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
Core subsidiary Oasis's revenue growth has slowed while operating margin has recovered, and the TMON relaunch remains delayed over a year due to payment-network issues.
2025 consolidated revenue rose 7.3% YoY to KRW 587.1bn, but operating profit fell 13.6% to KRW 25.1bn amid expanded marketing spend at Oasis.
In H1 2026 revenue dipped slightly while operating profit and net income both rose by double digits, signaling a margin-recovery phase.
Subsidiary Oasis acquired rehabilitation-process retailer TMON in June last year, but the relaunch date remains unconfirmed for over a year due to delayed payment-gateway setup.
Conditionally acquired Im Dak brand operator (Wise UX Global) turned profitable within three months, reflecting continued M&A-driven expansion.
The debt ratio has steadily declined from 59.2% in 2022 to 40.3% in 2025, indicating improving financial soundness.
Gaeasoft operates three business segments: IT services, advertising, and distribution/e-commerce. The IT services segment develops and operates systems for telecom carriers and public institutions, while the advertising segment provides integrated online and offline marketing.
However, the bulk of consolidated results comes from subsidiary Oasis, which runs the Oasis Market dawn-delivery platform along with 54 offline stores.
Oasis pursues a direct-sourcing strategy paired with its proprietary logistics system, Oasis Route, to reduce intermediary distribution margins, and it is expanding synergies across affiliates including fulfillment unit Route, quick-commerce unit V, and produce-import units Empire Trading and Callie Logistics.
In June last year, Oasis acquired rehabilitation-process retailer TMON via a new-share issuance, with total consideration of KRW 18.1bn (KRW 11.6bn for new shares and KRW 6.5bn for unpaid wages and other liabilities).
More recently, the company has continued M&A-driven diversification, turning around the conditionally acquired Im Dak brand operator to profitability within three months.
Gaeasoft also holds patents for AI-based unmanned automated stores and self-checkout systems, and in August it rolled out an overhauled AI assistant, 'May Season 2,' as part of ongoing digital-service upgrades.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩156B | ₩5.3B | 3.4% |
| 2025Q3 | ₩150.9B | ₩4.1B | 2.7% |
| 2025Q4 | ₩140.3B | ₩7.9B | 5.6% |
| 2026Q1 | ₩145.8B | ₩10.3B | 7.1% |
| 2026Q2 | ₩145.1B | ₩9.9B | 6.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩454.6B | -₩3.1B | -₩2.6B | −0.7% | −2.1% | 59.2% |
| 2023 | ₩508.9B | ₩15.2B | ₩10.6B | 3.0% | 7.9% | 48.7% |
| 2024 | ₩547.2B | ₩29.1B | ₩17.9B | 5.3% | 12.5% | 40.7% |
| 2025 | ₩587.1B | ₩25.1B | ₩12.6B | 4.3% | 8.7% | 40.3% |
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
2025 consolidated revenue reached KRW 587.1bn, up 7.3% from KRW 547.2bn a year earlier, but operating profit fell 13.6% to KRW 25.1bn from KRW 29.1bn, and net income attributable to owners also declined to KRW 12.6bn.
The company attributed this to expanded advertising and marketing spend at Oasis Market, meaning revenue grew even as rising costs compressed margins.
On a quarterly basis, Q3 2025 operating profit dropped sharply to KRW 4.08bn, down about 43% year-on-year, before recovering to KRW 7.91bn in Q4, then KRW 10.35bn in Q1 2026 and KRW 9.90bn in Q2 2026, with operating profit steadily expanding even as revenue plateaued.
Net income attributable to owners similarly rose from KRW 2.68bn in Q3 2025 and KRW 2.51bn in Q4 2025 to KRW 5.72bn in Q1 2026 and KRW 4.92bn in Q2 2026, underscoring a clear profitability recovery.
On a consolidated basis, H1 2026 revenue declined 1.7% year-on-year while operating profit rose 54.1% and net income rose 43.1%, indicating margin structure improvement despite flat top-line growth.
Looking at annual trends, the company posted an operating loss of KRW 3.1bn in 2022 before swinging to profit of KRW 15.2bn in 2023, expanding further to KRW 29.1bn in 2024, then contracting somewhat in 2025 under cost pressure before rebounding in 2026.
Operating cash flow followed a similar trajectory, rising from KRW 15.1bn in 2022 to KRW 42.7bn in 2024 before easing to KRW 31.5bn in 2025.
Korea's fresh-food dawn-delivery market pits large platforms such as Market Kurly and Coupang Fresh against Oasis, which is regarded as the only domestic dawn-delivery operator to have avoided an annual loss since scaling its online business in earnest in 2019.
Delivery coverage has expanded from the greater Seoul area into parts of Chungcheong province (Asan, Cheonan, Cheongju, Daejeon, Gongju), with the Yeongnam region cited as further growth headroom.
Meanwhile, the open-marketplace segment of e-commerce has been undergoing restructuring since the 2024 TMON-Wemakeprice settlement crisis, and Oasis's acquisition of rehabilitation-process TMON was an unusual move within this broader industry reshuffling.
However, more than a year after the acquisition, the relaunch remains delayed because payment-gateway integration with payment agencies has not been completed, illustrating how difficult it has been to restore consumer trust damaged by the TMON-Wemakeprice crisis.
Oasis relies on direct sourcing and proprietary logistics as its core differentiators, and it continues to build market position through membership growth and offline store expansion.
Its operating margin is reported to run on the lower side relative to peers, reflecting the thin-margin structure common across the dawn-delivery industry overall.
The company has stated it is replacing TMON's outdated IT infrastructure with a new system combining Gaeasoft's development technology and Oasis Market's operational know-how, while working in parallel to rebuild the payment network and restore seller and consumer trust ahead of relaunch.
However, as of a July 2026 report, payment-gateway integration with payment agencies remained delayed, leaving the relaunch date unconfirmed. Oasis additionally injected KRW 50bn into a separate TMON-related entity to support normalization, though that entity's revenue reportedly remains minimal.
As a result, the company appears to be placing greater weight on strengthening Oasis's core business independent of the TMON variable, including pursuing membership growth via new services such as a paid membership program.
Oasis previously pursued a KOSDAQ listing in early 2023 but withdrew it after weak institutional demand, and while industry commentary has periodically raised the possibility of a renewed listing attempt on the back of subsequent earnings growth, no concrete schedule has been formalized.
Continued digital-service upgrades, such as the 'May Season 2' AI assistant launch, are also underway, leaving the TMON relaunch timing, the durability of Oasis's core-business growth, and any renewed IPO push as the key items to watch going forward.
Gaeasoft's valuation is often framed around two pillars: the equity value of core subsidiary Oasis and the recovery trajectory of the core business's earnings.
The share price appears to trade at a discount to net asset value, a pattern linked to the view that Oasis's unlisted equity value is not fully reflected in the market.
Brokerage analyses have previously compared the enterprise value proposed during Oasis's earlier KOSDAQ listing attempt with Gaeasoft's overall market capitalization, but as that reference point is now dated, it is difficult to use as a basis for current-period judgment.
On the dividend front, no cash dividend has been confirmed for the most recent fiscal year, suggesting shareholder returns have relied on other means such as share buybacks.
The multi-year decline in the debt ratio and the steady maintenance of operating cash flow are notable reference points from a financial-soundness perspective.
That said, the additional capital injected into TMON-related entities and the delayed relaunch should also be weighed as sources of capital-allocation uncertainty.
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
Oasis is recognized as the only profitable dawn delivery platform in Korea, having never recorded an annual loss since it began full-scale online operations in 2019. Cost structure differentiation through direct sourcing and its own logistics system serves as the foundation for this profitability.
Following the expansion of delivery areas to the Chungcheong region, there remains additional room for expansion into the Yeongnam region and beyond.
In the first half of 2026, consolidated revenue declined slightly, but operating profit rose 54.1% and net profit rose 43.1%, showing clear improvement in profitability. On a quarterly basis, operating profit expanded from KRW 4.08 billion in Q3 2025 to KRW 10.35 billion in Q1 2026 and KRW 9.90 billion in Q2 2026. This is an indicator showing that profit can increase through cost efficiency even without revenue expansion.
The conditionally acquired Imdak brand achieved a successful post-merger integration (PMI) case, turning from loss to profit within just three months.
The acquisition of TMON is also interpreted as a long-term strategic move to secure a customer database of 28 million members and transition into a nationwide e-commerce operation. As financial soundness improves, additional business diversification attempts may continue.
TMON, whose acquisition was finalized in June of last year, has not had its reopening schedule confirmed for over a year due to issues in building a payment network with payment service providers. Oasis separately invested an additional KRW 50 billion, but the revenue of the related subsidiary remains minimal.
The longer the period before the acquisition effects become visible, the more uncertain the timing of recovering the invested capital becomes.
Consolidated revenue in the first half of 2026 decreased 1.7% year-on-year, showing a slowdown in the high growth trend seen so far. Revenue in Q3 and Q4 of 2025 also contracted to KRW 150.9 billion and KRW 140.3 billion respectively, compared to KRW 156.0 billion in Q2. Whether the Oasis-centered growth story can accelerate again remains to be confirmed.
Behind the 13.6% year-on-year decline in operating profit in 2025 lies the expansion of advertising and marketing expenses at Oasis Market. Amid ongoing competition with large platforms in the dawn delivery market, spending to expand membership and transaction volume may continue.
The company's operating margin, which is understood to be lower than that of competitors, is also pointed out as a weakness in its margin structure.
Uncertainties persist, including additional capital investment related to the TMON acquisition, delays in building the payment network, and consumer lawsuits related to the TMON-WeMakePrice incident.
If the reopening continues to be delayed, uncertainty over the possibility and timing of recovering invested capital may grow.
Most of the consolidated results are generated by the subsidiary Oasis, meaning that changes in Oasis's performance are directly reflected in Jiesoft's overall results. Earnings sensitivity may be high depending on the intensity of competition in the dawn delivery market or changes in consumption trends.
Oasis previously pursued a KOSDAQ listing but withdrew it due to weak demand forecasting results.
Even if the listing is pursued again in the future, the desired corporate value may vary depending on market conditions, and the possibility of equity dilution due to new share issuance at the time of listing cannot be ruled out.
Q3 2026 earnings are expected to be disclosed around this time (Q3 2025 was disclosed on November 13). This will show whether revenue growth reaccelerates and whether operating margin improvement continues.
Ongoing monitoring is needed on whether TMON's payment-gateway integration is completed and whether a relaunch date is confirmed. If the delay extends further, related risk assessments should be revisited.
If any disclosure or media report emerges regarding a renewed Oasis KOSDAQ listing attempt, the listing terms (offering structure, size of any secondary share sale by Gaeasoft) should be checked.
This is when the full-year 2026 business report and settlement results are expected to be disclosed, allowing confirmation of whether the H1 2026 margin improvement trend continued into the second half.
Gaeasoft has maintained a profitable structure in the dawn-delivery market centered on core subsidiary Oasis; 2025 revenue grew but profit declined on expanded marketing spend, while 2026 has shown a recovery in operating profit and net income even as revenue plateaued.
The TMON acquisition represents a long-term bet on expanding the membership base and shifting to nationwide e-commerce, but the relaunch has been delayed for over a year due to payment-gateway integration issues, leaving the timing of any realized benefit still uncertain.
The declining debt ratio and stable operating cash flow can be read as positive signals for financial soundness.
On the other hand, the business's heavy reliance on Oasis, its relatively low operating margin versus peers, and additional capital injected into TMON-related entities are factors that warrant balanced consideration.
The possibility of a renewed Oasis KOSDAQ listing attempt has been discussed in the industry, but no concrete schedule has been formalized. Investors should continue to monitor the upcoming Q3 results together with progress on the TMON relaunch as they form their own judgment.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.