PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
On top of stable cash flow from its telecom-linked harmful content blocking business, Plantynet is diversifying into digital magazine and AI dataset ventures while navigating changing KOSDAQ listing maintenance rules.
2025 consolidated revenue reached KRW 45.61 billion with operating profit of KRW 3.26 billion, lifting the operating margin to 7.1%.
Quarterly results swung from operating losses in Q3-Q4 2025 to a Q1 2026 recovery, then softened again in Q2 2026.
Subsidiary Plantyem's digital magazine platform Moazine is being cultivated as a B2C growth pillar, with breakeven timing as a key watch item.
The company introduced its first-ever interim dividend since listing in 2026 alongside a treasury share retirement, expanding shareholder returns.
The KOSDAQ listing-maintenance market-cap threshold of KRW 30 billion was delayed to July 2027, easing near-term pressure on small-cap names broadly.
Plantynet's core business is the 'Ansim Inter' service, which blocks harmful content at the network level of internet service providers, and this business accounts for more than 60% of total revenue as the company's cash cow.
It generates stable income through long-term contract-based subscription structures with domestic telecom operators. Major customers are mobile carriers including KT, SK Telecom, and LG Uplus.
The company also serves public-sector clients through its SSL decryption solution 'OfficeGuard Plus.' Its new growth axis is the digital magazine platform Moazine, operated by subsidiary Plantyem, which is the number-one domestic service offering more than 1,400 titles and 110,000 volumes of domestic and international magazine content.
Moazine's cumulative subscriber base stands at around 120,000, with the company focused on expanding paid subscribers to reach breakeven. It is also preparing an AI training dataset business based on magazine content along with advertising and commerce-linked revenue models.
The company is expanding into the education solution 'nBlock' for digital textbooks, voice-phishing and deepfake countermeasure technology, and a family safety and health care service with Herings.
Overseas, it is pursuing localization centered on Taiwan and Vietnam and is also considering entry into the North American market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.9B | ₩100M | 1.1% |
| 2025Q3 | ₩10.8B | -₩82,031,609 | −0.8% |
| 2025Q4 | ₩9.6B | -₩100M | −1.6% |
| 2026Q1 | ₩10.6B | ₩500M | 4.5% |
| 2026Q2 | ₩9.5B | ₩85,105,511 | 0.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩31.9B | ₩1B | -₩1.6B | 3.1% | −2.3% | 18.2% |
| 2023 | ₩33.1B | ₩1.3B | ₩1.5B | 3.8% | 2.3% | 17.3% |
| 2024 | ₩36.7B | ₩2.1B | ₩1.5B | 5.8% | 2.2% | 18.1% |
| 2025 | ₩45.6B | ₩3.3B | ₩2.3B | 7.1% | 3.2% | 16.9% |
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
2025 consolidated revenue reached KRW 45.61 billion, up sharply from KRW 36.68 billion in 2024, which a capital-market media outlet reported as the eighth consecutive year of revenue growth.
Operating profit came to KRW 3.26 billion in 2025, up roughly 52% from KRW 2.14 billion in 2024, reportedly marking the highest operating margin in the past five years. The operating margin improved for four straight years, from 3.1% in 2022 to 3.8% in 2023, 5.8% in 2024, and 7.1% in 2025.
Net income attributable to owners moved from a loss of KRW 1.56 billion in 2022 to profits of KRW 1.54 billion in 2023 and KRW 1.53 billion in 2024, before expanding to KRW 2.26 billion in 2025, tracing a path of recovery after the swing from loss to profit. Quarterly figures, however, showed considerable variation.
Q2 2025 posted revenue of KRW 11.94 billion, operating profit of KRW 0.13 billion, and owners' net income of KRW 1.05 billion, but Q3 revenue fell to KRW 10.85 billion with operating profit turning to a loss of KRW 0.08 billion.
Q4 revenue shrank further to KRW 9.58 billion, with an operating loss of KRW 0.15 billion and an owners' net loss of KRW 0.93 billion weighing on full-year results.
Q1 2026 improved to revenue of KRW 10.55 billion, operating profit of KRW 0.48 billion, and net income of KRW 0.57 billion, but Q2 2026 slipped again to revenue of KRW 9.46 billion and operating profit of KRW 0.09 billion, indicating a slower pace of recovery.
Operating cash flow reached KRW 5.19 billion in 2025, above the KRW 3.44 billion, KRW 4.66 billion, and KRW 4.59 billion recorded in 2022-2024 respectively, showing that cash generation remained steady despite net income volatility, while the debt ratio stayed low at 16.9% in 2025.
The internet harmful-content blocking market is tied to telecom operators' network infrastructure investment and tightening regulation, with the spread of new-type crimes such as deepfakes and voice phishing cited as a factor increasing technology demand.
Plantynet holds a telecom-based entry barrier as the first Korean company to commercialize network-based harmful site filtering. It is also advancing AI-based detection of deepfake images and videos in parallel.
In the digital magazine market, Moazine has established itself as the leading domestic operator with more than 1,400 titles, though new revenue models such as AI training data and advertising remain at a validation stage.
The security and content-filtering sector features competition from a range of small and mid-cap IT companies, making scale a key competitive factor.
A capital-market media outlet assessed that the company has continued solid growth, marked by eight consecutive years of revenue growth and the highest operating margin in five years.
However, there are also observations that limited market recognition and thin trading volume have kept the improvement in the core business from being fully reflected.
The company expects to reach breakeven for Moazine once paid subscribers expand to around 100,000. Its AI training dataset business based on magazine content is under discussion with a global AI platform, and expectations exist that a successful contract could mark a turning point in results.
Overseas, it is pursuing localization in Taiwan and Vietnam while considering a staged entry into North America through partnerships.
It has signed an MOU with digital healthcare company Herings to develop a family safety and integrated care service platform, seeking to expand collaboration with telecom operators and public institutions.
On shareholder returns, the company introduced its first interim dividend since listing in 2026 and had earlier retired 500,000 treasury shares, expanding its return policy.
A key policy variable is the KOSDAQ listing-maintenance market-cap requirement: the KRW 30 billion threshold originally scheduled for January 2027 was recently pushed back six months to July 2027, somewhat easing near-term pressure on small caps broadly.
However, the KRW 20 billion threshold has already been in effect since July 2026, meaning small KOSDAQ companies remain within the scope of this regulatory shift.
Media coverage has noted that Plantynet has continued to trade at a discounted multiple relative to net assets, a pattern interpreted as reflecting limited market attention despite stable cash generation and a low debt ratio.
Some observers have also pointed out that the stock price did not immediately reflect years of revenue growth and profit recovery.
The dividend policy was further strengthened in 2026 through the introduction of an interim dividend and a treasury share retirement, with the payout ratio over the past three years running above the market average.
However, the thin trading volume typical of small KOSDAQ caps and shifts in listing-maintenance market-cap requirements remain variables that could affect valuation.
Overall, the stock's valuation structure appears to reflect two contrasting characteristics simultaneously: a stable core business and the growth potential of new ventures.
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 harmful-content blocking service generates stable cash flow through long-term subscription contracts, and operating cash flow reached KRW 5.19 billion in 2025. Retained earnings have accumulated to KRW 46.8 billion, and the debt ratio remains low at 16.9%. This financial soundness serves as a buffer for new business investment.
Moazine has grown into the leading domestic digital magazine platform with more than 1,400 titles and is preparing new revenue models including AI datasets, advertising, and commerce.
Expansion attempts continue on multiple fronts, including the family care collaboration with Herings and localization in Taiwan and Vietnam.
The company strengthened its return policy in 2026 by introducing its first interim dividend since listing and retiring 500,000 treasury shares. The consolidated payout ratio over the past three years reached 87.1%, and dividends have never been skipped even in loss-making years.
Quarterly results have shown large swings, including operating losses in Q3-Q4 2025 and an owners' net loss in Q4. Revenue and operating profit softened again in Q2 2026, indicating a gradual pace of recovery.
A capital-market media outlet assessed that despite solid results, the company has remained overlooked by the market amid low recognition and thin trading volume, cited as a factor preventing earnings improvement from being immediately reflected in the share price.
Moazine has not yet reached breakeven, and the AI dataset contract remains at the discussion stage, meaning it will take time before results materialize. Expectations could recede if the contract does not come to fruition.
If new businesses such as Moazine fail to reach breakeven, content and marketing cost burdens could persist. The possibility that contracts under discussion, such as the AI dataset deal, do not materialize cannot be ruled out.
Thin trading volume and a small market capitalization can amplify share price volatility. The KOSDAQ listing-maintenance market-cap threshold was already raised to KRW 20 billion in July 2026, and a KRW 30 billion threshold is scheduled for July 2027, leaving regulatory pressure on small caps broadly.
A significant portion of revenue depends on contracts with a small number of telecom operators including KT, SK Telecom, and LG Uplus, so changes to or termination of these contracts could have a substantial impact on results.
Q3 2026 earnings are expected to be released, and it will be important to check whether the revenue and operating profit slowdown seen in Q2 is overcome.
It will be worth checking Moazine's paid subscriber count and whether it approaches breakeven, given the company's stated target of around 100,000 subscribers.
Whether a contract is signed with a global AI platform for the magazine-content-based AI training dataset business should be confirmed.
It will be necessary to confirm whether the delayed KOSDAQ listing-maintenance market-cap threshold of KRW 30 billion is finally implemented and how the detailed rules are finalized.
The launch schedule of the family safety and integrated care service platform with Herings, as well as expanded collaboration with telecom operators and public institutions, should be monitored.
Plantynet is pursuing new businesses in digital magazines, AI datasets, and healthcare-linked platforms on top of the stable cash cow of its telecom-based harmful content blocking service.
Revenue and operating margins improved through 2025, but operational volatility reappeared in Q3-Q4 2025 and Q2 2026, meaning consistency in the recovery has not yet been fully confirmed.
A low debt ratio, steady operating cash flow, and an expanded dividend and buyback-retirement policy demonstrate financial stability and a commitment to shareholder returns.
On the other hand, whether new businesses reach breakeven, limited market attention and trading volume, and changes to the KOSDAQ listing-maintenance market-cap requirement remain variables to watch.
Going forward, Q3 earnings, the trend in Moazine subscribers, whether the AI dataset contract materializes, and the final implementation of the delayed listing-maintenance requirement are likely to be the key points of observation.
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.