1. What Happened at Graphi?
Graphi raised ₩29.25 billion through its KOSDAQ IPO on August 29, 2025. However, the company’s 2025 half-year report reveals ₩4.3 billion in revenue alongside an operating loss of ₩2.5 billion and a net loss of ₩2.9 billion.
2. Why These Results?
Positive Factors:
- World’s first SMA technology and competitive 3D printing technology
- Global market penetration (US FDA and CE MDD certifications)
- Active R&D investment (over 20% of revenue)
- Successful IPO on KOSDAQ securing funding
Negative Factors:
- High debt-to-equity ratio (470.03%) and short-term liquidity issues
- Continued operating losses
- Need for improved accounts receivable and inventory management
- Exposure to foreign exchange fluctuations
3. What’s Next for Graphi?
The IPO proceeds will be used to improve the financial structure, expand R&D investment, and further penetrate global markets. While the innovative technology and growth potential are positive, securing financial stability and improving profitability are key challenges.
4. What Should Investors Do?
Graphi may hold long-term investment value, but investors should carefully monitor the following:
- Performance improvement trends (revenue growth and profitability)
- Liquidity management and debt reduction
- Potential for increased competition in the global market
Frequently Asked Questions
What is Graphi’s core technology?
Graphi developed and commercialized the world’s first shape memory transparent aligner (SMA). They utilize 3D printing for efficient production.
What is Graphi’s financial status?
As of the 2025 half-year report, Graphi has a high debt-to-equity ratio and is operating at a loss. While the IPO provided funds, securing financial stability remains a key challenge.
What should investors be aware of?
While Graphi has high growth potential, investors should proceed with caution due to financial risks and potential increased competition. Monitoring performance improvements and liquidity management is crucial.
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