the company's injunction filing, trading remains fully suspended until a court ruling is issued.
The possibility that delisting proceeds regardless, depending on the court's decision, cannot be ruled out. The longer the suspension persists, the greater the liquidity constraint for investors.
Owners' equity plunged from KRW 66.1 billion at end-2024 to KRW 17.5 billion at end-2025, while the debt ratio rose to 99.1%. This financial opacity underlies the two consecutive years of qualified audit opinions. Operating cash flow also remained negative at KRW 5.2 billion in 2025.
Consolidated revenue declined for two straight years, from KRW 26.5 billion in 2023 to KRW 14.5 billion in 2025.
The largest shareholder changed hands multiple times in a short period, and in September 2025 a dispute over corporate control continued, including a court injunction granting shareholder-registry inspection rights and the withdrawal of a planned spin-off. Such governance instability could weigh on management continuity.
Regardless of which way the court's injunction ruling goes, it will directly affect the stock's tradability and liquidity.
If the injunction is rejected, delisting procedures could resume; even if it is granted, the underlying cause — the qualified audit opinion — remains unresolved and could trigger delisting grounds again. The trading suspension could also be prolonged during this process.
Two consecutive years of qualified audit opinions due to audit scope limitations, a sharp decline in equity, and a debt ratio reaching 99.1% raise concerns about the balance sheet. Operating cash flow also remained negative at KRW 5.2 billion in 2025, potentially increasing reliance on external financing. The possibility of further impairments or capital-raising issues cannot be ruled out.
Repeated changes in the largest shareholder, along with legal disputes over corporate control including a shareholder-registry inspection injunction, the withdrawal of a spin-off, and a capital reduction decision, have continued.
Management turnover or delayed decision-making could burden business execution and external credibility. The possibility that such disputes recur going forward should be kept in view.
The outcome of the injunction to stay the delisting decision (case No. 2026Kahap1389) at the Seoul Southern District Court will determine whether delisting procedures and trading resume.
Around the statutory filing deadline for the Q3 2026 report, investors should check the latest financial condition and any disclosures related to the auditor's opinion.
Investors should watch for additional disclosures on the progress of Neurosona's brain-disease treatment device clinical trials and regulatory approval process.
Investors should check whether the remaining grounds for administrative-issue designation — the qualified audit opinion — are resolved, and follow the progress of any additional litigation.
TS Nexgen is a company built on industrial equipment (dampers, Busway) that is adding a bio-healthcare business in brain-disease treatment devices through Neurosona, but at present, legal risk over whether it retains its listing looms larger than underlying business fundamentals.
Delisting was approved in June 2026, and with the process stayed by the company's own injunction filing, trading remains suspended as the company awaits the court's ruling.
Financially, four consecutive years of operating losses, two years of widening net losses, a sharp decline in owners' equity, and a debt ratio reaching 99.1% point to significant balance-sheet concerns.
Still, the improving trend in quarterly operating performance in the first half of 2026 and the dismissal of the rehabilitation petition, which removed one source of uncertainty, can be viewed as positive signals. The history of repeated changes in largest shareholder and control disputes also warrants attention.
Investors should take a sequential approach — monitoring the court's injunction ruling, the auditor's opinion in the next quarterly report, and progress at Neurosona.
Report written 2026-10-01 · Data as of 2026-09-30
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