Factual Summary
Gridwiz is a domestic demand response (DR) operator that participates in the Korea Power Exchange's demand resource market. According to its 2026 semi-annual report (receipt No. 20260814002782), it posted revenue of 414.66억원 and an operating loss of 38.50억원. In the previous fiscal year's 2025 annual business report (receipt No. 20260619000475), annual revenue was 1,256.09억원 (+0.7% YoY) and operating profit was 8.16억원, turning profitable from a 2024 operating loss of 43.43억원. On 2026-08-13, the company signed an MOU with SMR specialist ARX to jointly develop an integrated power and cooling solution for AI data centers (Electronic Times, 2026-08-13). The reference-date closing price on 2026-08-14 was 15,900원, down -0.44% from the previous day.
Price-Change Context Note
The 2026-08-14 reference-date closing price of 15,900원 is down approximately 40% from 26,450원 in April 2026; over the same period, however, EPS rose from 270원 to 476원, narrowing the PER from 97.96x to 33.43x (judal.co.kr aggregation, secondary source). Over the same period, SMP (System Marginal Price) rose to a weekly average of 151.18원/kWh for 2026-08-03~09, reflecting the heatwave and international oil prices and linked to DR compensation rates, while REC prices continued to decline, trading at 70,040원 for the 2026-08-04~06 session (Haezoom blog, 2026-08).
Business Overview
Founded in 2013, listed on KOSDAQ in June 2025. The company is Korea's No. 1 demand response (DR) operator, having secured 1.8GW of demand resources (Dealsite, Goover IPO report). The latest disclosure of segment revenue mix for the 2026 semi-annual period was not available; the figures above are based on data obtained for 2023-2024.
5-Year Financial Trend
Cumulative revenue for the 2026 semi-annual period (January-June) was 414.7억원 (approximately 33% of 2025's full-year figure), with an operating loss of 38.5억원 (semi-annual report, receipt No. 20260814002782). Whether this reflects a recurring first-half seasonal loss pattern is not available, as it requires confirmation from second-half results.
Valuation (Factual Multiples)
From April 2026 (share price 26,450원, PER 97.96x) to August 2026 (share price 15,900원, PER 33.43x), the share price fell approximately 40%, but EPS rose from 270원 to 476원, narrowing the PER (judal.co.kr aggregation, secondary source). The reference-date closing price is approximately 53% below the IPO indicative price band (34,000~40,000원) (Goover IPO report, FerroTimes).
Peer Comparison
| Company | Listing Status | Revenue Scale | Valuation |
|---|---|---|---|
| Gridwiz (453450) | KOSDAQ (IPO June 2025) | 1,256.1억원 (2025) | PER 33.43x · PBR 0.96x (2026-08-14) |
| Encored Technologies | Unlisted (unconfirmed) | 60.2억원 (2024) | Not available |
| Nuritelecom (Nuriflex) | KOSDAQ | Not available | Not available |
| Omnisystem (057540) | KOSDAQ | Approx. 1,091억원 | PER 8.47x · PBR 0.52x (reference date not available) |
Encored Technologies' revenue scale is roughly one-twentieth of Gridwiz's, reflecting a significant difference in scale, while Omnisystem's business is centered on remote metering and meters, making direct competition with Gridwiz limited (Dealsite, THE VC). For Gridwiz's IPO offering price determination, the peer group consisted of overseas power equipment and energy companies such as Eaton (PER 42.6x), Alfen NV (44x), and Enphase (41x) (FerroTimes).
Governance and Capital Structure
Based on WiseReport's consolidated shareholding disclosure display (accessed 2026-08-14, secondary source; not cross-checked against DART original filings). Figures cited in a Dealsite article (estimated as of end-Q3 2025) show a similar level, with the largest shareholder at 28.82% and SK Gas at 20.83%.
| Date | Disclosure |
|---|---|
| 2026-08-11 | Report on Substantial Shareholding of Stocks, etc. (General) |
| 2026-08-03 | Report on Substantial Shareholding of Stocks, etc. (General) |
| 2026-05-28 | Report on Status of Specific Securities Ownership by Executives and Major Shareholders |
| 2026-03-31 | Report on Appointment/Dismissal/Resignation of Independent Directors and Results of the Annual General Meeting |
For the two substantial shareholding reports above (2026-08-03, 2026-08-11), the reporting party, change in quantity, and reason are not available from the original filings. The base figure used for outstanding convertible bond (CB) calculations (total shares outstanding of 6,668,810 shares) differs in reference date from the system's primary source (7,942,750 shares, per DART as of 2026-06-30), requiring cross-checking against the original filing.
Supply and Demand (Trading Flows)
For the 2026-07-15 to 08-14 period, KRX investor-type (institutional, foreign, retail) net flows and short-selling ratio/balance could not be obtained due to research tool constraints (pykrx installation failure; alternative web sources use dynamic rendering, making static retrieval impossible).
Macro Environment
| Factor | Reference-Date Value | Transmission Channel · Impact |
|---|---|---|
| SMP (System Marginal Price) | 151.18원/kWh (weekly average, 2026-08-03~09) | Rising, linked to DR compensation rate Positive |
| REC (Renewable Energy Certificate) | 70,040원 (2026-08-04~06) | Narrowing solar/renewable energy margins Negative |
| Bank of Korea Base Rate | 2.75% (raised 2026-07-16) | Rising capex financing costs Negative |
| Lithium Carbonate (China Spot) | 151,000위안/톤 (2026-08-14) | Rising ESS cost-of-goods ratio Negative |
| Distributed Energy Activation Special Act and VPP System | Effective 2025-06-14, expansion ongoing | Expansion of DR, VPP, and power brokerage markets Positive |
Recent News Timeline
| Date | Details |
|---|---|
| 2026-08-13 | Signed MOU with SMR specialist ARX to jointly develop an integrated power and cooling solution for AI data centers (Electronic Times) |
| 2026-07-16 | Acquired 22MWh of industrial ESS assets from Sungshin Cement (Gridwiz media room) |
| 2026-07-10 | Selected as final operator in the 1st call for the Ministry of Climate, Energy and Environment's distribution-grid ESS deployment support project (Consumer Times) |
| 2026-03-20 | Announced 2025 full-year results: consolidated revenue of 1,256.1억원 (+0.7% YoY), operating profit of 8.2억원, turning profitable (Electronic Times) |
No Gridwiz-specific news was confirmed for 2026-08-14 itself. A separate Q2 (semi-annual) earnings presentation was not confirmed, but the semi-annual report (receipt No. 20260814002782) was filed with DART on the same day.
Risk Factors
- 80-90% of revenue is concentrated in the single DR business, and Korea's demand resource market has stagnated with mandatory curtailment capacity around 4.5GW (Dealsite, Korea Power Exchange statistics).
- Convertible shares from outstanding convertible bonds were found to be approximately 37.37% of total shares outstanding, but the mismatch in the base-figure reference date requires re-confirmation against the original filing (KIND disclosure search snippet, medium confidence).
- Early redemption (put option) exercise dates fall quarterly in 2026 (the 23rd of January, April, July, and October), and the conversion request periods for the 3rd-5th series CBs run through 2026-12-30 and 2027-02-04.
- ESS business costs are linked to lithium carbonate prices, with a confirmed upward shift in August 2026 (143,000위안 on 8/10 → 151,000위안 on 8/14).
- Over the past five years, operating margin has swung sharply, from a peak of 6.82% in 2022 to -3.48% (a loss) in 2024, and the 2026 semi-annual period is also in an operating loss (cumulative -38.5억원).
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · DART · Dealsite · Electronic Times · Consumer Times · FerroTimes · ValueLine · WiseReport · judal.co.kr · Haezoom blog · Bank of Korea · SunSirs