PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Baek Geum T&A, built on radar detectors, two-way radios and dash cams, saw both revenue and profit contract in 2025 and has since alternated between losses and modest profits through the first half of 2026 as it seeks a recovery.
2025 consolidated revenue was KRW 148.9 billion with operating profit of KRW 6.8 billion (4.6% margin), both down from 2024
After operating losses in Q4 2025 (KRW 1.23bn) and Q1 2026 (KRW 0.33bn), the company returned to a small operating profit of KRW 0.41bn in Q2 2026
The company disclosed reduced orders from US customers (tariff impact) and preemptive R&D spending as reasons for the 2025 earnings swing
The company maintains four product lines—radar detectors, two-way radios, dash cams and RDVR combo units—produced through subsidiaries in the Philippines and Korea
The debt ratio improved from 47.0% in 2022 to 23.6% in 2025, even as profitability weakened
Founded in 1996 and listed on KOSDAQ in 2002, Baek Geum T&A is a communications device manufacturer whose core business is the development, manufacturing and sale of terminals connected to VHF receivers and wired/wireless communication networks, alongside an online affiliate-store brokerage operation, as an exporting company.
Its product lineup consists of four categories: radar detectors (RD), two-way radios (TWR), vehicle dash cams, and RDVR combo units that merge dash cam and radar-detection functions.
Production runs through group subsidiaries: the Philippine unit BAEK GEUM PHILIPPINES CORP develops and produces radar detectors and two-way radios, domestic subsidiary MTOmega develops and produces dash cams and RDVR combo units, and NEXcommunication develops and produces two-way radios.
The company states it is strengthening its global competitiveness through new technology development including high-sensitivity LNA radar, AI-enabled dash cams and Connected IoT dash cams.
More recently, in response to rising RDVR combo demand in Russia, it has been pursuing product diversification based on WiFi and Bluetooth connectivity technology.
On the other hand, competition in radar detectors is intensifying and demand for two-way radios is declining, so while expansion in dash cams and RDVR combos drives revenue, overall profitability remains constrained.
In the domestic dash cam market, competitors include Finedigital, THINKWARE and NC&N, and the company is attempting to differentiate itself through ODM development of higher-spec models and overseas market expansion.
Structurally, the company diversifies its product portfolio within a single communications-device industry so that weak demand in one product line can be offset by others.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩38B | ₩2.4B | 6.4% |
| 2025Q3 | ₩37.2B | ₩2.9B | 7.8% |
| 2025Q4 | ₩38.2B | -₩1.2B | −3.2% |
| 2026Q1 | ₩29.7B | -₩300M | −1.1% |
| 2026Q2 | ₩39.5B | ₩400M | 1.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩147.6B | ₩15.3B | ₩4.8B | 10.4% | 9.6% | 47.0% |
| 2023 | ₩170.7B | ₩17.1B | ₩13.4B | 10.0% | 21.8% | 42.1% |
| 2024 | ₩152.5B | ₩12.7B | ₩13.3B | 8.4% | 18.6% | 33.8% |
| 2025 | ₩148.9B | ₩6.8B | ₩4.2B | 4.6% | 5.8% | 23.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue rose from KRW 147.6 billion in 2022 to KRW 170.7 billion in 2023, then declined for two consecutive years to KRW 152.5 billion in 2024 and KRW 148.9 billion in 2025. The operating margin held in double digits at 10.4% in 2022 and 10.0% in 2023, but fell sharply to 8.4% in 2024 and 4.6% in 2025.
Net income attributable to owners expanded from KRW 4.75 billion in 2022 to KRW 13.41 billion in 2023 and KRW 13.25 billion in 2024, before contracting sharply to KRW 4.23 billion in 2025.
On a quarterly basis, operating profit of KRW 2.90 billion and owners' net income of KRW 2.21 billion in Q3 2025 were relatively solid, but Q4 2025 swung to an operating loss of KRW 1.23 billion and a net loss of KRW 0.84 billion attributable to owners.
Q1 2026 also posted an operating loss of KRW 0.33 billion, yet owners' net income was positive at KRW 1.16 billion, a result attributable to non-operating items.
In Q2 2026, revenue reached KRW 39.5 billion with operating profit returning to positive territory at KRW 0.41 billion, and owners' net income came in at KRW 0.31 billion.
Over the most recent four quarters (Q3 2025 through Q2 2026), cumulative owners' net income totaled KRW 2.84 billion, roughly one-fifth of the full-year 2024 figure.
The company attributed this earnings volatility to reduced orders from US customers due to tariffs, along with higher selling and administrative expenses from preemptive R&D spending aimed at future growth industries.
Operating cash flow, a gauge of cash-generating capacity, rose from KRW 13.7 billion in 2023 to KRW 23.5 billion in 2024 before easing to KRW 18.2 billion in 2025, remaining relatively healthy relative to net income.
The communications device industry the company operates in combines mature consumer and industrial markets for radar detectors, two-way radios and vehicle dash cams.
Radar detectors are centered on the North American market, and the company itself acknowledges intensifying competition there, suggesting the segment is closer to a share-competition phase than a growth phase.
The two-way radio market also appears to be in a demand-declining phase, indicative of broader industry maturity. In contrast, dash cams and RDVR combo units are considered an expanding segment, driven by technology trends such as AI functionality and enhanced connectivity via WiFi and Bluetooth.
The domestic dash cam market includes several listed competitors such as Finedigital, THINKWARE and NC&N, making price and technology competition a constant feature.
The company has stated it is responding to rising RDVR combo demand in emerging markets such as Russia, which can be read as an attempt to geographically diversify a revenue base historically concentrated in North America and Korea.
However, shifts in the trade environment, particularly US tariffs, represent a variable that can directly affect a business structure with substantial export exposure, as was reflected in actual 2025 results.
In a March 2026 disclosure, the company stated that the 2025 earnings swing stemmed from reduced orders from US customers due to tariffs and from preemptive R&D spending aimed at future growth industries.
While this weighed on selling and administrative expenses in the short term, whether the new products it has cited—AI-enabled dash cams and Connected IoT dash cams—can drive a revenue recovery going forward is a key point to watch.
Given that operating profit moved from a loss to a modest gain across Q1 and Q2 2026, whether this improving trend continues into the second half is an important consideration.
Efforts to diversify through rising RDVR combo demand in emerging markets such as Russia and through WiFi/Bluetooth-based connectivity technology are worth monitoring from a regional and product-diversification standpoint.
However, no specific public revenue guidance or capacity-expansion plan from the company has been confirmed, so at present it seems reasonable to gauge the pace of recovery through quarterly disclosed results.
Depending on whether US tariff policy is maintained or eased, the earnings sensitivity of the radar detector and two-way radio businesses, which carry exposure to US exports, could shift.
Given the increased earnings volatility of recent years, the profit-based price multiple the market assigns needs to be assessed with a different yardstick than during the earlier high-growth period.
The stock's price relative to net asset value appears to sit on the lower side compared with the broader market, a pattern consistent with a small-cap and one that may reflect a cautious market stance toward the pace of earnings recovery.
Dividends have been paid at a set amount each year, but the yield level is best judged in comparison with the average among similar small-cap electronic component names.
It should also be considered that, given its relatively small market capitalization, price volatility tends to be comparatively higher in response to changes in trading volume. The improvement in the debt ratio from 47.0% in 2022 to 23.6% in 2025 is a fact worth noting from a financial soundness standpoint.
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 2026-08-23
After posting consecutive operating losses in Q4 2025 and Q1 2026, the company turned to an operating profit of KRW 0.41 billion in Q2 2026. Revenue also showed a recovery, rising from KRW 29.69 billion in Q1 2026 to KRW 39.54 billion in Q2.
While short-term volatility in quarterly results remains, the move out of the loss phase can be viewed as a positive signal.
The debt-to-equity ratio has continued to decline, from 47.0% in 2022 to 23.6% in 2025. Operating cash flow also remained above the level of net income, reaching KRW 18.2 billion in 2025. This financial stability could serve as a buffer even during periods of weak earnings.
The company operates across four product lines—radar detectors, radios, dashcams, and RDVR combos—forming a structure in which weak demand for one product can be offset by others.
It is responding to growing demand for RDVR combos in emerging markets such as Russia, while simultaneously developing new technologies such as AI-equipped dashcams. Such diversification efforts may help reduce dependence on any single market.
Annual revenue peaked at KRW 170.7 billion in 2023 before declining for two consecutive years to KRW 148.9 billion in 2025. The company has disclosed that reduced orders from clients due to U.S. tariffs were a cause.
Structural demand stagnation in the mature radar detector and radio businesses is also a factor constraining revenue recovery.
The operating margin fell by more than half, from 10.4% in 2022 to 4.6% in 2025. The company disclosed that increased SG&A burden from proactive R&D investment expansion was one of the main causes. Operating losses in Q4 2025 and Q1 2026 confirmed this profitability erosion in actual results.
It is understood that competition is intensifying in radar detectors while demand is declining in radios. As these two businesses have accounted for a significant portion of revenue, if this trend continues, growth in dashcams and RDVR combos alone may not be enough to offset it. The domestic dashcam market also has numerous listed competitors, creating constant pricing pressure.
The company disclosed reduced orders from U.S. clients due to U.S. tariffs as a cause of the 2025 earnings fluctuation. The radar detector and radio businesses, which have exposure to U.S. exports, could be further affected by future changes in tariff policy. Uncertainty in the trade environment acts as a factor reducing the predictability of revenue.
As seen in the consecutive operating losses in Q4 2025 and Q1 2026, quarterly profitability shows large swings. If proactive R&D investment expansion continues, SG&A burden may persist in the short term.
Non-operating gains and losses can cause net income attributable to controlling shareholders to move in a direction different from operating profit, requiring careful interpretation.
As the company's market capitalization is relatively small, price volatility driven by changes in trading volume can be relatively large. Depending on the float and trading activity, price impact upon trading cannot be ruled out.
As is characteristic of small-cap stocks, short-term volatility from information asymmetry or rumor-driven issues is also worth noting.
Check the Q3 2026 (Jul-Sep) earnings disclosure to see whether the operating profit turnaround seen in Q2 continues
Monitor any changes in US tariff policy and any resulting recovery in orders from US customers
Check whether newly cited products such as AI-enabled dash cams and Connected IoT dash cams are actually launched and reflected in revenue
Track expanding RDVR combo demand in emerging markets such as Russia and any resulting shift in revenue mix by region
Baekgeum T&A is a communication device manufacturer built around four product lines—radar detectors, radios, dashcams, and RDVR combos—which has seen both revenue and operating margin contract for two consecutive years after peaking in 2023.
The return to a slight profit in Q2 2026, following consecutive operating losses in Q4 2025 and Q1 2026, suggests the possibility that earnings have bottomed out, but the observation period is still too short to confirm a clear recovery trend.
The company disclosed reduced orders due to U.S. tariffs and expanded proactive R&D investment as causes of the earnings fluctuation, which, while burdensome for short-term profitability, can also be interpreted as an attempt to strengthen mid- to long-term competitiveness through new product development.
In terms of financial structure, stability is being supported by a continuously declining debt-to-equity ratio. Key points to watch going forward include whether quarterly operating profit continues, changes in U.S. tariff policy, and the outcome of revenue diversification through new products and emerging markets.
Before making investment decisions, it is necessary to continuously verify through quarterly disclosures whether these factors are actually confirmed in results.
Report written 2026-09-05 · Data as of 2026-09-04
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