119850 - Gn Cenergy Co., Ltd.

119850 Summary

Power Equipment

Stock Price & Overview

₩44,900 +3,050 (+7.29%) Close · Sep 4, 2026 KST

KOSDAQ | ₩KRW | Close: ₩44,900 ≈ US$32 · Market cap ₩0.7tn (≈ $528m)

119850 Financial Statements

Breakdown ₩ bn	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Total Revenue	262.6	226.3	166.4	148.5	122.5	130.7	168.3	126.1	96.7	116.4	110.3
Cost of Revenue	196.2	182.9	144.0	134.5	108.3	118.6	150.6	111.7	85.5	101.8	96.5
Gross Profit	66.4	43.4	22.4	14.0	14.2	12.0	17.7	14.3	11.2	14.6	13.8
Selling, General & Administrative	17.1	11.7	11.4	7.9	7.3	6.1	8.6	7.8	4.5	3.8	4.6
Operating Income	49.4	31.7	11.0	6.1	6.9	5.9	9.1	6.5	6.7	10.8	9.2
Finance Income	12.7	6.5	4.5	3.8	3.0	4.7	2.5	3.7	2.6	2.5	1.8
Finance Costs	5.6	8.5	2.4	7.0	2.3	4.4	2.3	2.2	1.8	3.2	3.1
Pretax Income	54.8	48.4	13.9	3.5	6.5	4.9	9.9	9.4	7.1	8.4	7.6
Income Tax Expense	14.7	9.5	2.2	0.8	1.8	0.7	1.7	1.9	1.3	1.5	1.3
Net Income	40.0	38.9	11.7	26.0	3.8	0.6	8.1	7.4	5.8	6.9	6.4
Total Comprehensive Income	35.3	39.5	11.5	26.2	3.7	0.7	8.2	7.4	5.9	6.9	6.4

Breakdown ₩ bn	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Total Assets	370.8	265.2	187.1	170.8	165.4	146.0	142.4	127.2	114.2	98.0	88.8
Current Assets	258.8	158.5	109.4	103.2	109.9	90.3	88.0	76.1	67.9	64.0	52.7
Cash & Cash Equivalents	77.9	46.7	30.5	11.5	40.1	29.1	12.3	10.7	17.0	16.2	3.7
Inventories	31.4	14.6	15.8	20.2	10.9	10.3	18.1	10.9	10.9	8.1	13.9
Trade Receivables	35.1	34.5	21.6	33.2	19.7	20.8	29.8	24.4	30.3	36.6	28.2
Non-current Assets	111.9	106.8	77.7	67.6	55.5	55.7	54.5	51.1	46.4	34.0	36.1
Property, Plant & Equipment	62.0	64.9	36.3	38.3	36.6	38.6	39.2	38.0	30.9	22.5	22.5
Intangible Assets	0.1	0.1	0.1	0.1	3.6	3.9	4.3	4.7	4.4	0.1	0.1
Total Liabilities	149.3	103.8	64.3	53.7	50.1	37.6	49.4	44.3	44.5	37.3	32.1
Current Liabilities	130.3	94.6	63.9	53.5	49.8	36.6	47.6	41.8	40.8	33.5	27.1
Non-current Liabilities	19.0	9.1	0.3	0.2	0.3	1.0	1.8	2.5	3.7	3.9	5.0
Total Equity	221.5	161.5	122.8	117.0	115.3	108.3	93.0	82.9	69.8	60.7	56.7
Share Capital	8.4	8.4	8.4	8.4	8.4	8.3	8.3	8.3	8.3	4.3	4.3
Retained Earnings	180.7	137.5	100.3	89.9	61.9	58.3	55.9	50.2	42.0	37.1	33.4

Breakdown ₩ bn	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Cash from Operating Activities	41.1	13.0	58.4	-30.7	13.9	17.3	0.1	9.6	13.1	5.6	3.1
Cash from Investing Activities	-53.9	-3.2	-20.6	20.3	-10.4	2.5	1.6	-17.4	-12.7	2.9	-2.1
Purchase of Property, Plant & Equipment	3.8	1.6	2.3	7.3	2.9	2.7	3.2	8.7	8.6	1.1	2.2
Cash from Financing Activities	46.7	6.0	-18.8	-1.8	7.3	-3.1	-0.1	-1.8	-3.6	3.9	-3.3
Dividends Paid	1.5	1.0	0.8	0.8	0.8	0.8	0.8	1.0	1.0	0.7	0.6
Net Change in Cash	31.2	16.2	19.0	-28.6	10.9	16.8	1.6	-6.3	0.8	12.4	-2.3

Breakdown ₩ bn	2026 Q2	2026 Q1	2025 Q4	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3	2024 Q2	2024 Q1
Total Revenue	66.5	55.4	66.0	69.5	60.8	66.3	75.1	74.0	37.0	40.3
Cost of Revenue	50.9	44.8	51.4	52.7	44.5	47.5	58.4	57.3	31.9	35.4
Gross Profit	15.6	10.6	14.6	16.8	16.3	18.8	16.7	16.7	5.1	4.8
Selling, General & Administrative	5.5	6.2	5.2	4.0	4.1	3.8	3.6	3.5	2.1	2.4
Operating Income	10.2	4.4	9.4	12.8	12.2	15.0	13.1	13.2	3.0	2.4
Finance Income	9.8	12.6	3.1	3.1	3.8	2.7	1.9	2.5	0.9	1.3
Finance Costs	1.1	1.2	0.9	-0.1	3.2	1.6	4.9	1.1	1.7	0.8
Pretax Income	19.2	16.1	7.7	16.3	13.5	17.2	11.0	16.2	17.3	3.9
Income Tax Expense	5.1	3.8	2.3	4.6	3.8	4.1	5.1	3.5	0.4	0.5
Net Income	14.1	12.3	5.4	11.8	9.7	13.1	5.9	12.7	16.9	3.4
Total Comprehensive Income	14.2	13.7	7.4	12.6	4.9	10.3	10.2	9.0	16.9	3.4

Breakdown ₩ bn	2026 Q2	2026 Q1	2025 Q4	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3	2024 Q2	2024 Q1
Total Assets	409.5	381.6	370.8	310.1	258.0	257.7	265.2	259.0	247.7	189.7
Current Assets	289.9	265.6	258.8	198.2	154.4	151.8	158.5	154.7	139.3	111.2
Cash & Cash Equivalents	42.0	24.8	77.9	27.2	21.3	26.7	46.7	35.7	33.4	9.9
Inventories	42.2	42.1	31.4	23.7	43.9	26.1	14.6	24.6	33.2	13.1
Trade Receivables	68.8	38.6	35.1	22.1	36.1	29.2	34.5	38.7	32.8	18.5
Non-current Assets	119.7	116.0	111.9	112.0	103.6	105.9	106.8	104.2	108.4	78.5
Property, Plant & Equipment	71.5	68.1	62.0	58.3	58.6	62.2	64.9	63.7	67.2	36.7
Intangible Assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Total Liabilities	162.5	148.9	149.3	98.2	73.6	87.1	103.8	107.7	105.4	64.3
Current Liabilities	143.0	129.8	130.3	82.9	65.1	78.1	94.6	99.4	96.7	63.7
Non-current Liabilities	19.5	19.1	19.0	15.3	8.5	9.0	9.1	8.3	8.7	0.6
Total Equity	247.0	232.7	221.5	211.9	184.3	170.6	161.5	151.2	142.3	125.4
Share Capital	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
Retained Earnings	205.8	191.6	180.7	175.6	158.8	148.8	137.5	132.1	119.4	102.7

Breakdown ₩ bn	2026 Q2	2026 Q1	2025 Q4	2025 Q3	2025 Q2	2025 Q1	2024 Q4	2024 Q3	2024 Q2	2024 Q1
Cash from Operating Activities	-2.3	-12.8	27.5	33.8	-13.6	-6.6	28.5	10.9	-13.4	-13.0
Cash from Investing Activities	21.5	-40.9	3.1	-61.9	7.9	-3.0	-0.9	-7.9	23.7	-18.0
Purchase of Property, Plant & Equipment	5.1	5.6	2.8	0.6	0.3	0.1	0.1	0.2	1.3	0.1
Cash from Financing Activities	-1.8	0.0	20.7	34.0	1.7	-9.7	-17.8	-0.1	13.3	10.5
Dividends Paid	—	—	0.0	0.0	—	—	0.0	0.0	—	—
Net Change in Cash	17.3	-53.2	50.8	5.8	-5.3	-20.0	11.0	2.3	23.5	-20.7

Consolidated (CFS), from DART. 11 fiscal years and 10 quarters. Accounts matched on IFRS account_id, not Korean labels, so the same line holds across years where the Korean wording changed. Quarterly figures are three-month values: income quarters from DART's three-month column, cash-flow quarters differenced from DART's cumulative figures, and Q4 as annual minus nine-month cumulative.

119850 Growth

FY2025 ₩bn	Latest	1-yr	3-yr CAGR	5-yr CAGR	10-yr CAGR
Revenue	262.6	+16.0%	+20.9%	+15.0%	+9.1%
Operating income	49.4	+55.7%	+100.9%	+53.1%	+18.3%
Net income	40.0	+3.0%	+15.5%	+130.7%	+20.1%
EPS	₩2,433	+3.0%	+15.5%	+130.7%	+20.1%
Operating cash flow	41.1	+216.1%	—	+18.9%	+29.4%
Shareholders' equity	221.5	+37.2%	+23.7%	+15.4%	+14.6%

Compound annual growth from the DART annual statements on this page. n/m where either end of the period is a loss or missing. EPS uses today's share count for every year.

119850 Profitability

Ratio	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Gross margin	25.3%	19.2%	13.5%	9.5%	11.6%	9.2%
Operating margin	18.8%	14.0%	6.6%	4.1%	5.6%	4.5%
Net margin	15.2%	17.2%	7.0%	17.5%	3.1%	0.5%
Return on equity	20.9%	27.3%	9.8%	22.4%	3.4%	0.6%
Return on assets	12.6%	17.2%	6.5%	15.5%	2.4%	0.4%
Operating cash flow / revenue	15.6%	5.7%	35.1%	-20.6%	11.4%	13.2%
Capex / revenue	1.4%	0.7%	1.4%	4.9%	2.4%	2.1%

Margins divide by revenue for the same year. Return on equity and assets divide net income by the average of that year's and the prior year's balance, as DART reports them (consolidated, including minority interests).

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What a US investor should know

Trading hours09:00–15:30 KST — 20:00–02:30 US Eastern the night before.
Daily limitKorean stocks can move at most ±30% in a session before trading halts.
Getting exposureKRX shares are not directly tradable in most US brokerage accounts. The usual routes are Korea ETFs or an international account.
ReportingKorean issuers file to DART, not the SEC. Half-year and quarterly reports land about 45 days after period end.