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
Tobesoft returned to operating and net profit in 2025, but its revenue base remains well below prior-year levels as the company attempts to reignite growth with its new AI-native platform, N Pangea.
In 2025, both operating profit and net income attributable to owners turned positive, ending three consecutive years of losses.
Net income for the trailing four quarters (Q3 2025 to Q2 2026) already exceeds the full-year 2025 net income, indicating continued earnings improvement.
The company unveiled its AI-native full-stack platform N Pangea in May 2026 and has announced plans to launch the next-generation Nexacro K in early 2027.
In July 2026, the company expanded supply to key public institutions such as the Defense Agency for Technology and Quality and the National Pension Service, and also obtained AWS Partner Paths certification.
Governance concerns have previously been raised over related-party investments and a subsidiary's bankruptcy processing, warranting continued scrutiny of capital allocation discipline.
Founded in 2000, Tobesoft is an enterprise UI/UX development platform company that positions itself as a leader in the domestic UI/UX platform market through its flagship product, Nexacro.
The company has secured more than 2,700 corporate clients across finance, public sector, and manufacturing since its founding, accumulating a wide base of implementation cases.
According to FnGuide's company overview, Tobesoft claims the No. 1 domestic market share in UI/UX with roughly 7,000 references, and also offers low-code/no-code development environments.
In May 2026, the company unveiled N Pangea, an AI-native full-stack platform built around service- and model-centric design that connects development, deployment, and operations into a single flow.
Tobesoft also operates an AI-based development environment called NexaLAP and a DevOps automation platform called NexaOps, and has announced plans to launch the next-generation Nexacro K version in early 2027.
Its overseas business, centered on a Japanese subsidiary operating for more than 20 years, counts Mizuho Bank, Nomura, and Hitachi among its clients, while its U.S. subsidiary has supplied global firms such as PepsiCo and Oracle.
In July 2026, the company expanded its public-sector reference base by successively supplying products to key institutions including the Defense Agency for Technology and Quality, the National Pension Service, and the Korea Institute for Curriculum and Evaluation.
As of 2026, the CEO is Kim Moran-hee, reflecting a change from the earlier co-CEO structure.
However, the company has previously suffered repeated impairment losses from investments in other companies and equity stakes in affiliates, and questions have been raised over the bankruptcy handling of its subsidiary Smile Build.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.4B | ₩70,255,466 | 1.1% |
| 2025Q3 | ₩6.1B | ₩400M | 6.1% |
| 2025Q4 | ₩7B | ₩1.1B | 16.0% |
| 2026Q1 | ₩5.8B | -₩34,741,602 | −0.6% |
| 2026Q2 | ₩6B | ₩600M | 9.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩43.2B | -₩3.8B | -₩15.6B | −8.8% | −34.7% | 133.6% |
| 2023 | ₩43B | -₩3.5B | -₩16.6B | −8.1% | −47.8% | 134.8% |
| 2024 | ₩28.1B | -₩2B | -₩22.9B | −7.0% | −124.4% | 64.8% |
| 2025 | ₩26.8B | ₩700M | ₩1B | 2.8% | 4.4% | 51.2% |
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 revenue fell sharply from around KRW 43.2 billion in 2022 and KRW 43.0 billion in 2023 to KRW 28.1 billion in 2024, then declined slightly further to KRW 26.8 billion in 2025.
Profitability, however, improved markedly: operating losses of roughly KRW 3.8 billion, KRW 3.5 billion, and KRW 2.0 billion in 2022, 2023, and 2024 respectively turned into an operating profit of about KRW 740 million in 2025.
Net income attributable to owners also swung from large losses of KRW 15.6 billion in 2022, KRW 16.6 billion in 2023, and KRW 22.9 billion in 2024 to a profit of about KRW 990 million in 2025.
The fact that the 2024 net loss was far larger than the operating loss suggests one-off items such as bad-debt and impairment charges on investments in subsidiaries and other companies.
On a quarterly basis, revenue and operating profit expanded through the second half of 2025, moving from roughly KRW 6.4 billion in revenue and KRW 70 million in operating profit in Q2 2025 to KRW 6.1 billion revenue and KRW 370 million operating profit in Q3, and KRW 7.0 billion revenue with KRW 1.12 billion operating profit in Q4.
In Q1 2026, revenue slipped to about KRW 5.8 billion and the company slipped back into a small operating loss of roughly KRW 35 million, before recovering in Q2 2026 with revenue of about KRW 6.0 billion, operating profit of KRW 570 million, and net income attributable to owners of KRW 550 million.
Net income attributable to owners for the trailing four quarters (Q3 2025 through Q2 2026) totaled about KRW 2.23 billion, already exceeding the full-year 2025 net income.
This pattern appears to reflect seasonality tied to year-end recognition of public-sector and financial-sector project revenue combined with cost-control effects.
The enterprise UI/UX and low-code development platform market that Tobesoft operates in has grown on the back of legacy system modernization and corporate digital transformation (DX) demand, but the domestic market is closer to a mature phase given the number of existing references already secured by incumbents.
More recently, market focus has shifted from simple UI development tools toward 'AI-native' development platforms and AI transformation (AX) solutions that incorporate generative AI.
Tobesoft's newly unveiled N Pangea responds to this trend by combining service- and model-centric design with AI-agent-driven automatic screen and code generation, a direction similar to that of domestic and global low-code competitors.
The public sector poses regulatory and certification barriers such as e-Government Standard Framework compatibility and GS certification that make new entry difficult, which works in favor of Tobesoft given its existing references.
In overseas markets, legacy system modernization demand in Japan and enterprise development productivity demand in the United States are cited as growth drivers, though revenue contribution from these markets remains limited relative to the domestic business.
The competitive landscape is becoming more complex as domestic UI platform vendors face growing competition from global low-code/no-code vendors and cloud platform companies strengthening their own low-code capabilities.
Amid this, Tobesoft appears to be reinforcing its competitiveness through integration into the global cloud ecosystem, including its AWS partner certification.
The company formally declared its shift toward becoming an AX platform leader at the 'Tobesoft Grand Seminar 2026' held at COEX in Seoul in May 2026, where it first revealed the configuration and technology strategy behind N Pangea.
President Lee Woo-chul stated at the seminar, "N Pangea is an AI-native enterprise application platform rebuilt from the ground up to embrace AI." The next-generation Nexacro version, Nexacro K, is slated for launch in early 2027, suggesting a generational transition of the company's flagship product line will continue.
In July 2026, the company said it completed technical verification within the global cloud ecosystem by obtaining AWS Partner Paths certification.
In the same month, it expanded its public-sector reference base by successively supplying products to key institutions including the Defense Agency for Technology and Quality, the National Pension Service, the Korea Institute for Curriculum and Evaluation, the Korean Council for University Education, and the Board of Audit and Inspection.
The company said it plans to leverage these public procurement references to pursue AX/DX demand in the private sector, including finance, manufacturing, and distribution.
On July 24, it received the Technology Innovation Award at the 'Internet Eco Award 2026' hosted by the Korea Internet Professionals Forum Association, adding external recognition of its technology.
However, how much these new-product launches and contract wins will translate into revenue and profitability improvement has not yet been confirmed in disclosed financial figures.
Tobesoft emerged from several years of losses as both operating profit and net income turned positive on a full-year basis in 2025, with earnings for the trailing four quarters already exceeding the full-year 2025 result.
That said, revenue itself remains well below 2023 levels, meaning the profit recovery has relied substantially on cost reduction rather than top-line growth.
The price-to-book ratio trades at a discount to net asset value, and since the company has not paid dividends in its most recent fiscal year, dividend appeal remains limited.
The market capitalization also falls into the smaller end of the KOSDAQ universe, which can mean limited trading liquidity, a factor worth considering alongside valuation.
Whether the profit recovery proves durable and whether new products such as N Pangea generate actual revenue contribution are aspects that warrant continued observation.
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
Both operating profit and net income attributable to owners turned positive in 2025, ending three consecutive years of losses from 2022 to 2024. Net income for the trailing four quarters has already expanded beyond the full-year 2025 figure. The recovery in earnings during Q2 2026, following a brief loss in Q1 2026, is also a positive signal.
N Pangea, unveiled in May 2026, is a new product aimed at entering the AX market through AI-agent-driven automatic screen and code generation.
In July of the same year, the company broadened its reference base by expanding supply to key public institutions such as the Defense Agency for Technology and Quality and the National Pension Service.
The planned launch of the next-generation Nexacro K in early 2027 could also mark a generational shift in the product line.
The Japanese subsidiary has operated locally for more than 20 years, securing clients such as Mizuho Bank, Nomura, and Hitachi. Through its U.S. subsidiary, the company also supplies products to global firms including PepsiCo and Oracle.
In July 2026, it obtained AWS Partner Paths certification, advancing its integration into the global cloud ecosystem.
Annual revenue plunged from KRW 43.0 billion in 2023 to KRW 28.1 billion in 2024 and declined further to KRW 26.8 billion in 2025. The recent earnings improvement has relied heavily on cost reduction rather than revenue expansion.
If new products fail to translate into revenue growth, the durability of the profit recovery could be constrained.
According to past reporting, the company has repeatedly recorded bad-debt and impairment losses on investments in other companies and loans to affiliates.
Its subsidiary Smile Build's bankruptcy process drew scrutiny after no rehabilitation plan was submitted, raising questions about the intent behind the original investment. There has also been a case of a disclaimer audit opinion on a semiannual report, warranting continued attention to financial transparency.
The company's market capitalization falls into the smaller tier of KOSDAQ, which can limit trading liquidity. No dividend has been paid in the most recent fiscal year, making the dividend-related investment appeal relatively low.
Quarterly earnings volatility, as seen in Q1 2026, also warrants continued monitoring of the stability of the earnings trend.
Repeated bad-debt and impairment losses from investments in other companies and loans to affiliates have raised concerns about capital allocation discipline. Procedural questions also arose during a subsidiary's bankruptcy process, including the failure to submit a rehabilitation plan.
Given a past disclaimer audit opinion on a semiannual report, the audit opinion in future periodic reports warrants confirmation.
Global low-code/no-code vendors and cloud platform companies are increasingly entering the AI-native development platform market. The possibility that existing Nexacro customers migrate to competing platforms cannot be ruled out. With the domestic market approaching maturity, generating new demand remains a key challenge.
As a small-cap KOSDAQ stock, trading liquidity may be limited, which can increase price volatility. The possibility that quarterly profit reverts to a loss, as seen in Q1 2026, cannot be ruled out. The maintained no-dividend policy also presents risk from a shareholder return perspective.
Check the Q3 2026 earnings disclosure to see whether the profit recovery seen earlier in the year continues or whether a temporary loss similar to Q1 2026 recurs.
Monitor the launch timing and early market reception of the next-generation product, Nexacro K.
Check whether new customer wins or contract disclosures related to N Pangea continue and whether they translate into actual revenue.
Review the 2026 annual business report and audit opinion to check whether previously raised audit-opinion or investment-related issues recur.
Tobesoft has shown clear signs of improvement, with operating profit and net income turning positive in 2025 and earnings continuing to expand over the trailing four quarters, though its revenue base remains well below 2023 levels, meaning the profit recovery has depended substantially on cost cuts.
The N Pangea platform unveiled in 2026 and the forthcoming Nexacro K represent attempts to build a new growth axis in the AI transformation (AX) market, accompanied by favorable signals such as expanded public-sector references and an AWS partnership.
On the other hand, governance concerns over past investments in other companies and a subsidiary's bankruptcy handling, along with a prior disclaimer audit opinion on a semiannual report, are areas that warrant continued scrutiny regarding capital allocation and financial transparency.
The company's market capitalization falls into the smaller tier of KOSDAQ stocks, which can mean limited trading liquidity, and its no-dividend policy remains in place.
Upcoming Q3 earnings, the revenue contribution of new products, and the audit opinion in periodic reports will be key checkpoints for gauging whether the company's improvement is structural or temporary.
Report written 2026-09-05 · Data as of 2026-09-04
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