RaonSecure

Founded in 1998, RaonSecure is an IT security and authentication platform company that provides zero-trust solutions centered on its biometric multi-factor authentication platform OnePass, its integrated mobile management platform OneGuard, and its integrated account authority management platform TouchEn WiseAccess.

As a board member of the FIDO Alliance, the company leads global authentication standards while pursuing technology innovation and global market expansion through post-quantum cryptography and AI security R&D.

For full-year 2025 on a consolidated basis, the revenue mix by segment was 49.5% for the solution business and 51.3% for the service business, with the two segments carrying roughly similar weight.

Within the service segment, the blockchain-based digital ID (DID) business is the core growth driver, having expanded sequentially from mobile civil-servant ID issuance in 2021 to the mobile driver's license in 2022, the mobile National Merit Registration Certificate in 2023, and the National Technical Qualification digital badge in 2024.

In March 2025, the company began nationwide issuance of the mobile resident registration card, and the number of mobile ID holders built on its blockchain technology surpassed four million, with system integration completed at 15 banks.

From July 2025, issuance service expanded to private platforms such as Naver Pay, and from 2026 use cases have broadened to hospitals, public agencies, financial firms, e-commerce companies, and education firms.

Overseas, the company has continuously won projects such as an integrated digital ID service project in Indonesia and a public-service digital wallet system development project for the Costa Rican government, expanding its global digital ID business.

The company describes itself on its own website as holding the number-one domestic market share in distributed ID, mobile security, and biometric authentication.

RaonSecure's 2025 consolidated revenue came to KRW 63.75 billion, up 2.0% from KRW 62.49 billion the prior year, while operating profit rose 41.4% to KRW 2.78 billion from KRW 1.97 billion, lifting the operating margin from 3.1% to 4.4%.

Net income attributable to owners was KRW 3.38 billion, down from KRW 4.02 billion the prior year, a decline that appears to reflect swings in non-controlling interest income at consolidated subsidiaries.

Back in 2023 the company posted revenue of KRW 51.84 billion with an operating loss of KRW 1.65 billion (a -3.2% margin) before turning profitable in 2024, while 2022 showed relatively higher margins with revenue of KRW 46.82 billion and operating profit of KRW 4.29 billion (a 9.2% margin), indicating that profitability over the past four years has fluctuated on its way to recovery.

Quarterly results show pronounced seasonality: Q2 2025 posted revenue of KRW 13.90 billion with an operating loss of KRW 0.80 billion, before turning profitable in Q3 with revenue of KRW 15.98 billion and operating profit of KRW 1.60 billion, and then hitting a quarterly record in Q4 with revenue of KRW 22.99 billion, operating profit of KRW 5.09 billion, and owners' net income of KRW 5.42 billion.

However, Q1 2026 reversed into a loss, with revenue falling to KRW 9.42 billion, an operating loss of KRW 2.15 billion, and a net loss attributable to owners of KRW 2.07 billion, a pattern that appears to reflect a business structure where public-sector budget execution concentrates in the fourth quarter while the first quarter is relatively weak.

In Q2 2026, revenue was KRW 12.18 billion with a narrower operating loss of KRW 0.67 billion, while owners' net income recovered to a profit of KRW 0.31 billion.

On the cash flow side, 2025 operating cash flow rose sharply to KRW 6.72 billion from just KRW 0.47 billion in 2024, approaching levels closer to 2023 (KRW 8.00 billion) and 2022 (KRW 7.67 billion).

According to Eugene Investment & Securities, revenue in the whitehat consulting, IDaaS authentication, and blockchain service segments grew 47.5%, 33.3%, and 17.2% year-on-year, respectively, driving the earnings growth.

The debt ratio also declined from 70.5% in 2022 to 37.7% in 2025, reflecting improved financial stability alongside the earnings recovery.

As AI technology spreads, along with growing incidents of personal data leaks, hacking, ransomware, and AI-driven cyberattacks, the importance of next-generation security technologies such as AI security, authentication, digital identity, and post-quantum cryptography is increasing beyond traditional security solutions.

According to the Korea IR Council's corporate research center, the global FIDO authentication market is projected to grow from USD 2.76 billion in 2026 to USD 14.82 billion by 2035, a 20% compound annual growth rate, and as of May 2026 the number of active passkeys in use worldwide is estimated at about 5 billion, with authentication volume at roughly 1.3 billion times per month, about double the level a year earlier. 48% of the world's top 100 websites support passkeys, more than double the 2022 figure, and as of 2026, 68% of global enterprises (72% in the US) have adopted or are in the process of adopting passkeys.

The same research center also projects the digital ID market to grow at roughly 20% annually from 2025 to 2031.

Domestically, demand for MDM and endpoint security in the mobile security segment has increased amid the spread of remote and hybrid work, with fintech development also contributing to improved results, and under Zero Trust Guideline 2.0, demand for identity verification, access-rights management, and vulnerability detection has been rising, with the company pursuing anti-impersonation demand in finance, public, and telecom sectors through commercialized post-quantum cryptography and deepfake detection technology.

As the builder of state-issued digital ID platforms including the mobile driver's license, resident registration card, and National Merit Registration Certificate, RaonSecure holds a leading position in domestic digital ID infrastructure, and in August 2026 the company was newly selected as a KOSDAQ Rising Star by the Korea Exchange, drawing renewed market attention.

In its report dated June 23, 2026, the Korea IR Council's corporate research center characterized 2026 as a year of expected growth in existing businesses combined with the emergence of new ones for RaonSecure.

Sell-side forecasts differ somewhat: Eugene Investment & Securities, in a report dated March 31, projected 2026 full-year revenue of KRW 70.0 billion and operating profit of KRW 5.8 billion, up 9.7% and 109.9% year-on-year respectively, while the Korea IR Council's corporate research center forecast 2026 revenue and operating profit of KRW 69.9 billion (+9.6% YoY) and KRW 4.5 billion (+60.4% YoY), respectively.

Both cited economies of scale and improving product mix in the existing business as rationale, and 2026 blockchain service revenue was forecast to grow about 6% year-on-year to KRW 17.7 billion.

On the new-growth-driver front, agentic AI security and post-quantum cryptography (PQC) commercialization are cited as the core pillars.

The company recently reorganized its 'AI Research Institute' into an 'AI Business Division' and has signaled a full pivot to an AI-centered business structure, including plans to launch an agentic-AI-based security automation platform within the year.

At a media session held in early July 2026, the company stated its plan to unveil the Agentic AI Management (AAM) platform in September, establishing a framework in which agentic AI can judge and act safely only within granted authority.

The company signed an MOU with Upstage for the development and commercialization of agentic AI security automation, and is pursuing a collaboration with the Korea Electronics Technology Institute (KETI) on physical AI and data security convergence demonstrations.

In the PQC segment, the company said it secured its first financial-sector post-quantum cryptography client in June 2026.