KOSDAQAerospace & Defense474170

Lumir

₩7,450▲ 6.73%2026-10-02 close

Market Cap

₩131.5B

Turnover

₩700M

Volume

100,000 shares

Shares out.

17.8M

PER

—

PBR

—

EPS

-₩53

Dividend Yield

0.00%

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

Report overview

Lumir Nears Satellite Launch as Earnings Swing

Lumir, one of the few Korean specialists in SAR satellite technology, is approaching the planned second-half 2026 launch of its own LumirX-1 satellite, but quarterly results continue to swing between profit and loss amid delays in state satellite programs.

1
FY2025 revenue fell 26.0% to KRW 10.57 billion, the operating loss narrowed to KRW 594 million, and net income turned positive at KRW 46 million
2
Q2 2026 revenue rose to KRW 4.24 billion, yet the net loss widened to KRW 880 million
3
LumirX-1 is slated for launch in the second half of 2026, and Lumir has already secured launch contracts with SpaceX for five satellites
4
Meritz Securities raised its target price from KRW 12,500 to KRW 18,500 in a May 2026 report
5
Cash and cash equivalents have declined year after year, and earnings volatility tied to delayed satellite program orders persists

Business structure

Founded in 2009, Lumir is an earth-observation satellite specialist that listed on KOSDAQ in 2024 as a technology growth company.

The company manufactures SAR (Synthetic Aperture Radar) satellite systems capable of day-and-night, all-weather earth observation, satellite imagery and information services, satellite electronic components, and large marine engine solenoids.

According to a Eugene Investment & Securities report published around the IPO, the business was then split into satellite manufacturing (76.6%), satellite services (0.3%), and commercial devices (23.1%), though the mix has since shifted with the timing of revenue recognition on government satellite programs.

Lumir participated in every generation, from the first to the fifth, of Korea Aerospace Research Institute's Next-Generation Medium Satellite series, and was awarded the entire C-band SAR payload contract for the fifth satellite.

Its self-developed compact SAR satellite, LumirX, targets 0.3-meter resolution, with the first unit slated for launch in the second half of 2026 as the starting point of a planned satellite constellation.

Toward that goal, following launch contracts for units 1 and 2 in 2023, Lumir completed launch agreements for units 3, 4 and 5 with SpaceX in August 2025, and signed a letter of intent with Australia's ANT61 to integrate satellite communication modules.

In its commercial device segment, the company supplies marine engine solenoids to domestic shipbuilding and engine makers, giving it a revenue stream linked to the shipbuilding cycle.

The global SAR satellite market is regarded as having high barriers to entry, with only about five companies worldwide capable of supplying high-resolution SAR data at scale.

Earnings trend

Quarterly revenue · Operating profit

₩2B₩300M25Q2₩3.4B-₩300M25Q3₩3.7B₩200M25Q4₩1.9B-₩300M26Q1₩4.2B-₩1.1B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩12.1B-₩3B2023₩14.3B-₩1.2B2024₩10.6B-₩600M2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩2B	₩300M	15.4%
2025Q3	₩3.4B	-₩300M	−9.6%
2025Q4	₩3.7B	₩200M	6.3%
2026Q1	₩1.9B	-₩300M	−13.2%
2026Q2	₩4.2B	-₩1.1B	−24.9%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩12.1B	-₩3B	-₩5.9B	−24.9%	−18.4%	45.2%
2024	₩14.3B	-₩1.2B	-₩1.1B	−8.4%	−1.9%	18.1%
2025	₩10.6B	-₩600M	₩45,662,747	−5.6%	0.1%	13.0%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

Lumir's annual revenue rose from KRW 12.13 billion in 2023 to KRW 14.28 billion in 2024, then fell 26.0% to KRW 10.57 billion in 2025. Operating losses persisted for a third straight year at KRW 3.02 billion in 2023, KRW 1.20 billion in 2024, and KRW 594 million in 2025, though the loss steadily narrowed.

On the net income line, the company moved from losses of KRW 5.92 billion in 2023 and KRW 1.14 billion in 2024 to a net profit of KRW 46 million in 2025. Quarterly figures, however, show sharp swings.

In Q2 2025, revenue of KRW 2.01 billion came with an operating profit of KRW 309 million and net income of KRW 494 million, but in Q3 2025 revenue rose to KRW 3.43 billion while the company swung back to an operating loss of KRW 328 million and a net loss of KRW 217 million.

Q4 2025 returned to profit, with revenue of KRW 3.72 billion, operating profit of KRW 236 million, and net income of KRW 331 million, but Q1 2026 revenue fell to KRW 1.90 billion alongside an operating loss of KRW 250 million and a net loss of KRW 198 million.

In Q2 2026, revenue rebounded to KRW 4.24 billion, yet the operating loss widened sharply to KRW 1.06 billion and the net loss grew to KRW 880 million. These swings stem from the structural nature of government satellite projects, where revenue recognition can cluster or be delayed depending on project milestones.

Summing the four most recent quarters (Q3 2025 through Q2 2026), the owners' net loss totals roughly KRW 963 million, indicating the company remains in a loss position on a rolling annual basis.

Industry analysis

Global demand for SAR satellites is rising alongside expanding defense and security needs, with discussions around supplying satellite components and complete systems also broadening.

In the competitive landscape, the United States' Umbra and Finland's ICEYE are considered leaders, capable of resolutions in the 0.25 to 1.5-meter range, and since SAR satellite imaging costs are generally far higher than those of optical (EO) satellites, high-resolution capability is seen as a key competitive differentiator.

In the domestic market, only about five companies worldwide can supply SAR data at scale relative to demand, making it a relatively high-barrier market.

On the policy front, Korea's 2026 space agency budget expanded 16.1% year over year to KRW 1.1201 trillion, and the government is pursuing an increase in space R&D investment to KRW 1.5 trillion by 2027 to build a private-sector-led space industry ecosystem.

However, because ordering entities in Korea's space industry are concentrated among government and public institutions, delays in state satellite programs structurally translate into delayed results for related companies.

Against this backdrop, Lumir sits at a transition point, holding both a track record in the Next-Generation Medium Satellite program and its own satellite launch plans, as it works to grow revenue from both government-dependent programs and commercial satellite services.

Outlook

The company's nearest milestone is the launch of LumirX-1. The plan calls for launching the technology-demonstration satellite LumirX-1 in the second half of 2026, followed by one additional unit in 2027 and four more in 2028, to provide high-resolution SAR imagery and information services.

Meritz Securities, in a report dated May 18, 2026, raised its fair value estimate from KRW 12,500 to KRW 18,500, reflecting revised earnings estimates and an adjustment in the reference year used for its valuation.

The same report projected that revenue from the commercial device segment would grow from KRW 4.1 billion in 2025 to KRW 8.0 billion in 2026, and to KRW 18.1 billion in 2027 with further capacity expansion — figures that are the brokerage's own estimates and may differ from actual results.

NH Investment & Securities, in a December 2025 report, said that while weak results have continued due to delays in state satellite programs, earnings are expected to improve in 2026 on higher space agency budgets, and the earth-observation business is expected to gain momentum once Lumir's own LumirX satellite is launched.

That said, the company itself has attributed recent weak results partly to delays in state satellite program schedules and certification procedures tied to production facility expansion, so further slippage in launch or revenue-recognition timing cannot be ruled out.

Should LumirX-1 reach orbit successfully and its imagery quality be validated, the key items to watch afterward will be the expansion of satellite service revenue and execution of the follow-on launch contracts.

Valuation

PER

—

PBR

—

ROE

-1.2%

EPS

-₩53

BPS

—

Dividend per share

₩0

Lumir has recorded a net loss over the trailing four quarters, putting it in a range where earnings-based valuation metrics are difficult to apply meaningfully.

The share price trades near or somewhat above book value, suggesting the premium to net assets typical of growth-stage technology stocks is not as pronounced as it has been at times in the past. The company pays no dividend, limiting any approach based on income appeal.

It is also worth noting that brokerage fair-value estimates for the stock have varied considerably over time and have been revised frequently alongside changes in earnings forecasts.

Ultimately, valuation judgments in this case hinge heavily on individual assessments of execution risk — namely, whether the LumirX launch succeeds and when state satellite program orders resume.

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 2026-09-05

Bull factors

Rare SAR technology and a track record in state programs

Lumir has participated in every generation of the Next-Generation Medium Satellite program from the first through the fifth, and was awarded the entire SAR payload contract for the fifth satellite.

With only about five companies globally able to supply SAR data at scale, the technical barrier to entry is high, and Lumir's accumulated heritage could be an asset in future domestic and international bidding. This is an area new entrants would find difficult to replicate quickly.

Global partnerships secured with SpaceX and ANT61

Lumir has secured launch contracts with SpaceX for units 1 and 2, followed by units 3, 4 and 5, building a pipeline of five satellites. It has also continued technology partnerships with overseas firms, including a communications-module collaboration with Australia's ANT61.

Such partnerships can enhance the reliability of the launch schedule and serve as a foundation for future commercialization of satellite services.

A narrowing-loss trend and a cushion from the commercial device business

Annual operating losses have steadily narrowed from KRW 3.02 billion in 2023 to KRW 594 million in 2025, and full-year net income turned positive in 2025.

The commercial device business, centered on marine engine solenoids, is tied to an improving shipbuilding cycle and can provide a degree of revenue cushioning even during periods when state satellite program orders are delayed.

Bear factors

Earnings volatility tied to dependence on state satellite programs

Because most revenue depends on the milestone-based recognition of government and public-sector projects, quarterly results show large swings.

Patterns have repeated where losses occur even as revenue rises, as in Q3 2025 and Q1 2026, or where the net loss actually widened to KRW 880 million in Q2 2026 even as revenue increased. This reduces predictability.

Financing pressure from declining cash reserves

Cash and cash equivalents have steadily declined, from KRW 25.22 billion in 2023 to KRW 10.48 billion in 2024, and to KRW 3.77 billion in 2025.

Satellite launches and production facility expansion require ongoing capital, and if this trend continues, concerns about equity dilution from additional fundraising, such as rights offerings or convertible bond issuance, could grow.

A history of repeated launch schedule slippage

The stated timing for the LumirX-1 launch has shifted across disclosures — at times cited as the first quarter of 2026, with an additional launch in the fourth quarter, and more recently as the second half of 2026.

If the actual launch slips again, the timing for satellite service revenue to gain scale would likely be pushed back as well.

Risk factors

Launch and execution risk

LumirX-1 depends on a SpaceX launch vehicle, so any schedule changes or technical issues on the launch provider's side could directly affect Lumir's own timeline. The possibility of technical faults in the satellite itself or a launch failure cannot be entirely ruled out.

Even after a successful launch, additional time would be needed to validate imagery quality and move to actual commercial service.

Financial and liquidity risk

Cash and cash equivalents have been declining year after year, and in 2024 annual operating cash flow also recorded a substantial net outflow.

Continuing satellite development and production facility investment may require external financing, and in that process there is a possibility of equity dilution from instruments such as equity-linked bonds.

Policy and order-timing risk

A significant portion of revenue depends on the timing of government and public-institution budget allocation and ordering for space development programs.

While the space agency's budget has been on an increasing trend, if budget allocation or project announcements are delayed relative to plan, the timing of any earnings improvement could also be pushed back.

What to watch next

During the second half of 2026
Confirm whether the LumirX-1 satellite is actually launched successfully or whether the schedule is revised again. A successful launch would mark the first step toward scaling up satellite service revenue.
Around November 2026
Check the Q3 2026 earnings disclosure to see whether the loss that widened in Q2 narrows again and how the revenue-recognition pattern continues.
Around year-end 2026 during the National Assembly's budget review
This is when the 2027 budget for the space agency and space R&D is finalized, providing a gauge for the pace at which state satellite program orders may resume.
Within several months after the LumirX-1 launch
Verify whether the actual satellite imagery meets the targeted 0.3-meter resolution and whether initial customer contracts are signed on the back of that validation.
At the point launch contracts for units 3, 4 and 5 are executed
Watch whether the already-signed follow-on launch contracts with SpaceX are executed on the stated schedule, as this indicates the company's execution capability on its planned 18-satellite constellation.

Overall view

Lumir is one of the few Korean companies to combine SAR satellite development and manufacturing capability with a track record in state satellite programs, and it is now attempting to move into the commercialization of its own satellite services around the planned second-half 2026 launch of LumirX-1.

On an annual basis, FY2025 revenue declined, but the loss narrowed and net income turned positive, showing signs of improvement, though quarterly results in 2026 have continued to swing widely, with the Q2 net loss actually widening.

This stems from the structural nature of the business, where most revenue is tied to the progress of government and public-sector projects.

Positive factors such as partnerships with SpaceX and ANT61 and a track record in the Next-Generation Medium Satellite program coexist with negative factors such as financing pressure from declining cash and repeated adjustments to the launch schedule.

Brokerages have projected an earnings recovery based on the resumption of state satellite programs and the company's own satellite launch, but this view presupposes that execution risks are resolved.

Ahead of any investment decision, a sequential approach — first confirming the actual outcome of the LumirX-1 launch, then the stability of subsequent quarterly results — appears warranted.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.