[Edaily Reporter KIM SAE-MI ] #ROKIT HEALTHCARE Inc.’s total order backlog for its long-term regeneration platform—which was in the 1 trillion won range when the company listed on KOSDAQ—has reportedly decreased by approximately 355 billion won in the first half of this year. Although the total order backlog, which had remained stable through the end of last year, shrank by more than 20% in just six months, it is difficult to determine from public disclosures which supply contracts were scaled back or excluded.

According to the Financial Supervisory Service’s Electronic Disclosure System on the 4th, the total value of orders for ROKIT HEALTHCARE Inc.’s Long-Term Regeneration Platform decreased from $1,262.8 million (approximately 1.7048 trillion won) at the end of last year to $999.62 million (1.3495 trillion won) at the end of June this year. The decrease amounted to $263.18 million (355.3 billion won), representing 20.8% of the previous total order value. The exchange rate of 1,350 won per dollar was used for the won conversion.

Total Orders Down 20.8% in Half a Year… Contract Volume Also Down by 300,000 Units

In the securities registration statement submitted by ROKIT HEALTHCARE Inc. ahead of its KOSDAQ listing last May, the total order value for the Long-Term Regeneration Platform as of the end of 2024 was listed as $1.2628 billion (1.7048 trillion won). The total contract volume was 1,074,280 units. These figures remained unchanged in the 2025 business report submitted after the listing.

However, in the first-half report for this year, the total order value decreased to $999.62 million (1.3495 trillion won), and the total number of contracts fell to 778,351. This represents a decrease of 295,929 contracts over the course of six months.

The order backlog also shrank significantly. The order backlog, which stood at $1.2533 billion (1.6920 trillion won) at the end of last year, decreased by $259.57 million (350.4 billion won, or 20.7%) to $993.73 million (1.3415 trillion won) at the end of the first half of this year. The remaining quantity also fell from 1,066,423 units to 772,581 units.

What is noteworthy is that not only did the order backlog decrease, but the total order value itself also declined. Generally, when products are delivered under existing contracts, the order backlog decreases; however, a decline in total order value is a separate issue. Possible causes include contract expiration or termination, a reduction in supply volumes, or changes in the criteria used to calculate order status.

In particular, while the amount obtained by subtracting the order backlog from the total order value was $9.5 million (12.8 billion won) at the end of last year, it actually decreased to $5.89 million (8.0 billion won) in the first half of this year. The volume remaining after subtracting the remaining quantity from the total contract quantity also decreased from 7,857 units to 5,770 units during the same period. This change is difficult to attribute solely to the cumulative delivery performance under existing contracts. However, as specific details on increases and decreases by contract have not been disclosed at this time, the exact cause remains unclear.

Detailed contract information disclosed at the time of listing… Only total amounts listed after listing

The reason it is difficult to determine the cause of the decrease in total order value from external sources is that the disclosure method changed before and

after

the

listing

.

At the time of its IPO, ROKIT HEALTHCARE Inc. stated in its securities registration statement that it had signed commercialization contracts for its Long-Term Regeneration Platform with 25 overseas partners across 46 countries. At that time, the company disclosed details such as the contracting parties, signing dates, supply regions, contract terms, and contract amounts on an individual basis.

Looking at the order status table from that time, the contract with Singapore-based SRS Life Sciences was valued at $344.9 million (465.6 billion won), accounting for approximately 27% of the total order value. It was also evident that the contract with India’s Alkem Laboratories amounted to $179.8 million (242.7 billion won).

In contrast, the 2025 Annual Report and the first-half 2026 report submitted after the company’s IPO listed only the total amount and outstanding balance of the exclusive supply contract for the long-term regeneration platform, without providing information on individual clients. The first-quarter report for this year did not include a separate table detailing the order status at all.

As a result, based solely on the publicly available data, it is difficult for investors to determine which of the 25 existing contracts are still in effect or which clients are responsible for the decline in total order value. It is also difficult to ascertain whether new supply contracts have been added or if some existing contracts have been excluded.

1 Trillion Won in Orders with No Purchase Obligation… 500 Million Won in Overseas Sales in the Second Quarter

Furthermore, ROKIT HEALTHCARE Inc.’s overseas supply contracts are not structured to guarantee purchase of the full contract amount. In its securities registration statement at the time of its IPO, the company explained that these contracts are not firm agreements with guaranteed purchase obligations; rather, if the contracted quantities are not met, the client loses its exclusive sales rights. Consequently, the company explicitly stated the risk that the total order value may not fully translate into actual sales.

Meanwhile, ROKIT HEALTHCARE Inc.’s consolidated overseas revenue for the first half of this year was 2.6 billion won, a 46.4% decrease compared to the same period last year (4.9 billion won). In particular, while overseas revenue in the first quarter was 2.1 billion won, it fell to just 500 million won in the second quarter. Since overseas revenue includes businesses other than the Long-Term Regeneration Platform, it remains to be confirmed whether this is directly related to the decrease in the total order value.

Accordingly, E-Daily inquired about the causes of the decline in total order volume, details of contract changes by client, the validity of existing contracts, and the reasons for the change in disclosure methods; however, ROKIT HEALTHCARE Inc. did not respond.