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
Revenue expansion in bio-fuel has narrowed losses, but a governance dispute and KOSDAQ listing-maintenance requirements weigh on the company at the same time.
2025 revenue rose sharply to KRW 20.85 billion from KRW 10.54 billion in 2024, but operating losses persisted.
A governance dispute between minority shareholders and incumbent management, ongoing since August 2025, has led to repeated CEO changes.
A court granted an injunction in May 2026 blocking a roughly 3.3 million-share third-party share issuance.
With KOSDAQ market-cap listing thresholds rising to KRW 20 billion in H2 and penny-stock rules tightening, a share consolidation was approved.
The company announced a value-up plan involving up to KRW 175 billion in fundraising for new business entry and a targeted turnaround to profitability.
SI Resources is a resource development and distribution company organized into a resource sales segment and an other business segment.
The resource sales segment is divided by revenue type into bio-fuel manufacturing and sales, peat mining and sales, and bituminous coal mining and sales, with bio-heavy oil processed from palm oil and animal/vegetable fats supplied to domestic power generators forming the core of current revenue.
Key customers are public power generation companies such as Korea Midland Power and Korea Southern Power, with repeat orders structured as single sales-and-supply contracts spanning several months.
The company also holds exclusive rights to peat mining in Sakhalin, Russia, running a renewable energy resource development business alongside its main operations. The other business segment, distribution of construction materials, accounts for a small share of total revenue.
The company was founded in 1987 and listed on KOSDAQ in 2002, was suspended from trading in 2019, and returned to the market in 2022.
As of February 2026 its largest shareholder was director Choi Kyung-deok with a 24.04% stake, though board composition subsequently changed after minority shareholder proposals passed at an extraordinary general meeting.
The competitive landscape is shaped by the bidding and contracting practices of state-owned power generators, with multiple bio-fuel suppliers competing, and because individual contracts often represent a large share of revenue, contract renewal directly drives earnings.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.7B | -₩100M | −1.5% |
| 2025Q3 | ₩8.8B | -₩1B | −11.8% |
| 2025Q4 | ₩4.2B | -₩800M | −19.7% |
| 2026Q1 | ₩9.5B | -₩1.2B | −12.8% |
| 2026Q2 | ₩3.8B | -₩400M | −9.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩4.7B | -₩2.3B | -₩1B | −48.2% | −5.5% | 13.5% |
| 2023 | ₩7B | -₩8.6B | -₩9.3B | −122.0% | −94.7% | 36.9% |
| 2024 | ₩10.5B | -₩3.7B | -₩2.1B | −35.0% | −27.5% | 95.2% |
| 2025 | ₩20.9B | -₩2.9B | -₩2B | −13.9% | −18.7% | 64.2% |
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
2025 consolidated revenue reached KRW 20.85 billion, roughly double the KRW 10.54 billion recorded in 2024, but the operating loss stood at KRW 2.90 billion with an operating margin of -13.9%.
Still, the operating margin trend improved over three consecutive years, moving from -122.0% in 2023 to -35.0% in 2024 and -13.9% in 2025. Net loss also narrowed, from KRW 9.27 billion in 2023 to KRW 2.10 billion in 2024 and KRW 1.96 billion in 2025.
On a quarterly basis, the second quarter of 2025 posted revenue of KRW 6.73 billion and an operating loss of KRW 0.10 billion yet still delivered a net profit attributable to owners of KRW 69.6 million, before the company swung back to losses in the third quarter (revenue KRW 8.85 billion, net loss KRW 1.01 billion) and fourth quarter (revenue KRW 4.15 billion, net loss KRW 0.60 billion).
The first quarter of 2026 set a quarterly revenue record of KRW 9.54 billion, but the net loss widened to KRW 1.12 billion, and in the second quarter of 2026 revenue fell to KRW 3.76 billion while the net loss expanded further to KRW 1.22 billion.
Over the trailing four quarters from the third quarter of 2025 through the second quarter of 2026, cumulative net loss attributable to owners totaled about KRW 3.96 billion, underscoring substantial quarter-to-quarter volatility.
On the cash flow side, operating cash flow was negative KRW 2.92 billion in 2025, a larger outflow than the negative KRW 0.59 billion in 2024, while the debt ratio declined from 95.2% in 2024 to 64.2% in 2025.
The domestic bio-heavy oil market is structured around regular bidding and contracting by state-owned power generation companies seeking to replace part of their fossil fuel use in response to the Renewable Portfolio Standard and similar policies, with suppliers' results directly tied to raw material price swings such as palm oil and to contract renewal outcomes.
Contracts with power generators are typically signed on a several-month basis, and because contract value often represents a large share of a supplier's revenue, the outcome of a single contract can heavily influence quarterly results.
Volatility in international raw material prices, particularly palm oil, is a variable that directly affects the cost structure.
The peat and bituminous coal mining and sales segment is comparatively small and rests on overseas resource development rights, such as in Sakhalin, Russia, exposing it to local policy and environmental changes.
Within KOSDAQ, numerous small resource development and distribution companies exist, many of which face similar combinations of earnings volatility and listing-maintenance issues, meaning the company's situation is not unique within the sector.
The Korea Exchange tightened the minimum market-cap requirement for KOSDAQ listing maintenance starting in 2026 and plans a further increase in the second half, adding to broader regulatory pressure on small-cap stocks.
The company disclosed a value-up plan calling for up to KRW 175 billion in fundraising to enter new businesses and pursue a turnaround to profitability, but this plan was announced after minority shareholders gained control of management, and its concrete execution and timing remain unconfirmed.
In May 2026, a court granted an injunction blocking a roughly 3.3 million-share third-party share issuance, halting that fundraising route, with the plan's feasibility depending on the outcome of the underlying lawsuit.
The CEO position changed to Choi Bong-jin in April 2026 and to Jeon Sun-ok in June 2026, and in July an embezzlement and breach-of-trust complaint was filed against the representative director and inside directors, extending governance-related uncertainty.
In the bio-fuel segment, contracts with Korea Midland Power and Korea Southern Power continued from late 2025 into early 2026, and whether such repeat contracts with power generators persist going forward will be key to revenue.
At the March 2026 annual general meeting, amendments to the articles of incorporation and a share consolidation were approved, addressing the low per-share price issue tied to the KRW 100 par value.
With KOSDAQ market-cap listing requirements rising in the second half, whether the company continues to meet listing-maintenance thresholds remains an ongoing point to watch.
The share price stands below net asset value per share, trading at a discount relative to net assets. Because net income has posted losses for multiple consecutive years, earnings-based valuation metrics cannot be calculated, and net losses have persisted even on a trailing four-quarter basis.
Looking at annual results, the operating margin has moved in a direction of narrowing losses since 2023, though it has yet to reach breakeven. No dividend is being paid, making dividend-based valuation comparisons difficult.
With governance disputes and listing-maintenance uncertainty overlapping, market valuation appears to be shaped substantially by factors beyond business fundamentals.
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
2025 revenue rose sharply to KRW 20.85 billion from KRW 10.54 billion in 2024. First-quarter 2026 revenue also set a quarterly record of KRW 9.54 billion. Repeat bio-heavy oil supply contracts with public generators such as Korea Midland Power and Korea Southern Power have been the main driver of revenue growth.
Operating margin improved from -122.0% in 2023 to -35.0% in 2024 and -13.9% in 2025, narrowing losses for three straight years. Over the same period, net losses shrank from roughly KRW 9.3 billion to about KRW 2.0 billion. This is interpreted as revenue growth partially offsetting fixed-cost burdens.
The company announced a plan to raise up to KRW 175 billion to enter new businesses and pursue a turnaround to profitability. Announced after minority shareholders gained control, execution remains unconfirmed, but it can be viewed as an attempt at business diversification.
The net loss widened to KRW 1.12 billion in the first quarter of 2026 and to KRW 1.22 billion in the second quarter. Second-quarter revenue also fell sharply to KRW 3.76 billion from KRW 9.54 billion in the first quarter. Substantial quarter-to-quarter volatility in both revenue and earnings is a concern.
A dispute between minority shareholders and incumbent management, ongoing since August 2025, led to CEO changes in both April and June 2026. In July, an embezzlement and breach-of-trust complaint was filed against the representative director and inside directors. Repeated management turnover and litigation raise concerns about management stability.
As KOSDAQ market-cap listing requirements rise in the second half of 2026, a court injunction in May halted a roughly 3.3 million-share capital increase. With a key funding channel blocked, the feasibility of executing the value-up plan remains uncertain.
The dispute between minority shareholders and incumbent management has persisted for over a year, with repeated CEO changes. Multiple legal disputes, including an embezzlement and breach-of-trust complaint against management, are ongoing, and this uncertainty could delay normal business operations and new fundraising.
The Korea Exchange tightened market-cap requirements for KOSDAQ listing maintenance starting in 2026, with a further increase in the second half.
Penny-stock-related regulations are also in effect; the company responded with a share consolidation, but whether it continues to meet market-cap thresholds requires ongoing monitoring.
Operating cash flow was negative KRW 2.92 billion in 2025, a larger outflow than negative KRW 0.59 billion in 2024. A court injunction has halted a third-party share issuance, and the outcome of the underlying lawsuit and the availability of alternative funding could affect financial stability going forward.
The third-quarter 2026 report is due around this time, warranting a check on whether the recent widening of net losses continues and on the status of bio-fuel contract renewals.
The KOSDAQ market-cap listing maintenance requirement rises to KRW 20 billion during this period, requiring ongoing verification of whether the company meets the threshold.
Depending on the ruling in the underlying case related to the May 2026 share-issuance injunction, whether the third-party capital increase can resume and whether the value-up plan can be executed may change.
It is necessary to check whether the fundraising and new-business-entry plan, referenced at up to KRW 175 billion, is disclosed with a concrete execution schedule and method.
SI Resources has seen revenue recover on the back of bio-heavy oil supply and its operating loss margin improve for three consecutive years, yet it has not escaped net losses on either an annual or quarterly basis.
The governance dispute that began in August 2025 has driven repeated CEO changes and litigation, deepening governance uncertainty, and a court injunction blocking new share issuance has halted a planned capital raise.
The company announced a value-up plan involving up to KRW 175 billion in fundraising and new business entry, but concrete execution has not been confirmed. At the same time, with KOSDAQ market-cap listing requirements rising in the second half, maintaining the listing itself remains an important variable to watch.
With signs of business improvement coexisting alongside governance and regulatory uncertainty, upcoming quarterly results along with litigation and disclosure timelines warrant continued attention.
Report written 2026-09-12 · Data as of 2026-09-11
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