LiComm

LiComm was founded in 1999 by researchers in the optical industry and listed on KOSDAQ in February 2023 through a SPAC merger.

Its business is organized into four segments—optical amplifiers, optical transceivers, optical repeaters (DAS), and fiber laser new applications—manufacturing and selling applied optical communication modules while pursuing new businesses in fiber lasers and sensing.

In optical amplifiers, the company holds a portfolio of plug-and-play (PnP) amplifiers including its flagship SFP+-EDFA, described as the first of its kind brought to market, and supplies optical amplifiers needed for high-capacity data transmission between data centers to global optical transport transceiver and system makers such as Fujitsu and NEC.

These products are ultimately deployed in the optical transport networks of global telecom carriers including AT&T, Verizon, and NTT. The optical repeater business supplies products that interlock with DAS systems, which amplify and relay base station signals in coverage-shadow areas of mobile networks.

In its defense new-business segment, LiComm is the sole domestic manufacturer capable of mass-producing fiber laser modules used in laser anti-air weapons for missile and drone interception, leveraging its position as the only domestic mass producer of optical amplifiers to supply global top-tier clients over a long period.

In aerospace, the company is working with the Agency for Defense Development (ADD) and Hanwha Systems to develop domestically produced high-power optical amplifiers for inter-satellite laser communication.

The global optical communication and fiber laser markets host a number of large overseas players, and LiComm competes in niche segments from a relatively small revenue base using specialized technology.

Consolidated revenue in 2025 rose sharply to KRW 17.69 billion from KRW 13.14 billion in 2024, and operating profit of KRW 0.58 billion (3.3% operating margin) marked a turnaround from consecutive operating losses in 2023 (KRW -2.12 billion, -10.9% margin) and 2024 (KRW -5.34 billion, -40.7% margin).

Net profit attributable to owners also recovered to KRW 0.26 billion in 2025, moving away from the large net losses of KRW -5.80 billion and KRW -3.75 billion in 2023 and 2024, respectively.

On a quarterly basis, 2025Q2 revenue of KRW 2.60 billion came with an operating loss of KRW 1.09 billion, but 2025Q4 revenue surged to KRW 8.13 billion, producing operating profit of KRW 2.18 billion and net profit of KRW 1.50 billion that drove the full-year turnaround.

The company attributed the improvement to gains in defense-sector orders under its new business initiatives as well as expanded supply of key products used in AI data centers.

In particular, the jump in 2025Q4 results was attributed by the company to large defense-related revenue generated from supplying fiber laser products for laser anti-air weapons.

This improvement, however, has not been consistent every quarter—2026Q1 revenue fell back to KRW 2.70 billion with an operating loss of KRW 0.88 billion and a net loss of KRW 0.72 billion. In 2026Q2, revenue of KRW 4.53 billion produced a modest operating profit of KRW 0.13 billion and net profit of KRW 0.12 billion.

Over the most recent four quarters (2025Q3 to 2026Q2), combined net profit attributable to owners totaled KRW 0.90 billion, indicating a gradual profit recovery trend on an annual basis, though with pronounced quarter-to-quarter volatility.

As AI data centers proliferate, data center interconnect (DCI) traffic is surging, creating a structural increase in demand for optical amplifiers that compensate for optical signal loss.

LiComm supplies products into this market through global optical transport system makers such as Fujitsu and NEC, ultimately reaching the transport networks of global carriers including AT&T, Verizon, and NTT.

In the defense segment, drones have emerged as a key asymmetric threat in recent conflicts including the Russia-Ukraine war and the Iran-Israel clash, drawing attention to laser weapons as next-generation counter-drone systems.

Within this trend, LiComm holds a position as the sole domestic manufacturer of fiber laser modules for laser anti-air weapons.

However, the optical amplifier and fiber laser markets include much larger overseas players, meaning LiComm competes from a relatively small revenue base using niche technological competitiveness.

Traditional optical communication infrastructure markets—5G infrastructure and CATV upgrade investment, FTTH replacement demand—still account for part of the revenue base.

In aerospace, demand for next-generation satellite communication technologies such as inter-satellite laser communication (ISL) is emerging as a new market, where LiComm is at an early stage of technology verification in collaboration with the Agency for Defense Development and Hanwha Systems.

SK Securities analyst Heo Sun-jae stated in a June 5, 2026 report that this year marks the starting point for order momentum in North American AI data center optical amplifiers and defense fiber laser systems, a phase in which orders increase ahead of actual results.

The same report projected annual optical amplifier revenue rising from KRW 9.9 billion in 2025 to KRW 13.8 billion in 2026 and KRW 21.8 billion in 2027, and forecast defense revenue expanding rapidly from KRW 4.9 billion in 2026 to KRW 15.8 billion in 2027 following a mass-production contract referred to as the Cheongwang project.

Based on this, the report projected full-year 2026 revenue of KRW 22.6 billion with operating profit of KRW 0.8 billion (3.7% margin), and 2027 revenue of KRW 43.2 billion with operating profit of KRW 10.1 billion (23.3% margin), suggesting earnings leverage would materialize in 2027.

However, the report did not present an investment rating or target price.

Actual order flow shows the optical amplifier order backlog at KRW 6.5 billion in Q1 2026, up 171% year over year, and in June the company signed two additional DCI optical amplifier supply contracts with Fujitsu subsidiary 1Finity worth roughly KRW 3.9 billion and KRW 2.07 billion.

In aerospace, the company continues building technical credibility by presenting space-environment verification results for high-power optical amplifiers for inter-satellite laser communication alongside the Agency for Defense Development and Hanwha Systems, aiming at entry into the low-earth-orbit satellite communication market.

In defense, LiComm confirmed order continuity by signing an additional KRW 0.79 billion contract with LIG Nex1 for laser generation devices in March 2026.