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
OptiCore is in the midst of shifting its revenue base from 5G telecom equipment toward AI datacenter optical transceivers, but it is simultaneously carrying a major uncertainty stemming from a disclaimer of audit opinion for fiscal year 2025 that triggered a delisting cause and an ongoing improvement period.
Revenue mix is shifting from 5G telecom optical components toward AI datacenter 400G/800G optical transceivers
Revenue topped KRW 10 billion for two consecutive quarters in 4Q25 and 1Q26 before falling back to the KRW 3 billion range in 2Q26
The external auditor issued a disclaimer of opinion on the FY2025 financial statements, triggering a delisting cause in March 2026; an improvement period is currently underway
Capital impairment persists, and the auditor has raised concerns over the propriety of convertible bond resales, real estate purchases, and equity investments executed under new controlling shareholder Black Mountain Holdings
Direct supply relationships with Korea's three major telecom carriers are a strength, but order sustainability and governance uncertainty remain the key watch points
OptiCore was founded in 2016 on optical communication laser technology to develop and manufacture optical transceivers and wavelength-division multiplexing (WDM) equipment, and listed on KOSDAQ in December 2022 through a merger with a KB-sponsored special purpose acquisition company.
Its core business is producing optical transceivers used in telecom access networks such as base stations, repeaters, and routers, with 10Gbps and 25Gbps wireless transceivers as its mainstay lineup.
Alongside telecom components, the company also runs an automation business making screen doors and factory automation equipment, which has partially cushioned revenue during the 5G investment slowdown.
Its main customers include Korea's three major telecom carriers, including SK Telecom, for which OptiCore was selected as a supplier for '5G smart concentration stations,' giving it a direct-supply relationship.
More recently, the company has been growing low-power 400G and 800G high-speed optical transceivers tailored to AI datacenter environments, attempting to supply major domestic IT service companies and cloud service providers.
Competitively, it is entering a market where domestic optical module makers such as Oe Solutions and large overseas module vendors compete, and its datacom revenue contribution still appears to be at an early, small-scale stage.
In July 2025, founder and former CEO Jae-hyun Jin sold most of his stake, resulting in a major governance shift as Black Mountain Holdings, an entity with a lending-business background, became the controlling shareholder.
Under the new controlling shareholder, new business initiatives such as a robotics venture were flagged but related agenda items were voted down at an extraordinary shareholders' meeting, leaving the company's strategic direction not yet clearly settled.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.1B | -₩2.6B | −124.7% |
| 2025Q3 | ₩3.1B | -₩1.4B | −45.4% |
| 2025Q4 | ₩13.2B | -₩800M | −6.3% |
| 2026Q1 | ₩11.9B | -₩700M | −5.6% |
| 2026Q2 | ₩3.4B | -₩1.9B | −55.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩24.3B | -₩2.7B | -₩10.8B | −11.0% | −50.5% | 70.3% |
| 2023 | ₩26.3B | -₩4.1B | -₩4.4B | −15.4% | −22.9% | 76.7% |
| 2024 | ₩23.3B | -₩6.5B | -₩6.5B | −28.0% | −44.4% | 107.6% |
| 2025 | ₩21.5B | -₩5.9B | -₩22.5B | −27.6% | −97.7% | 201.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
Annual revenue moved from KRW 24.3 billion in 2022 to KRW 26.3 billion in 2023, KRW 23.3 billion in 2024, and KRW 21.5 billion in 2025, showing a gradual decline over the past three years, while the operating loss widened from KRW -2.68 billion in 2022 to KRW -4.06 billion in 2023 and KRW -6.52 billion in 2024, before narrowing slightly to KRW -5.93 billion in 2025.
The operating margin came in at -11.0% in 2022, -15.4% in 2023, -28.0% in 2024, and -27.6% in 2025, indicating that a weak margin structure has become entrenched since 2024.
The net loss attributable to owners narrowed from KRW -10.75 billion in 2022 to KRW -4.37 billion in 2023, then widened again to KRW -6.54 billion in 2024 and sharply to KRW -22.52 billion in 2025 -- a scale far exceeding the increase in operating losses, suggesting a substantial impact from non-operating items such as valuation losses tied to convertible bonds.
On a quarterly basis, revenue was KRW 2.06 billion in 2Q25 with an operating loss of KRW -2.57 billion and an owners' net loss of KRW -10.77 billion, before losses narrowed in 3Q25 to revenue of KRW 3.13 billion, an operating loss of KRW -1.42 billion, and a net loss of KRW -3.69 billion.
Revenue surged to KRW 13.19 billion in 4Q25 with the operating loss shrinking to KRW -0.83 billion, though the net loss remained large at KRW -6.97 billion.
In 1Q26, revenue reached KRW 11.90 billion with the operating loss narrowing sharply to KRW -0.66 billion and the net loss improving to KRW -2.35 billion, but revenue fell back to KRW 3.39 billion in 2Q26 with the operating loss widening again to KRW -1.87 billion and the net loss expanding to KRW -9.70 billion, underscoring significant quarter-to-quarter volatility.
The combined owners' net loss over the most recent four quarters (3Q25-2Q26) totals roughly KRW 22.7 billion, showing that large losses have persisted regardless of signs of revenue recovery.
The pattern of net losses running far larger than operating losses suggests that non-operating financial transactions -- including convertible bond issuance and resale, and equity investments in other entities -- have materially affected reported results.
As AI infrastructure expands, the volume of data that datacenters must process globally is growing rapidly, and demand for high-speed 400G and 800G optical transceivers is expanding in tandem.
Market researcher IDC has projected that global annual data volume, growing at roughly 20% per year since 2021, would reach around 200 zettabytes by 2026.
Against this backdrop, Applied Optoelectronics (AAOI), an overseas optical module maker that expanded its datacom exposure, saw a sharp share-price rally within a single month, drawing market attention to companies pursuing similar business transitions.
In Korea, SK Telecom is building a large AI datacenter in Ulsan in partnership with AWS, and LG Uplus is constructing a similar facility in Paju, with the three major telecom carriers serving as key pillars of domestic AI datacenter buildout.
However, OptiCore's core domestic 5G equipment market has stagnated amid slowing subscriber growth and reduced new-network capital spending by carriers, which has been the backdrop for the continued decline in its telecom-segment revenue.
The datacenter optical transceiver market is already contested by numerous domestic and overseas players, and OptiCore remains a relative latecomer with a still-short track record of full-scale mass production and supply.
Industry observers have suggested that if the need to evaluate domestic optical transceivers materializes, OptiCore's existing relationships with the three carriers could be an advantage as a candidate supplier, though actual adoption has not yet been confirmed.
In July, OptiCore announced that it had completed development of a 400G high-speed optical transceiver for AI datacenters and disclosed that a domestic global IT service company was conducting performance and compatibility validation.
The company indicated that visible revenue could follow if validation is completed successfully, and has emphasized that the product's low-power design cuts power consumption by more than 20% versus prior products.
On the order front, the company signed a series of AI datacenter optical transceiver supply contracts worth roughly KRW 6.7 billion in September 2025 and KRW 6.0 billion and KRW 4.0 billion in December 2025, pushing cumulative orders above KRW 10 billion, a substantial portion of which appears to have been recognized as revenue in 1Q26.
In a March 2026 report, Eugene Investment & Securities stated that if the revenue base shifts from telecom-centric to datacenter-centric optical transceivers, the potential exists for both fundamental improvement and valuation re-rating, and assessed that OptiCore's direct-supply relationships with the three telecom carriers, especially SK Telecom, position it as a candidate should carriers move to evaluate domestically made transceivers.
The same report, however, also noted that given the change in controlling shareholder and a series of capital transactions, scrutiny of governance and funding structure is warranted.
Over the longer term, OptiCore is participating as the lead organizing company in a KRW 16 billion national 6G fronthaul optical link and transmission system project running through the end of 2028, conducting joint research with the Electronics and Telecommunications Research Institute (ETRI) among others, giving it a pipeline in next-generation communication technology as well.
That said, given that a disclaimer of audit opinion on the FY2025 financial statements triggered a delisting cause and an improvement period is currently underway, resolution of governance and financial-stability issues would need to precede any translation of business progress into normalized results and market status.
Since 2025, OptiCore has raised capital through multiple rounds of convertible bond issuance and rights offerings, a process that sharply increased shares outstanding before a share consolidation was carried out, marking substantial changes to its capital structure.
Against this backdrop, per-share metrics are difficult to compare directly with historical figures given the scale of recent capital transactions, and the premium of the share price over net asset value appears considerable.
No dividend payment history has been confirmed since the company's founding, suggesting priority has been placed on business restructuring and capital raising rather than shareholder returns.
With operating losses persisting for years and the net loss actually widening in 2025, market attention centers on whether the profit trajectory can turn from loss to profit.
It is also worth noting that this sits alongside a listing-eligibility issue -- the disclaimer of audit opinion for FY2025 and the resulting delisting cause -- making this a special situation where valuation cannot be discussed on net asset value or revenue growth alone.
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 2026-08-24
OptiCore signed a series of AI datacenter optical transceiver supply contracts from September through December 2025, pushing cumulative orders above KRW 10 billion. In July it disclosed completion of a 400G high-speed transceiver, currently under validation with a domestic global IT service company.
The company has indicated that successful validation could translate into visible revenue from the fourth quarter onward.
Revenue surged to KRW 13.19 billion in 4Q25 and reached KRW 11.90 billion in 1Q26, marking two consecutive quarters in the KRW 10 billion range. Over the same period, the operating loss narrowed substantially from KRW -2.57 billion in 2Q25 to KRW -0.66 billion in 1Q26.
However, revenue fell back to KRW 3.39 billion in 2Q26, meaning further confirmation is needed on whether this trend can be sustained.
Eugene Investment & Securities assessed that OptiCore maintains direct-supply relationships with the three telecom carriers, particularly SK Telecom.
It viewed OptiCore as well positioned to become a candidate supplier should carriers move toward evaluating domestically made optical transceivers, given its existing transaction track record.
Carrier-led AI datacenter projects such as the SK Telecom-AWS facility in Ulsan and LG Uplus's facility in Paju were cited as a potential demand base.
In March 2026, OptiCore received a disclaimer of opinion from its auditor, Hanul Accounting Corporation, on its FY2025 financial statements, which triggered a delisting cause and halted trading of its shares.
The company filed an objection in April and was granted an improvement period, but the process from the end of that period to a final delisting decision could take considerable time. It was also confirmed that some executives sold most of their holdings at elevated prices in the market shortly before the trading halt.
In July 2025, the sale of the founder's stake brought Black Mountain Holdings, an entity with a lending-business background, to controlling-shareholder status.
The company subsequently raised KRW 30.7 billion through convertible bond issuances, using the proceeds for real estate purchases, equity stakes in other companies, and loans to subsidiaries, but the external auditor stated it could not obtain sufficient audit evidence on the propriety of these transactions.
The auditor was reported to have even suspected the possibility of intentional wrongdoing in the execution of these fund flows.
A pattern in which the net loss far exceeds the operating loss has repeated nearly every quarter. In 2Q25, the operating loss was KRW -2.57 billion while the net loss reached KRW -10.77 billion, and in 2Q26 the gap widened again with an operating loss of KRW -1.87 billion versus a net loss of KRW -9.70 billion.
Revenue has also swung sharply between the KRW 3 billion and KRW 10 billion range across quarters, leaving earnings predictability low.
The grounds for the disclaimer of opinion on the FY2025 financial statements included the propriety of convertible bond resales, equity acquisitions and investments in other companies, investment real estate acquisitions, and subsidiary investment and fund transactions.
This effectively raises concerns across the entirety of new business initiatives and fund execution pursued after the change in controlling shareholder, and a failure to resolve these issues during the improvement period cannot rule out an eventual delisting.
Capital impairment, where accumulated deficits exceed total equity, has persisted; reports indicate the impairment ratio eased from 36% at the end of 2024 to 20% as of the third quarter of 2025, but it has not been fully resolved.
Even if total equity temporarily rises through external fundraising, continued net losses could deepen impairment again, keeping listing-maintenance risks such as administrative-issue designation ever present.
Core telecom revenue continues to face structural weakness from delayed carrier 5G investment and reduced new-network buildout. Revenue from AI datacenter optical transceivers remains at an early stage dependent on one-off supply contracts, and revenue recovery may not be sustained without follow-on orders.
The datacenter optical transceiver market already has numerous domestic and overseas competitors, making price and technology competition intense.
Around the 3Q26 report filing, check whether revenue recovers back into the KRW 10 billion range and how order fulfillment for the fourth quarter is progressing.
A key point to watch is whether new supply-contract disclosures for AI datacenter 400G/800G optical transceivers continue, confirming the sustainability of order flow.
Per KOSDAQ market disclosures, an implementation report and expert confirmation on the improvement plan must be submitted within 15 business days after the improvement period ends, after which the schedule for the listing committee's delisting decision should be checked.
Since trading has been halted due to the audit-opinion-related delisting cause, KOSDAQ market disclosures on any lifting of the halt or changes to its conditions should be continuously monitored.
OptiCore is in the process of shifting its revenue base from 5G telecom equipment toward AI datacenter 400G/800G optical transceivers, and some signs of recovery were observed as revenue entered the KRW 10 billion range for two consecutive quarters in 4Q25 and 1Q26.
However, revenue fell sharply again in 2Q26, and net losses have repeatedly far exceeded operating losses each quarter, producing very high earnings volatility.
Most importantly, a disclaimer of audit opinion on the FY2025 financial statements triggered a delisting cause and halted trading, leaving the company with the task of resolving questions over the propriety of fund transactions -- including convertible bond resales, equity investments in other entities, and real estate acquisitions -- during the current improvement period.
Capital impairment has eased somewhat but has not been fully resolved, and questions remain about governance stability under a controlling shareholder with a lending-business background.
While business opportunities exist in the form of direct-supply references with the three telecom carriers and growing datacenter demand, it remains uncertain whether these opportunities can translate into actual performance unless listing-eligibility and governance risks are resolved.
Investors are likely to need to watch both the progress of the improvement period and the sustainability of follow-on orders.
Report written 2026-09-05 · Data as of 2026-09-04
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