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
SensorView showed signs of profitability improvement in the first half of 2026 as it shifted toward defense-centered revenue, but liquidity pressure remains even after a capital reduction and rights offering reset its balance sheet.
First-half 2026 revenue was about KRW 4.6 billion, down 52.6% year-on-year, yet gross profit surged twelvefold as the business restructured toward profitability.
The order backlog at end-H1 2026 rose about 112% year-on-year to roughly KRW 22 billion, with roughly 99% concentrated in the defense segment.
Defense accounted for 66% of H1 2026 revenue, up sharply from 13% in Q2 2025.
A par-value reduction (KRW 500 to KRW 100) and a KRW 40 billion rights offering resolved capital impairment, but cash and equivalents stood below KRW 600 million at end-Q1 2026, leaving liquidity pressure intact.
The company posted operating losses for four consecutive years from 2022 to 2025, with 2025 revenue of KRW 19.0 billion and an operating loss of KRW 11.6 billion.
SensorView, founded in 2015 and listed on KOSDAQ in July 2023, is a radio-frequency (RF) connectivity solutions specialist that develops and manufactures ultra-high-frequency cables, connectors, antennas and semiconductor test interfaces in the microwave and millimeter-wave (mmWave) bands.
Its main products include mmWave cables and connectors for test and measurement equipment, mmWave antennas for 5G infrastructure, and compact transmission lines for 5G devices and small cells.
Its customers include Samsung Electro-Mechanics, Samsung Electronics, Qualcomm, SpaceX, Hanwha Systems and Korea Aerospace Industries (KAI).
In defense, the company supplies antennas, adapters and connectors used in multifunction radar, fighter jets and naval electronics through partners such as LIG Nex1, Hanwha Solutions and KAI.
Overseas, it counts defense contractors such as Lockheed Martin, L3Harris and Hyundai Rotem, as well as Nvidia, Broadcom, Qualcomm and Samsung Electronics, among its clients. As of Q2 2025, revenue by segment was roughly 86% civilian, 13% defense and 1% semiconductor, but the defense share expanded to 66% in H1 2026.
New growth areas include antenna subsystems for 6G communication satellites (aerospace), AEC cables for AI data centers, and cryogenic cables and integrated modules for quantum computing. Cryogenic cables have already begun shipping to a domestic government research institute.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.3B | -₩3.7B | −87.2% |
| 2025Q3 | ₩3.4B | -₩3.4B | −99.5% |
| 2025Q4 | ₩5.9B | -₩1.3B | −22.7% |
| 2026Q1 | ₩2.1B | -₩3.4B | −161.1% |
| 2026Q2 | ₩2.5B | -₩2.2B | −87.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩5.6B | -₩15.7B | -₩12.7B | −279.5% | −89.5% | 86.1% |
| 2023 | ₩8.5B | -₩18B | -₩18.3B | −213.2% | −131.5% | 102.6% |
| 2024 | ₩15.6B | -₩15.8B | -₩17.8B | −101.2% | −93.0% | 122.8% |
| 2025 | ₩19B | -₩11.6B | -₩15.2B | −60.8% | −116.6% | 180.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue rose every year from KRW 5.6 billion in 2022 to KRW 8.5 billion in 2023, KRW 15.6 billion in 2024 and KRW 19.0 billion in 2025.
Operating losses, however, persisted for four straight years, from KRW 15.7 billion in 2022 to KRW 18.0 billion in 2023, KRW 15.8 billion in 2024 and KRW 11.6 billion in 2025, while net loss attributable to owners continued from KRW 12.7 billion in 2022 to KRW 15.2 billion in 2025.
On a quarterly basis, Q3 2025 revenue was KRW 3.4 billion with an operating loss of KRW 3.4 billion, and Q4 2025 revenue rose to KRW 5.9 billion as the operating loss narrowed to KRW 1.3 billion.
However, Q1 2026 revenue fell back to KRW 2.1 billion with the operating loss widening to KRW 3.4 billion, and Q2 2026 revenue was KRW 2.5 billion with an operating loss of KRW 2.2 billion, indicating quarterly results have yet to show a clear directional trend.
According to the H1 2026 semiannual report, gross profit surged twelvefold year-on-year to KRW 1.96 billion even as revenue scale shrank, pointing to a structural improvement in profitability.
This reflected a growing share of high-margin defense products such as combined connectors and radar antennas in production shipments, which drove cost of sales down 72.3% from KRW 9.56 billion to KRW 2.65 billion year-on-year.
Operating cash flow improved from negative KRW 11.8 billion in 2022 to negative KRW 7.6 billion in 2025, but the company continues to burn cash. Equity fell from KRW 19.2 billion in 2024 to KRW 13.0 billion in 2025, while the debt ratio rose to 180.5% in 2025, reflecting increased financial strain.
Amid surging AI traffic, the global data center and telecom industry is increasingly turning to optical communication and silicon photonics for high-speed data transmission, and overseas foundries such as GlobalFoundries have set a target of expanding silicon photonics revenue to more than $1 billion by 2028.
Against this backdrop, SensorView is positioning RF cables as an alternative to optical cables for short-distance links and discussing adoption with domestic and global big-tech firms.
Amid the expansion of Korea's defense industry, demand for localizing high-frequency components in tanks, armored vehicles and radar systems is rising, and SensorView has been selected for DAPA's Defense Innovation 100 program, carrying out multiple localization development projects.
The company states that successful localization would allow it to capture the margins previously commanded by imported products. Aerospace (6G satellite payload antennas) and quantum computing (cryogenic cables) remain small markets but are seeing early demand driven mainly by government-led national projects.
Competitively, the RF connector and antenna segment for telecom and defense features numerous small specialized firms, and SensorView highlights its track record as a vendor selected by Qualcomm for compact transmission lines used in 5G mmWave small cells as a point of differentiation.
In reports from September 2025 and January 2026, the company presented a 2026 revenue target of roughly KRW 28.5-29.0 billion (up about 75-86% year-on-year) and a goal of reaching operating breakeven in the fourth quarter, but actual H1 revenue was only KRW 4.6 billion, meaning a sharp expansion of defense production shipments is needed in the second half to meet that target.
In August 2026, the company was selected for a DAPA Defense Innovation program project to develop an AESA radar-based jamming-free flight guidance anti-drone defense system, to be carried out over five years from September 2026 to August 2031.
Around the same time, it signed a memorandum of understanding with AI reliability verification firm Suresofttech for joint development of defense AI systems, and another with server maker KTNF for joint response to the AI data center market.
On the financing side, proceeds from the KRW 40 billion rights offering are earmarked for repaying private bonds and insurance-collateralized borrowings (KRW 8.35 billion), partial payment of the Dongtan new headquarters and factory balance (KRW 5 billion), with the remainder (KRW 23.65 billion) allocated to operating funds.
The remaining KRW 14.2 billion of the factory balance is planned to be financed through additional mortgage-backed borrowing after the rights offering, raising the possibility of renewed borrowing pressure. The company stated there are "no further fundraising plans after this rights offering,
SensorView continues to post net losses over the trailing four quarters, making a price-to-earnings ratio difficult to compute, a reflection of its chronic operating loss structure.
Its price-to-book ratio trades at a level that reflects a substantial premium over equity, suggesting the market is placing weight on future growth potential tied to the defense and new-business pivot.
That said, with revenue declining year-on-year and operating losses continuing in H1 2026, the earnings improvement that would justify such a premium has not yet been clearly confirmed in the numbers.
The company pays no dividend, leaving profit recovery tied to the defense and new-business transition, rather than shareholder returns, as the key variable for investors to watch.
Also, because share count increased significantly this year following the par-value reduction and large rights offering, per-share metrics going forward will reflect this dilution effect.
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 2026-09-04
H1 2026 gross profit rose twelvefold year-on-year while cost of sales fell 72.3%. Revenue quality is improving as the share of high-margin defense products such as combined connectors and radar antennas grows.
The order backlog also grew to about KRW 22 billion, with 99% concentrated in defense, laying a foundation for future revenue conversion.
Beyond defense, the company is expanding into 6G satellite payload antennas, AEC cables for AI data centers, and cryogenic cables for quantum computing. Cryogenic cables have already begun shipping to a domestic government research institute.
Through memoranda of understanding with Suresofttech and KTNF, it is also building joint response frameworks for the defense AI and AI data center markets.
A par-value reduction lowered the capital impairment ratio from over 50% to 0% and cleared about KRW 20.7 billion in accumulated deficit.
A subsequent KRW 40 billion rights offering is intended to repay private bonds and borrowings, pay part of the new headquarters balance, and secure operating funds, easing some of the immediate debt repayment burden.
The company recorded operating losses for four consecutive years from 2022 to 2025, including an KRW 11.6 billion loss in 2025. Operating losses continued into Q1 and Q2 2026 at KRW 3.4 billion and KRW 2.2 billion respectively, with no clear turnaround yet confirmed.
There is also a wide gap between the company's stated 2026 revenue target of roughly KRW 28.5-29.0 billion and actual first-half revenue of KRW 4.6 billion.
Cash and equivalents at end-Q1 2026 were below KRW 600 million and the current ratio was under 40%. The company had resorted to high-interest funding, including loans from consumer finance firms and insurance-collateralized borrowing.
Plans to finance the remaining KRW 14.2 billion of the new headquarters balance through additional borrowing could renew financial strain.
Since its 2023 listing, the company has raised about KRW 49 billion through five rounds of CB issuance and rights offerings. Shares potentially issued through the latest rights offering amount to 41.12% of existing shares outstanding, raising further dilution concerns.
The stake of largest shareholder and CEO Kim Byung-nam has also fallen from 8.65% to 7.57% due to CB conversions and BW exercises.
The company continues to rely on frequent external fundraising, with a heavy burden of short-term borrowings and debt-related liabilities.
A significant portion of rights-offering proceeds is earmarked for debt repayment and a real-estate balance payment, meaning the amount available for actual growth investment may be limited.
Quarterly results could see significant volatility depending on the pace and timing of converting the defense order backlog into revenue. Repeated gaps between the company's stated revenue targets and actual results could affect market confidence.
Frequent CB, BW and rights-offering activity has diluted existing shareholders, and the largest shareholder's stake remains low. Should further fundraising become necessary, similar dilution issues could recur.
At the statutory filing deadline for the Q3 quarterly report, it is worth checking the pace of defense revenue conversion and whether the operating loss narrows.
The early progress of the DAPA anti-drone defense system development project (September 2026-August 2031) and whether related orders and revenue materialize should be monitored.
It is worth tracking whether the memoranda of understanding with Suresofttech and KTNF translate into actual supply contracts or revenue, and whether early revenue emerges from the AI data center and quantum computing businesses.
Whether additional mortgage-backed borrowing is executed for the remaining KRW 14.2 billion Dongtan headquarters balance, and the resulting change in debt burden, should be confirmed.
SensorView is showing signs of a shift toward profitability, with H1 2026 gross profit rising sharply and defense revenue share expanding to 66%. Its order backlog also grew to about KRW 22 billion, mostly concentrated in defense, laying groundwork for future revenue conversion.
However, the four-year run of operating losses since 2022 has not yet been resolved, and revenue declined alongside continued operating losses in H1 2026.
While the par-value reduction and KRW 40 billion rights offering resolved capital impairment, insufficient short-term cash, repeated reliance on external fundraising, and share dilution remain persistent burdens.
New defense project selections and memoranda of understanding in AI data centers and quantum computing support a longer-term growth narrative, but the pace at which these translate into actual revenue and cash flow still requires confirmation.
Investors should watch both second-half earnings and the pace at which the order backlog converts to revenue, as well as whether further fundraising becomes necessary.
Report written 2026-09-05 · Data as of 2026-09-04
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