KOSDAQIT & Software064480

BRIDGETECCorp

₩2,550 0.00%2026-10-02 close

Market Cap

₩30.8B

Turnover

₩58,139,565

Volume

20,000 shares

Shares out.

12M

PER

8.2×

PBR

0.7×

EPS

₩340

Dividend Yield

4.32%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩120 per share · Prices as of the 2026-10-02 close

Report overview

Profit Streak Continues Amid AICC Order Recovery

Bridgetec has posted four consecutive quarters of profit since bottoming out with a loss in the second quarter of 2025, while continuing to participate in financial-sector AICC projects and expand into new AI products.

1
Swung from an annual operating loss in 2024 to profit in 2025, then posted four consecutive profitable quarters from Q3 2025 through Q2 2026.
2
2025 revenue rose year on year to about KRW 49.68 billion but remains below the 2022 (KRW 58.94 billion) and 2023 (KRW 53.54 billion) levels.
3
Participated as the IPCC partner in NH Nonghyup Bank's next-generation AICC project, which KT announced completing as prime contractor in August 2026.
4
Introduced 'Tello Voice,' a new product connecting AI agents to telephone networks, signaling a move to expand into the agentic AI space.
5
The debt ratio improved from 46.2% in 2023 to 33.2% in 2025, while operating cash flow stayed negative for two straight years in 2024 and 2025.

Business structure

Bridgetec was founded in 1995 under the name Samwoo TBS Co., Ltd. It initially expanded as a computer-telephony integration (CTI) specialist before renaming itself Bridgetec in 1999 and listing on KOSDAQ in 2008.

Its business is organized into four areas: contact center solutions (IPCC), voice and video value-added service solutions for telecom carriers, voice-recognition-based AI solutions, and cloud-based contact center services.

Its core clients span banks, card issuers, brokerages, and insurers, as well as telecom carriers and public-sector and local government agencies, and Bridgetec holds a dominant market share in the financial sector among banks, card companies, brokerages, and insurers.

Beyond the domestic market, the company has also participated in building contact centers for overseas subsidiaries of Korean companies in countries including the United States, Japan, Vietnam, Cambodia, Indonesia, and Jordan.

Bridgetec was the first in Korea to obtain CSAP (Cloud Security Assurance Program) certification for a cloud contact center solution, positioning it as a leader in that segment.

Its revenue structure combines project-based infrastructure build-and-maintain revenue with cloud subscription-style rental revenue, and results tend to hinge on the timing of revenue recognition from large financial and public-sector projects.

In the competitive landscape, large-scale projects are typically won as prime contracts by major telecom and IT service firms such as KT, LG Uplus, LG CNS, and Samsung SDS, with specialized solution providers like Bridgetec participating as key partners in specific areas such as call infrastructure and IPCC.

Earnings trend

Quarterly revenue · Operating profit

₩9.7B-₩1.2B25Q2₩12.2B₩400M25Q3₩14.3B₩2B25Q4₩11.2B₩300M26Q1₩11.2B₩1B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩58.9B₩3.9B2022₩53.5B₩4.2B2023₩43.6B-₩3.3B2024₩49.7B₩300M2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩9.7B	-₩1.2B	−12.7%
2025Q3	₩12.2B	₩400M	3.5%
2025Q4	₩14.3B	₩2B	14.0%
2026Q1	₩11.2B	₩300M	3.1%
2026Q2	₩11.2B	₩1B	8.7%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩58.9B	₩3.9B	₩3.4B	6.7%	6.5%	35.1%
2023	₩53.5B	₩4.2B	₩3.6B	7.8%	7.1%	46.2%
2024	₩43.6B	-₩3.3B	-₩2.8B	−7.5%	−5.9%	45.0%
2025	₩49.7B	₩300M	₩500M	0.6%	1.1%	33.2%

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

Earnings analysis

Annual revenue in 2025 was about KRW 49.68 billion, up from KRW 43.56 billion in 2024, but still below the KRW 58.94 billion posted in 2022 and KRW 53.54 billion in 2023.

Operating profit turned positive in 2025 at roughly KRW 0.31 billion (a 0.6% operating margin), reversing a 2024 operating loss of about KRW 3.25 billion (a -7.5% margin). Net income attributable to owners also swung to a profit of about KRW 0.51 billion in 2025 from a net loss of about KRW 2.76 billion in 2024.

On a quarterly basis, the company posted a loss in the second quarter of 2025, with revenue of about KRW 9.74 billion and an operating loss of about KRW 1.23 billion, before turning profitable in the third quarter with revenue of KRW 12.21 billion and operating profit of KRW 0.43 billion, followed by a record quarterly result in the fourth quarter with revenue of KRW 14.25 billion and operating profit of KRW 1.99 billion.

This trend continued into 2026, with first-quarter revenue of KRW 11.19 billion and operating profit of KRW 0.35 billion, and second-quarter revenue of KRW 11.18 billion and operating profit of KRW 0.98 billion, maintaining four consecutive profitable quarters.

Combined net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) totaled about KRW 3.96 billion, suggesting the company has moved past the large loss recorded in the second quarter of 2025 toward a more stable earnings base.

Still, the 2025 annual operating margin of 0.6% remains well below the 6.7% and 7.8% margins seen in 2022 and 2023, respectively, even as the balance sheet showed improvement, with the debt ratio falling from 46.2% in 2023 to 33.2% in 2025.

In contrast, operating cash flow remained negative for a second straight year, at about -KRW 5.65 billion in 2024 and -KRW 3.93 billion in 2025, indicating that the improvement in reported earnings has not yet fully translated into cash generation.

Industry analysis

Korea's contact center market is transitioning toward AICC (AI Contact Center), which combines AI, big data, and cloud technologies. According to market researcher Reum, the related market is projected to grow from about KRW 54 billion in 2020 to more than KRW 500 billion by 2030.

Call centers typically operate on five-to-seven-year contract cycles, which means rebuild demand based on new technology recurs each time a contract period ends.

In a recent case, NH Nonghyup Bank ordered a next-generation AICC project, and KT announced in August 2026 that it had completed the roughly KRW 40 billion project as prime contractor. In that project, Bridgetec was responsible for building out the entire IPCC layer, a core foundation of the next-generation AICC.

Industry sources have suggested that NH Nonghyup Bank has a strong preference for Bridgetec, indicating that competing telecom bidders commonly proposed Bridgetec as their call infrastructure and IPCC partner for the large bank project.

In the competitive landscape, large projects tend to be won as prime contracts by firms such as KT, LG Uplus, LG CNS, and Samsung SDS, with Bridgetec positioned in the value chain as a key partner in specialized areas like call infrastructure and IPCC.

Having a broad base of financial-sector clients could provide recurring participation opportunities as replacement cycles come around, but it also means the share of revenue and margin Bridgetec can capture may be constrained by the prime-contractor competition surrounding each project.

Outlook

Bridgetec has introduced 'Tello Voice,' an AI voice agent platform that connects AI agents to real telephone networks. The company positions Tello Voice not as a simple voice bot but as a platform where enterprise-operated 'agentic AI' performs actual business tasks.

In the telecom value-added service segment, a contract related to purchasing equipment (PBX, CTI, etc.) for an SK Broadband and iM Bank nationwide representative number service has been confirmed.

The company's experience as the IPCC partner in the recently completed NH Nonghyup Bank next-generation AICC project may serve as a reference for winning similar large-scale financial-sector rebuild projects going forward.

Beyond its traditional infrastructure-build call center business, the company is also working to expand subscription-based revenue through IPRON, its cloud subscription (SaaS) contact center service.

However, the specific scale of new-product commercialization and the timing of revenue contribution from new orders have not yet been confirmed through disclosures, warranting continued monitoring via quarterly reports and ad hoc filings.

Given the five-to-seven-year replacement cycle typical of financial-sector call centers, infrastructure built around 2019-2021 may sequentially enter its rebuild window, making related order flow worth tracking.

Valuation

PER

8.2×

PBR

0.7×

ROE

9.1%

EPS

₩340

BPS

₩3,704

Dividend per share

₩120

In terms of the relationship between share price and net asset value, the stock has recently traded at a level below the company's book value per share, which can be read as reflecting the lingering effect of the earlier period of weak performance.

On the earnings side, the turnaround from an annual loss in 2024 to a profit in 2025, followed by four consecutive profitable quarters from the third quarter of 2025 through the second quarter of 2026, forms the basis for valuation discussions.

That said, the 2025 annual operating margin remained below 1%, a level well short of the 6-8% margins seen in earlier years, leaving room for differing views on the quality and sustainability of the earnings improvement.

On dividends, the company has a history of paying cash dividends, but the absolute level of dividend yield appears relatively modest within the industry.

Given its scale as a smaller contact-center solutions provider, it is also worth considering that both results and market perception can swing significantly in the short term depending on whether individual large-scale orders materialize.

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

Bull factors

Four Straight Quarters of Profit, an Earnings Recovery

After posting an operating loss of about KRW 1.23 billion in the second quarter of 2025, the company generated operating and net profit for four consecutive quarters from the third quarter through the second quarter of 2026.

In particular, the fourth quarter of 2025 saw a record quarterly operating profit of about KRW 1.99 billion. This pattern appears to reflect a combination of typical second-half revenue recognition seasonality and the timing of large project revenue booking.

The four straight profitable quarters can be read as a sign of earnings stability following the 2024 annual loss.

Financial-Sector AICC Replacement Demand and a Strong Client Base

Bridgetec holds a dominant market share in the financial sector among banks, card companies, brokerages, and insurers.

Because call centers typically operate on five-to-seven-year contract cycles that generate recurring rebuild demand, the company's extensive history of past deployments gives it repeated opportunities to participate in follow-on replacement projects.

Indeed, in NH Nonghyup Bank's next-generation AICC project, Bridgetec maintained its partner status by handling the entire IPCC build-out. Its ability to keep participating as a specialized solution partner within collaborative structures alongside major telecom firms is a positive factor for business stability.

Improving Balance Sheet and New Product Expansion

The debt ratio fell from 46.2% in 2023 to 33.2% in 2025, showing an improving capital structure. The company has also confirmed an attempt to expand into the agentic AI space through its new 'Tello Voice' AI voice agent platform.

In parallel, it is working to grow the share of subscription-based revenue through its cloud subscription service, IPRON. How much these initiatives will ultimately contribute to results remains to be confirmed through further disclosures.

Bear factors

Revenue Scale Still Below Past Peak

2025 revenue of about KRW 49.68 billion still falls short of the KRW 58.94 billion recorded in 2022 and the KRW 53.54 billion recorded in 2023. In 2024, revenue had dropped to about KRW 43.56 billion alongside an operating loss of about KRW 3.25 billion, marking a significant deterioration in performance.

The fact that revenue has not fully recovered even after the 2025 rebound leaves questions about the strength of growth momentum.

Thin Operating Margin and Cash Flow Pressure

The 2025 operating margin came in at just 0.6%, well below the 6.7% and 7.8% margins seen in 2022 and 2023, respectively. Operating cash flow was about -KRW 3.93 billion in 2025, marking a second consecutive year of negative cash flow following -KRW 5.65 billion in 2024.

The fact that cash generation has not kept pace even as net income turned positive is a point that warrants attention regarding the quality of earnings.

Reliance on Large Projects and a Subcontractor Position

Bridgetec's revenue tends to be heavily influenced by whether it secures large-scale projects in the financial and public sectors. In NH Nonghyup Bank's next-generation AICC project, for instance, KT completed the project as prime contractor while Bridgetec participated as the IPCC-area partner.

In an industry structure where major telecom and IT service firms hold prime-contractor status, the share of revenue and margin Bridgetec can capture may be constrained.

Risk factors

Client and Project Concentration Risk

Revenue is concentrated among a small number of large financial institutions such as banks, card companies, and insurers, so whether large orders materialize in a given year directly affects results. Delays in ordering or budget cuts for large projects can shift the timing of revenue recognition.

The improvement seen in the second half of 2025 may also be tied to the timing of specific project revenue booking, which warrants ongoing verification of its repeatability.

Competitive Intensity and Technology Shift Risk

Major telecom and IT service firms such as KT, LG Uplus, LG CNS, and Samsung SDS compete for prime-contractor status on major AICC projects, meaning Bridgetec's role as a subcontractor partner must be re-secured for each new project.

As generative AI and large language models advance, direct entry by global big tech or large AI firms into the contact center space could dilute the differentiation of specialized solution providers.

If commercialization of new products such as Tello Voice falls short of expectations, plans for new business expansion could be disrupted.

Financial Soundness and Cash Flow Risk

Operating cash flow was negative in both 2024 and 2025, meaning earnings improvement has not translated into actual cash inflows. While the debt ratio has improved, the possibility of needing external financing again cannot be ruled out given still-low absolute profitability. As a smaller-cap stock, shifts in market perception tied to earnings volatility can be relatively pronounced.

What to watch next

Around November 2026
The Q3 2026 quarterly report filing will confirm actual third-quarter revenue and operating profit and whether the four-quarter profit streak continues.
During Q4 2026
It will be worth checking the timing and scale of revenue recognition from telecom value-added service orders, including the equipment supply contract related to SK Broadband and iM Bank.
Late 2026 through early 2027
Watch for disclosures on new commercialization references and new client contracts for the 'Tello Voice' AI voice agent platform.
Around March 2027
The 2026 fiscal-year results and dividend policy will be finalized at the annual shareholders meeting, allowing an assessment of whether the earnings recovery held up for the full year.

Overall view

Bridgetec has shown an improving earnings trajectory, bottoming out with a loss in the second quarter of 2025 and posting four consecutive profitable quarters since. Annual revenue rose year on year to about KRW 49.68 billion in 2025, yet still falls short of the KRW 50-60 billion range seen in 2022-2023.

The 2025 operating margin of 0.6% marks a successful return to profit but remains far from the 6-8% margins of prior years, indicating that a fuller profitability recovery is still in progress.

On the business side, the company's role as the IPCC partner in NH Nonghyup Bank's next-generation AICC project and the launch of its 'Tello Voice' AI voice agent platform both point to efforts to keep pace with the shift toward AI-driven contact centers.

However, because large projects are structured with major telecom and IT service firms such as KT and LG Uplus holding prime-contractor status, the share of revenue and margin Bridgetec can capture may remain limited.

The balance sheet has shown some improvement, including a lower debt ratio, but operating cash flow has remained negative, meaning the quality of earnings and the recovery of cash-generating capacity both warrant continued monitoring.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.