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
Wooriro has posted four consecutive quarters of operating profit since Q3 2025, but its revenue base remains well below 2022 levels.
Revenue and operating profit expanded together in both Q1 and Q2 2026, with operating margin visibly improving.
The SI segment (IT storage device distribution) accounted for 46.6% of 2025 revenue, the largest share driving results.
The 200Gbps-class photodetector technology transferred from ETRI is being commercialized with a target market entry in September 2026.
SPAD (single-photon avalanche diode) revenue rose 68% year-on-year in Q1 2026, confirming growth in the quantum-encryption business.
Operating cash flow turned positive in 2025 after a 2024 deficit, and the debt ratio declined, improving financial stability.
Founded in 1998 and headquartered in Gwangju, Wooriro is an optical communication component specialist whose revenue is organized around three business lines: optical communication, SI (storage distribution), and audio equipment.
The optical communication division makes PLC (planar lightwave circuit) splitters that divide optical signals and photodiodes (PD/APD) that convert optical signals into electrical signals; the company states it develops and supplies 10G, 25G, 50G and 100G-class PDs for data centers and 5G, as well as single-photon avalanche diodes (SPAD) for quantum-encrypted communication.
As of 2025, SI represented the largest revenue share at 46.6%, followed by photodiodes at 23.2%, audio equipment at 21.7%, and optical splitters at 8.6%.
The SI segment supplies HDDs and SSDs to domestic distributors under an import agreement with Western Digital, with end demand coming from telecom network operators and equipment makers.
The audio segment, run through a subsidiary, imports and distributes overseas brands such as Klipsch, JAMO, and Samsung-affiliated Harman's Denon, Marantz, and Bowers & Wilkins.
Optical communication revenue is largely export-driven, with China as the main market for splitter wafers and chips that local partners assemble into modules before delivery to telecom operators.
The company recently secured technology transfer from ETRI for a next-generation 200Gbps photodetector and, in 2024, established a subsidiary, Quantum Flux, to pursue quantum-technology businesses. It has cooperated with SK Telecom in quantum-encrypted communication since 2013.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.1B | -₩200M | −2.1% |
| 2025Q3 | ₩12.1B | ₩600M | 4.7% |
| 2025Q4 | ₩11.4B | ₩53,915,157 | 0.5% |
| 2026Q1 | ₩14.5B | ₩1.5B | 10.1% |
| 2026Q2 | ₩14.7B | ₩2.6B | 17.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩99B | ₩1.3B | -₩3.5B | 1.4% | −9.2% | 61.9% |
| 2023 | ₩54.6B | -₩3.5B | -₩4.8B | −6.3% | −10.6% | 33.5% |
| 2024 | ₩47.4B | -₩3B | -₩5.1B | −6.3% | −12.8% | 50.8% |
| 2025 | ₩42.5B | -₩700M | -₩800M | −1.6% | −2.0% | 44.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Annual revenue fell for four straight years, from KRW 99.0 billion in 2022 to KRW 54.6 billion in 2023, KRW 47.4 billion in 2024, and KRW 42.5 billion in 2025.
Operating profit, which was positive at KRW 1.35 billion in 2022, swung to losses of KRW 3.45 billion in 2023 and KRW 3.00 billion in 2024 before narrowing sharply to a loss of KRW 0.68 billion in 2025.
Net income attributable to owners followed a similar pattern, widening from a loss of KRW 3.45 billion in 2022 to KRW 4.79 billion in 2023 and KRW 5.11 billion in 2024, before narrowing to a loss of KRW 0.79 billion in 2025.
On a quarterly basis, the company moved from revenue of KRW 10.08 billion and an operating loss of KRW 0.21 billion in Q2 2025 to revenue of KRW 12.06 billion and operating profit of KRW 0.56 billion in Q3, sustaining profitability into Q4 with revenue of KRW 11.45 billion and operating profit of KRW 0.05 billion.
In 2026, revenue and operating profit both expanded further, reaching KRW 14.53 billion and KRW 1.47 billion in Q1 and KRW 14.73 billion and KRW 2.55 billion in Q2, marking four consecutive quarters of operating profitability. Operating margin rose from roughly 4.7% in Q3 2025 to roughly 17.3% in Q2 2026.
Net income briefly dipped to a loss of KRW 0.42 billion in Q4 2025 before returning to profit of KRW 1.53 billion in Q1 2026 and KRW 1.27 billion in Q2 2026.
Operating cash flow turned positive at KRW 1.16 billion in 2025 from a deficit of KRW 3.19 billion in 2024, while the debt ratio declined from 50.8% to 44.1%, indicating improved financial stability. The company attributed the improvement to a profitability-focused business realignment rather than simple cost cutting.
The optical component industry is benefiting from rising demand for optical transceivers as AI data centers and 5G/6G infrastructure expand, with the global optical transceiver market projected to reach USD 45.2 billion by 2032.
ETRI researchers have noted that demand for 200Gbps-class photodetectors has recently surged, particularly from China.
The quantum-encrypted communication industry remains at an early stage, but the related market is forecast to grow at an annual average of 28.8% through 2032, with the domestic market expected to expand to KRW 23 trillion by 2031.
SK Telecom, through its subsidiary ID Quantique (IDQ), has been selected as a key supplier for a European Union quantum-communication project, underscoring the growing importance of component supply chains in the domestic quantum ecosystem, where Wooriro sits at the component level with products such as SPAD.
However, the optical component industry involves competition from numerous domestic and overseas players, and Wooriro, which operates with a relatively small workforce, faces the burden of simultaneously advancing technology development and mass-production readiness.
Given its small-cap status on KOSDAQ, formal coverage from major brokerages is scarce, and the stock's market response tends to be more sensitive to thematic news than to earnings disclosures.
The company said it has completed prototype development and performance verification of the ETRI-transferred 200Gbps photodetector technology and has begun commercialization procedures targeting market entry in September 2026.
The technology reportedly was transferred on the condition of first-half prototype verification and second-half supply. The company has also disclosed plans to concentrate capabilities on commercializing a 400Gbps-class semiconductor device going forward.
In the quantum-encryption segment, SPAD revenue rose 68% year-on-year in Q1 2026, driving overall earnings improvement. Management has cited the expanding share of high-margin businesses such as quantum encryption and defense as the key driver behind the swing to operating profit.
The CEO has stated intentions to build quantum-encrypted communication into a future growth pillar through cooperation with SK Telecom.
These new businesses, however, remain at an early commercialization stage, and the scale and timing of their revenue contribution will need to be confirmed through subsequent quarterly disclosures.
The company posted net losses for three straight years from 2022 through 2024 and remained in the red in 2025, though the loss narrowed considerably, and quarterly results in 2026 have shown both operating profit and net income turning positive at the same time.
Against this backdrop of earnings recovery, the shares trade at a level that carries a sizable premium over net asset value.
The price-to-earnings multiple implied by the most recent four quarters of earnings sits at a level that is difficult to compare directly with the valuation seen during the earlier years of sustained losses.
The company has not paid a cash dividend through its most recent fiscal year, placing it in a different category from dividend-paying peers when it comes to yield.
Because formal target-price coverage from brokerages is scarce for this name, any valuation assessment needs to be paired with ongoing confirmation of quarterly results and progress on new business initiatives.
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 2026-08-21
The company posted four consecutive quarters of operating profit from Q3 2025 through Q2 2026, with operating margin rising from 4.7% to 17.3%. Net income also returned to profit for two straight quarters in 2026, aside from a brief loss in Q4 2025. Operating cash flow turned positive in 2025 as well, pointing to an improvement in earnings quality.
The ETRI-transferred 200Gbps photodetector technology has entered the commercialization phase with a target market entry in September 2026, and a 400Gbps-class device has been outlined as a follow-on plan. SPAD revenue rose 68% year-on-year in Q1 2026, demonstrating growth in the quantum-encryption business.
Long-term growth forecasts for AI data centers and quantum-encrypted communication provide the backdrop for this expansion.
Operating cash flow swung from a deficit of KRW 3.19 billion in 2024 to a surplus of KRW 1.16 billion in 2025. The debt ratio also declined to 44.1% in 2025 from 50.8% in 2024, a marked improvement from 61.9% in 2022. Cumulative losses have also narrowed each year in recent periods.
Annual revenue fell for four straight years, from KRW 99.0 billion in 2022 to KRW 42.5 billion in 2025, cutting the top line by more than half. The SI segment's revenue reportedly fell sharply from KRW 35.8 billion in 2023 to KRW 19.8 billion in 2025.
Whether the recent quarterly improvement fully reverses this long-term decline in revenue still requires further confirmation.
The company recorded net losses attributable to owners for four consecutive years from 2022 to 2025, with the loss widening to KRW 5.11 billion in 2024. The earnings recovery seen in 2025 and the first half of 2026 has not fully offset this multi-year loss history.
Notably, even in 2022, when operating profit was positive, net income was still negative, indicating significant volatility in non-operating items.
The 200Gbps photodetector, the 400Gbps device, and the SPAD-based quantum-encryption business are all at an early commercialization stage, with customer validation and mass-production transition still pending.
These businesses depend considerably on technology transfers from external research institutions such as ETRI and on the ordering schedules of government agencies and telecom operators. If commercialization timing is delayed, market expectations around the growth narrative could be adjusted.
The SI (storage distribution) and audio-equipment distribution businesses accounted for roughly 68% of 2025 revenue, meaning the company relies more on distribution and import margins than on proprietary technology products.
These businesses are exposed to external variables such as exchange rates, overseas supplier pricing, and distribution competition. The relatively low share of core optical component revenue means it may take time for new-business gains to be reflected in overall results.
Wooriro is known as a representative KOSDAQ small-cap stock with little formal research coverage from major brokerages. Retail investor flows tied to optical-communication and quantum-encryption themes have a substantial influence on its share price.
Stocks with high reliance on thematic flows can experience elevated short-term volatility unrelated to underlying results.
The 200Gbps and 400Gbps photodetector projects and the SPAD-based quantum-encryption business are all early-stage initiatives dependent on external technology transfers and customer certification processes.
Changes in the transfer conditions set by institutions such as ETRI, or in the ordering schedules of telecom operators and government agencies, could delay commercialization. The company's small workforce also creates resource-allocation pressure from pursuing multiple new businesses simultaneously.
Check whether the company achieves its stated goal of initial commercialization and market entry for the 200Gbps photodetector, and when related revenue begins to appear.
Assess whether the streak of quarterly operating profit extends to a fifth quarter, alongside any recovery in the SI and audio-equipment segments.
Monitor whether domestic quantum-encrypted communication network projects from the government or telecom operators are ordered, and whether Wooriro or Quantum Flux participates or wins related contracts.
Confirm the progress of the company's stated plan to commercialize a 400Gbps-class semiconductor device through further disclosures or IR materials.
Wooriro is a KOSDAQ small-cap that saw revenue decline and net losses persist from 2022 through 2025, yet it has shown a clear recovery since Q3 2025, posting four consecutive quarters of operating profit.
This improvement stems from a combination of expanded storage-device sales in the SI segment and rising photodiode and SPAD revenue in the optical communication segment, accompanied by a stronger financial structure marked by positive operating cash flow and a lower debt ratio.
At the same time, the company is building new growth pillars around the ETRI-transferred 200Gbps photodetector and its SPAD-based quantum-encryption business, though both remain at an early commercialization stage with uncertain timing and scale of revenue contribution.
It is also worth noting that the SI and audio-equipment distribution businesses, which make up a large share of revenue, carry lower margins than proprietary technology products and are more exposed to external variables.
As a small-cap with scarce brokerage coverage, the stock has a history of reacting sensitively to thematic news. Going forward, tracking quarterly earnings disclosures and the commercialization timeline of new businesses will be important to see how this story develops.
Report written 2026-09-05 · Data as of 2026-09-04
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