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
Freet is layering a new nuclear-related business onto its core MVNO and smart-grid operations, but a large 2025 net loss sharply eroded equity and recent quarterly operating profit has swung back into the red.
Full-year 2025 operating profit turned positive at KRW 4.08bn, but the owner net loss reached KRW 41.56bn, shrinking owner equity from roughly KRW 47.4bn to KRW 15.2bn within a year.
Operating losses were posted in both Q1 and Q2 2026, unsettling the profitability recovery seen in 2025.
In June 2026 the company changed its name from Inscobee to Freet and presented a nuclear-related new business as a fresh growth driver.
A disclaimer of opinion on the 2025 half-year review led to an administrative-issue designation, making continued monitoring of listing-eligibility disclosures necessary.
The largest shareholder, KS Industry, has been confirmed to be expanding its stake through on-market purchases.
Freet is the renamed entity of former Inscobee, having changed its corporate and listed name to Freet on June 19, 2026 following a shareholder resolution.
Its core business is mobile virtual network operation (MVNO): Freet itself resells LG Uplus network capacity while subsidiary Free Telecom resells SK Telecom and KT capacity, giving the group a rare structure covering all three domestic carrier networks.
The company also runs a PLC (power-line communication) chip-based smart-grid business, providing a relatively stable revenue base alongside telecom. It additionally manufactures and distributes the watch brands Odin and Dolphin.
In biotech, the domestic Apimeds entity sells the bee-venom-derived osteoarthritis drug Apitoxin, while its separately listed U.S. subsidiary Apimeds US (APUS) went public on the NYSE American in May 2025 to fund Phase 3 trials of multiple-sclerosis candidate Apitox.
Freet also holds a financial exposure as the second-largest shareholder (a 22.4% stake) in NanoSilicon, a silicon anode-material maker for secondary batteries.
In 2026 the company said it would pursue a nuclear-related new business as a fresh growth driver alongside stabilizing its existing MVNO and smart-grid operations, and it has signed an MOU with radioactive-waste equipment specialist Orion ENC covering mobile plasma waste-treatment equipment. Its largest shareholder group, KS Industry, was disclosed to have raised its stake to 14.14% as of June 2026.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩28.6B | ₩600M | 2.2% |
| 2025Q3 | ₩26.1B | ₩2.7B | 10.4% |
| 2025Q4 | ₩26.5B | ₩900M | 3.6% |
| 2026Q1 | ₩24.2B | -₩1.5B | −6.2% |
| 2026Q2 | ₩24.8B | -₩1.3B | −5.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩76.7B | -₩1.4B | -₩7.2B | −1.8% | −11.5% | 60.5% |
| 2023 | ₩99.8B | ₩400M | -₩30.2B | 0.4% | −78.6% | 99.4% |
| 2024 | ₩100.5B | -₩3.8B | ₩3B | −3.8% | 6.3% | 87.5% |
| 2025 | ₩105.6B | ₩4.1B | -₩41.6B | 3.9% | −274.0% | 276.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Annual revenue rose for four consecutive years, from KRW 76.68bn in 2022 to KRW 99.81bn in 2023, KRW 100.53bn in 2024, and KRW 105.56bn in 2025.
Operating profit was negative in two of the three years from 2022-2024 (-KRW 1.39bn and -KRW 3.79bn) before turning positive at KRW 4.08bn in 2025, with the operating margin improving to 3.9%.
However, owner net income reversed from a KRW 2.98bn profit in 2024 to a large net loss of KRW 41.56bn in 2025, exceeding even the KRW 30.18bn loss recorded in 2023.
As a result, owner equity fell from KRW 47.41bn at end-2024 to KRW 15.16bn at end-2025, less than a third within a single year, while the debt ratio more than tripled from 87.5% to 276.3%.
On a quarterly basis, operating profit peaked in Q3 2025 at KRW 2.72bn (a 10.4% margin), the strongest in the recent window, before turning negative again in Q1 2026 (-KRW 1.51bn) and Q2 2026 (-KRW 1.31bn). Revenue also drifted lower over the five quarters shown, from KRW 28.64bn in Q2 2025 to KRW 24.78bn in Q2 2026.
On the net-income line, only Q1 2026 produced an owner net profit (KRW 1.10bn), while Q2, Q3 and Q4 2025 and Q2 2026 all posted net losses (-KRW 5.97bn, -KRW 4.36bn, -KRW 11.35bn and -KRW 5.69bn respectively), pointing to recurring one-off charges or valuation losses below the operating line.
The combined owner net loss over the most recent four quarters (Q3 2025-Q2 2026) totaled KRW 20.29bn, underscoring that earnings volatility remains elevated despite the annual-level improvement in operating profit.
Korea's MVNO market has seen steady subscriber growth, but intense rate competition with the three major carriers and low average revenue per user create wide profitability gaps among operators.
Freet and Free Telecom hold an unusual portfolio spanning all three carrier networks, but they share the industry-wide feature that revenue growth does not automatically translate into profit growth amid low-price competition.
The smart-grid business is expected to see moderate growth tied to power-infrastructure upgrades and energy-efficiency demand, linked to government grid investment policy.
The nuclear-related new business intersects with growing interest in small modular reactors (SMRs) and radioactive-waste treatment, an area where specialized domestic engineering firms such as Orion ENC are reported to have accumulated related patents and a high technology credit rating.
The silicon anode-material market for secondary batteries is drawing attention for its higher energy density versus graphite, but results depend heavily on the adoption pace of battery cell makers and their capex cycles.
The bee-venom-derived therapeutics market has a comparatively small domestic base in osteoarthritis treatment, and new-drug development such as U.S. Phase 3 trials requires prolonged capital commitment and regulatory approval.
Overall, Freet's exposure across multiple diversified industries is largely through small or minority stakes, meaning group-level capital allocation and restructuring speed appear to matter more for results than any single industry cycle.
In announcing its name change in June 2026, the company set a target of KRW 120bn in annual revenue and KRW 10bn in operating profit, to be achieved by stabilizing its MVNO and smart-grid businesses while cultivating a new nuclear-related business, and said it would continue restructuring inefficient loss-making operations.
On the nuclear side, it has signed an MOU with radioactive-waste specialist Orion ENC covering mobile plasma waste-treatment equipment; Orion ENC itself was selected in June 2026 by the Ministry of Trade, Industry and Energy as a regulatory-sandbox operator for the equipment and said it plans to pursue field trials and commercialization.
In biotech, U.S.-listed subsidiary Apimeds US is heading toward Phase 3 trials of multiple-sclerosis candidate Apitox, and progress there could affect the group's equity-method valuation.
Battery-material investee NanoSilicon has reportedly been raising additional capital toward a targeted 2026 KOSDAQ listing, a variable that could affect the value of Freet's stake.
Most of these new ventures remain at an early stage, however, and the timing of any revenue recognition or cash-flow contribution is still uncertain.
Given the prior administrative-issue designation stemming from a disclaimer of opinion on the 2025 half-year review, whether subsequent annual audit reports and listing-eligibility disclosures continue smoothly also warrants continued attention.
Freet has posted an owner net loss over the most recent four quarters, placing it in a range where earnings-based valuation metrics cannot be computed. The stock trades at a modest premium to net asset value, a relationship that reflects the sharply reduced equity base following 2025.
No recent dividend has been confirmed, making dividend-based metrics difficult to apply to this name.
Market expectations around diversified new businesses (nuclear, biotech, battery materials) may be partly reflected in the share price, but since revenue and profit contributions from these ventures have yet to materialize, relying solely on traditional earnings metrics has clear limitations.
Because operating and net profit directions have frequently diverged in the past, assessing valuation requires looking at capital-structure change and the pace of new-business progress alongside any single quarter's or year's results.
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 2026-09-05
Revenue grew for four consecutive years from KRW 76.68bn in 2022 to KRW 105.56bn in 2025, and 2025 operating profit turned positive at KRW 4.08bn with a 3.9% margin. The maintained revenue base across MVNO and smart-grid operations demonstrates a baseline level of business stability. The company has publicly set a goal of continuing this trajectory.
The company has exposure through stakes and partnerships across several growth industries, including a nuclear-related new business via the Orion ENC MOU, battery materials (a 22.4% stake in NanoSilicon), and biotech (Apimeds US listed on NYSE American).
If any of these succeed, there is potential upside for the group's overall valuation. However, revenue contribution from each remains unverified at this stage.
The largest shareholder group, KS Industry, raised its stake from 13.52% in April 2026 to 14.14% in June 2026, with disclosures confirming additional on-market purchases between June 22 and 24. Continued stake accumulation by the largest shareholder group is a fact worth noting from a governance-stability perspective.
The 2025 owner net loss reached KRW 41.56bn, cutting owner equity from KRW 47.41bn to KRW 15.16bn, less than a third within a year. The debt ratio more than tripled from 87.5% to 276.3%, significantly damaging the balance sheet.
Separate from the operating-profit turnaround, losses at the net-income level are rapidly eroding the capital base.
For the 2025 half-year report, auditor Samdo Accounting Firm issued a disclaimer of opinion citing material uncertainty related to going concern, leading to an administrative-issue designation.
Reports indicated that whether this designation would be lifted depended on the finalization of the regular annual audit report. This audit-risk history suggests listing-eligibility uncertainty could resurface through future disclosures.
Operating profit, which had improved to KRW 2.72bn in Q3 2025, reverted to losses of -KRW 1.51bn in Q1 2026 and -KRW 1.31bn in Q2 2026. Revenue also declined gradually from KRW 28.64bn in Q2 2025 to KRW 24.78bn in Q2 2026. The annual-level improvement trend has not yet been confirmed in the most recent quarterly data.
The company has a history of a disclaimer of opinion on its 2025 half-year report and an administrative-issue designation, alongside concerns raised about capital impairment.
Whether the designation is maintained or lifted can hinge on the outcome of the regular annual audit report, requiring confirmation through future disclosures.
Capital is spread across numerous unrelated businesses—MVNO, smart grid, watches, biotech, battery materials, and nuclear—raising the possibility of simultaneous funding needs across segments and financial strain on the group as a whole. Many of the new ventures are at an early stage, adding uncertainty around the timing of any investment payback.
The MVNO market continues to face rate competition with the three major carriers, a structural feature where revenue growth does not directly translate into profit growth. Given the mild revenue decline seen in recent quarters, intensifying subscriber and price competition could weigh on results.
The Q3 2026 earnings disclosure should be checked to see whether operating profit returns to positive territory and whether the revenue decline continues.
Follow-up disclosures on whether the administrative-issue designation stemming from the 2025 half-year disclaimer of opinion is maintained or lifted should be checked.
Announcements regarding the progress of Phase 3 trials for Apimeds US's multiple-sclerosis candidate should be checked.
Progress on battery-material investee NanoSilicon's targeted KOSDAQ listing timeline should be checked.
Whether the MOU with Orion ENC for mobile plasma waste-treatment equipment progresses to actual field trials or commercialization should be checked.
Freet is attempting a business transformation by layering diversified new ventures—nuclear, biotech, and battery materials—onto its stable core MVNO and smart-grid operations.
The 2025 operating-profit turnaround and four consecutive years of revenue growth are positive, but the same year's owner net loss of KRW 41.56bn sharply reduced equity and more than tripled the debt ratio, a clear financial-stability concern.
The history of a disclaimer of opinion on the 2025 half-year review and the resulting administrative-issue designation shows that listing-eligibility uncertainty is a matter requiring ongoing verification.
The return to operating losses in the most recent two quarters (Q1 and Q2 2026) is also worth noting when assessing whether the annual-level improvement can be sustained.
Several new-business milestones are ahead, including the nuclear venture, Apimeds US's Phase 3 trials, and NanoSilicon's listing push, making future disclosures and earnings releases important to monitor.
The largest shareholder group's stake expansion is a fact worth noting from a governance perspective, but it alone cannot determine future results or share-price direction. Overall, this stock sits in a range where expectations around business diversification coexist with financial and accounting risk.
Report written 2026-09-05 · Data as of 2026-09-04
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