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
Selfie Global remains under a trading halt; a court has suspended the effect of its delisting decision, but the company still faces an unresolved main lawsuit and a deteriorating balance sheet.
Trading has been halted since June 2025; a court granted an injunction suspending the effect of the delisting decision, but the main lawsuit and appeal process remain pending.
Consolidated revenue was KRW 35.5 billion in 2025 with an operating loss of KRW 3.4 billion and an owner net loss of KRW 10.6 billion, marking three consecutive years of widening losses since 2023.
Total equity fell from KRW 25.7 billion in 2022 to KRW 10.2 billion in 2025, while the debt ratio jumped from 69.8% to 151.6% over the same period.
The company maintained an annual IC card material supply contract with KB Kookmin Card worth KRW 5.37 billion (about 16% of prior-year revenue) covering March 2026 to February 2027, providing some revenue visibility.
Operating and net losses narrowed from the first to the second quarter of 2026, a different pattern from the large losses seen in the third and fourth quarters of 2025.
Selfie Global is a maker of electronic-money and smart cards certified by VISA, MasterCard, and JCB, selling and supplying cards to financial institutions and credit card companies.
Its main product is credit cards, historically supplied to major domestic card issuers including BC Card, Hyundai Card, and KB Kookmin Card, and in 2026 the company signed an annual price contract with KB Kookmin Card for IC card materials worth KRW 5.37 billion, covering March 2026 through February 2027 (about 15.94% of prior-year revenue).
To offset stagnation in the domestic credit card market, the company set up a US subsidiary in 2015 to target the Americas, where EMV card conversion rates were relatively low.
The company traces back to IC Korea, a card manufacturer founded in Daegu in 1998, which was renamed ICK in 2011 and then Selfie Global in September 2022; it listed on KOSDAQ in 2010.
In 2022 the company set up a subsidiary, Plus Materials, to pursue a secondary-battery business with a KRW 4.0 billion investment, but roughly KRW 1.5 billion of that was diverted to unrelated ventures, and the business failed to progress normally amid the resulting fund-outflow controversy.
More recently, some securities information outlets have categorized the company under a payment gateway (PG) service theme, though the specific timing and revenue contribution of any such business have not been officially confirmed.
Control of the company currently rests with a coalition of minority shareholders that took over management through an extraordinary general meeting in 2025, moving it away from the prior non-capital M&A group.
Given the nature of card manufacturing, revenue depends heavily on annual price contracts and issuance volumes with card companies, and the domestic smart card manufacturing market has an oligopolistic structure with a small number of players competing for issuer contracts.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9.4B | -₩300M | −2.9% |
| 2025Q3 | ₩8.3B | -₩1.7B | −20.4% |
| 2025Q4 | ₩11.1B | ₩300M | 3.1% |
| 2026Q1 | ₩8.8B | -₩1.8B | −20.8% |
| 2026Q2 | ₩9.6B | -₩800M | −8.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩37.9B | ₩3.6B | ₩10B | 9.5% | 38.8% | 69.8% |
| 2023 | ₩34.5B | ₩2.1B | ₩200M | 6.0% | 1.3% | 76.8% |
| 2024 | ₩33.7B | -₩1.7B | -₩1.8B | −5.1% | −10.3% | 57.4% |
| 2025 | ₩35.5B | -₩3.4B | -₩10.6B | −9.7% | −103.1% | 151.6% |
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
Consolidated revenue in 2025 was KRW 35.5 billion, up slightly from KRW 33.7 billion in 2024, but the operating loss widened to KRW 3.4 billion from KRW 1.7 billion the prior year, pushing the operating margin down to -9.7%.
The owner net loss reached KRW 10.6 billion, more than five times the KRW 1.8 billion loss in 2024, a stark reversal from the profitable years of 2023 (net income of KRW 0.23 billion, 6.0% operating margin) and 2022 (net income of KRW 10.0 billion, 9.5% operating margin).
On a quarterly basis, the third quarter of 2025 saw the operating loss widen to KRW 1.68 billion and the net loss balloon to KRW 4.11 billion, a gap suggesting non-operating factors were also at play.
In the fourth quarter of 2025, revenue rose to KRW 11.1 billion and operating profit turned positive at KRW 0.35 billion, yet the net loss remained around KRW 4.11 billion, similar to the prior quarter, repeating the divergence between operating and net results.
In the first quarter of 2026 the operating loss widened again to KRW 1.83 billion with a net loss of KRW 1.92 billion, before both losses narrowed in the second quarter to an operating loss of KRW 0.79 billion and a net loss of KRW 0.73 billion.
Over the trailing four quarters (third quarter of 2025 through second quarter of 2026), the cumulative owner net loss exceeded KRW 10.8 billion, indicating losses have persisted on an annualized basis as well.
On the balance sheet, total equity fell for a third straight year, from KRW 25.7 billion in 2022 to KRW 10.2 billion in 2025, while the debt ratio surged from 57.4% in 2024 to 151.6% in 2025, weakening the capital buffer.
Operating cash flow turned negative at KRW 2.7 billion in 2025, reversing from a positive KRW 4.1 billion inflow in 2024.
The domestic card industry has already entered a mature phase, with the spread of simple payment and mobile payment services structurally weighing on demand for physical cards.
Data from the Bank of Korea show that in the first half of 2024, spending through simple payment services such as Samsung Pay and Apple Pay overtook physical credit card spending, underscoring this structural shift.
Media coverage has also noted that Selfie Global grew alongside the expansion of the payment market in the past, but its business deteriorated as simple payment services advanced and growth slowed.
Smart card manufacturing in Korea features a small number of players competing for annual price contracts with card issuers, a structure with real entry barriers but a market whose overall size is not expanding.
Overseas, regions with relatively slow EMV conversion have long been cited as potential demand sources, but the specific contribution of the company's US subsidiary, established in 2015, to overseas sales has not been clearly confirmed.
As a result, with growth in the core card manufacturing business constrained, it remains unverified whether new initiatives the company has pursued, such as the earlier secondary-battery venture and the more recently cited payment gateway (PG) service theme, have translated into meaningful earnings contribution.
For 2026, the annual price contract signed with KB Kookmin Card for IC card materials (March 2026 to February 2027, worth KRW 5.37 billion, about 16% of prior-year revenue) provides a confirmed order that offers at least some revenue visibility.
The bigger variable for the company, however, is its listing status rather than earnings.
The Korea Exchange finalized a delisting decision on May 29, 2025 without granting an improvement period, citing revenue stagnation, deteriorating financial health, governance issues, and cash outflows tied to a 2024 bond-with-warrant transaction.
Subsequently, in June 2026 the Seoul Southern District Court granted an injunction suspending the effect of the delisting decision sought by Selfie Global and its controlling shareholder coalition, temporarily staving off delisting.
Resumption of trading, however, still requires both a court ruling on the exchange's appeal and the outcome of the main lawsuit seeking to nullify the delisting decision, so the trading halt that began on June 2, 2025 continues.
Industry observers have suggested the main lawsuit brought by current management could take years to resolve. On the business side, entry into payment gateway (PG) services has been cited as a new business theme, but the timing and scale of any revenue contribution have not been officially confirmed.
Whether the balance sheet improves, through equity replenishment and stabilization of the debt ratio, also remains a variable that will continue to affect future audit opinions and listing maintenance decisions.
The current share price stands well above the company's own-calculated net asset value, placing the price-to-book ratio well above one times.
With net losses persisting across the trailing four quarters, a conventional price-to-earnings calculation is difficult, and direct comparison with the trading multiples of the profitable 2022-2023 period is not straightforward.
Dividend capacity appears to have been limited over the past three years given net losses or only minimal net income. The fact that total equity has declined for three consecutive years while the debt ratio has surged is also a factor to weigh when considering the sustainability of any premium to net assets.
It should also be noted that the stock is currently under a trading halt, so the price-based figures displayed may not reflect current market conditions actually formed through trading.
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 operating loss narrowed from KRW 1.83 billion in the first quarter of 2026 to KRW 0.79 billion in the second quarter, and the net loss shrank from KRW 1.92 billion to KRW 0.73 billion, showing improvement versus the heavy losses of the third and fourth quarters of 2025. Operating profit had also briefly turned positive in the fourth quarter of 2025.
In June 2026, the Seoul Southern District Court granted an injunction suspending the effect of the delisting decision, staving off immediate delisting. The shareholder coalition that controls management has also already filed a main lawsuit seeking to nullify the delisting decision itself.
The company maintained an annual IC card material price contract with KB Kookmin Card from March 2026 through February 2027, securing a revenue base equal to roughly 16% of recent annual revenue, a confirmed order that provides at least some revenue visibility.
Trading has been halted since June 2, 2025, and resumption depends on both a court ruling on the exchange's appeal and the outcome of the main lawsuit seeking to nullify the delisting decision.
Given that the injunction proceeding alone took about a year, some observers suggest the main lawsuit could take several years to resolve.
Total equity fell from KRW 25.7 billion in 2022 to KRW 10.2 billion in 2025, while the debt ratio rose to 151.6%. Accumulated net losses have steadily eroded the capital buffer for three consecutive years.
The company has a history of takeover by a non-capital M&A group, alleged fund outflows through a subsidiary, and resulting audit opinion disclaimers, with the related embezzlement and breach-of-duty allegations reported at around KRW 11 billion.
Litigation between former management and the current shareholder coalition over control of the company also continues, meaning governance uncertainty has not been fully resolved.
The Korea Exchange finalized delisting without an improvement period, and only the effect has been suspended by court injunction; depending on the outcome of the main lawsuit and appeal process, delisting could still be reaffirmed. The longer the trading halt persists, the longer investor funds remain locked up.
With total equity declining for three straight years and the debt ratio rising to 151.6%, operating cash flow also turned to a net outflow in 2025. Further accumulated losses could expose the company again to listing requirements related to capital impairment.
Litigation between former management and the current shareholder coalition over the validity of the delisting decision and general meeting resolutions continues in parallel, prolonging uncertainty over management stability.
Embezzlement and breach-of-duty allegations against the earlier non-capital M&A group also remain under investigation and trial.
Third-quarter 2026 results are due to be disclosed via the quarterly report, providing a chance to check whether the recent loss-narrowing trend continues.
The expiration date of the annual IC card material price contract with KB Kookmin Card; whether a follow-on contract is signed will matter for sustaining the revenue base.
The timing of a court ruling on the main lawsuit seeking to nullify the delisting decision, a key variable that will determine whether trading resumes.
Given the company's history of two consecutive years of audit opinion disclaimers, it is worth watching the next audit opinion and whether any capital impairment issue resurfaces.
Selfie Global averted an immediate crisis when a court granted an injunction suspending the effect of its delisting decision, but trading remains halted pending resolution of the main lawsuit and the exchange's appeal process.
On the earnings side, losses have widened for three consecutive years since 2023, with the 2025 owner net loss reaching KRW 10.6 billion, while total equity fell from KRW 25.7 billion in 2022 to KRW 10.2 billion in 2025 and the debt ratio climbed to 151.6%, weakening the company's financial buffer.
That said, the narrowing of losses from the first to the second quarter of 2026 and the continuation of the annual price contract with KB Kookmin Card suggest the business has not come to a complete standstill.
On the other hand, litigation over corporate governance, the legacy of embezzlement and breach-of-duty allegations tied to the earlier non-capital M&A group, and the structural pressure from the spread of simple payment services eating into physical card demand remain unresolved.
Ultimately, the stock's trajectory is likely to hinge more on the timing of the court's final ruling and any resumption of trading than on near-term earnings improvement. Investors would need to track the progress of the litigation alongside the financial figures.
Report written 2026-09-05 · Data as of 2026-09-04
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