INNOSPACE (462350) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
INNOSPACE is a company that develops and builds space launch vehicles that carry small satellites to orbit. Its core product is the 'HANBIT' series of launch vehicles, and revenue comes from hybrid rocket engines and launch services. Still at an early stage, its 2025 revenue was about ₩2.7 billion — a space company at the demonstration-and-commercialization entry stage (its official classification as 'fintech' does not match its actual business). On June 1 the final issue price of a rights offering was set and on June 8 the subscription result came out; a bonus issue was approved on June 5; and on May 27 conversion-rights exercise of convertible preferred shares into common shares followed — a period of successive capital raising and changes in share count. What stands out lately is that, amid rising satellite-launch demand, it is one of the few domestic companies developing launch vehicles in-house, revenue is reviving off a bottom, and short-term financial strength is sound — strengths weighed against a large loss ahead of full commercial launch and the fact that repeated launch delays or additional fundraising could accumulate share dilution, so the pace at which the business is proven by launch performance is the crux.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Space, Satellites & Drones” (Shipbuilding, Machinery, Defense & Power Equipment · Defense & Aerospace), a type typically read first through EV/Sales.
Space, satellite and drone businesses front-load heavy development and early investment while profits arrive later, so with earnings thin or absent an earnings multiple offers little. That makes EV/Sales — enterprise value against revenue — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 18573.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 482.1% higher than a year earlier.
- ROE is -144.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -2630.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Su-jong 13.19% (individual)
Controlling bloc incl. related parties 13.25%
With the controlling bloc holding 13%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
INNOSPACE is a company that develops and builds space launch vehicles (rockets that carry small satellites) to carry small satellites to orbit itself. Its core product is the 'HANBIT' series of launch vehicles, and its revenue sources are hybrid rocket engines and launch services (satellite-carriage contracts and engine and test-launch-related business). Still at an early stage, its revenue is smaller than that of a typical service company, but as launch-service, engine, and R&D contracts came in, 2025 revenue climbed to about ₩2.7 billion. Accordingly, it is accurate to see this company not as one that 'sells finished products and earns stable profits' but as a space company at the 'demonstration-and-commercialization entry stage,' developing launch vehicles and building commercial-launch capability. Its official classification is 'fintech,' but that does not match its actual business.
The latest close is ₩7,000 and the market capitalization is ₩237.2 billion. The price sits above its 20-day moving average (₩6,214) and below its 60-day moving average (₩10,532). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.3, a neutral level. The one-month change is -0.1%, the three-month change is -58.9%, and the position relative to the 52-week high is -71.2%. Relative strength versus the KOSDAQ is 8 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 7% of all stocks. Over the past three months it lagged the index by 35.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
As a development-stage company yet to turn a profit, the P/E (how many times a year's earnings the price is) cannot be computed. The P/B (how many times net assets the price is) is 5.77x. This P/B is not a big outlier against satellite and space peers, and it is natural for a development-stage space company not to have a P/E. ROE (the ratio earned on equity in a year) of -144.3% and an operating margin of -2,630.5% show a large loss, but that is a common look for a space company at this stage, because in developing rockets and engines the development cost comes ahead of revenue. So rather than declaring 'the finances are bad' on the trailing (past twelve months) loss metrics alone, it is closer to the essence to watch whether the development spending converts into future launch revenue. The debt ratio (debt versus equity) is 134.7% and the current ratio is 256%, so short-term payment ability itself is on the sound side, and cash on hand together with the burn rate is the real strength metric to watch.
Revenue was almost nonexistent — about ₩230 million in 2023 and about ₩14.71 million in 2024 — before climbing back to ₩2.7 billion in 2025 (a large jump over the prior year, but with such a small base, the fact that revenue revived carries more meaning than the growth-rate figure itself). Cumulative Q1 2026 revenue was about ₩1.4 billion, up 482% over the same period a year earlier, so the trend of continuing revenue is holding. Growth for a space company at this stage hinges on 'whether launch-vehicle development is completed and connects to commercial launches and orders,' and the revenue scale can vary greatly with that progress. That said, there is no official company revenue outlook, and the this-year revenue approximation built from the seasonality of quarterly results filed with DART (around ₩16.0 billion) is an unverified reference figure that can vary greatly with launch and order schedules — a point made clear here. The crux is whether the HANBIT launch vehicle moves beyond testing into regular launches and orders, and that success or failure decides the direction of future growth.
Recent disclosures are concentrated on capital raising and changes in share count. On June 1, 2026 the final issue price of a rights offering (a rights offering to shareholders followed by a public offering of forfeited shares) was set, and on June 8 its subscription result came out as a voluntary disclosure. A rights offering issues new shares to draw in external funds, so alongside the effect of securing funds needed for development, the aspect of existing shareholders' stakes being diluted by the new-share issuance must be viewed together. On June 5 a bonus issue was also approved; this brings no new cash into the company but allots new shares to shareholders free of charge, carrying a trading-liquidity and shareholder-return character. Separately, on May 27 there was an exercise of conversion rights on convertible preferred shares into common shares, so latent dilution is being reflected in the actual common-share count. In a period of successive capital raising and changes in share count, it is important to also watch how much the total share count has increased.
INNOSPACE is a space launch-vehicle company that develops small-satellite carrier rockets in-house, and being one of the few domestic companies developing launch vehicles on its own amid rising satellite-launch demand is a clear strength. Revenue is also reviving off a bottom, and short-term financial strength such as the debt ratio and current ratio is on the sound side. That said, still ahead of full commercial launch, it carries a large loss and is a stock whose value is hard to gauge by standard P/E and P/B measures. The strong condition is a case where HANBIT development progresses as planned and moves beyond testing into regular launches and orders, at which point revenue and business visibility rise together. The weak condition is a case where launch delays or additional fundraising repeat and share dilution accumulates. In the end the crux lies not in whether the price itself is cheap or expensive, but in the 'pace at which the business is proven by launch performance' and 'whether development funding provides stable support.'
🔎 Valuation vs peers Inconclusive
Because the actual business is space launch vehicles and aerospace, the peer set is domestic space- and aviation-related listed companies rather than the base's 'fintech' — Nara Space Technology in satellites, Kencoa Aerospace in aerospace parts, and Hyundai Rotem with launch-vehicle and defense capabilities were viewed together.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nara Space Technology | — | 2.68x | -16.13% |
| Kencoa Aerospace | — | 0.82x | -9.66% |
| Hyundai Rotem | 20.44x | 4.89x | 25.33% |
INNOSPACE is not a profitable company, so the P/E cannot separate cheap from expensive, and while its P/B of 6.34x is somewhat higher than the satellite peer Nara Space (5.28x), the different business stages and loss scales make a simple comparison hard. With small revenue, the P/S carries little meaning, and it is entirely different in nature from a large aviation-and-defense firm like Hyundai Rotem that is already profitable (ROE 25%), so grouping them under the same measure is difficult. Last year's trailing metrics are figures from before full revenue and are highly limited, and there is no official company forward outlook, so only a DART seasonality approximation (2026 revenue of about ₩16.0 billion) can be referenced, and that is unverified. Accordingly, it is honest to leave the fairness of the price as Inconclusive until launch performance and funding needs are confirmed.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩2.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,000 and the market capitalization is ₩237.2 billion. The price sits above its 20-day moving average (₩6,214) and below its 60-day moving average (₩10,532). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.3, a neutral level. The one-month change is -0.1%, the three-month change is -58.9%, and the position relative to the 52-week high is -71.2%. Relative strength versus the KOSDAQ is 8 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 7% of all stocks. Over the past three months it lagged the index by 35.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -35.00% / 6M -55.80% / 12M -57.21%
Key metrics Computed vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.77x is above the whole-market median (0.84x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -144.3%, below the whole-market average (3.0%). The operating margin is -2630.5%. The debt ratio is 44.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $162,577 | $10,332 | $1.9M | +18573.43% ↑ faster |
| Operating profit | -$11.2M | -$23.1M | -$50.8M | — |
| Net profit | -$58.5M | -$23.4M | -$52.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $162,577 | $10,332 | $1.9M |
| Operating profit | — | — | -$11.2M | -$23.1M | -$50.8M |
| Net profit | — | — | -$58.5M | -$23.4M | -$52.8M |
| Revenue CAGR | 2-yr avg 244.50% | ||||
Revenue rose 18573.4% year over year (2023 ₩231,425,455 → 2024 ₩14,708,000 → 2025 ₩2.7 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 3 years on record, revenue compound annual growth (CAGR) is 244.5%. The two-year revenue CAGR is 244.5%. In the most recent quarter (Q1 2026), revenue was 482.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 18573.4% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-08FilingVoluntary disclosure of the subscription result of the rights offering (rights offering to shareholders followed by a public offering of forfeited shares)Short term: securing development and operating funds gives the finances some breathing room. Medium term: existing shareholders' stakes are diluted by the new-share issuance, so per-share value change must be viewed together. Source
- 2026-06-05FilingBonus issue approved (material-fact report)Short term: a signal on the trading-liquidity and shareholder-return side, allotting new shares to shareholders free of charge. No new cash flows into the company. Medium term: the rise in shares outstanding dilutes per-share metrics (EPS, BPS). Source
- 2026-06-01FilingFinal issue price of the rights offering set (rights offering to shareholders followed by a public offering of forfeited shares)Short term: the raise size and new-share unit price are fixed, so the offering's outline takes shape. Medium term: the degree of dilution is decided by the fixed issue price and the number of new shares. Source
- 2026-05-27FilingExercise of conversion rights on convertible preferred shares into common sharesShort term: limited impact. Medium term: as preferred shares turn into common shares, the common-share count rises, and a latent dilution factor is reflected in the actual share count. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-08OwnershipAmended filing
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-08Paid-in capital increase
- 2026-06-05Material-fact report
- 2026-06-01Paid-in capital increase
- 2026-06-01Amended filing
- 2026-06-01Disclosure
- 2026-06-01Material-fact report (amended)
- 2026-05-27Disclosure
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.