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
T Scientific has shifted its business weight from mobile coupons toward information security, cybersecurity, and cloud through two mergers, turning operating profit positive for full-year 2025 before slipping back into operating losses in the first half of 2026.
Mergers with IT Nomads in 2023 and NetCruise in 2024 expanded the weight of the information security and cybersecurity business.
Full-year 2025 operating profit was KRW 264 million, turning positive from a KRW 9.85 billion operating loss in 2024, but net income attributable to owners remained negative at KRW -1.28 billion.
Operating losses returned in both the first and second quarters of 2026, with revenue also declining year over year.
The company completed a 5-to-1 capital reduction (reverse stock consolidation) in April 2026, restructuring its capital base.
Its AI-based personal information detection solution earned a Grade 1 GS (Good Software) certification, and the company has expanded partnerships with Bithumb and Xlog.
T Scientific operates mobile coupons, information security/cybersecurity, IT outsourcing (ITO), and cloud as its core businesses, running a B2B operation serving roughly 500 corporate clients alongside an open-market-based B2C business.
Founded in 1998 and listed on KOSDAQ in 2002, the company merged with security specialist IT Nomads in 2023 to formally enter the information security business, then absorbed security and infrastructure management firm NetCruise in 2024, reshaping its business portfolio.
Its AI-based personal information detection solution, P3R-Privacy Finder AI, obtained a Grade 1 GS (Good Software) certification in November 2024. The company is broadening its security references through a joint program with Bithumb Korea covering personal data protection and AI training data.
It also signed a distribution agreement with Xlog, a real-time data replication and migration specialist, extending into the data synchronization field. The strategy is to expand into new areas such as cloud security, AI security, and OT (operational technology) security.
Because the business mix spans mobile coupons alongside security, ITO, and cloud, segment-level revenue breakdowns are not publicly disclosed in detail, meaning a meaningful share of revenue swings may hinge on seasonality or one-off contracts in specific segments.
Competitively, the company sits alongside large integrated security firms and a number of smaller specialized information security vendors.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.1B | ₩39,994,560 | 0.5% |
| 2025Q3 | ₩8.5B | -₩51,108,277 | −0.6% |
| 2025Q4 | ₩12.8B | ₩1.2B | 9.1% |
| 2026Q1 | ₩6.2B | -₩1B | −16.9% |
| 2026Q2 | ₩7B | -₩500M | −7.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩8.7B | -₩2.5B | -₩11.1B | −28.6% | −6.2% | 45.4% |
| 2023 | ₩26.8B | -₩5.6B | -₩45.4B | −21.0% | −34.6% | 33.3% |
| 2024 | ₩43B | -₩9.8B | ₩2.2B | −22.9% | 1.6% | 17.3% |
| 2025 | ₩36.4B | ₩300M | -₩1.3B | 0.7% | −0.8% | 19.2% |
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 rose sharply from KRW 8.7 billion in 2022 to KRW 26.8 billion in 2023 and KRW 43.0 billion in 2024, driven by two mergers, before falling back to KRW 36.4 billion in 2025.
Operating losses widened from KRW -2.5 billion in 2022 to KRW -5.6 billion in 2023 and KRW -9.8 billion in 2024, then turned positive at KRW 264 million in 2025.
However, net income attributable to owners in 2025 was still negative at KRW -1.28 billion despite the operating profit turnaround, suggesting non-operating items or other factors weighed on the bottom line.
Conversely, in 2024, despite a KRW -9.8 billion operating loss, net income attributable to owners was positive at KRW 2.22 billion, indicating that one-off items heavily distorted the profit-and-loss structure that year.
On a quarterly basis, revenue was KRW 8.05 billion with an operating profit of KRW 40 million in the second quarter of 2025, KRW 8.47 billion with an operating loss of KRW -51 million in the third quarter, and KRW 12.80 billion with an operating profit of KRW 1.16 billion in the fourth quarter, showing a pattern of results concentrating toward year-end.
However, revenue fell to KRW 6.17 billion in the first quarter of 2026 with an operating loss of KRW -1.05 billion and a net loss attributable to owners of KRW -1.00 billion, and losses continued into the second quarter with revenue of KRW 7.02 billion, an operating loss of KRW -0.54 billion, and a net loss of KRW -0.64 billion.
On the balance sheet side, the debt ratio declined from 45.4% in 2022 to 33.3% in 2023, 17.3% in 2024, and 19.2% in 2025, while operating cash flow swung from KRW -13.2 billion in 2024 to KRW +0.72 billion in 2025, signaling improvement in cash generation.
Overall, while the annual figures point to an improving trend, the trailing four-quarter window (third quarter 2025 through second quarter 2026) shows net income attributable to owners back in negative territory at KRW -1.08 billion, underscoring significant quarter-to-quarter volatility.
According to a domestic security market survey, Korea's overall security market is projected to reach KRW 10.6082 trillion in 2026, up 13.6% year over year, with the cybersecurity segment forecast to grow 16.1% to KRW 4.0088 trillion.
Among sub-segments, cloud security is projected to post the highest growth rate at 17.9%, aligning directionally with the cloud and AI security areas T Scientific is expanding into.
Expected increases in government-wide information protection policy spending and corporate security investment are also cited as supportive factors.
However, the same market report covers roughly 200 domestic security companies, including 66 in physical security and 137 in cybersecurity, implying that much of the market growth is shared among numerous competitors.
As a relatively small player within this landscape, T Scientific's dependence on specific clients or contracts, given its smaller scale compared with large integrated security firms, can influence earnings volatility.
Tightening trends in personal information protection regulation support demand for related solutions, but budget execution tends to cluster toward year-end, a seasonality factor that can widen quarterly earnings variance.
The company continues its strategy of expanding into new areas such as cloud security, AI security, and OT security, seeking top-line growth through partnerships including a joint personal data protection and AI training data program with Bithumb Korea and a data synchronization distribution agreement with Xlog.
The Grade 1 GS certification for its AI-based personal information detection solution could serve as a technical credential in public and private procurement processes.
Following the capital restructuring via the 5-to-1 reverse stock consolidation completed in April 2026, any future capital actions such as rights offerings warrant continued attention.
Given that the return to operating profit in full-year 2025 was followed by renewed losses in the first half of 2026, second-half results are likely to be a pivotal factor determining the full-year earnings direction.
A key point to watch is whether the pattern seen in the fourth quarter of 2025, when revenue and operating profit both strengthened, repeats, or whether the loss trend from the first half of 2026 continues.
No specific company guidance on revenue or profit, nor any major new order disclosures, were identified in this research and should be incorporated as they become available.
On a book-value basis, the share price trades at a considerable discount to net asset value, which may reflect a cautious market view on the stability of future earnings.
The pattern of swinging from an operating loss in 2024 to an operating profit in 2025 and then back to a loss in the first half of 2026 shows that the direction of profitability has not yet settled clearly.
The company has not paid dividends recently, placing it apart from peers in the sector that do distribute dividends in terms of shareholder returns.
A multi-year decline in the debt ratio and the swing to positive operating cash flow in 2025 can be read as positive signals for financial stability, but the return to a net loss attributable to owners over the trailing four-quarter window suggests this improvement has not yet fully taken hold.
No brokerage report with a specific target price or investment rating for this stock was identified in this research.
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
Full-year 2025 operating profit reached KRW 264 million, turning positive from a KRW 9.85 billion operating loss in 2024. Over the same period, operating cash flow improved from KRW -13.2 billion to KRW +0.72 billion. The debt ratio also declined from 45.4% in 2022 to 19.2% in 2025, signaling improving financial soundness.
Mergers with IT Nomads in 2023 and NetCruise in 2024 strengthened the company's information security and cybersecurity capabilities.
Its AI-based personal information detection solution earned a Grade 1 GS certification, and partnerships with Bithumb Korea and Xlog have expanded its business into cloud, AI, and data synchronization areas.
Korea's cybersecurity market is projected to grow 16.1% in 2026, aligning the company's expansion direction with industry conditions.
The current share price trades well below the company's net asset value per share. Total equity attributable to owners stood at roughly KRW 170.3 billion as of 2025, representing a meaningful discount relative to net assets when compared with market capitalization.
First-quarter 2026 revenue fell to KRW 6.17 billion year over year, with an operating loss of KRW -1.05 billion and a net loss of KRW -1.00 billion. Losses continued in the second quarter with revenue of KRW 7.02 billion, an operating loss of KRW -0.54 billion, and a net loss of KRW -0.64 billion.
Net income attributable to owners over the trailing four-quarter window (third quarter 2025 through second quarter 2026) also remained negative at KRW -1.08 billion.
Revenue declined from KRW 43.0 billion in 2024 to KRW 36.4 billion in 2025, and the year-over-year decline continued in the first half of 2026. Given a business mix spanning mobile coupons alongside security, ITO, and cloud, high dependence on specific segments or contracts can amplify earnings volatility.
The company has not paid dividends recently, limiting shareholder returns. In April 2026 it carried out a 5-to-1 capital reduction that restructured its capital base, a history that warrants attention to the possibility of further capital policy changes ahead.
While annual operating profit turned positive, the quarterly pattern shows results concentrated in the fourth quarter alongside recurring losses in the first half.
This indicates that results can swing significantly depending on revenue recognition timing or contract structure, a factor that warrants ongoing monitoring of quarterly results.
There is a history of a management control dispute between the largest shareholder group and minority shareholders, making it necessary to continue monitoring disclosures related to board composition and management stability. Changes in governance can affect the consistency of business strategy.
Businesses tied to information security and personal data protection are directly exposed to shifts in regulation or major security incidents that can affect market trust and demand.
Amid intensifying competition, failure to secure technical certifications or references could put the company at a disadvantage in procurement competitions.
The third-quarter 2026 report will show whether revenue and operating profit break out of the first-half loss trend and whether any early signs of the fourth-quarter seasonal effect emerge.
Whether the fourth-quarter 2025 pattern of simultaneous revenue and operating profit strength repeats, or whether the first-half loss trend continues, could be a pivotal factor for the full-year earnings direction.
Watch for disclosures on new cloud, AI, and OT security products, expanded cooperation with partners such as Bithumb and Xlog, and any new order announcements.
The regular annual shareholders' meeting will indicate board composition, management stability, and any guidance on future capital policy direction such as rights offerings.
T Scientific is in a transition period, shifting its business weight from mobile coupons toward information security, cybersecurity, and cloud, having restructured both its business and capital base through two mergers and a capital reduction in April 2026.
On an annual basis, 2025 showed signs of improving financial stability, including a turn to operating profit and a lower debt ratio, but net income attributable to owners remained negative, and operating losses returned in the first half of 2026.
Net income also remained negative over the trailing four-quarter window, highlighting a gap between the annual improvement trend and more recent quarterly results.
Domestic cybersecurity and cloud security markets are projected to sustain double-digit growth, a backdrop that aligns with the company's strategic direction, though its relative position remains modest amid competition from roughly 200 domestic security companies.
The share price trades at a considerable discount to net asset value, which may reflect a cautious market view. Third- and fourth-quarter 2026 results, along with progress on new business partnerships, are likely to be key variables in assessing the direction of profitability going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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