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
Zaigle posted its first quarterly operating profit in 2026 Q2, but the overhang from its KOSDAQ delisting eligibility review and a shrinking equity base has not yet been resolved.
Operating profit turned positive at KRW 0.72bn in 2026 Q2, and net income to owners posted a second consecutive quarterly profit (KRW 0.60bn) after Q1's KRW 0.17bn.
Annual revenue swung sharply from KRW 14.99bn in 2022 to KRW 4.14bn in 2023, rebounded to KRW 12.07bn in 2024, then fell back to KRW 8.23bn in 2025.
Total equity declined for four straight years, from KRW 41.7bn in 2022 to KRW 19.2bn in 2025, while the debt ratio rose from 46.4% to 158.9% over the same span.
Trading was suspended in October 2025 after cumulative disclosure-violation penalty points triggered a delisting eligibility review, and the exchange's final decision following the six-month improvement period has not yet been confirmed.
The company continues to diversify from its core wellness kitchen appliance business into radio-frequency and LED-based healthcare devices.
Zaigle was founded in 2008 with the world's first infrared electric grill using top-heating and bottom radiant-heat technology, and it listed on KOSDAQ in 2016. Revenue is centered on the wellness appliance segment sold under its own 'Zaigle' brand, with grills and air fryers as core products.
The company has expanded into healthcare devices based on oxygen and radio-frequency technology, launching the RF stimulator 'NEST' in 2023 and later rolling out LED skin-care devices and the wearable abdominal device 'Cell375' under the 'Zaigle On' brand.
Distribution runs through home-shopping channels alongside online and offline retail; in May the company launched the grill/air fryer 'Zaigle Flip' developed with a master chef, and in June it aired 'Cell375' on home shopping as part of continued new-product marketing.
Zaigle also operates food-service and food-distribution businesses, though these remain smaller than the wellness appliance and healthcare segments.
The company previously pursued a North American secondary battery joint venture, but the project effectively collapsed amid controversy over overvalued in-kind asset contributions and a failed rights offering.
The small-appliance market is being reshaped by rising single-person households and changing dietary patterns, with intense competition from numerous domestic and overseas players.
Against this backdrop, Zaigle is focusing on regulator-approved medical appliance products and healthcare marketing to diversify its revenue base.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.9B | -₩800M | −41.0% |
| 2025Q3 | ₩1.7B | -₩1B | −59.0% |
| 2025Q4 | ₩2.2B | -₩500M | −22.1% |
| 2026Q1 | ₩2.5B | -₩500M | −19.9% |
| 2026Q2 | ₩2.7B | ₩700M | 26.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩15B | -₩2.7B | -₩3.7B | −17.7% | −9.0% | 46.4% |
| 2023 | ₩4.1B | -₩8.7B | -₩10.4B | −209.1% | −33.1% | 65.1% |
| 2024 | ₩12.1B | -₩4.9B | -₩6.8B | −40.5% | −27.5% | 122.3% |
| 2025 | ₩8.2B | -₩3.7B | -₩5.4B | −44.4% | −28.0% | 158.9% |
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 swung from KRW 14.99bn in 2022 down to KRW 4.14bn in 2023 (a 72% drop), rebounded to KRW 12.07bn in 2024, then fell back 32% to KRW 8.23bn in 2025. Operating margins were negative in all four years: -17.7% in 2022, -209.1% in 2023, -40.5% in 2024, and -44.4% in 2025.
Net loss attributable to owners peaked at KRW 10.36bn in 2023 before narrowing to KRW 6.77bn in 2024 and KRW 5.37bn in 2025.
On a quarterly basis, the operating loss widened to KRW 1.02bn in 2025 Q3 from KRW 0.80bn in Q2, then narrowed sharply to KRW 0.49bn in Q4 and KRW 0.50bn in 2026 Q1, before the company posted an operating profit of KRW 0.72bn in 2026 Q2.
Net income also turned positive in 2026 Q1 at KRW 0.17bn, though that swing reflected non-operating items such as gains on disposal of tangible assets while the operating line remained in loss.
In Q2, both operating profit and net income (KRW 0.60bn) turned positive together, suggesting the core business may have improved even setting aside asset-sale effects. Still, the trailing four-quarter (2025 Q3–2026 Q2) net loss to owners totaled KRW 1.82bn, keeping the company in loss territory over that window.
Operating cash flow was negative in all four years — KRW -0.83bn in 2022, KRW -6.34bn in 2023, KRW -4.25bn in 2024, and KRW -6.79bn in 2025 — so whether the earnings improvement translates into a sustained recovery in cash generation requires confirmation from upcoming quarterly data.
The small home-appliance market is undergoing rapid change in product mix and consumption patterns, driven by the rise of single-person households and shifting dietary habits.
Having pioneered the niche infrared grill category, Zaigle competes against numerous domestic and overseas small-appliance makers in a market with comparatively low entry barriers, a dynamic cited as a factor behind its prolonged earnings weakness.
In contrast, the healthcare and medical-appliance segment is viewed as having relatively more growth potential amid an aging population and wellness trends, and the company is targeting this market with regulator-approved RF and LED products.
Its home-shopping-centered distribution structure tends to amplify revenue volatility, with quarterly results swinging based on seasonal factors and shopping-channel scheduling.
Research and development spending as a share of revenue has trended lower, from 6.97% in 2024 to 4.22% in 2025 and 2.84% in 2026 Q1, a point worth monitoring in relation to new-product development capacity.
Many small-cap peers in the sector face similarly structural issues such as delisting eligibility reviews and capital erosion, suggesting Zaigle's situation is not necessarily an outlier within the industry.
In its delisting-eligibility improvement plan, the company outlined a path to normalize its appliance business by selling non-business-use real estate, including plants in Incheon and Pyeongtaek, to repay financial-institution borrowings, while expanding self-operated rental and offline stores and launching new products.
Consistent with this, new-product marketing continued with the 'Zaigle Flip' grill/air fryer in May and the RF abdominal device 'Cell375' aired on home shopping in June.
The company also won a roughly KRW 1.9bn receivables lawsuit tied to the RF massager supply contract that originally triggered the trading suspension, with the ruling finalized in April, though actual cash collection remains a point to watch for liquidity improvement.
In 2026 Q1, gains from real-estate disposal drove the swing to net profit, and in Q2 the operating line itself turned positive, suggesting the improvement plan is starting to show up in results.
Whether debt repayment funded by asset sales translates into repeatable operating profit improvement, and whether expanded marketing spending feeds back into higher selling and administrative expenses, remain items to verify in upcoming quarterly filings.
The final outcome of the delisting eligibility review — whether the listing is maintained — remains a key variable shaping the scope of the company's future operations.
Zaigle has yet to escape a net loss attributable to owners even on a trailing four-quarter basis, and on an annual basis it has posted operating losses for four consecutive years.
This has made traditional profit-based valuation metrics difficult to apply, shifting market attention toward the relationship between the share price and book value per share — that is, whether the stock trades at a premium or discount to net assets.
The current share price tends to sit above book net asset value, which could reflect some pricing-in of future earnings-recovery expectations, though the continuing decline in total equity means the qualitative trend of that net-asset base also warrants attention.
No dividend is currently paid, placing dividend-related metrics below the sector average. Whether the simultaneous operating-profit and net-income turnaround seen in 2026 Q2 continues into subsequent quarters will likely be an important benchmark for assessing the justification of any premium to net asset value.
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
Operating profit turned positive at KRW 0.72bn in 2026 Q2, and net income also posted a second straight quarterly profit at KRW 0.60bn following Q1. Unlike Q1's profit, which relied on asset disposal gains, Q2's improvement stemmed from the operating line itself, marking a qualitatively different signal. Revenue also rose for four consecutive quarters, from KRW 1.73bn in 2025 Q3 to KRW 2.72bn in 2026 Q2.
The company is pursuing an improvement plan involving the sale of non-business real estate, including plants in Incheon and Pyeongtaek, to repay financial-institution borrowings.
A court ruling finalized in April, in which the company won a roughly KRW 1.9bn receivables lawsuit tied to the RF massager supply contract that triggered the trading suspension, is also a positive factor for liquidity.
Whether these steps translate into actual cash collection and debt reduction will be central to further balance-sheet improvement.
The company is expanding from wellness kitchen appliances into oxygen- and RF-based healthcare devices, selling regulator-approved products under the 'Zaigle On' brand. It has rolled out new products in succession, including the 'Zaigle Flip' in May and 'Cell375' in June, diversifying its home-shopping sales channels.
Amid an aging population and continuing wellness trends, the medical-appliance segment is viewed as having relatively more room to grow.
Annual revenue fell from KRW 14.99bn in 2022 to KRW 8.23bn in 2025, swinging sharply lower to KRW 4.14bn in 2023 along the way. Intensifying competition in the small-appliance market and a home-shopping-centered distribution structure are cited as structural factors amplifying revenue volatility.
Four consecutive years of operating losses mean the overall scale of the business has contracted relative to the past.
Total equity fell for four straight years, from KRW 41.7bn in 2022 to KRW 19.2bn in 2025, while the debt ratio rose sharply from 46.4% to 158.9%. Operating cash flow was also negative for four consecutive years, suggesting the company has relied on non-operating means such as asset sales to secure liquidity. Concerns about capital erosion tied to a growing accumulated deficit have been raised in the market.
The Securities and Futures Commission referred Zaigle and its representative director to prosecutors for alleged violations of the Capital Markets Act and imposed a fine, in connection with allegations of false or exaggerated disclosures tied to the failed secondary-battery joint venture.
The trading suspension and subsequent delisting eligibility review, triggered by accumulated disclosure-violation penalty points, stem from the same underlying risk. Market concerns have also been raised regarding the family-centered governance structure.
Zaigle's trading was suspended in October 2025 after accumulated disclosure-violation penalty points, and it was designated for a delisting eligibility review in December, receiving a six-month improvement period.
The final determination by the corporate review committee and related bodies following the improvement period — whether to maintain the listing, extend the period, or delist — has not yet been confirmed, representing the largest uncertainty regarding the company's continuity. The outcome could directly affect shareholder value and the resumption of trading.
The Securities and Futures Commission referred Zaigle and its representative director to prosecutors for alleged Capital Markets Act violations and imposed a fine, following a determination that disclosures related to the failed North American secondary-battery joint venture were false or exaggerated.
Depending on the outcome of any prosecutorial investigation or litigation, additional management burdens could arise. A history of repeated disclosure reversals and withdrawals is also a headwind to rebuilding investor confidence.
Operating cash flow has been negative for four consecutive years, reflecting a structure that has not generated cash from the core business. Total equity has continued to decline while the debt ratio has risen sharply, creating potential risk of capital erosion if further losses occur.
The reliance on real-estate sales and litigation-related cash recovery is also a structure with limited repeatability.
Check for disclosure of the final review outcome (listing maintenance, extension, or delisting) from the corporate review committee and KOSDAQ market committee following the end of the improvement period.
Verify whether 2026 Q3 operating profit and net income sustain the Q2 turnaround and whether the revenue growth trend continues.
Monitor related disclosures to confirm whether real-estate sale proceeds are applied to debt repayment and whether the roughly KRW 1.9bn receivables from the won lawsuit are actually collected in cash.
Check the annual trend in total equity and the debt ratio to assess whether capital erosion concerns have eased and how much of the improvement plan is reflected in the financial statements.
Zaigle showed its first sign of a turnaround in 2026 Q2, with both operating profit and net income turning positive simultaneously after more than four years of losses.
However, on a trailing four-quarter basis the company remains in a net loss position, and on an annual basis it has not escaped operating losses for four consecutive years.
A continuously shrinking equity base, a sharply higher debt ratio, and four straight years of negative operating cash flow remain burdens on its financial soundness.
In particular, the exchange's final decision on the delisting eligibility review that began in October 2025 has not yet been confirmed, and this remains a key variable that could affect the company's continuity independent of any earnings improvement.
How much of the improvement plan — debt repayment via real-estate sales, receivables collection through litigation, and expanded new-product sales — is actually reflected in the financial statements over coming quarters will likely form the basis for future assessment.
The diversification from wellness appliances into healthcare is presented as a long-term growth story, but the revenue contribution needed to support it has not yet been fully confirmed.
Report written 2026-09-05 · Data as of 2026-09-04
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