PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Consolidated operating and net profit turned positive in 2025, but quarterly revenue has shrunk sharply and operating losses have returned in 2026, leaving the payoff from the company's new business pivot still unconfirmed in the numbers.
2025 consolidated revenue of KRW 41.4bn and operating profit of KRW 2.0bn (4.8% margin) marked a turn to profit after two straight years of losses
Operating losses reappeared in 2026 Q1 and Q2 (KRW 1.5bn and 1.7bn) even as net profit swung sharply on non-operating items
After absorbing MOD (a smart-hospital-bed solutions unit) in 2025, the company proceeded with an equity sale in 2026, continuing a broader business restructuring
New ventures such as an AI healthcare platform and AI robotics co-development with Klobot are underway, but their revenue contribution remains unconfirmed
The company's own HiFi Rose premium audio brand is supplied to 40 countries, forming one pillar of its overseas revenue base
CI Tech was founded in 1967 and adopted its current name in 2015; kiosk manufacturing—automated certificate issuance machines, ticketing kiosks, and similar devices—has long been its core business.
Alongside this, the company's own HiFi Rose premium network audio brand forms another pillar, with self-developed hardware and software supplied to 40 countries.
In 2025 the company absorbed its subsidiary MOD, which had been the largest smart-hospital-bed service provider in Korea, formalizing its push into smart hospital infrastructure; MOD had a track record of supplying bedside TV systems, fall-prevention solutions, and patient monitoring systems to numerous tertiary and regional hospitals nationwide.
Building on this base, the company has also entered the AI healthcare platform business, developing personalized health management solutions that analyze data collected from smartwatches, blood pressure monitors, and glucose meters and link it with partner hospitals.
More recently it formed a strategic partnership with Klobot, an autonomous robotics firm, to co-develop an AI guidance and consultation system linking fixed kiosks with mobile robots, including hospital reception robots.
The company also engages in industrial robot manufacturing and other ancillary businesses, though these are understood to represent a smaller share of revenue. The bulk of sales still comes from kiosks and HiFi Rose, while the newer ventures remain at an early stage. In 2026 an equity sale related to MOD proceeded, continuing the reshaping of the business portfolio.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩16B | ₩1B | 6.1% |
| 2025Q3 | ₩12.1B | -₩500M | −4.2% |
| 2025Q4 | ₩42,322,190 | ₩1.6B | 3800.3% |
| 2026Q1 | ₩6.6B | -₩1.5B | −23.5% |
| 2026Q2 | ₩5.1B | -₩1.7B | −33.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩56.7B | ₩600M | -₩700M | 1.0% | −1.2% | 78.0% |
| 2023 | ₩57.1B | -₩7.1B | -₩8.1B | −12.5% | −14.8% | 64.9% |
| 2024 | ₩47.4B | -₩2B | -₩94,027,217 | −4.3% | −0.2% | 67.6% |
| 2025 | ₩41.4B | ₩2B | ₩14.6B | 4.8% | 20.0% | 73.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue moved from KRW 56.7bn in 2022 and KRW 57.1bn in 2023 down to KRW 47.4bn in 2024 and KRW 41.4bn in 2025, a two-year contraction.
Profitability, however, improved markedly: after an operating loss of KRW 7.1bn (-12.5% margin) in 2023 and KRW 2.0bn (-4.3%) in 2024, the company posted an operating profit of KRW 2.0bn with a 4.8% margin in 2025.
Net profit attributable to owners also swung from three straight years of losses in 2022-2024 (KRW -0.65bn, -8.13bn, -0.09bn respectively) to KRW 14.6bn in 2025. The quarterly path, however, has been uneven.
In 2025 Q2 revenue was KRW 16.0bn with operating profit of KRW 1.0bn, but Q3 revenue fell to KRW 12.1bn with an operating loss of KRW 0.5bn, while Q4 revenue collapsed to roughly KRW 42 million even as operating profit reached KRW 1.6bn and owner net profit hit an unusual KRW 14.2bn.
Into 2026, Q1 revenue was KRW 6.6bn with an operating loss of KRW 1.5bn but net profit of KRW 6.9bn, and Q2 revenue was KRW 5.1bn with an operating loss of KRW 1.7bn and net profit of KRW -3.1bn, showing a continued gap between operating results and net income.
This pattern suggests non-operating items tied to the MOD absorption and the 2026 equity sale materially influenced net profit during the portfolio restructuring.
Total equity rose from KRW 53.2bn in 2022 to KRW 73.2bn in 2025, but the debt ratio remained elevated, moving from 78.0% to 73.4% over the same period, reflecting a phase where revenue contraction and earnings volatility are occurring simultaneously.
The AI healthcare market the company has newly entered is projected by global research firm MarketsandMarkets to reach USD 181.79bn by 2030, with AI adoption spreading across hospital imaging analysis, EMR and ward management, and remote intensive care unit (e-ICU) programs.
Smart hospital diffusion is also being encouraged through support programs run by the government-affiliated Korea Health Industry Development Institute (KHIDI), with regional medical centers increasingly adopting remote monitoring and diagnostic support systems.
On the competitive front, specialized players such as Seers Technology, which supplies wearable-sensor-based remote patient monitoring (RPM) systems to major domestic hospitals, are already established, meaning CI Tech must prove differentiation as a newer entrant.
By contrast, the company's legacy kiosk and premium audio businesses operate in more mature markets; the firm holds a longstanding position in domestic automated document-issuance kiosks, though growth in that segment is viewed as limited.
Market attention to the stock also appears thin, as sell-side coverage has reportedly been scarce recently, a trait common among smaller-cap names with wider information gaps.
Taken together, the company sits at a point where its mature legacy business faces stagnation while its new growth markets are still in an early competitive stage.
At an extraordinary shareholders' meeting in June 2025, the company added AI healthcare-related business purposes and stated its intent to cultivate this as a core growth driver.
It has since received a technology transfer from the Electronics and Telecommunications Research Institute (ETRI) covering time-series biosignal AI analysis for an integrated healthcare platform, with a disclosed timeline of completing platform development in the first half of 2026, launching a domestic pilot service in the second half of 2026, and targeting global market entry in the second half of 2027.
With Klobot, the company is pursuing co-development of package-type solutions including an AI guidance and consultation system linking fixed kiosks with mobile robots, unmanned book return robots, and hospital reception robots.
The hospital network and medical data infrastructure gained through the MOD absorption are expected to underpin the new platform business, and portfolio restructuring—including the 2026 equity sale—appears set to continue, implying further changes to the business mix ahead.
The HiFi Rose brand is expected to maintain its existing supply network across 40 countries as one pillar of overseas sales.
Much of the timing and scale for converting these new ventures into actual revenue and profit has yet to be spelled out in concrete disclosures or contracts, making it a stage where progress needs to be tracked through upcoming quarterly results and follow-up filings.
In terms of the relationship between share price and asset value, the current price trades below stated net asset value per share, placing it in a discount range relative to book value.
The earnings multiple calculated on the trailing four quarters of net profit appears low, but a substantial portion of that net profit stems from non-operating gains tied to the business restructuring, making it difficult to read the multiple as a reflection of ordinary operating earning power alone.
On the dividend side, cash dividends have not continued recently, leaving limited basis for a yield-based view.
Historically, this stock has shown characteristics of a smaller-cap name with limited market attention and scarce brokerage coverage, an environment in which trading multiples themselves can swing relatively widely.
Ultimately, assessing valuation here requires weighing the sustainability of operating performance excluding one-off items alongside the progress of the new business initiatives.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
After two consecutive years of operating losses, the company achieved a clear turn to profit in 2025 with operating profit of KRW 2.0bn and net profit of KRW 14.6bn. Total equity also grew from KRW 53.2bn in 2022 to KRW 73.2bn over the same period, expanding the capital base. Even accounting for non-operating influences, this marks an exit from the loss-making phase of recent years.
Building on the hospital network gained through the MOD absorption, the company has entered AI healthcare platforms and smart hospital solutions.
It has disclosed a timeline of a domestic pilot service in the second half of 2026 and overseas expansion targeted for the second half of 2027, based on AI technology transferred from ETRI. Co-development of AI robotics with Klobot is also an attempt to broaden application areas, including hospital reception robots.
The company's own HiFi Rose brand, with self-developed hardware and software, is supplied to 40 countries. This gives the company an overseas revenue pillar beyond its domestic kiosk business.
If technological competitiveness in the premium audio market is maintained, it could serve as a foundation for expanding overseas distribution.
Consolidated revenue fell from KRW 57.1bn in 2023 to KRW 41.4bn in 2025, and Q4 2025 revenue collapsed to roughly KRW 42 million. Revenue in 2026 Q1 and Q2 was also markedly lower than in prior quarters, at KRW 6.6bn and KRW 5.1bn respectively.
The scope of revenue recognition itself may have changed amid the business restructuring, making it necessary to monitor whether the revenue trend normalizes going forward.
Even after posting a profit in 2025, the company recorded operating losses in both Q1 and Q2 of 2026, of KRW 1.5bn and KRW 1.7bn respectively. Net profit over the same period swung widely between a gain of KRW 6.9bn and a loss of KRW 3.1bn depending on non-operating factors. This suggests the profitability of core operations has not yet stabilized.
The debt ratio remained elevated at 73.4% in 2025. At the same time, sell-side reports on the stock have reportedly been scarce recently, reflecting the limited information access typical of smaller-cap names. In such an environment, valuation reassessments tied to earnings or disclosures can occur abruptly.
The AI healthcare platform and robotics co-development remain at an early stage, requiring differentiation from established competitors such as Seers Technology.
There is no guarantee that the planned domestic pilot service in the second half of 2026 or the overseas expansion target for the second half of 2027 will proceed on schedule. It may take considerable time before revenue from these new ventures becomes meaningful.
Net profit in Q4 2025 and Q1 2026 far exceeded operating profit, suggesting non-recurring items tied to the business restructuring had a major effect on net income. With operating losses recurring in Q1 and Q2 2026, net profit stability could deteriorate once non-operating gains fade. The quality and sustainability of earnings warrant continued monitoring.
Following the 2025 absorption of MOD and the subsequent 2026 equity sale, continued business restructuring raises the possibility that the scope of consolidation or the profit structure could change again going forward.
The company's R&D function is reportedly reliant on a senior advisory figure, making key-person dependency another point worth noting. As is typical for smaller-cap stocks, information asymmetry in the market tends to be relatively pronounced.
Check the Q3 2026 earnings disclosure to see whether revenue recovers and whether operating profit swings back to positive.
Watch for the announced domestic pilot launch of the AI healthcare platform, based on the ETRI technology transfer, and its initial reception.
Track the commercialization progress of package-type solutions co-developed with Klobot, including the AI guidance/consultation system and hospital reception robots.
As the targeted timeline for global expansion of the AI healthcare platform arrives, verify whether the expansion actually occurs and assess early results.
Confirm through future disclosures whether the MOD-related equity sale and business restructuring are finalized and how the resulting financial impact is reported.
CI Tech turned both operating profit and net profit positive on a consolidated basis in 2025, emerging from two consecutive years of losses, and total equity expanded, broadening its capital base.
On a quarterly basis, however, revenue fell sharply from Q4 2025 and operating losses reappeared in Q1 and Q2 2026, indicating that a significant portion of the 2025 turnaround likely stemmed from non-operating factors.
Beyond its traditional kiosk and premium audio businesses, the company is pursuing new growth drivers—smart hospital and AI healthcare platforms following the MOD absorption, and robotics co-development with Klobot—but these remain at an early stage with no confirmed revenue contribution in disclosures.
On valuation, the share price appears to trade at a discount to net asset value, though a substantial share of recent net profit reflects one-off items, warranting caution in interpreting that metric.
Dividends have not continued recently, and the stock shows the limited brokerage attention and coverage typical of smaller-cap names.
Overall, the stock sits at a juncture where signs of an earnings turnaround coexist with uncertainty from ongoing business restructuring, a direction that will need continued verification through upcoming quarterly results and disclosures on the progress of its new ventures.
Report written 2026-09-05 · Data as of 2026-09-04
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