New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩33b free cash flow). Earnings have declined by 31% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (₩89.6b market cap, or US$58.3m). Announcement • Mar 17
HanWool Materials Science, Inc., Annual General Meeting, Mar 31, 2026 HanWool Materials Science, Inc., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 593-16, dongtangiheung-ro, gyeonggi-do, hwaseong South Korea New Risk • Nov 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩50b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩50b free cash flow). Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (104% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₩74.7b market cap, or US$50.8m). New Risk • Sep 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₩73.7b market cap, or US$53.1m). New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩59.8b market cap, or US$43.1m). Announcement • Aug 20
HanWool Materials Science, Inc. announced that it has received KRW 7 billion in funding On August 19, 2025, HanWool Materials Science, Inc. closed the transaction. Announcement • Aug 12
HanWool Materials Science, Inc. announced that it expects to receive KRW 7 billion in funding HanWool Materials Science, Inc. announced a private placement to issue 1% Series 7 Bearer Convertible Bonds With Unsecured Warrants due August 19, 2028 for gross proceeds of KRW 7,000,000,000 on August 11, 2025. The transaction will include participation from new investors Jeil ENS Co., Ltd. KRW 4,400,000,000 and migungeneral consprucpion co.Ltd., KRW 2,600,000,000. The transaction has been approved by shareholders, restricted to a hold period, expected to close on August 19, 2025, 100% convertible into 2,986,348 shares at a fixed conversion price of KRW 2,344 from August 19, 2026 to July 19, 2028 and bears 1% coupon rate, 2% maturity rate and matures on August 19, 2028. New Risk • Apr 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩28b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩28b free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩92.6b market cap, or US$63.1m). Announcement • Mar 15
HanWool Materials Science, Inc., Annual General Meeting, Mar 31, 2025 HanWool Materials Science, Inc., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 593-16, dongtangiheung-ro, gyeonggi-do, hwaseong South Korea New Risk • Feb 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 69% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩83.4b market cap, or US$58.2m). New Risk • Jan 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 40% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₩103.0b market cap, or US$70.7m). Announcement • Dec 31
HanWool Materials Science, Inc. has completed a Follow-on Equity Offering in the amount of KRW 999.998116 million. HanWool Materials Science, Inc. has completed a Follow-on Equity Offering in the amount of KRW 999.998116 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 243,427
Price\Range: KRW 4108
Transaction Features: Subsequent Direct Listing New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (45% increase in shares outstanding). Market cap is less than US$100m (₩65.7b market cap, or US$45.7m). New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (45% increase in shares outstanding). Market cap is less than US$100m (₩61.2b market cap, or US$43.0m). Announcement • Nov 09
HanWool Materials Science, Inc. has filed a Follow-on Equity Offering in the amount of KRW 999.996847 million. HanWool Materials Science, Inc. has filed a Follow-on Equity Offering in the amount of KRW 999.996847 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 223,763
Price\Range: KRW 4469
Transaction Features: Subsequent Direct Listing Announcement • Sep 07
HanWool Materials Science, Inc. (KOSDAQ:A091440) agreed to acquire an additional 16.57% stake in CGP Materials Corp. for KRW 3.75 billion. HanWool Materials Science, Inc. (KOSDAQ:A091440) agreed to acquire an additional 16.57% stake in CGP Materials Corp. for KRW 3.75 billion on September 5, 2024. Upon completion, HanWool Materials Science, Inc. will own 17.05% stake in CGP Materials Corp.
For the period ending December 31, 2023, CGP Materials Corp. reported total revenue of KRW 789 million and net loss of KRW 2.65 billion. As of December 31, 2023, CGP Materials Corp. reported total assets of KRW 5.22 billion.
The expected completion of the transaction is September 5, 2024. Announcement • May 03
HanWool Materials Science, Inc. announced that it expects to receive KRW 3.5 billion in funding HanWool Materials Science, Inc. announced a private placement of series 6 bearer-type non-secured interest-bearing private convertible bonds for a gross proceeds of KRW 3,500,000,000 on May 2, 2024. The bonds have a coupon rate of 3.5% and yield to maturity of 3.5%. The bonds will mature on May 7, 2027. The bonds will be 100% converted into common shares at a fixed conversion price of KRW 12,317 per share. The conversion period is from May 7, 2025 to April 7, 2027. The payment date of the transaction is May 7, 2024. The transaction has been approved by the board of directors of the company. Reported Earnings • Mar 26
Full year 2023 earnings released: ₩591 loss per share (vs ₩1,647 loss in FY 2022) Full year 2023 results: ₩591 loss per share (improved from ₩1,647 loss in FY 2022). Revenue: ₩37.6b (up 63% from FY 2022). Net loss: ₩5.71b (loss narrowed 62% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩5.3b free cash flow). Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Market cap is less than US$100m (₩25.8b market cap, or US$19.7m). Reported Earnings • Mar 27
Full year 2022 earnings released: ₩1,647 loss per share (vs ₩742 loss in FY 2021) Full year 2022 results: ₩1,647 loss per share (further deteriorated from ₩742 loss in FY 2021). Revenue: ₩23.0b (down 33% from FY 2021). Net loss: ₩14.9b (loss widened 136% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 17
New 90-day high: ₩3,595 The company is up 1.0% from its price of ₩3,550 on 19 October 2020. The South Korean market is up 30% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: ₩3,410 The company is down 24% from its price of ₩4,460 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 2.0% over the same period. 
