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
As smartphone vibration motor revenue has declined for four consecutive years, Linked Inc is pursuing portfolio diversification into automotive electric motors and new game, VR, and AI businesses.
Annual revenue shrank from KRW 30.2 billion in 2022 to KRW 10.5 billion in 2025 for four straight years, while operating losses widened every year.
Over the most recent four quarters (Q3 2025 to Q2 2026), owner-attributable net income turned positive in aggregate, but quarterly results swung sharply.
The company has built mass-production capacity for automotive electric motors, signaling an effort to reduce dependence on smartphone components.
Multiple new businesses — game and VR publishing, character-licensed apparel distribution, and AI transformation (AX) consulting — are being pursued simultaneously.
The company carried out a 5-for-1 reverse stock split in March 2026 and previously issued exchangeable bonds backed by shares of Nexus Inc.
Linked Inc was established in 2004 as an electronic components manufacturer and listed on KOSDAQ in 2014, operating its headquarters domestically alongside production subsidiaries in China and Vietnam.
Its core business is coin-type vibration motors that provide haptic feedback for smartphones, e-cigarettes, and beauty devices. According to corporate information provider Saramin, its main customer is Korea's largest smartphone manufacturer as a first-tier vendor, alongside global e-cigarette makers.
More recently, the company has expanded into automotive electric motors used in seats, side mirrors, doors, charging ports, and HVAC systems to capture growth from EV and software-defined-vehicle adoption, and it holds more than 20 patents related to vibration and electric motor technology.
Separately, through affiliate ONEUNIVERSE, Linked has secured multiple VR and game IP and operates a PC and mobile game publishing business, while also newly pursuing a distribution business for homewear and loungewear built on character licenses.
In 2026, the company further expanded into AI solutions through a partnership with LIKE Corporation covering AX (AI transformation) consulting, AI education, and digital twin services.
The company changed its name from YJM Games to Linked Inc in March 2024, and Netmarble has previously been listed among its major shareholders. With multiple new businesses layered on top of its core electronics manufacturing, the revenue mix across segments is shifting rapidly.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.5B | -₩1.7B | −69.9% |
| 2025Q3 | ₩2B | -₩2B | −97.7% |
| 2025Q4 | ₩3.5B | -₩1.9B | −54.9% |
| 2026Q1 | ₩2.4B | -₩2.3B | −97.6% |
| 2026Q2 | ₩4.1B | -₩2.4B | −59.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩30.2B | -₩2.4B | ₩6.6B | −8.0% | 8.1% | 13.0% |
| 2023 | ₩20.2B | -₩4.4B | -₩12.6B | −22.0% | −16.9% | 11.0% |
| 2024 | ₩14.1B | -₩6.1B | -₩17.3B | −43.0% | −28.2% | 15.6% |
| 2025 | ₩10.5B | -₩7.2B | -₩2.7B | −69.0% | −4.5% | 20.1% |
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
Annual revenue fell for four straight years — from KRW 30.2 billion in 2022 to KRW 20.2 billion in 2023, KRW 14.1 billion in 2024, and KRW 10.5 billion in 2025.
Over the same period, the operating loss widened each year from KRW 2.4 billion to KRW 4.4 billion, KRW 6.1 billion, and KRW 7.2 billion, pushing the 2025 operating margin down to -69%.
Owner-attributable net income, however, moved from a profit of KRW 6.6 billion in 2022 to losses of KRW 12.6 billion in 2023 and KRW 17.3 billion in 2024, before the loss narrowed to KRW 2.7 billion in 2025.
On a quarterly basis, the owner net loss reached KRW 11.7 billion in Q2 2025, then swung to a KRW 9.5 billion profit in Q4 2025, back to a KRW 1.5 billion loss in Q1 2026, and then to a KRW 3.2 billion profit in Q2 2026.
This volatility in net income, in contrast to the operating loss that persisted every quarter (KRW 2.4 billion in Q2 2026 alone), appears largely driven by non-operating items recognized in specific quarters.
On the revenue side, quarterly sales expanded from KRW 2.4 billion in Q1 2026 to KRW 4.1 billion in Q2 2026, the highest level within the most recent four-quarter window. Owner's equity declined from KRW 82.0 billion in 2022 to KRW 59.3 billion in 2025, reflecting the erosion of capital from accumulated net losses.
Operating cash flow deteriorated from an inflow of KRW 3.3 billion in 2023 to outflows of KRW 4.7 billion in 2024 and KRW 7.3 billion in 2025, indicating a continued weakening of core cash generation.
The smartphone vibration motor market has entered a mature phase; according to a Venturesquare report, the rise of Chinese smartphone makers has slowed growth at domestic handset manufacturers, and declining e-cigarette demand has weighed on related component sales.
In contrast, as EV and software-defined-vehicle adoption expands the share of electronic control systems within vehicles, precision and high-efficiency motor technology is migrating into automotive electronics, with Venturesquare citing a global market forecast of $110 billion for this segment.
Stable supply capability and quality control are considered the key competitive factors in this market, and amid recent global supply chain instability, automakers and parts suppliers have increasingly emphasized supplier diversification and delivery reliability.
Linked is positioning itself to address this shift by producing both smartphone vibration motors and automotive electric motors across its domestic and overseas production bases.
Meanwhile, the game and VR content industry is reported to be in a general downturn, with many new titles losing traction quickly, meaning the new game segment faces an unfavorable industry backdrop.
Demand for AI transformation (AX) consulting and education is reportedly growing, centered on universities and public institutions, but the competitive landscape remains fluid given the business's early stage.
In its quarterly report filed in March 2026, the company stated that its AI and digital technology-related new business would require investment for initial infrastructure and core solution development, that the specific investment scale remained under review, and that it planned to fund the business in stages tied to confirmed client budgets and milestones.
It also disclosed that the character-licensed apparel and goods distribution business would require initial investment for product development and distribution channel development.
Regarding the automotive electric motor business, a Startup Recipe report stated that the company expanded its production line last year to secure annual capacity of 28.8 million units, and CEO Min Yong-jae said that expanded supply from the second half would drive diversification of the revenue structure and profitability improvement.
In July 2026, the company signed an agreement with LIKE Corporation to jointly pursue AX consulting, AI education, and digital twin businesses, with plans to expand its track record through university and public-sector projects.
How much revenue these new businesses will ultimately generate remains to be confirmed through future quarterly disclosures.
In February 2026, the company issued KRW 7.0 billion in exchangeable bonds backed by shares of Nexus Inc to fund operating capital and debt repayment, with the exchange request period running through February 2031.
Over the past four years, Linked's revenue has continuously declined and operating losses have accumulated, which has also shrunk the size of its equity base.
However, on a trailing four-quarter aggregate basis net income has turned positive, so interpreting the relationship between share price and net asset value requires weighing both the persistent operating losses and the recent swing to net profit.
The five-year average price-to-book ratio has reportedly hovered around 1 times, but since equity has been steadily shrinking from accumulated losses, comparing against that band alone is less meaningful than also tracking the pace of capital erosion.
The company does not currently pay a dividend, making a dividend-yield comparison unavailable.
Given that the new businesses — automotive electric motors, AI, game and VR, and character-licensed retail — are still in an early revenue-contribution stage, the value the market assigns can be seen as reflecting both the weak performance of the existing business and growth expectations tied to the new ventures simultaneously.
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
The company has stated it built mass-production capacity for automotive electric motors, securing annual capacity of 28.8 million units.
These motors can be applied across various vehicle parts including seats, side mirrors, charging ports, and HVAC systems, offering potential to reduce reliance on smartphone components. CEO Min Yong-jae has said supply expansion would accelerate from the second half.
The company is pursuing several new businesses simultaneously — game and VR publishing, character-licensed apparel distribution, and AI transformation consulting — seeking alternatives to offset the decline in its core business revenue.
In July 2026, it expanded into AX, AI education, and digital twin fields through a partnership with LIKE Corporation. Pursuing multiple business lines at once can also help spread out the risk of any single venture failing.
With large net profits recognized in Q4 2025 and Q2 2026, the trailing four-quarter aggregate owner net income turned positive. This shows that non-operating factors have contributed to earnings improvement even as operating losses persisted.
Despite a shrinking equity base, the recent net income trend contrasts with the large net losses recorded over the prior two years.
Revenue from smartphone and e-cigarette vibration motors has declined for four consecutive years, from KRW 30.2 billion in 2022 to KRW 10.5 billion in 2025, driven by the rise of Chinese competitors and weakening e-cigarette demand.
According to FnGuide analysis, cumulative revenue through Q3 2025 also fell 32.7% year over year. Revenue contribution from new businesses remains limited and has not offset the decline in the core business.
While revenue has fallen, the operating loss widened every year from KRW 2.4 billion in 2022 to KRW 7.2 billion in 2025, with the operating margin deteriorating from -8% to -69%. This suggests the cost structure has not adjusted in line with the pace of revenue decline. Operating cash flow also recorded consecutive net outflows in 2024 and 2025.
Pursuing multiple new businesses simultaneously — gaming, VR, character-licensed retail, and AI — creates execution risk from dispersed capital and personnel. FnGuide assessed that revenue contribution from the game and retail segments remains limited at this early stage.
Net income has swung sharply between large profits and losses on a quarterly basis, making earnings relatively unpredictable.
Growth at domestic customers is slowing due to the rise of Chinese smartphone makers, and e-cigarette market demand continues to decline. Vibration motors are relatively low-priced components, exposing the business to pricing pressure. High dependence on key customers means policy changes at any single client could directly affect results.
Multiple new businesses in AI, gaming, and apparel distribution are simultaneously in early investment stages, and the company has disclosed that specific investment amounts remain undetermined. The company has also relied on external funding sources such as exchangeable bond issuance. There are also concerns about management capacity being spread thin across multiple simultaneous ventures.
Reports have noted that the stock has traded as a political and policy theme after it became known that an outside director of affiliate ONEUNIVERSE participated in a government AI-related committee. Such thematic trading can amplify short-term price volatility unrelated to underlying business performance. Supply-demand conditions could also shift abruptly once thematic interest fades.
At the Q3 2026 quarterly report filing, it will be worth checking whether the automotive motor supply expansion and new-business revenue contributions have materialized.
It is worth confirming whether the company discloses the specific investment scale and funding plan for its stated AI and digital new businesses.
Watch for disclosures on the exchange request and conversion status of the exchangeable bonds backed by Nexus Inc shares.
At the FY2026 annual report, check whether the revenue decline trend has reversed and how the segment revenue mix has shifted.
Linked Inc's core smartphone and e-cigarette vibration motor business has seen four consecutive years of revenue decline and widening operating losses, prompting a pivot toward automotive electric motors and multiple new businesses in AI, gaming, and retail.
While the trailing four-quarter aggregate net income turned positive, this was largely driven by non-operating factors recognized in specific quarters, separate from the persistent operating losses.
Owner's equity has shrunk each year from accumulated losses, and operating cash flow recorded net outflows over the past two years.
The buildout of automotive motor mass-production capacity and the AI partnership are confirmed facts, but the timing of any meaningful revenue and profitability contribution from these new businesses remains unconfirmed.
The stock has also traded at times as a political and policy theme, adding a layer of supply-demand volatility to consider. Going forward, it will be important to continue monitoring quarterly disclosures for signs of a core-business revenue turnaround and the actual revenue contribution from new business lines.
Report written 2026-09-05 · Data as of 2026-09-04
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.