PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
KWeather posted two consecutive quarters of operating profit in 2026, showing signs of emerging from the 2023-2024 loss cycle, while pursuing new ventures such as a weather AI factory.
Operating and net profit turned positive for two straight quarters in 2026, reversing losses that persisted through Q3-Q4 2025.
Annual revenue rose for three straight years from KRW 14.69bn (2023) to KRW 17.69bn (2025), yet operating income stayed in the red for four consecutive years.
Signed a joint 'Weather AI Factory' deal with Nvidia partner BNC in August 2026, targeting first-phase completion by year-end and global rollout next year.
Simultaneously pursuing content- and blockchain-linked new businesses such as the AI idol group 'Weather Idols' and a WeatherCoin-based weather finance platform.
Prior revenue/profit guidance issued at listing for 2024-2025 diverged significantly from actual results, making the delivery of new-venture targets a key watch point.
Founded in 1997, KWeather is Korea's largest private weather company, operating weather and air big-data platforms that supply meteorological data feeds and customized content to roughly 4,000 member companies.
Its business spans manufacturing and sales of air measurement/air improvement solutions and weather/air data service contracts, monetized through a Data-Service-Product (DSP) model.
The core infrastructure is 'Air365,' an air big-data platform built on real-time IoT air-quality sensors installed at over 30,000 locations nationwide.
The customer base spans B2G (public agencies and municipalities), B2B (construction firms and large enterprises), and B2C (individual app users), with private-sector revenue growing recently through ventilation and purification solutions supplied to new apartment complexes for major builders such as POSCO E&C, Woomi Construction, and Rasong Construction.
Its corporate climate-risk management software 'CRMaaS' is used by roughly 30 large and small enterprises including Hana Financial Group, Doosan, POSCO, and GS Retail.
A cooking-fume air management business launched in late 2024 is expanding across public institutions such as schools in Gyeonggi Province, while a disaster-detection robot called 'AeroBot' was contracted for installation with the Seoul city government, extending the company's reach into public safety.
Within the private weather and environmental data services market, its independent observation network and public-sector track record are cited as key points of differentiation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.3B | -₩500M | −8.7% |
| 2025Q3 | ₩4.4B | -₩200M | −5.5% |
| 2025Q4 | ₩4.6B | -₩100M | −2.2% |
| 2026Q1 | ₩3.9B | ₩59,418,133 | 1.5% |
| 2026Q2 | ₩5.4B | ₩200M | 2.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩17.4B | ₩800M | ₩700M | 4.4% | 6.6% | 49.5% |
| 2023 | ₩14.7B | -₩2.5B | -₩2.4B | −16.8% | −29.5% | 75.4% |
| 2024 | ₩15.6B | -₩2.1B | -₩1.9B | −13.2% | −14.6% | 42.3% |
| 2025 | ₩17.7B | -₩1.7B | -₩1.7B | −9.8% | −15.4% | 42.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
KWeather's annual revenue moved from KRW 17.40bn (2022) to KRW 14.69bn (2023), KRW 15.59bn (2024), and KRW 17.69bn (2025), bottoming in 2023 before rising for two consecutive years.
Operating income, however, swung from a KRW 0.77bn profit in 2022 to losses of KRW -2.47bn (2023), KRW -2.06bn (2024), and KRW -1.73bn (2025), with the net loss attributable to owners also narrowing gradually from KRW -2.44bn (2023) to KRW -1.89bn (2024) and KRW -1.74bn (2025).
On a quarterly basis, losses shrank from an operating loss of KRW -459mn on revenue of KRW 5.25bn in Q2 2025, to KRW -243mn on KRW 4.41bn in Q3, and KRW -102mn on KRW 4.61bn in Q4, before the company turned profitable in Q1 2026 with revenue of KRW 3.94bn, operating profit of KRW 59mn, and owner net income of KRW 115mn.
Q2 2026 revenue rose to KRW 5.42bn with operating profit of KRW 154mn and owner net income of KRW 211mn, marking a second consecutive profitable quarter.
The company attributed the improvement to solid performance in its air measurement solution and weather data businesses along with lower cost of sales ratios and more efficient selling and administrative expenses.
Still, summing the most recent four quarters from Q3 2025 through Q2 2026 leaves an owner net loss of roughly KRW -80mn, meaning that despite the recent two profitable quarters the trailing one-year figure has not yet fully turned positive.
On the cash flow side, operating cash flow was positive at KRW 1.70bn only in 2022, before turning negative in 2023-2025 at KRW -2.78bn, -2.29bn, and -0.97bn respectively, indicating that the earnings improvement has not yet fully translated into recovered cash generation.
The weather and environmental data industry KWeather operates in is growing amid rising social attention to climate risks such as fine dust, heatwaves, and floods, alongside expanding ESG disclosure requirements. McKinsey has projected the climate tech market could grow to roughly USD 9 trillion by 2030.
Domestically, public-sector indoor air quality regulations and demand for ventilation and purification equipment in new buildings serve as one of KWeather's core revenue drivers, with a structural feature that revenue recognition timing is tied to the construction cycle.
The competitive landscape is fragmented, mixing private weather operators that process and distribute public meteorological data with indoor air-quality equipment manufacturers, and KWeather positions its proprietary observation network, extensive public-sector track record, and over two decades of accumulated weather expertise as competitive advantages.
More recently, the company has expanded into enterprise SaaS-type services such as its climate risk management software (CRMaaS) and data processing/distribution businesses that combine AI weather prediction models, attempting a shift from a traditional weather information provider to a data and AI platform company.
That said, this market has yet to show clear dominance by large players, and results remain sensitive to the timing of government budget execution and public procurement schedules.
In August 2026, KWeather signed a joint business agreement with Nvidia partner BNC to build a 'Weather AI Factory,' aiming to use Nvidia's AI weather prediction models to generate and distribute intelligent data ranging from ultra-short-term forecasts to 60-day outlooks.
The two companies set a goal of completing first-phase development by the end of 2026 and formally launching global distribution the following year.
Separately, as part of its next-generation weather AI project 'Wellbian,' the company has introduced an AI weathercaster and an AI idol group called 'Weather Idols,' experimenting with a content-based revenue model.
With blockchain firm Block Odyssey, it is pursuing development of a WeatherCoin-based weather finance platform, envisioning infrastructure for index-based derivatives trading using weather indices such as temperature, precipitation, typhoons, and air quality as underlying assets.
The company is also working with Nasdaq-listed energy solutions firm VivoPower on collaboration and investment aimed at establishing a foothold for overseas expansion.
Management has stated it intends to continue the profitability improvement trend in its air measurement and weather data businesses in the second half while pursuing new business expansion in parallel to drive an annual earnings turnaround.
However, most of these new ventures remain at an early stage in the form of memorandums of understanding or joint business agreements, and the timing and scale of their revenue contribution have not yet been specified in concrete terms.
KWeather trades at a premium to its net asset value, and because the trailing four quarters still show a net loss, earnings-based valuation metrics remain difficult to apply in a conventional sense. The absence of any current dividend payment also limits the applicability of yield-based measures.
Looking at the multi-year earnings pattern, the company swung from profit in 2022 to losses across 2023-2025 before showing two consecutive profitable quarters in the first half of 2026, a recovery signal that has itself become a point of market attention.
The share price's relationship to book value has fluctuated within the stock's own historical trading pattern, with the size of that premium tending to shift around periods of new-business news flow.
How many additional quarters the earnings turnaround continues, and when and at what scale the new ventures begin contributing to revenue, are likely to be the key variables in assessing valuation going forward.
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 2026-09-05
Both operating and net income turned positive in Q1 and Q2 2026, signaling a break from the loss cycle that had persisted since 2023.
The company attributed the turnaround to strong performance in its air measurement solution and weather data businesses, a lower cost of sales ratio, and more efficient selling and administrative expenses. Q2 revenue rose to KRW 5.42bn from the prior quarter, showing growth and profitability improving together.
KWeather signed an agreement with Nvidia partner BNC to build what it calls the world's first 'Weather AI Factory,' securing access to Nvidia's high-performance AI infrastructure.
The company has outlined target applications spanning power generation forecasting, optimal shipping route determination, and early disaster response.
With first-phase development targeted for completion by year-end and global distribution planned for the following year, whether this can be commercialized remains a key point to watch.
Multiple new ventures are being pursued simultaneously, including cooking-fume air management, the disaster-detection robot AeroBot, the climate risk management software CRMaaS, and a WeatherCoin-based weather finance platform.
CRMaaS has already secured large enterprise clients such as Hana Financial Group, Doosan, POSCO, and GS Retail. Collaboration with Nasdaq-listed VivoPower is also being explored as a stepping stone for overseas expansion, opening multiple avenues for business portfolio growth.
At the time of its listing, the company confidently projected revenue of KRW 23bn and a swing to profit for 2024, and revenue of KRW 35bn with an operating margin above 20% for 2025.
Actual revenue came in at KRW 15.59bn in 2024 and KRW 17.69bn in 2025, roughly half the targeted levels, with operating losses recorded in both years. This track record of guidance misses is a factor that could affect how credibly future new-business targets are received.
Operating cash flow was positive at KRW 1.70bn in 2022 but turned negative for three straight years afterward, at KRW -2.78bn (2023), KRW -2.29bn (2024), and KRW -0.97bn (2025). While the scale of the accounting loss has been narrowing, recovery in cash-generating capacity has not yet been fully confirmed.
With new business investments running in parallel, the possibility of continued funding pressure cannot be ruled out.
Summing the trailing four quarters from Q3 2025 through Q2 2026, the owner net income figure remains a loss of roughly KRW -80mn. Whether the profitability seen in the most recent two quarters is a temporary occurrence or a structural improvement will require confirmation over several additional quarters.
There also remains the possibility that revenue recognition for ventilation and purification products supplied to new buildings could be delayed depending on volatility in end-demand such as the construction cycle.
KWeather listed on KOSDAQ through a business-model exception route rather than on the basis of proven profitability, and its performance guidance issued at listing has previously diverged substantially from actual results.
Many of its new ventures remain at an early memorandum-of-understanding or contract stage, so a renewed gap between stated targets and actual revenue contribution cannot be ruled out. Investors need to continue verifying execution through subsequent quarterly disclosures.
Revenue from products supplied to new buildings, such as ventilation and purification units, is recognized in line with construction progress, meaning a slowdown in the construction cycle or delayed groundbreaking can push back revenue recognition.
There have been past instances where delayed government budget execution caused public-sector revenue to be recognized later than planned. This lag in revenue recognition can act as a factor amplifying quarter-to-quarter earnings volatility.
Most of the new ventures, including the Weather AI Factory, the WeatherCoin-based finance platform, and the AI idol project, remain at an early development or planning stage without specified timing or scale for revenue contribution.
The blockchain-based WeatherCoin business is an area that could be affected by changes in the domestic and international regulatory environment. Pursuing multiple new ventures simultaneously could also raise concerns about resource allocation and execution capacity.
The Q3 2026 earnings release will be the point to check whether the two-consecutive-quarter profit streak from the first half continues into the third quarter.
It will be worth checking whether KWeather and BNC complete the first phase of the 'Weather AI Factory' as targeted, and when concrete results are unveiled.
This is the targeted timing for the Weather AI Factory's global distribution launch, requiring confirmation of actual commercialization and any resulting revenue contribution.
The concrete progress of new ventures such as the WeatherCoin-based weather finance platform and the collaboration with VivoPower, and whether they begin contributing to revenue, should be monitored sequentially.
KWeather swung from profit in 2022 to losses in 2023-2024, then narrowed its loss in 2025 and posted two consecutive quarters of operating and net profit in Q1 and Q2 2026, showing signs of recovery.
However, on a trailing four-quarter basis the company remains in a net loss position, and operating cash flow has stayed negative for three consecutive years, making it premature to conclude that earnings improvement has fully translated into recovered cash generation.
The company is pursuing profitability improvement in its existing air measurement solution and weather data businesses alongside multiple new ventures, including a Weather AI Factory with an Nvidia partner, a WeatherCoin-based finance platform, and AI idol content.
That said, given the precedent of a substantial gap between the revenue and profit guidance issued at listing for 2024-2025 and actual results, the targets for these new ventures will similarly need to be verified through actual execution going forward.
Investors should track both the continuity of the recovery trend and the substance of the new ventures through upcoming quarterly earnings releases and the timing of concrete commercialization and revenue contribution.
Report written 2026-09-05 · Data as of 2026-09-04
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