Uangel

Founded in 1999, Uangel is a converged ICT solutions company listed on the KOSPI since 2003. Its core business is supplying mobile core-network, intelligent-network, and messaging solutions to domestic telecom carriers including SK Telecom, KT, and LG Uplus.

In addition, the company operates its self-developed eSIM-based global data roaming service, Roaming Dokebi, offering data plans across roughly 150 countries along with an mVoIP calling service called Rokebi Talk. As of 2025, the eSIM and global data business reportedly accounted for 40.23% of total revenue.

A second growth pillar is early-childhood smart education (edtech), where the company supplies content and solutions through platforms such as Tomoru, an AI- and XR-based smart-learning platform. It also operates the industrial IoT platform Chemi, AI contact-center (AICC) solutions, and private 5G network businesses.

The core-network segment carries meaningful customer concentration risk given reliance on a small number of large carriers, while the eSIM roaming segment competes against various roaming apps and startups.

More recently, the company has been expanding into B2B (Roaming Dokebi Biz), including a dedicated data product for airline crew members.

Uangel's annual revenue rose for four consecutive years, from KRW 30.04 billion in 2022 to KRW 36.64 billion in 2023, KRW 53.05 billion in 2024, and KRW 61.57 billion in 2025.

Operating profit swung from a KRW 0.85 billion gain in 2022 to a KRW 1.78 billion loss in 2023, before recovering to KRW 0.79 billion in 2024 and expanding further to KRW 3.42 billion in 2025. The operating margin also improved steadily, from -4.9% in 2023 to 1.5% in 2024 and 5.6% in 2025.

Controlling-interest net income fluctuated year to year -KRW 2.21 billion in 2022, KRW 1.44 billion in 2023, KRW 3.66 billion in 2024, and KRW 4.36 billion in 2025- but stayed positive throughout.

On a quarterly basis, Q2 2025 revenue was KRW 14.20 billion with operating profit of KRW 0.83 billion, yet controlling-interest net income slipped slightly into the red at -KRW 0.025 billion; Q3 2025 improved markedly to revenue of KRW 14.47 billion, operating profit of KRW 1.55 billion, and net income of KRW 2.45 billion.

Q4 2025 moderated to revenue of KRW 14.98 billion, operating profit of KRW 0.34 billion, and net income of KRW 0.42 billion, while Q1 2026 posted the highest quarterly revenue at KRW 17.72 billion but operating profit of only KRW 0.20 billion.

Q2 2026 then rebounded to revenue of KRW 15.19 billion, operating profit of KRW 1.23 billion, and net income of KRW 1.89 billion, bringing cumulative controlling-interest net income over the trailing four quarters (Q3 2025-Q2 2026) to roughly KRW 6.5 billion.

This quarter-to-quarter variability appears to reflect both the seasonality of the eSIM roaming business tied to peak travel periods and the timing of project-based revenue recognition in the core-network business.

The domestic telecom equipment and solutions industry is transitioning from 5G maturation toward 6G preparation, with the government supporting 6G standardization and infrastructure R&D through national projects.

Uangel is reported to be participating in 6G-related national projects with Korea's Electronics and Telecommunications Research Institute (ETRI), including development of eSBA (evolved service-based architecture) and ISAC (integrated sensing and communication) standards.

The overseas data roaming (eSIM) market is growing alongside recovering outbound travel demand, positioned as a replacement for physical SIM cards, with ongoing price and convenience competition against carrier roaming services and rival eSIM stores.

Reports have noted rising interest in eSIM-based services after domestic carriers introduced SIM-protection measures.

The edtech (smart-learning) market is evolving toward immersive learning content combining AI and XR technologies, an area where Uangel's accumulated experience in early-childhood education content is cited as a competitive advantage.

Amid broader expectations of a 6G "big cycle" across telecom equipment names, Uangel is referenced as a company with existing 5G core-network reference experience.

In its 2026 value-up plan, Uangel presented targets for expanding B2B market revenue in the eSIM roaming data business and securing 5G/6G-related reference projects.

Detailed initiatives include stepped-up marketing and investment in the 'Roaming Dokebi Biz' brand, plus 6G-related R&D and participation in national research projects.

On the shareholder-value side, the company stated it would maintain a dividend payout ratio above 25% and improve its dividend procedure by fixing the dividend amount before setting the record date, alongside a disclosed plan to retire 200,000 treasury shares.

Operationally, the company recently launched a dedicated eSIM data service for airline crew, with a company official stating plans to eventually extend the service to crew members of foreign airlines. Roaming Dokebi eSIM reportedly surpassed 3 million cumulative users as of May 2025.

At an investor briefing, the company indicated it expects continued revenue growth momentum in both the eSIM and smart-learning businesses. However, the disclosure explicitly notes that such targets constitute forward-looking, predictive information that may differ from actual results.