KOSDAQElectrical Equipment137940

NextEye

₩1,861▲ 4.61%2026-10-02 close

Market Cap

₩19.1B

Turnover

₩84,377,107

Volume

40,000 shares

Shares out.

9.8M

PER

—

PBR

0.3×

EPS

-₩4,350

Dividend Yield

0.00%

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

Report overview

ROADMIR's Rapid Growth Amid Earnings Volatility

Next-I's revenue has expanded sharply on the back of its Roadmirbio subsidiary's global beauty and health-supplement platform ROADMIR, but profitability has swung between quarterly profit and loss, leaving earnings volatility elevated.

1
H1 2026 consolidated revenue reached KRW 119.4 billion, up 438.5% year on year, a record for a first half
2
FY2025 operating loss widened to KRW -35.58 billion and net loss to owners to KRW -40.08 billion, even as revenue surged
3
Q1 2026 turned profitable with revenue of KRW 54.15 billion and operating profit of KRW 3.56 billion, but Q2 2026 slipped back into a small operating loss of KRW -0.36 billion despite revenue of KRW 65.25 billion
4
Over 90% of revenue comes from the beauty and health-supplement business, with heavy reliance on the flagship product IEONA GENEAKG
5
Largest shareholder Ample Ocean Limited directly participated in a July 2026 third-party share placement

Business structure

Founded in 1998 and listed on KOSDAQ in 2011, Next-I operates two distinct businesses: industrial inspection equipment based on machine-vision technology, and global beauty and health-supplement distribution.

The inspection equipment segment centers on precision measurement and control systems that automatically detect surface defects on display panels such as LCDs, and its order-based structure is tied to customers' capital expenditure schedules.

The beauty and health-supplement segment is led by the global B2C cross-border e-commerce platform ROADMIR, operated through wholly owned subsidiary Roadmirbio, which distributes supplements and cosmetics to eleven countries including China, Hong Kong, Taiwan, Canada, Vietnam, and Malaysia.

On a consolidated basis, FY2025 revenue mix was 91% beauty and health supplements versus 9% inspection equipment, reflecting a complete shift in the company's center of gravity over the past two years.

ROADMIR's flagship product is the anti-aging supplement IEONA GENEAKG, built around the ingredient AKG, and the lineup has since diversified with the mountain-ginseng-derived supplement HELACELLONE launched in December 2025 and Inositol launched in April 2026.

The company runs eight cosmetics products and has stated plans to expand distribution to twenty countries by year-end. Largest shareholder Ample Ocean Limited participated in a third-party share placement in July 2026 at KRW 1,490 per share to fund ROADMIR's cosmetics expansion.

The inspection equipment segment, though small in revenue terms, remains a standalone business unit, and the coexistence of these two dissimilar businesses underlies the company's earnings volatility.

Earnings trend

Quarterly revenue · Operating profit

₩16.4B₩1.9B25Q2₩44.1B-₩18.1B25Q3₩53.8B-₩17.6B25Q4₩54.2B₩3.6B26Q1₩65.2B-₩400M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩32.2B-₩4.7B2022₩17.7B-₩12.2B2023₩52B-₩5.5B2024₩120.1B-₩35.6B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩16.4B	₩1.9B	11.4%
2025Q3	₩44.1B	-₩18.1B	−41.0%
2025Q4	₩53.8B	-₩17.6B	−32.7%
2026Q1	₩54.2B	₩3.6B	6.6%
2026Q2	₩65.2B	-₩400M	−0.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩32.2B	-₩4.7B	-₩4.8B	−14.6%	−4.8%	28.2%
2023	₩17.7B	-₩12.2B	-₩16.5B	−68.6%	−19.6%	32.6%
2024	₩52B	-₩5.5B	-₩6.4B	−10.5%	−7.9%	44.3%
2025	₩120.1B	-₩35.6B	-₩40.1B	−29.6%	−93.2%	139.1%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Next-I's consolidated revenue fell from KRW 32.20 billion in 2022 to KRW 17.75 billion in 2023, then rebounded sharply to KRW 52.03 billion in 2024 and KRW 120.06 billion in 2025, driven by growth of the beauty and health-supplement platform. Despite this top-line expansion, profitability actually worsened.

The operating loss widened from KRW -4.70 billion in 2022 to KRW -12.17 billion in 2023, narrowed to KRW -5.48 billion in 2024, then widened sharply again to KRW -35.58 billion in 2025. Net loss attributable to owners likewise widened from KRW -6.36 billion in 2024 to KRW -40.08 billion in 2025.

The company has attributed the larger loss to rising costs associated with stabilizing its cross-border e-commerce business even as sales increased. Quarterly results show pronounced volatility.

Q2 2025 was profitable, with revenue of KRW 16.41 billion, operating profit of KRW 1.87 billion, and net profit to owners of KRW 2.40 billion, but Q3 2025 (revenue KRW 44.13 billion, operating loss KRW -18.10 billion) and Q4 2025 (revenue KRW 53.77 billion, operating loss KRW -17.57 billion) saw large operating losses even as revenue scaled up.

Q1 2026 then turned profitable again, with revenue of KRW 54.15 billion, operating profit of KRW 3.56 billion, and net profit to owners of KRW 7.52 billion, while Q2 2026 slipped back to a small operating loss of KRW -0.36 billion despite revenue rising to KRW 65.25 billion (net profit to owners was a modest KRW 0.85 billion).

As a result, over the most recent four reported quarters (Q3 2025 through Q2 2026), combined revenue reached KRW 217.29 billion, yet the net loss attributable to owners still totaled KRW -35.71 billion.

Operating cash flow also deteriorated, from KRW -5.34 billion in 2024 to KRW -16.37 billion in 2025, indicating that top-line growth has not yet translated into improved cash generation.

Industry analysis

Next-I's two businesses sit in very different industry environments. The inspection equipment segment is an order-driven industry tied to the capital expenditure cycles of upstream manufacturers such as display makers, so quarterly revenue can swing significantly depending on customers' investment timing.

In H1 2026, for instance, a major customer's capex was pushed back to the second half, causing the inspection equipment segment to post an operating loss of KRW 1.8 billion.

By contrast, the global cross-border B2C e-commerce and network-marketing market in which the beauty and health-supplement segment operates is growing on the back of rising demand for supplements and anti-aging products among consumers in China and other parts of Asia.

The ROADMIR platform is structured to quickly establish new products using its member network without large marketing outlays, and it has been broadening its lineup with more specialized products such as cultivated mountain-ginseng ingredients and Inositol.

However, this market is subject to country-specific regulations on supplement imports, distribution, and network marketing, so policy shifts in any single country could affect the business.

While Next-I is classified as a precision-equipment manufacturer within KOSDAQ, the bulk of its actual revenue now comes from beauty and healthcare distribution, giving it an unusual business mix even among peers in its nominal industry.

Outlook

The company has stated its intention to sustain growth into the second half of 2026.

Independent research firm Aris projected in a July 2026 report that, on the back of normalization in the beauty and health-supplement business, the company would post full-year 2026 revenue of KRW 200 billion and operating profit of KRW 10 billion.

Management has said it plans to sequentially launch new supplements using proprietary compound-formulation technology and differentiated skincare and inner-beauty products in the second half.

The company has also set a target of expanding ROADMIR's distribution footprint from the current eleven countries to as many as twenty by year-end.

For the inspection equipment segment, the company expects the customer capex that created the first-half revenue gap to resume in the second half, making normalization of that segment's profitability a key item to watch.

Next-I's next regular filing, the Q3 2026 quarterly report, is due by November 16, 2026, and should reveal both the trajectory of ROADMIR's growth and whether the inspection equipment segment has recovered.

It should be noted, however, that the above projection comes from an independent research estimate and does not constitute the company's official guidance.

Valuation

PER

—

PBR

0.3×

ROE

-52.1%

EPS

-₩4,350

BPS

₩6,224

Dividend per share

₩0

With net losses persisting in recent years, it is difficult to gauge Next-I's share price level using earnings-based metrics.

Even on the most recent four reported quarters, revenue has grown substantially while net income attributable to owners has remained in loss, which constrains interpretation of earnings-based multiples until the durability of any profit recovery is confirmed.

On the relationship between price and book value, the shares trade at a level below net asset value per share, placing them in a discount range relative to net assets. The company does not pay a cash dividend, making a dividend-yield-based approach difficult to apply.

The recent increase in total shares outstanding from the third-party share placement is also a factor to consider when interpreting per-share metrics. Ultimately, valuation judgments hinge heavily on how consistently ROADMIR's profit contribution holds up on a quarter-to-quarter basis.

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

Bull factors

Explosive top-line growth from the beauty and supplement platform

Consolidated H1 2026 revenue reached KRW 119.4 billion, up 438.5% year on year and a record for a first half. Roadmirbio alone generated H1 revenue of KRW 114.3 billion and operating profit of KRW 4.7 billion.

Q1 2026 saw both growth and profitability recovery together, with revenue of KRW 54.15 billion, operating profit of KRW 3.56 billion, and net profit to owners of KRW 7.52 billion. The ROADMIR platform's monthly sales topped KRW 24 billion in July 2026, marking a sixth consecutive monthly record since February.

Product diversification easing reliance on a single item

The sales-volume share of flagship product IEONA GENEAKG fell from 85.4% in December 2025 to 71.7% in June 2026, while new products HELACELLONE and Inositol have each grown to near double-digit shares, easing reliance on a single item.

HELACELLONE surpassed cumulative sales of 90,000 units and KRW 13.2 billion in revenue within seven months of launch and continues to sell out at a monthly pace of about KRW 2 billion. Inositol reached a roughly 9% sales share within four months of launch. This product diversification could reduce the earnings impact of any slowdown in demand for a single item.

Largest shareholder's direct capital participation

Largest shareholder Ample Ocean Limited directly participated in a July 2026 third-party share placement, subscribing new shares at KRW 1,490 each and paying in KRW 1.9 billion. The proceeds are earmarked as working capital to expand ROADMIR's cosmetics business.

Direct capital participation by the largest shareholder can be read as a signal of commitment to business expansion. At the same time, it increases total shares outstanding, which is a dilution factor for existing shareholders.

Bear factors

Earnings volatility despite top-line growth

FY2025 operating loss widened to KRW -35.58 billion and net loss to owners to KRW -40.08 billion, even though revenue more than doubled year on year. Large operating losses recurred quarterly, including KRW -18.10 billion in Q3 2025 and KRW -17.57 billion in Q4 2025, alternating with profitable quarters.

In Q2 2026, revenue grew to KRW 65.25 billion but operating income again turned negative at KRW -0.36 billion. As a result, the combined net loss to owners over the most recent four reported quarters still stands at KRW -35.71 billion.

Structural weakness in the inspection equipment segment

The inspection equipment segment, which accounts for about 9% of total revenue, posted an operating loss of KRW 1.8 billion in H1 2026. Because this segment's order-based structure is tied to customers' capex timing, any delay in customer investment translates directly into a revenue gap.

The company expects profitability to normalize as orders resume in the second half, but this remains an unconfirmed expectation rather than a certainty. If upstream manufacturers' capex cycles are further delayed, losses in this segment could persist longer than anticipated.

Weaker cash generation and shrinking equity

Operating cash flow worsened from KRW -5.34 billion in 2024 to KRW -16.37 billion in 2025, indicating that revenue growth has not translated into cash generation. Reflecting cumulative losses, equity attributable to owners shrank sharply from KRW 80.48 billion in 2024 to KRW 43.00 billion in 2025.

The debt ratio rose from 44.3% in 2024 to 139.1% in 2025, indicating higher financial leverage. If this trend continues, the need for additional external funding could increase.

Risk factors

Revenue concentration risk

Over 90% of Next-I's revenue comes from Roadmirbio's beauty and health-supplement platform, with heavy reliance on demand for specific products and from specific regions, mainly China, Hong Kong, and other parts of Asia.

Although the sales share of flagship product IEONA GENEAKG has been declining, it still accounts for over 70% of total sales volume. A slowdown in demand for a particular product or in a particular country could have an outsized impact on overall results.

Earnings volatility and financial soundness

Annual operating and net losses have persisted for several years, and quarterly results have alternated between profit and loss. The debt ratio rose to 139.1% in 2025, and operating cash flow has remained negative, leaving limited financial buffer.

If losses continue to accumulate, the need for external funding through capital increases or borrowing could grow.

Regulatory and distribution-channel risk

The ROADMIR platform combines member-based network marketing with cross-border e-commerce, and regulations on supplement imports, customs clearance, and multi-level marketing vary by country. Tightened regulation or more stringent customs procedures in any given country could directly affect revenue there.

The inspection equipment segment also remains exposed to the order-industry-specific risk of delayed customer capex.

What to watch next

By November 16, 2026
Legal deadline for the Q3 2026 quarterly report, which will show the trend in ROADMIR's Q3 revenue and profit as well as whether the inspection equipment segment has normalized.
During Q4 2026
Time to check progress on the company's target of expanding distribution to twenty countries and the launch and market reception of second-half new products, including the compound-formulation supplement and new skincare and inner-beauty items.
Q4 2026 (year-end)
Need to confirm whether customer capex resumes for the inspection equipment segment and whether that segment's profitability normalizes as the company expects.
At each future monthly disclosure
Worth monitoring whether ROADMIR's monthly sales, which peaked at KRW 24 billion in July, continue to rise or begin to plateau.

Overall view

Next-I has rapidly shifted its center of gravity from a traditional machine-vision inspection equipment maker to a global beauty and health-supplement platform company. Since 2025, growth of the ROADMIR platform has multiplied revenue in a short period, and H1 2026 saw record revenue and net profit.

However, top-line growth and profitability improvement have not always moved in the same direction. Quarters of rising revenue, such as Q3 and Q4 2025, coincided with large operating losses, and the combined net income attributable to owners over the most recent four reported quarters remains in loss.

More than 90% of revenue is concentrated in a single subsidiary and platform, and the flagship product still accounts for over 70% of sales, indicating high dependence on a specific item and region.

Conversely, the inspection equipment segment, while small in revenue terms, is experiencing structural weakness from delayed upstream capital expenditure.

Going forward, how consistently ROADMIR's quarterly profit contribution holds up, and whether the inspection equipment segment actually normalizes in the second half, are likely to be the key variables for understanding this company.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-10-01 · Data as of 2026-09-30

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.