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
ExiCure Hitron is contesting a Korea Exchange delisting decision triggered by former management's breach of trust, while its core video-security business continues to post shrinking revenue and multi-year losses.
Revenue fell from roughly KRW 7.9 billion in 2022 to about KRW 5.3 billion in 2025, with operating losses recorded in every year.
2025 net loss attributable to owners reached about KRW 28.1 billion, and total equity shrank to less than half of the prior year's level.
The Korea Exchange ruled for delisting on March 18, 2026; the company is seeking a court injunction, and shares have been halted since late November 2025.
In August 2026, the company's administrative-issue designation reason was expanded to include a disclaimer of opinion on the half-year review, in addition to capital impairment.
The company's new-business push via investment in Nasdaq-listed biotech Exicure Inc. has turned into a wind-down through stake sales roughly a year after launch.
ExiCure Hitron was founded in 1986 and has developed, manufactured, and exported security equipment including video recorders (NVR, DVR) and AI-based CCTV cameras, listing on the KOSPI in 1998.
Through its AI CCTV brand 'HASS', the company offers vertical-specific solutions for parking, construction, elderly care, and safety industries, with a focus on expanding domestic demand.
Its products are used in public facilities such as the Seoul subway and airports, as well as large shopping malls, hospitals, and smart factories. The company's manufacturing base is located in Anseong, Gyeonggi Province, and it has reportedly maintained long-term relationships with global security equipment companies.
In January 2025 the company changed its name from Hitron Systems to ExiCure Hitron, following a large investment in November 2024 in Nasdaq-listed nucleic-acid drug developer Exicure, Inc.
At the time, the company invested a total of USD 10 million through a rights offering to secure controlling-shareholder status, and subsequently used Exicure to acquire 100% of GPCR Therapeutics USA for about KRW 2.4 billion, gaining access to a CXCR4-inhibitor pipeline as part of a biotech expansion push.
This new business did not last long, however, and by 2026 the company had sold down a substantial portion of its Exicure stake, losing management control in the process.
Competitively, the firm holds a niche revenue base centered on public institutions and transportation infrastructure, but as a small manufacturer it is at a scale disadvantage relative to larger domestic security equipment makers and lower-cost overseas camera producers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.7B | -₩4.2B | −248.2% |
| 2025Q3 | ₩2B | -₩4.6B | −222.2% |
| 2025Q4 | ₩400M | ₩8.7B | 2103.0% |
| 2026Q1 | ₩700M | -₩900M | −127.1% |
| 2026Q2 | ₩1.3B | -₩4.9B | −362.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩7.9B | -₩9.8B | -₩9.5B | −123.4% | −292.8% | 112.9% |
| 2023 | ₩5.5B | -₩6.6B | -₩7B | −119.0% | −99.5% | 289.8% |
| 2024 | ₩6.6B | -₩6.3B | -₩59.3B | −96.2% | −224.4% | 134.7% |
| 2025 | ₩5.3B | -₩6B | -₩28.1B | −112.7% | −227.2% | 169.1% |
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
Annual revenue fluctuated without a clear growth trend: approximately KRW 7.9 billion in 2022, KRW 5.5 billion in 2023, KRW 6.6 billion in 2024, and KRW 5.3 billion in 2025.
Operating losses persisted every year—KRW 9.75 billion in 2022, KRW 6.55 billion in 2023, KRW 6.33 billion in 2024, and KRW 5.97 billion in 2025—with operating margins remaining deeply negative, ranging from -123.4% to -96.2%.
Net loss attributable to owners expanded sharply from about KRW 9.47 billion in 2022 to about KRW 59.3 billion in 2024 before narrowing somewhat to about KRW 28.1 billion in 2025, though losses remained substantial.
Total equity collapsed from about KRW 33.9 billion in 2024 to about KRW 15.7 billion in 2025, with the owners' portion at only about KRW 12.4 billion, figures consistent with the capital-impairment status the company has disclosed.
Operating cash flow was negative every year, and cash outflow widened to about KRW 15.5 billion in 2025 from about KRW 9.9 billion in 2024.
On a quarterly basis, revenue rose from about KRW 1.69 billion in Q2 2025 to about KRW 2.05 billion in Q3 2025 before collapsing to about KRW 0.41 billion in Q4 2025, then gradually recovering to about KRW 0.70 billion in Q1 2026 and KRW 1.34 billion in Q2 2026.
Notably, Q4 2025 operating income swung to a positive KRW 8.65 billion despite revenue of only about KRW 0.41 billion, suggesting the result likely reflects a one-off item—such as a gain tied to asset or stake disposals—rather than a genuine improvement in core profitability.
This is corroborated by the return to operating losses in Q1 2026 (about -KRW 0.88 billion) and Q2 2026 (about -KRW 4.85 billion).
Over the most recent four quarters (Q3 2025 through Q2 2026), cumulative net loss attributable to owners totaled about KRW 16.2 billion, underscoring continued erosion of the company's capital base.
The domestic video security (CCTV) market is closely linked to public infrastructure, transportation, and smart-city investment, with the integration of AI video analytics becoming a common industry-wide direction.
Data providers such as Valueline have characterized the security industry as relatively insulated from economic cycles. The company addresses niche demand through vertical-specific AI CCTV solutions for elderly care and construction-site safety management.
However, the domestic CCTV manufacturing market features intensifying competition between larger security equipment makers and lower-cost overseas camera producers, leaving small manufacturers like this company at a scale disadvantage.
Indeed, the cumulative value of new supply contracts disclosed by the company from January through October 2025 fell by roughly 83% year over year, indicating a notable weakening of order momentum.
While public-institution-centered transactions provide a certain revenue base, they have not translated into broader growth in new orders.
In October 2025, the company signed a supply contract with Seoul Metro for an upgrade of the aging monitoring system on Line 7, which was confirmed via an August 2026 amended disclosure at about KRW 2.5 billion, equivalent to 37.3% of recent revenue.
This is expected to remain a core revenue pillar for the near term, though the sharp year-over-year decline in disclosed new supply contracts suggests further order growth may be difficult.
The biotech venture has entered a wind-down phase through the sale of Exicure stakes, and the company appears to have lost most of its management control over the Nasdaq-listed subsidiary.
The most consequential variable is the outcome of the injunction the company filed with the Seoul Southern District Court against the Korea Exchange's March 18, 2026 delisting decision; depending on the ruling, trading could either resume or delisting procedures could proceed.
In August 2026, the administrative-issue designation reason was expanded to include a disclaimer of opinion on the half-year review, and the company itself disclosed that delisting procedures may proceed in parallel.
Separately, a minority-shareholder coalition that secured a stake through a retail-investor platform has requested an extraordinary general meeting, leaving open the possibility of management changes or further governance shifts independent of the injunction outcome.
The company's shares have been halted since November 24, 2025, so the price currently shown on screen reflects the last matched trade before the halt rather than real-time market conditions, which is an important caveat.
Total equity shrank to less than half of the prior year's level during 2025, meaning book-value-based multiples can swing considerably with even small changes in the capital base, the denominator.
Profit-based metrics are difficult to meaningfully compare given years of operating and net losses, and there has been no dividend payment track record in recent years.
Before any discussion of valuation can be meaningful, the outcome of the court injunction—determining whether delisting proceeds or trading resumes—stands as the more fundamental variable.
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
A confirmed supply contract with Seoul Metro for upgrading the aging Line 7 monitoring system accounts for about 37% of recent revenue, indicating that public-institution-centered transactions are being partially sustained. Public infrastructure orders can act as a relatively steady demand pillar.
However, the sharp year-over-year decline in disclosed new order value suggests this base is being maintained rather than expanded.
The company has been divesting non-core assets by reducing its Exicure stake, creating room to redirect limited capital toward its core security equipment business. This could be viewed positively insofar as it curtails further cash drain from the failed biotech venture.
However, allegations of internal dealing during the stake sale process mean the real-world benefit remains to be seen.
The unusually large Q4 2025 operating income relative to the quarter's small revenue can be interpreted as part of an effort to repair the balance sheet through asset disposals. This may reflect management's attempt to secure liquidity and capital in response to the capital-impairment situation. However, since subsequent quarters reverted to operating losses, the effect appears largely one-off.
Revenue declined from about KRW 7.9 billion in 2022 to about KRW 5.3 billion in 2025, while operating losses remained around KRW 6 billion annually. Operating margins stayed worse than -90% in all four years, with no clear sign of a recovery in core profitability. The simultaneous decline in revenue and persistence of losses is a key concern.
The former CEO was convicted in a first-instance ruling in May 2025 on embezzlement charges involving about KRW 15 billion, but this was not disclosed until six months later in November, with trading halted two days afterward.
Reports indicate the controlling shareholder changed hands multiple times, and the new controlling shareholders reportedly purchased shares at a price roughly 85% above the closing price on the day of the transaction.
During the Exicure stake sale, individuals linked to former controlling shareholders were among the buyers, raising internal-dealing concerns.
The Korea Exchange decided to delist the company on March 18, 2026, and the company has filed an injunction with the Seoul Southern District Court to suspend the effect of that decision.
Shares have been halted since November 24, 2025, and in August 2026 the company itself disclosed that its administrative-issue designation reason had been expanded to include a disclaimer of opinion on the half-year review, with delisting procedures potentially proceeding in parallel.
Until the injunction ruling is issued, both the resumption of trading and the ultimate delisting outcome remain uncertain.
An injunction lawsuit challenging the Korea Exchange's March 18, 2026 delisting decision is ongoing, with no confirmed outcome yet. Shares have been halted since late November 2025, and if the injunction is denied, delisting procedures could resume. This represents the most direct source of uncertainty for investors, separate from operational risk.
Total equity in 2025 fell to less than half of the prior year's level, leading to a capital-impairment-based administrative designation, which in 2026 was further compounded by a disclaimer of opinion on the half-year review. Years of operating losses and cash outflows have raised going-concern questions. Delays or failures in further capital raising could deepen the deterioration in financial structure.
Governance-related risks are compounded by the former CEO's embezzlement conviction and delayed disclosure, repeated changes in controlling shareholders, and internal-dealing allegations during the Exicure stake sale.
Some minority shareholders have filed criminal complaints against former management, and a shareholder coalition has requested an extraordinary general meeting. These legal disputes could strain management stability and decision-making speed.
Whether the Seoul Southern District Court rules on the injunction against the delisting decision — approval could allow trading to resume, while denial could restart delisting procedures.
Check the Q3 2026 earnings disclosure and whether the auditor adds further going-concern-related commentary.
Monitor whether the extraordinary general meeting requested by the minority-shareholder coalition is convened and how agenda items such as management changes are resolved.
Watch for disclosures on further capital raising or audit-related procedures aimed at resolving the administrative-issue designation reasons (capital impairment and the half-year review disclaimer).
ExiCure Hitron's core CCTV and video security business has seen years of shrinking revenue and operating losses, and in 2025 its financial structure deteriorated sharply as total equity fell to less than half of the prior year's level.
While public-sector relationships such as the Seoul Metro supply contract remain partially intact, disclosed new order value has declined significantly year over year.
The 2024 push into a Nasdaq-listed biotech subsidiary has, roughly a year later, turned into a wind-down via stake sales, a process that has also drawn internal-dealing allegations.
The most fundamental variable remains the outcome of the injunction lawsuit challenging the Korea Exchange's March 2026 delisting decision, with shares having been halted since late November 2025.
In August 2026, the company itself disclosed that its administrative-issue designation reason had been expanded to include a disclaimer of opinion on the half-year review, with delisting procedures potentially proceeding in parallel.
Governance risks—including the former management's embezzlement conviction and delayed disclosure, and repeated changes in controlling shareholders—remain unresolved issues.
Investors should monitor not only the core business's performance trajectory but also the court's injunction ruling, the possibility of trading resumption, and any further capital-raising process.
Report written 2026-10-03 · Data as of 2026-10-02
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