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
AgentAI, built on a solar EPC base, has launched multiple parallel AI ventures spanning payments, drug discovery, and robotaxis over the past year, yet its confirmed financials show widening operating losses each year, leaving new-business momentum and core-business weakness unfolding side by side.
Following a controlling-shareholder change in November 2025, the company changed its name from DGP to AgentAI and added AI, autonomous software, and game development to its business purpose.
2025 revenue rose modestly to KRW 13.1 billion from KRW 11.8 billion a year earlier, but the operating loss widened to KRW 9.3 billion, pushing the operating margin down to -71.0%.
The fourth quarter of 2025 saw an unusually large owners' net loss of KRW 13.5 billion, while the second quarter of 2026 swung to a net profit even as the operating loss continued.
New ventures including AgentAI Labs (AI payments and drug discovery), Needs Games (mobile gaming), Robotaxi Corp. (US autonomous driving), and EarthRadar (satellite AI) were all launched within roughly a year.
Repeated convertible bond issuances and rights offerings carry dilution risk, and the stock has also been flagged as a low-priced name under KRX's tightened delisting standards.
AgentAI began as a power and energy equipment company listed on KOSDAQ in 2002, with its core business centered on EPC and O&M for solar and other renewable-energy plants.
Last November the controlling shareholder changed to Satoshi Holdings, prompting an overhaul in which the firm renamed itself from DGP to AgentAI and added AI, autonomous-driving software, and game development to its stated business purposes.
In the renewable-energy segment, the company recently continued generating revenue by signing an equipment-supply contract with Central Eng for a solar plant in Anseong.
Through its subsidiary AgentAI Labs, the company is developing a stablecoin-based AI automated payment system and an AI drug-discovery platform called Molpoji.
It acquired Needs Games, a game developer that had fallen into full capital impairment, and launched the mobile action RPG Dark December, while its US subsidiary Robotaxi Corp. is preparing an unmanned robotaxi business built on Tesla's FSD technology, expanding its Robodash fleet from a base in Austin, Texas.
The company has also rolled out RoboGate, a platform that validates industrial-robot safety in virtual environments, and EarthRadar, a satellite-data and AI analytics platform, further diversifying its business portfolio.
Market observers have noted, however, that despite the AI-oriented name change and messaging, a substantial portion of actual fund deployment continues to flow into the legacy renewable-energy business, leaving mixed views on the sincerity of the AI pivot.
With numerous new businesses launched in parallel over a short span, the revenue contribution and durability of each remain to be proven.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.8B | -₩1.9B | −67.6% |
| 2025Q3 | ₩3.2B | -₩900M | −29.0% |
| 2025Q4 | ₩1.2B | -₩5.2B | −448.9% |
| 2026Q1 | ₩2.7B | -₩2B | −72.9% |
| 2026Q2 | ₩2.9B | -₩1.5B | −50.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩33.5B | -₩2.8B | -₩17.8B | −8.5% | −54.8% | 114.9% |
| 2023 | ₩18.2B | -₩4.8B | -₩7.4B | −26.1% | −13.7% | 31.4% |
| 2024 | ₩11.8B | -₩5B | -₩13.5B | −42.4% | −33.0% | 51.8% |
| 2025 | ₩13.1B | -₩9.3B | -₩18.5B | −71.0% | −49.1% | 53.0% |
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
AgentAI's annual revenue fell from KRW 33.5 billion in 2022 to KRW 18.2 billion in 2023 and KRW 11.8 billion in 2024, before rebounding modestly to KRW 13.1 billion in 2025.
The operating loss, however, widened every year, from KRW 2.8 billion in 2022 to KRW 4.8 billion in 2023, KRW 5.0 billion in 2024, and KRW 9.3 billion in 2025, with the operating margin deteriorating from -8.5% to -71.0% over the period.
The owners' net loss similarly narrowed from KRW 17.8 billion in 2022 to KRW 7.4 billion in 2023 before ballooning again to KRW 13.5 billion in 2024 and KRW 18.5 billion in 2025.
Owners' equity rose from KRW 32.4 billion in 2022 to KRW 54.3 billion in 2023 but then declined for two straight years to KRW 40.9 billion in 2024 and KRW 37.7 billion in 2025, while the debt ratio fell from 114.9% in 2022 to 31.4% in 2023 before climbing back to 51.8% in 2024 and 53.0% in 2025.
Operating cash flow was positive only in 2024 (KRW 1.0 billion inflow), with net outflows in every other year shown (KRW -13.3 billion in 2022, KRW -5.1 billion in 2023, KRW -10.6 billion in 2025).
On a quarterly basis, the fourth quarter of 2025 saw revenue plunge to KRW 1.2 billion while an unusually large operating loss of KRW 5.2 billion and owners' net loss of KRW 13.5 billion were booked in a single quarter, a period that coincided with the consolidation of the capital-impaired Needs Games and the dissolution of the legacy R&D organization.
Revenue subsequently recovered into the high-KRW 2 billion range in the first quarter of 2026 (KRW 2.7 billion, operating loss KRW 2.0 billion) and second quarter (KRW 2.9 billion, operating loss KRW 1.5 billion), yet operating losses persisted, and the second quarter's swing to an owners' net profit of KRW 1.6 billion appears to reflect non-operating items rather than a structural improvement in core profitability.
Overall, the revenue base is recovering gradually while the scale of operating losses has shown little sign of narrowing.
Under KRX's sector classification, AgentAI belongs to the energy and power category, competing with numerous small and mid-sized contractors in Korea's solar and renewable-energy EPC/O&M market.
At the same time, the company is pursuing parallel new ventures across unrelated industries — AI agent payments, AI drug discovery, robotics validation, satellite data analytics, mobile gaming, and robotaxis — giving it a portfolio that is difficult to describe through a single traditional sector label.
The AI agent payments field is an early-stage market where standardization is being discussed mainly among global technology firms and developer communities, exemplified by Google's AP2 and Coinbase's x402.
The robotaxi business, meanwhile, lacks its own autonomous-driving technology and is structurally tied to the pace of Tesla's FSD ecosystem expansion.
Separately, KRX has been phasing in a stricter delisting framework this year that simultaneously tightens market-cap, share-price, and financial requirements, with simulations suggesting the number of KOSDAQ delisting candidates could rise to as many as 220 companies; AgentAI has been listed among the so-called sub-par-value "coin stocks" trading below face value.
This points to a broader tightening of market scrutiny over small-cap KOSDAQ names that trade at low prices or carry capital-erosion risk.
Through subsidiary AgentAI Labs, the company is conducting European CRO validation on six drug candidates (three TYK2, three TNIK) and has stated that once preclinical binding-affinity and other experimental data are returned in the second half of 2026, it plans to move into global licensing-out negotiations.
The company said RoboGate has contributed benchmark code to NVIDIA's Isaac Lab robotics AI platform and is currently under review for NVIDIA's official Independent Software Vendor partner status.
Its US subsidiary Robotaxi Corp. is expanding its Robodash fleet from a base in Austin, Texas, and broadening its footprint into California and Florida, with the company saying it expects to benefit if Tesla's individually owned vehicle-sharing network gains traction.
Game subsidiary Needs Games launched Dark December globally after the title topped Japan's free-game charts during pre-registration, and the company has set a goal of making 2026 the year of turning profitable and driving growth on the back of this momentum.
In the renewable-energy segment, the company disclosed in July a KRW 3.5 billion third-party share placement to Prime Value investment partnership, earmarked for renewable-energy development projects and operating funds.
However, an April rights offering of roughly KRW 18.7 billion was also confirmed to be directed mostly toward the existing renewable-energy business and debt repayment, meaning no clear plan for direct facility or R&D investment in the new AI businesses has yet been presented.
While the company has repeatedly stated its ambition to make 2026 a turnaround year for its new ventures, it has not yet disclosed concrete revenue guidance or profit targets.
Given consecutive years of operating and net losses, conventional profit-based valuation metrics are difficult to apply to AgentAI. The share price trades below the company's per-share net asset value, placing it in a range below its book-value asset worth.
No dividend is being paid, so a dividend-based approach to the stock does not apply.
Given that the company has repeatedly raised outside capital through rights offerings and convertible bond issuances in recent years, potential dilution from future conversion or additional share issuance is a variable that should be weighed alongside valuation.
As the new businesses have yet to make a meaningful revenue contribution, the current market value may reflect expectations tied to the narrative around its multiple new ventures more than the performance of the existing renewable-energy business.
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
The company has simultaneously staked claims in several global AI themes—payments, drug discovery, robot safety validation, satellite analytics, and robotaxis. Molpoji has entered candidate validation via a European CRO, and RoboGate has contributed code to NVIDIA's Isaac Lab while pursuing a partnership.
Given the company's small size, commercial traction in even one of these areas could have an outsized relative impact.
Needs Games' Dark December topped Japan's free-game charts during pre-registration before entering full global service. Meanwhile, the existing renewable-energy segment continues to generate revenue through contracts such as the Anseong solar plant supply deal. These existing revenue sources can serve as a buffer until the new businesses achieve meaningful scale.
Despite accumulating losses, the company has repeatedly completed rights offerings, third-party share placements, and convertible bond issuances. Proceeds from a recent CB issuance were used to redeem prior bonds, partly easing near-term repayment pressure. This shows that at least a minimal financing channel remains functional for the company.
Market analysis has found that a substantial portion of recent rights-offering proceeds is going to the legacy renewable-energy business and debt repayment rather than AI-related facilities or R&D.
At the same time, the dedicated R&D organization for the existing business was dissolved and headcount reduced, weakening core-business capability itself. This has fed market doubts about the sincerity of the company's AI-branded direction.
Revenue fell from KRW 33.5 billion in 2022 to KRW 11.8 billion in 2024 and remained near KRW 13.1 billion in 2025. The operating loss widened every year from 2022 through 2025, with the 2025 operating margin deteriorating to -71.0%, and operating cash flow was negative in three of the four years examined. Owners' equity has declined for two consecutive years after peaking in 2023.
The controlling shareholder and CEO have changed repeatedly within a short period, and the company has accumulated a history of multiple convertible bond issuances. Key audit matters flagged related-party transactions and fair-value measurement of financial instruments, and the audit firm was also changed.
The company has been named among the sub-par-value "coin stocks" that fall under the scrutiny of KRX's tightened delisting standards.
The company has issued convertible bonds totaling KRW 27.6 billion across four rounds in recent years, with some carrying potential dilution ratios of up to 25.74%. Operating cash flow has posted net outflows across multiple years, reflecting a structure heavily reliant on external financing.
Despite ongoing new contract signings, the underlying issues of cash outflow and widening net losses remain unresolved.
With numerous new ventures in AI payments, drug discovery, robotics, satellite analytics, gaming, and robotaxis all being pursued within roughly a year, there is a risk that management focus and resources become spread thin.
The audit report flagged the adequacy of related-party transaction disclosures and financial asset impairment assessments as key audit matters. The timeline and likelihood of each new venture translating into meaningful revenue remain uncertain.
KRX is phasing in a delisting framework that simultaneously tightens market-cap, share-price, and financial requirements, and AgentAI has previously appeared on lists of sub-par-value stocks. Continued equity erosion could potentially trigger management-issue designation criteria.
Analysts have noted that under the tightened framework, delisting reviews could recur if financial-structure improvement is delayed.
The Q3 2026 report filing should confirm whether the revenue recovery continues, whether the operating loss narrows, and whether the Q2 swing to net profit was a one-off item.
This is when Molpoji's European CRO candidate-validation data is expected back, providing a basis to check whether global licensing-out negotiations begin.
The progress of the Robodash fleet expansion and participation in Tesla's individually owned vehicle-sharing network should be monitored.
The start of the conversion request period for the 35th-round convertible bond (June 29, 2027 to May 29, 2029) warrants monitoring for new share supply and dilution.
AgentAI is a small KOSDAQ-listed company built on a solar and renewable-energy EPC base that has, over the past year, simultaneously pursued numerous new ventures spanning AI payments, AI drug discovery, robot safety validation, satellite data analytics, mobile gaming, and robotaxis.
Confirmed financials show revenue bottoming in 2024 and rebounding modestly, while the operating loss widened every year, pushing the 2025 operating margin down to -71.0%, with an especially large one-off-driven net loss recorded in the fourth quarter of 2025.
In 2026, revenue recovered into the high-KRW-2-billion range and the second quarter swung to an owners' net profit, but this appears largely attributable to non-operating items amid a continuing operating loss.
Market commentary has noted that despite the AI-oriented rebranding, a significant portion of raised capital continues to flow into the legacy renewable-energy business and debt repayment, leaving mixed assessments of the pace and sincerity of the new-business transition.
Frequent changes in controlling shareholders and management, dilution risk from repeated convertible bond issuances, and the stock's classification among low-priced names under tightened KOSDAQ delisting standards are all variables to weigh together.
It remains premature to judge the tangible results of the diversification strategy until Q3 performance and concrete progress indicators for ventures like Molpoji and the robotaxi business are confirmed.
Report written 2026-09-05 · Data as of 2026-09-04
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