Interojo (119610) Corporate Status and Key Issue Analysis Report

This report analyzes the operational status, financial performance, and governance issues of Interojo Co., Ltd. as of December 15, 2025, based on factual data.

Key contents include management changes following the trading suspension in 2024 and resumption in 2025, Q3 2025 earnings, and the recent legal disputes regarding the largest shareholder’s equity.

1. Status of Trading Suspension and Resumption

In April 2024, Interojo received a “Disclaimer of Opinion” from its auditor regarding the FY2023 financial statements, resulting in a suspension of stock trading. The auditor cited the inability to verify the existence of inventory and issues with accounting treatment for derivatives as reasons for the disclaimer.

Consequently, the company halted production lines for approximately 1-2 months during the suspension period to overhaul its inventory management system and reinforce internal control procedures. Subsequently, it received an “Unqualified Opinion” (Clean Opinion) for the FY2024 financial statements, and stock trading resumed on May 13, 2025, following a review by the Korea Exchange.

The status of the recent signing and cancellation of the stake sale contract by the largest shareholder, followed by the subsequent legal dispute, is as follows.

Signing and Cancellation of Sale Contract

In August 2025, CEO Roh Si-cheol (the largest shareholder) and related parties signed a contract to sell approximately 1.13 million shares to Ascent Private Equity (Ascent PE) at 35,000 KRW per share. However, on September 10, 2025, the contract was canceled at the request of the buyer, Ascent PE.

Provisional Attachment of Shares

Following the contract cancellation, on December 12, 2025, Ascent PE applied for a provisional attachment on all shares owned by CEO Roh and special relations (approx. 4.3 million shares, approx. 35% stake) to preserve their claims, which the court granted. The claim amount is 1.3 billion KRW.

Fund Raising Status

Meanwhile, CEO Roh’s side executed a paid-in capital increase worth 30 billion KRW targeting funds under Stick Credit in September 2025 to secure liquidity. Additionally, to repay existing loans, a stock-backed loan refinancing contract totaling 48 billion KRW was signed, with a maturity date of October 2028.

3. Financial and Operational Performance

The consolidated performance for Q3 2025 and production efficiency indicators are as follows.

Q3 Earnings

Revenue was approximately 32.3 billion KRW, a slight decrease of 2.24% YoY, but operating profit was 4.7 billion KRW, an increase of 19.02% YoY.

Production Yield Status

Production yield, which was at the 62% level in 2024, rose to 70% as of the first half of 2025. The company aims to achieve 75% in H2 2025 and 85% in 2026. It is estimated that achieving the target yield will result in annual manufacturing cost savings of approximately 13.7 billion KRW.

4. Major Business Progress Status

Progress regarding overseas market expansion and new products is as follows.

US FDA Product Approval

The US FDA 510(k) clearance review for Silicone Hydrogel lenses is currently in progress. Local clinical trials in the US concluded in October 2025, and the company expects final approval around February 2026 (Q1).

New Product Launch

In November 2025, the company launched its self-developed new product, ‘MICELIA’, in the domestic market.

5. Summary

Currently, Interojo is seeing an increasing trend in operating profit through improved production yields, but legal disputes such as the provisional attachment on the largest shareholder’s equity (claim amount: 1.3 billion KRW) are ongoing. Future key variables include the outcome of the ongoing provisional attachment litigation and the US FDA approval expected in Q1 2026.

※ Disclaimer: This report is a personal analysis based on public information and press releases. It does not recommend investment or guarantee specific returns. All investment responsibilities lie with the investor.