Eoflow (294090) Q4 2025 earnings summary

Executive summary

• Specializes in wearable insulin pumps and artificial pancreas systems for diabetes management, with expansion into non-insulin drug delivery and digital health solutions.

• 2025 saw a significant revenue decline due to ongoing litigation with Insulet, impacting sales, user retention, and market confidence.

• Major ownership change in December 2025, with Citadel Multi-Asset Master Fund Ltd. becoming the largest shareholder via a third-party allotment.

Financial highlights

• 2025 consolidated revenue: ₩3,670 million, down 30% year-over-year from ₩5,241 million.

• Operating loss: ₩22,238 million (2024: ₩70,290 million loss).

• Net loss: ₩42,385 million (2024: ₩194,633 million loss).

• Gross margin remained negative, with cost of goods sold exceeding sales.

• Cash and equivalents at year-end: ₩3,449 million.

Outlook and guidance

• Revenue recovery is contingent on resolution of the Insulet litigation and restoration of market trust.

• Plans to secure liquidity through asset sales, capital increases, and debt restructuring.

• Ongoing product development in next-generation wearable artificial pancreas and non-insulin drug delivery platforms.