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
Carrey's shares have been suspended from trading after a 2025 fiscal year audit opinion issue triggered delisting grounds, and quarterly revenue has since collapsed to near-zero levels, adding a listing eligibility review case in 2026.
Delisting grounds were disclosed on March 31, 2026, halting trading from April 1, and an appeal with an improvement period was granted on April 20.
On August 14, 2026, the company confirmed quarterly revenue below KRW 300 million and half-year revenue below KRW 700 million, adding a further listing eligibility review case.
Second-quarter 2026 revenue was approximately KRW 23.37 million, effectively signaling suspended operations.
Annual revenue plunged for four straight years, from about KRW 52.3 billion in 2022 to KRW 7.48 billion in 2025, with continued operating and net losses.
Willings, spun off in 2024 as the renewable energy division, was converted to an equity-method affiliate via a 2025 rights offering and removed from consolidated results.
Carrey is a power electronics specialist founded in 2003 that develops, manufactures, and sells a range of power conversion devices.
Its core Power Solution division's flagship induction heating inverter is supplied exclusively to an electric pressure cooker manufacturer, and the company holds the No. 1 market share in temperature control inverters. Power conversion devices for ballast water treatment systems are another key product line.
In 2024, the company spun off its renewable energy division (solar inverters, ESS power conversion devices, etc.) into a subsidiary, Willings, but a 2025 rights offering diluted its stake and converted Willings into an equity-method affiliate, removing it from consolidation.
As a result, the current consolidated business is effectively concentrated in the Power Solution segment. Company materials emphasize high-efficiency power conversion technology and DSP-based precision control for customized design.
However, stagnation in the domestic induction heating inverter market, a contraction in the Chinese market, and reduced new demand for ballast water treatment systems have combined to sharply shrink the revenue base.
Detailed competitive market-share data is limited, but the structure shows both a niche, near-monopoly supply position and heavy exposure to swings in downstream demand.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.7B | -₩1.1B | −66.2% |
| 2025Q3 | ₩1.8B | -₩1.2B | −70.8% |
| 2025Q4 | ₩1.8B | -₩1.1B | −59.6% |
| 2026Q1 | ₩500M | -₩700M | −133.5% |
| 2026Q2 | ₩23,366,496 | -₩500M | −2260.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩52.3B | -₩12.7B | -₩13.9B | −24.3% | −46.6% | 55.1% |
| 2023 | ₩17B | -₩13.6B | -₩17.6B | −79.9% | −136.2% | 104.1% |
| 2024 | ₩8.2B | -₩4B | -₩13B | −49.2% | −64.9% | 110.6% |
| 2025 | ₩7.5B | -₩4.9B | -₩8.4B | −65.1% | −39.4% | 146.6% |
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 plunged for four consecutive years, from KRW 52.32 billion in 2022 to KRW 16.99 billion in 2023, KRW 8.17 billion in 2024, and KRW 7.48 billion in 2025.
Operating losses were KRW -12.70 billion in 2022, KRW -13.57 billion in 2023, narrowing to KRW -4.02 billion in 2024 before widening again to KRW -4.87 billion in 2025.
Net loss attributable to owners widened from KRW -13.92 billion in 2022 to KRW -17.57 billion in 2023, then narrowed to KRW -13.01 billion in 2024 and KRW -8.41 billion in 2025.
The debt-to-equity ratio rose steadily from 55.1% in 2022 to 104.1% in 2023, 110.6% in 2024, and 146.6% in 2025, indicating growing financial strain.
On a quarterly basis, revenue held relatively steady at KRW 1.73 billion, KRW 1.75 billion, and KRW 1.83 billion in the second through fourth quarters of 2025, before plunging to KRW 521 million in the first quarter of 2026 and to just KRW 23.4 million in the second quarter.
Operating losses over the same period were roughly KRW -1.15 billion, KRW -1.24 billion, and KRW -1.09 billion in 2025Q2 through Q4, then narrowed somewhat to KRW -696 million and KRW -528 million in 2026Q1 and Q2 respectively even as revenue collapsed, suggesting concurrent cost reductions.
Owners' net loss widened to KRW -3.28 billion in 2025Q4 before registering KRW -1.09 billion and KRW -1.17 billion in the first two quarters of 2026.
Cumulative owners' net loss over the most recent four quarters (2025Q3-2026Q2) was KRW -7.17 billion, reflecting the deteriorating profit and loss burden during the period when revenue collapsed.
The global power electronics market is projected by research estimates to grow from about USD 4.63 billion in 2023 to USD 10.98 billion in 2032, a roughly 10.1% compound annual growth rate, driven mainly by rising electric vehicle and renewable energy demand.
However, the niche segments Carrey operates in—induction heating inverters and marine water treatment power converters—appear far more exposed to idiosyncratic factors such as domestic market stagnation, a contraction in the Chinese market, and reduced new demand for ballast water treatment systems.
The solar and ESS power conversion business tied to renewable energy has already been carved out into affiliate Willings and is no longer directly reflected in Carrey's consolidated results.
As a result, Carrey's industry position appears more closely tied to dependence on a specific customer (an electric pressure cooker manufacturer) and individual product demand than to the broader growth cycle of the downstream market.
Detailed competitive share comparisons are limited, but company materials confirm it maintains the No. 1 market share in temperature control inverters.
The current situation—simultaneous structural growth in the broader industry and a sharp contraction in the company's individual revenue—illustrates a notable divergence between the industry cycle and firm-specific performance.
For Carrey, the most important near-term issue is not operating performance itself but procedures related to maintaining its listing.
The company appealed the delisting grounds tied to its 2025 fiscal year audit opinion and was granted an improvement period by the exchange, and in August 2026 a further listing eligibility review case arose due to revenue shortfalls, with the review process still ongoing.
During this period the company has issued a series of disclosures regarding capital raising activities including a rights offering, debt guarantees, and collateral provision, and has also held an extraordinary shareholders' meeting.
However, the specific terms and intended use of these measures require confirmation through further company disclosures.
On the operating side, with Willings separated as an equity-method affiliate, Carrey's remaining revenue base is now concentrated in the Power Solution division, so any recovery will likely hinge on demand recovery for induction heating inverters and marine water treatment devices as well as new customer or product acquisition.
Whether the company can execute the management improvement plan submitted during the improvement period, and the exchange's final determination on listing eligibility, will be the key variables determining the company's corporate status over the coming quarters.
Carrey's shares have been suspended from trading since April 2026 due to delisting grounds and a listing eligibility review, which limits the ability to judge whether the currently quoted price reflects normal market supply and demand.
On a net-asset basis, the company's self-calculated metrics show the share price sitting below net asset value, a relationship that should be interpreted alongside the ongoing equity erosion from continued net losses. No dividend was paid based on the most recent fiscal year.
Compared with the trading bands the stock has occupied historically on KOSDAQ, the recent level sits considerably lower, but this is reasonably interpreted as reflecting both deteriorated operating performance and listing-related uncertainty at the same time.
Given the ongoing trading halt, the practical meaning of valuation metrics may only be reconfirmed once trading resumes.
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
Carrey's induction heating inverter is supplied exclusively to an electric pressure cooker manufacturer, and the company maintains the No. 1 market share in temperature control inverters.
This niche market position could serve as a base for revenue recovery through existing customer relationships if demand rebounds, though it also implies high dependence on a specific customer and product.
The net loss attributable to owners narrowed from KRW -17.57 billion in 2023 to KRW -13.01 billion in 2024 and KRW -8.41 billion in 2025. This can partly be attributed to cost restructuring and the effects of separating the renewable energy division.
However, whether this trend continues needs separate confirmation given the sharp revenue decline that began in 2026.
The power electronics market is forecast to grow at a compound annual rate of about 10.1% from 2023 to 2032, driven by electric vehicle and renewable energy demand. This structural growth in the downstream market could represent a longer-term opportunity if the company's business restructuring proves successful.
First-quarter 2026 revenue fell to KRW 521 million and second-quarter revenue to just KRW 23.4 million, effectively signaling suspended operations. This represents an extreme contraction compared with the roughly KRW 1.7-1.8 billion in quarterly revenue maintained through 2025.
This revenue collapse was the direct basis for the additional listing eligibility review case that arose in August 2026.
The company appealed delisting grounds related to its 2025 fiscal year audit opinion and was granted an improvement period, but the process has become more complex with an added listing eligibility review case triggered by revenue shortfalls.
Trading has remained halted since April 1, 2026, and the final review outcome and timing have not yet been determined.
The debt-to-equity ratio rose steadily from 55.1% in 2022 to 146.6% in 2025, while annual operating cash flow recorded net outflows every year over the same period (KRW -3.81 billion in 2025).
A series of disclosures regarding rights offerings, debt guarantees, and collateral provision for capital raising underscore the fragility of the financial structure.
Delisting grounds tied to the 2025 fiscal year audit opinion and a listing eligibility review case triggered by revenue shortfalls now overlap. The exchange's final determination could result in either continued listing or delisting, and the outcome and timing are not yet confirmed.
The company has continued to issue disclosures on various fundraising and capital-raising activities including rights offerings, debt guarantees, and collateral provision. If persistent operating cash outflows combine with equity erosion concerns, additional capital raising could become necessary.
If quarterly revenue remains at effectively negligible levels as seen in 2026, doubts about the viability of the core business itself could deepen. This issue is directly tied not only to the listing eligibility review but also to the company's fundamental business continuity.
Confirm the exchange's final determination on the listing eligibility review (continued listing or delisting).
Check the Q3 2026 earnings disclosure to see whether the revenue collapse persists or shows signs of reversal.
Confirm whether trading resumes and under what conditions, including whether the improvement plan has been executed.
Check the specific terms and purposes of any additional capital-raising plans, including rights offerings, debt guarantees, or collateral provision.
Carrey is a small KOSDAQ company holding a near-monopoly supply position in a power electronics niche market, but trading has remained suspended since delisting grounds arose from a 2025 fiscal year audit opinion issue, compounded by an additional listing eligibility review case triggered by revenue shortfalls in 2026.
Annual revenue plunged for four consecutive years from KRW 52.3 billion in 2022 to KRW 7.48 billion in 2025, and quarterly revenue in the first two quarters of 2026 fell to KRW 521 million and KRW 23.4 million respectively, effectively signaling suspended operations.
Net losses narrowed from 2023 through 2025, but whether this trend continues remains uncertain following the 2026 revenue collapse. The debt-to-equity ratio rose from 55.1% in 2022 to 146.6% in 2025, and operating cash flow recorded net outflows every year.
The company has pursued capital-raising activities including rights offerings, debt guarantees, and collateral provision, but the final outcome of the listing eligibility review and the timing of any resumption of trading remain undetermined.
Key items to watch going forward include the exchange's review outcome, whether revenue recovers, and any follow-up measures to stabilize the capital structure.
Report written 2026-09-05 · Data as of 2026-09-04
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