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
Alton returned to operating profit in 2025 and grew again in the second quarter of 2026, but quarterly earnings volatility and reliance on a large B2B contract remain visible at the same time.
2025 consolidated revenue reached KRW 32.16bn with operating profit of KRW 227mn, turning positive from a KRW 5.49bn operating loss in 2024
Q2 2026 revenue of KRW 17.97bn, the largest single quarter, with operating profit of KRW 1.66bn as peak season demand and a large B2B contract overlapped
Holding company Innox (46.6% stake) and Now IB Capital signed a three-way partnership for value-up and new business, backed by a capital increase and on-market share purchases
Alton posted operating losses in both Q3 2025 and Q1 2026, showing pronounced quarter-to-quarter earnings swings
The e-scooter business was fully discontinued amid regulatory and safety issues, and the company is now structured around e-bikes
Alton is a KOSDAQ-listed maker of bicycles and e-bikes that operates its own mass-production facility in Korea. The company manages the entire process in-house, from frame design and styling to final assembly, which also allows it to take on OEM orders.
It runs a dedicated e-bike brand, e-Alton, and recently launched what it describes as Korea's first model equipped with an LMFP (lithium manganese iron phosphate) battery aimed at improving fire safety.
Alton previously expanded its personal mobility lineup with the "Wego" e-scooter series, but halted production entirely after regulatory changes to road traffic law and safety-accident concerns, and no longer sells e-scooters.
As a result, the business is now centered on e-bike and regular bicycle sales along with after-sales service. Sales channels are shifting in emphasis from traditional dealer-driven B2C toward corporate B2B customers, exemplified by a KRW 11.8bn supply contract signed with a domestic IT company.
The largest shareholder is holding company Innox, which held a 46.6% stake according to the business report. Rival Samchully Bicycle has also grown by pushing e-bikes, but its strategy leans more toward expanding B2C consumer touchpoints, differentiating it from Alton's B2B-focused approach.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩13.9B | ₩1.6B | 11.5% |
| 2025Q3 | ₩4.8B | -₩600M | −13.3% |
| 2025Q4 | ₩5.6B | -₩400M | −6.5% |
| 2026Q1 | ₩7.1B | -₩400M | −6.0% |
| 2026Q2 | ₩18B | ₩1.7B | 9.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩51.3B | ₩2.1B | -₩700M | 4.1% | −2.6% | 53.7% |
| 2023 | ₩42.4B | ₩600M | -₩400M | 1.5% | −1.4% | 68.7% |
| 2024 | ₩28.2B | -₩5.5B | -₩6.3B | −19.5% | −31.6% | 52.8% |
| 2025 | ₩32.2B | ₩200M | ₩200M | 0.7% | 1.0% | 44.8% |
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
Alton's consolidated revenue fell for three straight years, from KRW 51.32bn in 2022 to KRW 42.40bn in 2023 and KRW 28.19bn in 2024. Operating profit also declined over this period, from a KRW 2.09bn profit in 2022 to KRW 650mn in 2023, before swinging to an operating loss of KRW 5.49bn in 2024.
The 2024 net loss widened further to KRW 6.35bn, the weakest result across the four years shown. In 2025, revenue rebounded to KRW 32.16bn, and both operating profit (KRW 227mn) and net profit (KRW 212mn) turned positive.
On a quarterly basis, Q2 2025 was the strongest quarter of the year with revenue of KRW 13.92bn, operating profit of KRW 1.61bn, and net profit of KRW 1.48bn, a result attributed to overlapping peak-season demand and the booking of a large contract.
In contrast, Q3 2025 revenue dropped sharply to KRW 4.75bn, with an operating loss of KRW 632mn and a net loss of KRW 1.62bn, reflecting a clear seasonal low. Q4 2025 revenue was KRW 5.58bn with an operating loss of KRW 360mn, yet net profit came in positive at KRW 722mn, showing a mixed result.
Q1 2026 swung back to losses with revenue of KRW 7.08bn, an operating loss of KRW 427mn, and a net loss of KRW 267mn, before Q2 2026 turned profitable again with revenue of KRW 17.97bn, operating profit of KRW 1.66bn, and net profit of KRW 1.24bn, reaffirming a pattern of significant quarter-to-quarter volatility.
Industry observers note that Korea's bicycle and e-bike market has faced a stagnation phase due to structural factors such as fine dust and low birth rates.
As one industry report put it, both major makers have shifted focus toward personal mobility partly to overcome a market slowdown, as bicycle companies have struggled amid the effects of fine dust and low birth rates.
Against this backdrop, bicycle companies have responded by diversifying sales channels through lower-priced models and expanded B2B dealings, rolling out mid- and low-priced products in succession to lower the 'price barrier' while also expanding into new businesses such as e-bikes.
Rival Samchully Bicycle has shown steadily rising revenue of KRW 106.8bn, KRW 161.2bn and KRW 175.6bn, turning from a KRW 6.3bn operating loss in 2023 to a KRW 3.0bn profit in 2024 and then expanding operating profit to KRW 12.4bn in 2025, demonstrating a larger scale and stronger profit recovery than Alton.
More recently, expectations have built around persistently high oil prices tied to Middle East tensions boosting demand for e-bikes as an alternative mode of transport, alongside views that potential government vehicle-restriction policies could further lift e-bike demand.
Both Alton and Samchully Bicycle have effectively exited the e-scooter business, halting additional production amid a road traffic law revision that took effect in May and mounting safety-accident concerns, narrowing the competitive focus of personal mobility to e-bikes.
Alton is emphasizing B2B channel expansion while Samchully Bicycle leans more toward expanding consumer touchpoints, marking a clear strategic divergence between the two.
Alton booked a substantial portion of the KRW 11.8bn supply contract signed with a domestic IT company back in January into its Q2 results, and said it plans to strengthen its mobility business competitiveness going forward through customized product supply and expanded sales to corporate clients, aiming to aggressively expand its domestic e-bike market share in the second half based on a customized sales strategy and a new product lineup incorporating advanced technology.
In January, the company signed a strategic memorandum of understanding with holding company Innox and venture capital firm Now IB Capital aimed at enhancing corporate value and securing new growth engines, with Now IB Capital taking a first step by investing KRW 2.0bn through participation in a third-party allotment capital increase.
The three parties are discussing plans for Alton to expand beyond simple mobility manufacturing into high-value-added advanced technology fields such as AI, robotics, and digital transformation, though a company representative explained that while it is not yet at a stage where specifics can be disclosed, the company is devising strategies that would benefit both the group's and Alton's growth and will notify shareholders immediately via disclosure once a detailed direction is set.
At a new product showcase in February, the company said it kicked off full-scale market efforts by unveiling a total of 49 new models, including one equipped with Korea's first LMFP (lithium manganese iron phosphate) battery designed to maximize fire safety, with dealers giving favorable reviews to the 'M Plus 20,' which combines safety and design, and the 'Python' series, which improves riding efficiency, leading to a real increase in advance orders.
This year's plans also include introducing smart chargers across all lithium-ion models to reinforce safety and applying a new frame with dramatically improved durability to the regular bicycle lineup.
Largest shareholder Innox stated it would purchase about KRW 2.0bn worth of Alton shares on the open market to enhance corporate value and maximize shareholder value, with buying set to begin in earnest from the first of the following month, while the CEO also acquired 50,000 treasury shares worth about KRW 100mn through on-market purchases, signaling a commitment to responsible management.
Alton's share price is forming against a backdrop of the 2025 return to profitability and renewed profit in Q2 2026, but quarterly earnings volatility is large enough that the combined net profit over the most recent four quarters is smaller than the annual figure.
As a result, the multiple obtained by dividing market capitalization by profit over the most recent four quarters appears to sit toward the upper end of the range in which Alton has historically traded.
By contrast, comparing the share price to net asset value shows a level close to net assets or a modest premium or discount depending on the calculation basis, without a large divergence. There has been no dividend payout in recent years, so there is no comparable reference point on a dividend-yield basis.
The fact that both the largest shareholder, holding company Innox, and the CEO have made consecutive on-market purchases is a fact that reflects a commitment to responsible management, but such share purchases do not guarantee any particular direction for the stock price.
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
Both annual operating profit and net profit turned positive in 2025, and Q2 2026 saw revenue and operating profit both grow year over year while remaining profitable.
The result stems from the overlap of a large B2B contract being booked and expanded new-product sales, a pattern that has now been observed repeatedly rather than in a single isolated quarter.
Holding company Innox has undertaken an on-market share purchase of about KRW 2.0bn, and the CEO has also bought treasury shares. Now IB Capital's participation in a third-party allotment capital increase has secured some funding for new business as well. These are facts that demonstrate management-level commitment to enhancing shareholder value.
The company has been rolling out new products with reinforced safety and technology, including LMFP battery models, and is attempting to reduce sensitivity to consumer spending cycles through B2B channel expansion.
Through collaboration with the holding company and a venture capital firm, it is also exploring new businesses beyond mobility manufacturing.
Revenue fell for three consecutive years, from KRW 51.3bn in 2022 to KRW 28.2bn in 2024. Despite the 2025 rebound, the absolute revenue scale remains below past levels, and the structural factors cited for the decline, such as fine dust and low birth rates, are variables unlikely to be resolved in the short term.
The company posted operating losses in both Q3 2025 and Q1 2026, and net profit swung between losses and gains quarter to quarter. A significant portion of revenue is concentrated around specific-period large contracts and peak-season demand, so profit could waver again if the contract ends or seasonal demand weakens.
The three-way partnership with Innox and Now IB Capital is still at an early stage, without a confirmed specific new-business target or M&A target.
A company representative said only that shareholders would be notified via disclosure once a direction is set, meaning no concrete execution plan or timeline has been disclosed at this point. There is also a prior instance in which the e-scooter business was fully discontinued due to regulatory and safety issues.
A significant part of the 2026 earnings improvement is based on a single KRW 11.8bn supply contract with one domestic IT company. If that contract ends or is not followed by subsequent orders, its contribution to revenue and profit could decline sharply.
Demand for bicycles and e-bikes is sensitive to external variables such as oil prices, fine dust, and vehicle-restriction policies. These are factors outside the company's direct control, raising uncertainty around earnings forecasts.
Now IB Capital secured its stake in Alton through a third-party allotment capital increase, and if additional fundraising occurs in the course of pursuing new businesses, existing shareholders' equity stakes could be diluted.
Check the Q3 earnings disclosure — the key point is whether the seasonal operating-loss pattern seen in Q3 2025 and Q1 2026 repeats, and whether B2B revenue continues even in the off-season.
Watch for disclosures specifying concrete new-business or M&A targets arising from the three-way partnership with Innox and Now IB Capital.
Check DART shareholding disclosures for the progress and completion of Innox's approximately KRW 2.0bn on-market share purchase.
Monitor whether additional or follow-on large contracts are signed after the KRW 11.8bn supply contract, and how the share of B2B revenue changes.
After three consecutive years of revenue decline from 2022 to 2024 and a widening operating and net loss in 2024, Alton achieved a joint turnaround to operating and net profit in 2025 and continued to post growth and profit in Q2 2026.
However, quarterly volatility remains significant, with operating losses recurring in Q3 2025 and Q1 2026, and a meaningful portion of the recent earnings improvement rests on a single KRW 11.8bn supply contract with one domestic IT company, a point worth watching closely.
On-market purchases by largest shareholder Innox and the CEO, along with the three-way partnership with Now IB Capital, are facts that demonstrate a commitment to responsible management and new-business exploration, but the specific targets and timeline for any new business have not yet been disclosed.
Rival Samchully Bicycle shows a larger scale and stronger profit recovery while pursuing a different, more B2C-centered strategy in a similar market environment.
Taken together, Alton can be assessed as being in an early phase of its profit turnaround, while customer concentration, seasonal volatility, and new-business uncertainty all remain present at the same time.
Report written 2026-09-05 · Data as of 2026-09-04
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