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
Video security specialist Incon has swung to a net profit over the trailing four quarters, but quarter-to-quarter operating losses and a large third-party share issuance tied to a change of controlling shareholder are unfolding at the same time.
Annual 2025 revenue reached KRW 50.8 billion with operating profit of KRW 1.7 billion (3.3% operating margin), similar profitability to the prior year.
After a large one-off net loss of KRW 31.6 billion in 2023, net losses narrowed to KRW 2.9 billion in 2024 and KRW 1.3 billion in 2025.
A KRW 8 billion third-party share placement to Mirae I&G has been decided, and the controlling shareholder is set to change from K Bio Labs to Mirae I&G.
At SECON 2026, the company unveiled the active AI VMS 'TRIUM i' and a LiDAR-based crowd management solution, expanding its product lineup.
The company posted operating losses in three of the last four quarters (2025Q3, 2026Q1, 2026Q2), reflecting significant quarter-to-quarter profitability swings.
Founded in 2000 and listed on KOSDAQ in 2005, Incon is a video security (CCTV/DVR) specialist operating across ICT hardware, software, and IT service segments.
Its core products are DVR-based video security equipment and integrated video management solutions (VMS); on a recent cumulative basis, the video security equipment segment accounted for 84.9% of total revenue, functioning as the company's main cash-generating business.
The company has broadened its scope from CCTV storage device and camera manufacturing toward IoT-based ICT solutions, having developed Korea's first IoT-based intelligent fire monitoring system in 2017.
At SECON 2026 in March, it introduced the active AI VMS solution 'TRIUM i,' which combines scenario-based AI analysis with integrated control VMS, along with a 'Smart AI Crowd Management System' that fuses LiDAR sensors, CCTV, and digital twin technology to gauge crowd density.
Major customers are government agencies, local municipalities, and public safety/smart city procurement bodies, giving the business a public procurement-heavy structure. Its competitive landscape includes numerous video security and AI safety solution providers such as Hanwha Vision, WebGate, CILAB, Cathis, and AIPRO.
On the governance side, a recently decided third-party share placement to Mirae I&G is set to change the controlling shareholder from K Bio Labs to Mirae I&G, coinciding with a broader reorganization of control within the affiliated group.
The company has also been listed among the 2025 Global Security TOP 100, jointly selected by Boannews and Security World.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.8B | -₩54,262,983 | −0.5% |
| 2025Q3 | ₩8.2B | -₩200M | −2.3% |
| 2025Q4 | ₩18.3B | ₩1.2B | 6.5% |
| 2026Q1 | ₩6.4B | -₩600M | −9.6% |
| 2026Q2 | ₩9.6B | -₩500M | −4.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩55.3B | ₩1.1B | ₩3.6B | 1.9% | 3.3% | 19.4% |
| 2023 | ₩63.4B | ₩2.6B | -₩31.6B | 4.0% | −38.0% | 11.1% |
| 2024 | ₩49.1B | ₩1.6B | -₩2.9B | 3.3% | −3.7% | 6.7% |
| 2025 | ₩50.8B | ₩1.7B | -₩1.3B | 3.3% | −1.7% | 9.7% |
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
Annual revenue rose from KRW 55.3 billion in 2022 to KRW 63.4 billion in 2023, then declined to KRW 49.1 billion in 2024 before a modest rebound to KRW 50.8 billion in 2025.
Operating profit was relatively stable at KRW 1.1 billion (2022), KRW 2.6 billion (2023), KRW 1.6 billion (2024), and KRW 1.7 billion (2025), with the operating margin holding at 3.3% in both 2024 and 2025 after 4.0% in 2023.
Net income, however, swung from a KRW 3.6 billion profit in 2022 to a large KRW 31.6 billion net loss in 2023, a figure far exceeding the operating profit level and suggesting a significant non-operating loss factor that year. The net loss then narrowed to KRW 2.9 billion in 2024 and KRW 1.3 billion in 2025.
On a quarterly basis, after a KRW 2.2 billion net loss on KRW 10.8 billion of revenue in 2025Q2, results gradually improved through 2025Q3 (revenue KRW 8.2 billion, operating loss KRW 0.2 billion, net profit KRW 0.2 billion) and 2025Q4 (revenue KRW 18.3 billion, operating profit KRW 1.2 billion, net profit KRW 0.3 billion).
In 2026Q1, revenue fell to KRW 6.4 billion and the company posted an operating loss of KRW 0.6 billion, yet net income surged to KRW 2.6 billion, apparently driven largely by non-operating items such as financial income and equity-method gains.
In contrast, 2026Q2 saw the loss widen again, with revenue of KRW 9.6 billion, an operating loss of KRW 0.5 billion, and a net loss of KRW 2.1 billion.
As a result, combined net income over the trailing four quarters (2025Q3-2026Q2) came to roughly KRW 1.0 billion, marking a swing to profit versus the prior four-quarter window, though volatility between quarters remains high and operating losses were recorded in three of the four quarters, limiting the consistency of core profitability.
The domestic video security/physical security market is evolving toward combining CCTV-based infrastructure with intelligent functions such as AI video analytics, fire detection, and crowd management.
CILAB has launched an AI fire-monitoring pilot using existing CCTV in Seoul traditional markets, WebGate obtained Korea Fire Institute (KFI) type approval for its integrated flame-detection camera, and AIPRO unveiled an early fire-detection solution combining video AI with sensor data, reflecting active technology upgrades among competitors.
This market depends heavily on public procurement budgets from local governments and government agencies, which tends to produce seasonal revenue patterns tied to budget execution timing.
Incon holds recognition built on a long track record in integrated video management solutions (VMS), but competition is intensifying as multiple rivals including WebGate, CILAB, Hanwha Vision, Cathis, and AIPRO enter adjacent areas such as AI fire detection and crowd management.
Cathis supplies perimeter defense security platforms for critical national facilities, while Hanwha Vision offers hardware-based fire-monitoring products such as thermal imaging cameras, illustrating a fragmented field of specialized competitors.
Incon plans to fund facility investment through the third-party share placement to Mirae I&G, with the proceeds earmarked entirely for the purchase of a new corporate headquarters and related costs, over an investment period set from 2026Q3 through 2027Q4.
The new shares to be issued represent 47.7% of the company's existing total shares outstanding, and upon completion the controlling shareholder is set to change from K Bio Labs to Mirae I&G, which could affect the decision-making structure going forward.
On the financial side, current assets substantially exceeded current liabilities as of the end of 2026Q1, resulting in a very high current ratio, while combined cash and short-term financial instruments remained sizeable, pointing to sound financial stability.
Still, given the concurrent revenue decline and swing to an operating loss, restoring core business profitability is flagged as a task ahead.
On the product front, the company plans to continue targeting the smart city and disaster safety market through new solutions such as the active AI VMS 'TRIUM i' and the LiDAR-based crowd management system, while also reportedly expanding into public procurement platforms and bio/AI businesses.
The completion timing of the new share payment and controlling-shareholder change, along with the progress of the new headquarters investment, are likely to be key variables shaping the company's future financial and governance structure.
Incon's net income turned positive on a trailing four-quarter basis after three consecutive annual net losses, an early-stage recovery that warrants caution in interpreting earnings-based valuation metrics.
The price-to-book ratio trades at a substantial discount to net asset value, suggesting the market has not yet fully priced in the company's book value. At the same time, a large pending third-party share placement should be considered alongside potential per-share dilution as the share count increases.
On the dividend front, the company has not paid a cash dividend in recent fiscal years, limiting appeal for dividend-oriented investors.
Taken together, the quality of earnings (operating versus non-operating), governance changes, and potential dilution are intertwined in ways that make simple multiple comparisons difficult to interpret in isolation.
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
After a large net loss in 2023, the loss narrowed in both 2024 and 2025, and net income turned positive on a trailing four-quarter basis. The operating margin also held at 3.3% in both 2024 and 2025, showing relative stability despite revenue fluctuations, a trend worth monitoring for future earnings recovery.
The 2025 annual debt ratio stood at a very low 9.7%, and as of end-2026Q1 the current ratio remained very high with sizeable cash holdings. Low reliance on borrowed capital supports the company's capacity to absorb capital expenditures such as the new headquarters investment.
The company expanded its product portfolio by unveiling the active AI VMS 'TRIUM i' and a LiDAR-based crowd management system at SECON 2026. Its selection to the 2025 Global Security TOP 100 also supports industry recognition.
Annual revenue has fluctuated significantly, from KRW 55.3 billion in 2022 to KRW 63.4 billion in 2023, KRW 49.1 billion in 2024, and KRW 50.8 billion in 2025, with quarterly figures ranging from KRW 6.4 billion to KRW 18.3 billion.
Given its reliance on public procurement, revenue tends to concentrate in specific quarters, mainly Q4, based on budget execution timing.
Operating losses were recorded in three of the last four quarters (2025Q3, 2026Q1, 2026Q2). The net income increase in 2026Q1 appears to have been driven largely by non-operating items, meaning the core business's earnings power has not yet been consistently confirmed.
The third-party share placement to Mirae I&G involves the issuance of new shares equal to 47.7% of the existing total shares outstanding, and upon completion the controlling shareholder will change from K Bio Labs to Mirae I&G.
This carries both a potential governance-stabilizing effect and, conversely, dilution of existing shareholders' stakes.
A large third-party share placement, with new shares equal to 47.7% of the existing total, could substantially dilute existing shareholders. As the controlling-shareholder change is in progress, uncertainty remains over how management direction and capital use plans will be adjusted under the new controlling entity.
The sharp rise in 2026Q1 net income appears attributable to non-operating factors such as financial income and equity-method gains, while operating profit for the same period was actually negative.
An earnings structure heavily reliant on non-operating items could amplify future performance volatility depending on market conditions.
Competition is intensifying as multiple rivals including WebGate, CILAB, Hanwha Vision, Cathis, and AIPRO enter similar areas such as AI fire detection and crowd management.
A revenue structure heavily dependent on public procurement budgets carries the risk of performance swings tied to changes in government and local government budget planning and execution timing.
The 2026Q3 quarterly report will be a point to check whether operating profit escapes losses again and whether revenue recovers.
Disclosures on the completion of new share payment for the Mirae I&G placement and the related controlling-shareholder change (such as ownership change filings) should be checked to confirm whether the governance overhaul is actually finalized.
Disclosures are expected to reveal the execution details and progress of facility fund use, including the new headquarters purchase, and changes in the scale of cash holdings should be monitored alongside this.
Year-end disclosures will show whether 2026Q4 revenue reproduces the seasonal pattern of a large jump versus other quarters, historically tied to public procurement budget execution.
Incon is expanding beyond its core CCTV/video security business into new solutions such as AI VMS and LiDAR-based crowd management, while simultaneously undergoing a governance overhaul as a large third-party share placement triggers a change in controlling shareholder.
Financially, the company shows stability via a low debt ratio and high current ratio, but annual net income has posted losses for three consecutive years, and operating losses occurred in three of the last four quarters, meaning consistency in core profitability remains unclear.
The sharp rise in 2026Q1 net income appears to have been driven largely by non-operating factors, a point worth noting when assessing earnings quality.
The completion timing of the new headquarters investment, the new share payment, and the controlling-shareholder change process are likely to be key variables shaping the company's future financial and ownership structure.
Intensifying competition and reliance on public procurement budgets are factors that warrant ongoing observation regarding revenue stability. This report does not present an investment opinion or target price and is provided for informational purposes only.
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.