PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Sena Technology, the global No.1 in motorcycle wireless communication devices, posted record quarterly revenue and operating profit in Q2 2026 while exploring new growth in robot and industrial communication markets.
Q2 2026 revenue of KRW 75.46bn and operating profit of KRW 18.0bn marked all-time quarterly highs
Despite revenue growth in 2025, operating margin fell from 12.9% to 9.1% year-on-year, and Q4 2025 posted an operating loss
Holds roughly 60% global market share in motorcycle team communication devices, versus about 20% for Israel-based Cardo Systems, the No.2 player
Pursuing an early-stage new business extending mesh communication technology into service robot control through an MOU with Klobot
Share price has been volatile since the November 2025 KOSDAQ listing, with brokerages flagging shareholder overhang as a risk factor
Founded in 1998, Sena Technology makes wearable wireless communication devices, with motorcycle team communication devices and smart helmets as its core revenue source.
Its Mesh Intercom technology allows multiple devices to act as relay nodes for group communication without relying on existing cellular networks, giving it strong brand recognition among motorcycle, cycling, and ski riders.
In Q2 2026, the motorcycle segment generated KRW 64.2bn in revenue, the bulk of the total, with the smart helmet lineup up 75% year-on-year and driving growth.
Cycling and outdoor mesh communication products generated KRW 7.4bn and industrial-use products KRW 3.1bn, up 58% and 28% year-on-year respectively, showing expansion beyond the core motorcycle business.
Geographically, Europe and North America account for most sales, though revenue from Asia, including India and Thailand, has been growing rapidly.
On the customer side, the company supplies products via original design manufacturing (ODM) to global motorcycle and helmet brands such as Harley-Davidson, BMW Motorrad, Shoei, and Schuberth, creating a structure where these brands are simultaneously customers and competitors.
It also partners with global audio brands including Harman Kardon and Bose to enhance sound quality. More recently, the company signed an MOU with robot control platform firm Klobot to explore applying its mesh wireless communication technology to the service robot sector.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩34B | -₩3.2B | −9.3% |
| 2026Q1 | ₩43.8B | ₩3.8B | 8.8% |
| 2026Q2 | ₩75.5B | ₩18B | 23.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩167.5B | ₩21.6B | ₩19B | 12.9% | 15.0% | 26.5% |
| 2025 | ₩179.3B | ₩16.3B | ₩16.7B | 9.1% | 9.5% | 16.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual consolidated revenue rose to KRW 179.29bn in 2025 from KRW 167.50bn in 2024, but operating profit declined to KRW 16.29bn from KRW 21.55bn, with operating margin narrowing from 12.9% to 9.1%.
Net income attributable to owners also fell to KRW 16.71bn in 2025 from KRW 19.00bn in 2024, meaning profitability retreated even as revenue grew. On a quarterly basis, Q4 2025 was a drag on the full year, with revenue of KRW 33.98bn, an operating loss of KRW 3.16bn, and a net loss attributable to owners of KRW 0.66bn.
Q1 2026 returned to profit with revenue of KRW 43.82bn, operating profit of KRW 3.85bn, and net income attributable to owners of KRW 3.91bn, though profitability had not yet fully recovered amid expanded hiring and global marketing spend.
Q2 2026, however, delivered an all-time high quarterly performance with revenue of KRW 75.46bn, operating profit of KRW 18.00bn, and net income attributable to owners of KRW 14.77bn, marking a clear rebound. This traces a distinct shift from the Q4 2025 loss to expanding profitability through the first half of 2026.
Combining Q1 and Q2 2026, revenue reached KRW 119.28bn and operating profit KRW 21.85bn, which media reports indicate exceeded the company's own April guidance for the first half (revenue of KRW 106.1bn, operating profit of KRW 8.1bn) — noting this is based on media reporting ahead of the finalized semi-annual report.
The margin improvement has been attributed to an improved product mix from a larger share of higher-value products such as motorcycle smart helmets.
The motorcycle wireless communication device market in which Sena Technology operates has an oligopolistic structure, with Sena holding roughly 60% share and Israel's Cardo Systems around 20%.
This market is driven primarily by high-displacement motorcycle riders, with Europe and North America as core markets, while demand for premium communication gear tied to leisure and touring use has been rising in Asian markets such as India and Thailand.
In adjacent markets such as cycling and ski wearable communication devices, Sena also maintains strong brand recognition, and it expanded its lineup in early 2026 with new winter sports products including the Summit X.
More broadly, the spread of robotics and physical AI has drawn industry attention to mesh network technology capable of supporting robot-to-robot communication in environments lacking established network infrastructure.
Hana Securities analyst Kim Hong-sik wrote in a July 2026 report that Sena's mesh technology "could form its own network without existing communication infrastructure, positioning it as a potential alternative for physical AI robot communication." That said, the robot and industrial communication market remains at an early stage, with collaborations such as the Klobot MOU only just beginning and no confirmed revenue contribution yet.
In terms of competitive structure, global motorcycle and helmet brands such as Harley-Davidson and BMW Motorrad remain both customers of Sena through ODM supply and, through their own branded accessories, indirect competitors.
Media reports indicate the company's actual combined Q1 and Q2 2026 results exceeded the first-half guidance it disclosed in April 2026 (revenue of KRW 106.1bn, operating profit of KRW 8.1bn, net income of KRW 6.5bn), with the seasonally strong third quarter and the recognition of a pending US tariff refund cited as potential further profit drivers for the second half.
In robot communication, an MOU with Klobot is at an early collaborative stage, combining mesh wireless communication technology with a robot control platform, targeting eventual application in service robot settings involving multiple robots and workers.
The industrial-use product line continued double-digit growth in Q2 2026, showing early traction as a new growth driver. Regionally, the rising share of Asian revenue is a trend to watch, particularly whether sales expansion in emerging markets such as India and Thailand continues.
It should be noted that this second-half outlook rests on company statements and media reporting, and remains provisional until confirmed through the semi-annual and Q3 disclosure filings.
On the product side, new winter sports communication devices including the Summit X launched in January 2026, and winter-season sales performance is a point to monitor going forward.
Since its November 2025 KOSDAQ listing, Sena Technology's share price has shown considerable volatility, and its price-to-book relationship has moved within a wide range depending on the period.
Given that recent earnings shifted direction from a Q4 2025 loss to a record profit in Q2 2026, how the price-to-book ratio reflects this earnings trajectory is a point worth observing. On the dividend side, given the company's short listing history, no clear dividend policy has yet been established.
Hana Securities analyst Kim Hong-sik wrote in a July 2026 report that Sena's price-to-book ratio was at a "significantly undervalued level compared to domestic and overseas peers,
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 2026-09-04
Q2 2026 revenue of KRW 75.46bn and operating profit of KRW 18.0bn represented all-time quarterly highs. The motorcycle smart helmet lineup grew 75% year-on-year, driving an improved high-value product mix.
The trajectory from a Q4 2025 loss to expanding profits through the first half of 2026 shows a clear direction of earnings recovery.
Through an MOU with Klobot, the company is exploring a new business applying mesh wireless communication technology to service robot control. The industrial-use product line grew 28% year-on-year in Q2 2026, showing early traction.
Growing communication demand tied to the spread of robotics and physical AI has been cited as a potential growth driver.
The company maintains roughly 60% global market share as the No.1 player in motorcycle team communication devices. While revenue has centered on Europe and North America, sales from emerging Asian markets such as India and Thailand have been growing rapidly, indicating ongoing regional diversification.
A US tariff refund process is underway, and its completion has been cited as a potential additional profit factor for the second half.
Full-year 2025 revenue grew, but operating margin fell from 12.9% to 9.1%, and Q4 posted an operating loss. Expanded hiring and global marketing spending have repeatedly weighed on profitability. Given the large quarter-to-quarter swings, cost structure management going forward is a point to watch.
Having listed in November 2025, the stock has not yet completed a full year of trading, and KB Securities has flagged overhang as a risk factor. There is a possibility that supply pressure could emerge as pre-IPO shareholder stakes are absorbed into the market. Changes in the minority shareholder ratio and float remain items requiring ongoing monitoring.
Most revenue is generated from motorcycle leisure and outdoor products, making the business sensitive to consumer discretionary spending, currency movements, and tariff policy changes. The new robot and industrial communication business remains at an early stage with no confirmed revenue contribution yet.
A revenue structure centered on Europe and North America exposes the company to economic and consumer sentiment shifts in those regions.
A significant portion of revenue is generated in Europe and North America, exposing the company to currency fluctuations. The final scale and timing of the ongoing US tariff refund process have not yet been confirmed. Further changes in tariff policy could affect profitability.
The robot and industrial communication business remains at an early collaboration stage, exemplified by the MOU with Klobot. The timing of commercialization and the scale of any revenue contribution have not yet been confirmed. Increased investment costs associated with entering new markets could pressure profitability in the near term.
As a stock with less than a year of trading history, overhang concerns tied to its shareholding structure have been raised. Float could increase depending on the lock-up expiration schedule for the largest shareholder and other major holders.
Given its small-cap characteristics, price volatility tied to trading volume and supply-demand shifts can be relatively pronounced.
The Q3 2026 quarterly report filing will confirm whether third-quarter results reflect the seasonally strong period and any tariff refund recognition.
The final scale and timing of the US tariff refund recognition are expected to be disclosed through confirmed filings.
Actual sales performance of winter sports products launched in early 2026, such as the Summit X, should be checked in subsequent quarterly disclosures.
This is a point to check for any new product announcements or partnership updates related to robot and physical AI communication, including progress with Klobot.
The lock-up expiration schedule for major shareholders and any resulting changes in float should be continuously monitored through disclosures.
Sena Technology maintains its position as the global No.1 in motorcycle wireless communication devices, posting record Q2 2026 results with revenue of KRW 75.46bn and operating profit of KRW 18.0bn.
However, for full-year 2025, despite revenue growth, operating margin declined from 12.9% to 9.1%, and the company posted an operating loss in Q4, underscoring notable quarter-to-quarter earnings volatility.
Its new robot communication business, pursued through an MOU with Klobot, remains at an early stage with no confirmed revenue contribution yet. Regionally, diversification is underway as the Asian revenue share grows within a structure still centered on Europe and North America.
A short trading history since the November 2025 listing and overhang concerns are cited together as risk factors. Investment judgment should weigh the recent earnings recovery trend alongside the early-stage nature of the new business and shareholding supply-demand risks in a balanced manner.
Report written 2026-09-05 · Data as of 2026-09-04
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