PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
WISE iTech returned to annual net profit in 2025 and posted record first-quarter revenue in 2026, but operating profit swung back into a loss in the second quarter of 2026, highlighting pronounced quarter-to-quarter earnings volatility.
Consolidated 2025 revenue reached KRW 38.26 billion with net income of KRW 1.45 billion, turning positive after a prior-year loss.
First-quarter 2026 consolidated revenue rose 29.5% year over year to a record first-quarter high, with operating profit also turning positive.
In the second quarter of 2026, revenue rose to KRW 9.86 billion, yet operating profit swung to a loss of KRW 0.85 billion, while net income remained positive at KRW 0.31 billion.
New contracts continue from public and financial-sector clients including the Bank of Korea and the Korea Federation of SMEs.
In June 2026 the company reorganized into AX, DM, and ES business units, shifting focus from individual AI solution builds toward broader business-process AI transformation projects.
Founded in 1990, WISE iTech is an AI and big-data software company that develops its own data quality management software, analytics and visualization tools, and AI model development platforms, working with various industry platform partners.
Its flagship products include WiseProphet, a no-code AI model development platform; WiseAIOps for AI operations management; WiseIntelligence, a leading domestic business intelligence solution now being converted to SaaS; and iDocu, an LLM-based trade document automation solution.
The client base spans public sector, finance, manufacturing, and distribution, with a multi-year track record on government projects such as public data portal upgrades and operation and maintenance of the government-wide data management infrastructure.
In June 2026 the company restructured its business organization into AX (AI Transformation), DM (Data Management), and ES business units, shifting emphasis from individual AI solution builds toward a broader 'Tailored AX' approach targeting entire customer business processes.
Management said discussions on AI application and operational efficiency in manufacturing have been increasing while references in the public sector continue to expand.
The company is also pursuing global SaaS subscription sales and platform technology sourcing, alongside development of AI-based trade document OCR automation and search-and-matching algorithms for manufacturing supply-chain platforms.
Comparable domestic small and mid-cap AI, big-data, and IT-service peers include companies such as Data Solution, Datastreams, Openbase, Icraft, and Linknet.
Given its business structure, a significant portion of revenue is tied to public and financial-sector project contracts, which tend to concentrate revenue recognition toward year-end.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.6B | ₩500M | 6.3% |
| 2025Q3 | ₩9.1B | ₩1.2B | 12.9% |
| 2025Q4 | ₩15.5B | ₩200M | 1.4% |
| 2026Q1 | ₩7.9B | ₩400M | 4.9% |
| 2026Q2 | ₩9.9B | -₩900M | −8.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩37.9B | ₩1.3B | ₩3.9B | 3.4% | 13.8% | 75.2% |
| 2023 | ₩27.6B | -₩2.9B | -₩3.3B | −10.4% | −10.1% | 54.7% |
| 2024 | ₩35B | ₩900M | -₩400M | 2.6% | −1.3% | 133.1% |
| 2025 | ₩38.3B | ₩800M | ₩1.5B | 2.1% | 4.7% | 115.2% |
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 results have shown pronounced swings.
In 2022 the company posted revenue of KRW 37.89 billion, operating profit of KRW 1.30 billion (operating margin of 3.4%), and net income of KRW 3.87 billion, but revenue fell sharply to KRW 27.63 billion in 2023, with an operating loss of KRW 2.87 billion (margin of -10.4%) and a net loss of KRW 3.29 billion.
In 2024, revenue recovered to KRW 35.03 billion and operating profit turned positive at KRW 0.93 billion, though net income remained negative at KRW -0.41 billion.
In 2025, revenue reached KRW 38.26 billion with operating profit of KRW 0.79 billion (margin of 2.1%) and net income of KRW 1.45 billion, marking a return to net profitability.
On a quarterly basis, revenue jumped notably in the third quarter of 2025 (KRW 9.07 billion revenue, KRW 1.17 billion operating profit) and the fourth quarter (KRW 15.45 billion revenue, KRW 0.21 billion operating profit, KRW 1.26 billion net income), a pattern that appears linked to the seasonal concentration of public-sector project revenue toward year-end.
In the first quarter of 2026, revenue reached a first-quarter record of KRW 7.91 billion with operating profit of KRW 0.39 billion, though net income was a modest loss of KRW -0.32 billion.
In the second quarter of 2026, revenue rose to KRW 9.86 billion, yet operating profit swung to a loss of KRW -0.85 billion, while net income stayed positive at KRW 0.31 billion, showing a divergence between operating and net-income trends.
In terms of cash flow, operating cash flow was negative at KRW -1.34 billion in 2022 and KRW -2.35 billion in 2023, before improving to KRW 1.52 billion in 2024 and KRW 2.20 billion in 2025, tracking the broader earnings recovery.
The AI and big-data software market in which WISE iTech operates is growing alongside expanding demand for data quality management and AI adoption among domestic public institutions and financial firms.
One equity research summary noted that WISE iTech's AI segment has shown improving performance through the development of more than 40 AI models based on WiseProphet and the launch of WiseAIOps, and that expanding government AI investment is creating growth opportunities.
The domestic AI and data-management software market includes small and mid-cap competitors such as Data Solution, Datastreams, Openbase, and Icraft, each building references specialized in particular sectors such as public, finance, or manufacturing, forming a competitive landscape.
WISE iTech has built its position in the public sector through track records including big-data analytics for the government e-procurement platform (Nara Marketplace) and operation of the government-wide data management infrastructure, and has recently expanded into financial and economic-organization clients, winning contracts such as an integrated operations service for the Bank of Korea's digital innovation office and a data lakehouse project for the Korea Federation of SMEs.
Across the industry, demand is shifting from building individual AI solutions toward broader 'AI transformation (AX)' initiatives that embed AI across entire client business processes, and WISE iTech's organizational restructuring appears to be a response to this trend.
However, the market remains highly competitive given the large number of relatively small vendors participating, and performance across the sector tends to be tied to the timing of public-sector procurement and government budget cycles.
In June 2026 the company formalized a 'Tailored AX' strategy by reorganizing its business units into AX, DM, and ES divisions, moving beyond individual AI system builds toward embedding AI across a client's entire business process, though it did not disclose a specific revenue target for the AX business.
Management said discussions on AI application and operational efficiency in manufacturing have been increasing, while references in its existing public-sector business continue to expand.
Recent contract wins include a KRW 6.1 billion integrated operations service for the Bank of Korea's digital innovation office and a data lakehouse project for the Korea Federation of SMEs conducted in a consortium with Eden T&S, with WISE iTech's contract value at roughly KRW 3.4 billion, alongside recurring public-sector work such as the second phase of the Korea Forest Service's 'e-Pureunsaem' project and a seventh consecutive year operating the government-wide data management infrastructure.
The chief executive said demand for platforms that integrate data quality management, analytics, and AI model development and operations continues to expand as AI adoption spreads, adding that the company aims to pursue stable growth in its core business alongside new business expansion.
The company has stated a plan to continue an annual earnings recovery based on first-quarter operating profitability and improved core profitability, though the return to an operating loss in the second quarter means how this plan plays out in the second half warrants confirmation.
Over the medium term, diversifying the client base into manufacturing and distribution and expanding SaaS-style subscription revenue are seen as key variables for business stability.
The current share price trades below the company's net asset value per share, placing it in a discount range relative to book value on a price-to-book basis.
As earnings moved from a loss in 2023 to profitability in 2024–2025, the price-to-earnings ratio has become more meaningful again, though the sizable swings in profit over recent quarters warrant caution in interpreting this ratio.
The company paid a cash dividend based on 2025 results, but given the quarterly fluctuations in earnings, the continuation and size of future dividends remain variables tied to the earnings trajectory.
Given the company's small market capitalization, share-price reactions to individual events such as earnings releases or contract announcements have tended to be relatively pronounced, which is worth keeping in mind.
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
Annual net income turned positive at KRW 1.45 billion in 2025, and first-quarter 2026 consolidated revenue rose 29.5% year over year to KRW 7.91 billion, a first-quarter record.
Gross profit also rose 132.6% year over year, accompanied by improved profitability, a result attributed to stable growth in data quality and analytics solution businesses and recurring revenue from an existing client base.
New sizable contracts have continued, including an integrated operations service for the Bank of Korea's digital innovation office and a data lakehouse project for the Korea Federation of SMEs, while the company has performed government-wide data management infrastructure operation and public data quality management services for seven consecutive years, securing a stable recurring revenue base. This multi-year contract history can translate into credibility in competitive bidding processes.
The June 2026 reorganization into AX, DM, and ES business units expands the company's scope from individual AI solution builds to AI transformation projects spanning a client's entire operations.
The company's statement that discussions on AI application and operational efficiency in manufacturing are increasing suggests potential client diversification beyond its traditional public- and financial-sector revenue base.
In the second quarter of 2026, despite revenue rising to KRW 9.86 billion, operating profit swung to a loss of KRW -0.85 billion, and the preceding first quarter also saw operating profit turn positive while net income remained negative at KRW -0.32 billion. This recurring divergence between operating and net-income trends limits earnings predictability.
Operating margin stood at a relatively low 2.1% in 2025 and 2.6% in 2024, and fell as low as -10.4% in 2023 when revenue dropped sharply. With revenue scale in the KRW 30–40 billion range, fixed-cost burden can have a relatively large impact on margins.
The debt ratio rose sharply from 54.7% in 2023 to 133.1% in 2024 and 115.2% in 2025. Over the same period, equity was largely flat at around KRW 30.9–32.6 billion, while total liabilities grew from KRW 17.8 billion to KRW 35.6 billion, indicating increased financial leverage.
Fourth-quarter 2025 revenue of KRW 15.45 billion was markedly higher than other quarters (in the range of KRW 7.6–9.9 billion), reflecting a seasonal skew tied to year-end public-sector budget execution.
This revenue structure creates a risk that annual and quarterly performance can vary significantly depending on the timing of public budget planning or policy changes.
Over the past five quarters, operating profit has alternated between gains and losses, and in the second quarter of 2026 an operating loss occurred despite revenue growth.
Quarterly earnings can swing significantly depending on project execution timing and cost recognition, making it difficult to judge a trend from any single quarter's results.
The debt ratio rose from 54.7% in 2023 to 115.2% in 2025, and with equity roughly flat in the low-KRW-30-billion range while liabilities increased, this points to a need to monitor future financing requirements or changes in interest burden.
Given the company's small-cap characteristics, the potential for share dilution from capital-market financing such as rights offerings or convertible bonds is also worth watching.
The third-quarter report filing is due, making it important to check whether the second-quarter operating loss reverses and whether revenue growth continues.
Based on historical patterns, this is the period to check whether the seasonal revenue spike from year-end public-sector budget execution recurs, and the resulting scale of profit.
This is when the 2026 annual business report is expected to be filed, warranting a check on whether annual net profitability continues following the 2025 turnaround.
It is worth monitoring whether new orders or revenue contributions from the AX business unit reorganized in June are confirmed via disclosures or news, and tracking the revenue recognition timing of existing contracts such as those with the Bank of Korea and the Korea Federation of SMEs.
WISE iTech entered an earnings recovery phase in 2024–2025 after a substantial loss in 2023, and in the first quarter of 2026 both revenue and operating profit improved, marking a first-quarter revenue record.
However, in the second quarter of 2026, operating profit swung back into a loss despite revenue growth, confirming that quarter-to-quarter earnings remain highly volatile.
New orders from public and financial-sector clients such as the Bank of Korea and the Korea Federation of SMEs, along with a seven-year track record on government projects, provide a foundation for business stability, but the seasonal concentration of revenue toward year-end and the rising debt ratio are factors that warrant attention alongside this.
The June 2026 reorganization into AX, DM, and ES business units represents an attempt to expand the business model from individual solution builds toward broader AI transformation across client operations, though its specific revenue contribution has not yet been disclosed.
The share price currently trades below net asset value, and given the scale of earnings volatility, tracking upcoming quarterly disclosures and new order flow together would be useful for forming a judgment.
This report is intended for informational purposes only and does not include a buy or sell recommendation or a price target.
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.