SOS Lab designs and manufactures LiDAR (a sensor that shoots out light to read the distance and shape of objects in 3D) in-house, selling it across a wide range of fields: self-driving cars, unmanned transport robots in semiconductor plants, service and delivery robots, and smart infrastructure at airports and in cities. It supplies both the sensor hardware and the software that reads space from that data. Revenue is still only in the ₩6 billion range a year, reflecting an early mass-production stage, but supply contracts worth ₩0.8 billion and ₩1 billion are accumulating each quarter, and expansion signals such as building a real-time congestion-analysis system at Gimhae Airport, an agreement with LG CNS to enter North America, and in-house development of a next-generation SPAD chip are confirmed in filings and official announcements. What stands out lately is that the company sits at a growth inflection point: when LiDAR shipments rise and unit prices fall so losses shrink quickly, its broad range of applications and ample liquidity become strengths, but if orders and deliveries are delayed and the annual loss of ₩17.7 billion drags on, a valuation that has pulled forward future mass production could become a burden.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 297.1%).
- The most recent full-year net result was a loss.
- Revenue rose 23.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 29.3% lower than a year earlier.
- ROE is -66.9% (total-net basis). It is below the sector average.
- Operating margin is -265.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Jeong Ji-seong 19.23% (individual)
Controlling bloc incl. related parties 25.09%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- SOS Lab designs, manufactures, and sells LiDAR, a sensor that shoots out light to read the distance to and shape of objects in 3D.
- Its main products are the fixed 3D flash LiDAR 'ML series,' which sees a wide field of view with just a chip and a lens, and the fast-scanning 2D LiDAR 'GL series.' It makes money in more than one place: self-driving cars, unmanned transport robots (OHT/AGV) in semiconductor plants, service and delivery robots, and smart infrastructure such as airports and cities (analyzing the flow of people and vehicles).
- In other words, it sells 'sensor hardware plus the software solutions that read space from those sensors' together, and it has recently expanded into a fabless business that designs SPAD, the core light-receiving semiconductor in LiDAR, in-house.
- Revenue is still small, in the ₩6 billion range a year, so this is an early mass-production stage in which each new supply contract weighs heavily on results and the share price.
- The latest close is ₩8,870 and market capitalization is ₩159.2 billion.
- The price sits below the 20-day line (₩10,644) and below the 60-day line (₩13,240).
- Trading below both the short- and mid-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge comparing upward and downward strength over the last 14 days on a 0-100 scale) is 36.1, a neutral level.
- The one-month change is -14.0%, the three-month change is -36.4%, and the position versus the 52-week high is -66.1%.
- Relative strength versus the KOSDAQ is 57 (1-99; recent one-year return versus the index, weighted toward recent performance; higher means stronger than the market).
- That places it in roughly the top 43% for strength among all stocks.
- Over the past three months it lagged the index by 21.2%.
- Chart interpretation is best done alongside trading volume and the dates of filings.
- This company is in an early mass-production stage and does not yet turn a profit.
- In 2025 it posted revenue of ₩6.09 billion, an operating loss of ₩16.1 billion, and a net loss of ₩17.7 billion, a typical loss-making growth structure in which R&D and mass-production preparation costs come in ahead of revenue.
- When profit is negative the P/E (how many times a year's profit the share price is) cannot be calculated, so valuation is judged by 'non-earnings' yardsticks such as a P/B (how many times net assets the share price is) of 6.02x and a P/S (how many times a year's revenue the share price is) of 35.7x.
- Compared directly with ordinary profitable companies these multiples look high, but in loss-making, growth-stage deep-tech hardware they commonly appear at this level because they price in future revenue and mass-production potential in advance, so rather than immediately labeling them a 'burden' it is more appropriate to judge them by whether growth actually follows.
- Financially, equity is ₩26.45 billion with a debt-to-equity ratio (debt against equity) of 297%, so there is some debt, but a current ratio (assets convertible to cash versus debt due within a year) of 688% leaves ample short-term repayment capacity.
- In the end, the core of value here is not 'the size of the current loss' but 'how quickly the loss shrinks and turns to profit.'
- The two axes of growth need to be viewed together.
- Annual revenue rose for three straight years, from ₩4.1 billion in 2023 to ₩4.94 billion in 2024 to ₩6.09 billion in 2025, and the growth rate actually accelerated, from +20.3% to +23.3%.
- That the loss widened as revenue grew (a net loss of ₩17.7 billion in 2025) is because it is still in a 'pre-economies-of-scale' phase where the cost to make one unit is high relative to shipment volume.
- In other words, the widening loss is closer to the natural shape of a stage that invests in mass production and R&D first, rather than a sign the business is deteriorating.
- First-quarter 2026 revenue was ₩0.58 billion, down 29.3% from the same quarter a year earlier, but because quarterly revenue in LiDAR swings widely with the timing of orders and deliveries, it is hard to draw a trend from a single quarter's number.
- That said, neither the company's official materials nor its filings contain any revenue or profit outlook figures for this year, and the net loss continued in the first quarter, so a forward P/E based on the next year's profit is not calculated until a return to profit is confirmed.
- So the growth point for this company lies not in a 'forward profit figure' but in when the inflection point arrives at which falling sensor unit prices and rising shipment volumes shrink the loss.
- Viewing filings and official company announcements together, business progress has been steady.
- DART shows a string of single-sale/supply contracts (around ₩0.8 billion on 2026-06-16, around ₩1 billion on 2025-12-16, and others), showing that small but real orders that will convert to revenue are accumulating each quarter.
- In the company newsroom, in 2026 it built the country's first LiDAR-based real-time congestion (passenger flow) analysis solution at Gimhae Airport, signed a memorandum of understanding (MOU) with LG CNS to jointly enter the North American smart-infrastructure market, and got serious about developing its next-generation SPAD chip, the core light-receiving semiconductor in LiDAR, in-house.
- It also announced a push into the market for physical-AI training data (the real world that robots and autonomous vehicles use) with Space AI, showing it is broadening beyond sensor sales into solutions and data.
- That said, MOUs and chip-development announcements are not yet confirmed real revenue, so it is worth watching whether they lead to actual contracts and deliveries afterward.
- Meanwhile, governance filings such as changes in shares held by executives and major shareholders and the granting of stock options are also appearing.
- Looking first at the strengths: as the first LiDAR company listed on the KOSDAQ, it has broad applications spanning autonomous driving, robotics, semiconductor plants, and smart infrastructure, and amid three straight years of accelerating revenue growth, business-expansion signals such as supply contracts, an airport-infrastructure demonstration, a North American entry agreement, and in-house SPAD semiconductor development are confirmed in actual filings and official announcements.
- With a current ratio of 688% it also has ample short-term funding capacity, so it has the stamina to keep investing in mass production.
- The cautions are that it is still in early mass production, so the loss (₩17.7 billion a year) is large relative to revenue (₩6 billion a year) and the timing of a turn to profit is not set, and quarterly revenue swings widely, so a quarter or two's numbers can make the trend look shaky.
- That the P/B and P/S look high on a profitable-company yardstick is because the price prices in future mass production and orders in advance, a structure that is justified only when that growth actually follows.
- In short, it is strong in 'a phase where LiDAR mass-production unit costs fall and shipments rise so losses shrink quickly,' and weak in 'a phase where orders and deliveries are delayed and losses drag on,' where the pulled-forward valuation becomes a weakness; it is a stock hinging on a growth inflection point.
🔎 Valuation vs peers Inconclusive
With essentially no directly competing listed LiDAR company in Korea, the peer set was split into 'loss-stage, high-growth deep-tech hardware and AI' names and 'optical/precision sensor hardware maturing into profitability,' all verified against figures on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lunit | 0.00x | 5.71x | -34.48% |
| Satrec Initiative | 56.94x | 3.50x | 6.14% |
Because it is loss-making, the P/E cannot be calculated, so trailing valuation (based on last year's confirmed results) cannot tell whether it is expensive or cheap, leaving only 'non-earnings' yardsticks such as a P/B of 8.21x and a P/S of 35.7x. Its P/B is even higher than that of Lunit (P/B 7.4, ROE -34.5%), another loss-making, high-growth deep-tech name, and compared with Satrec Initiative (P/E 79.9, P/B 4.9, ROE +6.1%), an optical/precision-hardware name maturing profitably, it carries 'a higher price-to-book multiple even without profits yet.' This is a premium that prices in future mass-production and order growth in advance, and until that growth is confirmed through actual revenue and a turn to profit, it is hard to declare it overvalued or fairly valued. So it is left Inconclusive, with the key variables to watch being the pace of LiDAR shipment growth and loss reduction.
Price history Close · MA20 · MA60
The latest close is ₩8,870 and the market capitalization is ₩159.2 billion. The price sits below its 20-day moving average (₩10,644) and below its 60-day moving average (₩13,240). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 36.1, a neutral level. The one-month change is -14.0%, the three-month change is -36.4%, and the position relative to the 52-week high is -66.1%. Relative strength versus the KOSDAQ is 57 (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 57% of all stocks. Over the past three months it lagged the index by 21.2%. 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 -21.20% / 6M -41.35% / 12M -29.89%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 6.02x is above the sector median (1.61x).
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 -66.9%, below the sector average (5.0%). The operating margin is -265.1%. The debt ratio is 297.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.7M | $3.3M | $4.0M | +23.30% ↑ faster |
| Operating profit | -$5.5M | -$8.5M | -$10.7M | — |
| Net profit | $4.0M | -$7.9M | -$11.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.7M | $3.3M | $4.0M |
| Operating profit | — | — | -$5.5M | -$8.5M | -$10.7M |
| Net profit | — | — | $4.0M | -$7.9M | -$11.7M |
| Revenue CAGR | 2-yr avg 21.79% | ||||
Revenue rose 23.3% year over year (2023 ₩4.1 billion → 2024 ₩4.9 billion → 2025 ₩6.1 billion), and the three-year trend is 'rising'. 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 21.8%. The two-year revenue CAGR is 21.8%. In the most recent quarter (Q1 2026), revenue was 29.3% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 23.3% 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
- 2026-06-16UpdateSingle-sale/supply contract signed (contract value about ₩0.8 billion) disclosed - LiDAR supply orders continueA meaningful order for a company with revenue in the ₩6 billion range, though the mid-term read depends on whether it is one-off or a repeat transaction Source
- 2026-06-02IROfficially announced a push, in cooperation with Space AI, into the market for physical-AI training data (the real world that robots and autonomous vehicles use)A medium- to long-term growth attempt to broaden beyond LiDAR sensor sales into the data business Source
- 2026-05-19IRSigned a memorandum of understanding (MOU) with LG CNS to jointly enter the North American smart-infrastructure marketPotential to expand overseas and infrastructure revenue through a large corporate partner (mid-term positive), though at the MOU stage this is not yet confirmed real revenue Source
- 2026-05-07IRAnnounced it is getting serious about developing its next-generation SPAD chip, the core light-receiving semiconductor in LiDAR (pursuing in-house semiconductor capability)If successful, sourcing a core component in-house strengthens cost and performance competitiveness (medium- to long-term positive), while front-loaded R&D costs are a short-term loss factor Source
- 2026-04-23IRBuilt the country's first LiDAR-based real-time congestion (passenger flow) analysis solution at Gimhae AirportSecured a demonstration in a new application area, airport and city smart infrastructure (mid-term positive) Source
- 2025-12-16UpdateSingle-sale/supply contract signed (amended, contract value about ₩1 billion) disclosed - a LiDAR supply order was also secured in the preceding quarterThat orders land each quarter is a positive, but the per-deal size is small, so more shipment expansion is needed for a turn to profit Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue and net loss | revenue ₩6.1 billion / ₩17.7 billion | 2025 (DART) | Confirmed | link |
| Q1 2026 revenue | ₩0.6 billion | 2026 1 (DART) | Confirmed | link |
| LiDAR supply contract order | approx. (approx. ₩0.8 billion) | 2026-06-16 ·approx. (DART) | Confirmed | link |
| Company's official revenue and profit outlook for this year | base | — | Unverified | link |
Recent filings
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOwnership-change filing
- 2026-03-27Amended filing
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business 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.