Soosan Int

Founded in 1998 and listed on KOSDAQ in 2016, Soosan INT is a network security specialist whose core technology is traffic analysis combined with SSL visibility, the ability to inspect encrypted SSL traffic.

The company positions itself as the No.1 player in SSL-decryption solutions and harmful-site blocking solutions, and builds on this base with a suite of network security middlebox products including web security, data-loss prevention (DLP), SSL VPN, and shared-device access management.

Based on disclosed revenue composition, security solutions account for the large majority of sales (roughly 71%), followed by the shared-device access management service tied to telecom carriers (roughly 27%), with the remainder from other income.

Core customers span public institutions, financial firms, and enterprises, and the company also participates in telecom carrier value-added service partnerships with KT and LG U+ as well as public infrastructure projects such as provincial education offices' SchoolNet program.

In 2024 the company fully divested its stake in subsidiary Soosan Energy Solutions, which specialized in energy storage and application technology, exiting that non-core business to refocus its portfolio on core network security operations.

In April 2026 the company held its 'Partners Day 2026' event in Japan for key partners, unveiling the SaaS security control solution 'eWalker SSG,' the generative-AI security solution 'eSafe AI,' and an OCR feature added to 'eWalker DLP.' The competitive landscape in Korea's network security and network-separation market is fragmented, with numerous specialist vendors competing across areas such as network linkage, zero trust, and DLP, and newer zero-trust/SASE-focused entrants have been increasing.

The company is classified as a small-and-medium enterprise under Korean law and maintains an in-house R&D institute for continued product development.

On an annual basis, revenue declined from KRW 25.6 billion in 2022 to KRW 23.9 billion in 2023, then rose for two consecutive years to KRW 26.7 billion in 2024 and KRW 30.7 billion in 2025, marking a recovery in top-line growth.

Operating margin, however, moved in the opposite direction after peaking: it improved sharply from 13.6% in 2022 to 27.1% in 2023, then declined for two straight years to 21.3% in 2024 and 16.6% in 2025, suggesting a shift in the cost structure that ran counter to revenue growth.

Owners' net income surged from KRW 2.5 billion in 2022 to KRW 5.6 billion in 2023, a period when non-controlling interests from then-consolidated Soosan Energy Solutions (about KRW 0.48 billion) reduced the minority share, leaving a relatively larger portion attributable to owners.

After the 2024 divestment of Soosan Energy Solutions, non-controlling interests effectively disappeared, making owners' net income and total net income nearly identical, and profit rose again from KRW 4.4 billion in 2024 to KRW 5.2 billion in 2025.

Looking at quarterly patterns, 2025Q4 revenue of KRW 11.5 billion stood out clearly above other quarters (roughly KRW 6.0-7.7 billion), with operating profit also jumping to KRW 2.3 billion, a pattern that appears linked to the seasonality of year-end public-sector budget execution.

In 2026, revenue grew modestly to KRW 6.6 billion in Q1 (operating profit KRW 0.46 billion) and KRW 7.7 billion in Q2 (operating profit KRW 0.65 billion), but the improvement in operating profit was limited.

Notably, owners' net income in 2026Q2 jumped to KRW 3.87 billion, more than triple the prior quarter's KRW 1.23 billion, while the increase in operating profit over the same period was only about KRW 0.18 billion, indicating that non-operating factors drove most of the net income gain; the specific nature of this item requires confirmation through subsequent disclosures.

Over the most recent four quarters (2025Q3 through 2026Q2), combined owners' net income totaled KRW 7.32 billion, with the single quarter of 2026Q2 accounting for more than half of that total, reflecting sizable quarter-to-quarter variability.

On a cash flow basis, operating cash flow rose from KRW 4.2 billion in 2022 to the KRW 9.1-9.5 billion range in 2023-2024, then eased to KRW 7.6 billion in 2025, but remained positive and above net income in every one of the four years.

Korea's public-sector information security policy reached a major turning point in May 2026, when the mandatory physical network-separation clause was removed and the replacement National Network Security Framework (N2SF) was formally implemented.

N2SF classifies work information into Classified, Sensitive, and Open tiers and applies differentiated security controls by tier, reflecting a policy goal of safely expanding the use of generative AI and cloud services.

This shift is redirecting demand away from uniform, block-everything network-separation appliances toward zero-trust, identity-based access control, and SSL-visibility technologies, and the Korea Internet & Security Agency (KISA) has selected consortia of public institutions and security vendors in 2026 to carry out N2SF adoption and pilot projects.

The National Intelligence Service has also reinforced policy incentives by newly awarding bonus points for N2SF implementation in public-sector cybersecurity evaluations, which should support continued budget execution and benefit the broader security software industry if sustained.

That said, the market remains fragmented, with numerous specialist vendors competing; a recent CISO survey found that the top three preferred vendors in the network-linkage segment together commanded roughly 60% of preference share, indicating that leaders have already emerged in some sub-segments.

Soosan INT holds a long-standing strength in SSL decryption and visibility technology, but its ability to build competitiveness in the newer zero-trust, SASE, and unified-authentication control areas required by N2SF is likely to be a key variable determining its future market position.

Overall, the policy backdrop is shifting in a favorable direction for the industry as a whole, but the extent to which individual companies benefit is likely to hinge on their ability to respond with new products and win public-sector contracts.

At its April 2026 Partners Day, the company shared 2025 business results and its 2026 strategy while presenting a new-product roadmap aimed at the AI and cloud shift.

Specifically, it unveiled 'eWalker SSG' for SaaS environment security control, the generative-AI-oriented security solution 'eSafe AI,' and an OCR-enabled version of 'eWalker DLP,' expanding its product lineup toward demand created by the N2SF transition.

However, how much revenue these new products will generate and when has not yet been quantified in disclosures or reported earnings.

The company voluntarily disclosed a corporate value-up plan approved by its board in March 2026, and the details of its execution will need to be confirmed through future regular disclosures.

In the public sector, the combination of KISA's N2SF adoption support program and the National Intelligence Service's bonus-point policy for cybersecurity evaluations is creating conditions for expanded procurement, making it worth watching whether the company's existing public-sector references, such as the SchoolNet program, translate into new contract wins.

If the seasonal revenue concentration seen in 2025Q4 repeats, a large portion of annual results could again hinge on the fourth quarter, so it is reasonable to weigh cumulative annual figures alongside quarterly results.

Whether the net income-operating profit gap seen in 2026Q2 stems from a one-off item or a recurring structural factor should become clearer through subsequent quarterly disclosures.