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
The consolidation of Daehyun Airtech Co. helped Alticast turn consolidated revenue and operating profit positive in 2025, but net income attributable to owners of the parent remains in the red under a structure where earnings are shared with non-controlling interests.
Consolidated 2025 revenue reached KRW 53.17 billion with operating profit of KRW 3.18 billion, turning positive on the Daehyun Airtech consolidation
Consolidated net income was a marginal KRW 12.8 million profit, but the owners' share was a KRW 813 million loss, and the trailing four quarters combined show an KRW 5.4 billion owners' loss
Largest shareholder changed to Beno T&R, and subsidiary Aptamer Sciences acquired 100% of US premium pet food maker Choolip Inc.
A 5-for-1 no-par capital reduction was confirmed in March 2026 as part of listing-maintenance measures, while the debt ratio fell from 143.7% in 2023 to 38.6% in 2025
The legacy broadcast middleware business remains in structural decline amid continued cord-cutting driven by OTT growth
Alticast is an IT company founded in 1999 that developed and supplied digital broadcast software solutions, middleware platforms, and mobility platforms, historically licensing software embedded in set-top boxes.
The company later sold off part of its legacy broadcast solutions business to KT and has been pivoting toward mobility, drawing on its experience developing internationally standardized set-top box middleware.
As part of this pivot, it developed Open Charge Point Protocol (OCPP)-based middleware for EV chargers, entering the EV charging infrastructure space. On the governance side, the company underwent a major change as its largest shareholder shifted from Humax to Beno T&R, which holds a 21.05% stake.
In April 2025, Alticast acquired Daehyun Airtech, a specialist in HVAC and fire-safety equipment, expanding its consolidated revenue base; this unit became the core driver of the 2025 earnings improvement.
In addition, subsidiary Aptamer Sciences acquired 100% of US premium pet food maker Choolip Inc., diversifying into the bio and pet food space.
As a result, Alticast is in the process of restructuring into a portfolio combining its legacy broadcast/mobility software business with newly consolidated HVAC/fire-safety operations and pet food investment assets.
In the domestic broadcast middleware market, competitors include Humax and Gaon Group among others, and detailed segment revenue breakdowns are not separately disclosed.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | ₩1.2B | — |
| 2025Q3 | — | ₩2.2B | — |
| 2025Q4 | ₩16.4B | ₩300M | 2.1% |
| 2026Q1 | ₩17.5B | -₩1.1B | −6.2% |
| 2026Q2 | ₩24.3B | -₩300M | −1.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | — | -₩8.9B | -₩17.8B | — | −36.5% | 48.6% |
| 2023 | — | -₩6.3B | -₩26B | — | −113.4% | 143.7% |
| 2024 | — | -₩4B | -₩13B | — | −35.4% | 21.6% |
| 2025 | ₩53.2B | ₩3.2B | -₩800M | 6.0% | −1.6% | 38.6% |
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
Consolidated 2025 revenue reached KRW 53.17 billion and operating profit came to KRW 3.18 billion, marking a turn to profitability. This was largely driven by the consolidation of Daehyun Airtech, acquired in April 2025; one media outlet reported that revenue rose 835% year on year due to this consolidation effect.
Consolidated net income, however, was only a marginal KRW 12.8 million profit, while net income attributable to owners of the parent was a loss of KRW 813 million.
This gap reflects the fact that non-controlling interests turned to KRW 3.22 billion at year-end 2025, meaning a significant portion of earnings was allocated to non-controlling shareholders.
Total equity rose to KRW 54.01 billion (owners' equity of KRW 50.80 billion) in 2025, and the debt ratio fell from 143.7% in 2023 to 38.6% in 2025, indicating an improving balance sheet.
Operating cash flow, however, remained negative at KRW -2.16 billion in 2025, continuing a run of cash outflows seen in 2022-2024 (KRW -8.83 billion, -3.77 billion, and -3.84 billion, respectively).
On a quarterly basis, operating profit improved to KRW 1.16 billion and KRW 2.18 billion in Q2 and Q3 2025, with owners' net income of KRW 1.43 billion and KRW 1.80 billion, but after revenue jumped to KRW 16.41 billion in Q4 2025, operating profit slowed to KRW 0.34 billion and owners' net income reversed into a KRW 3.85 billion loss.
Revenue kept expanding into Q1 2026 (KRW 17.48 billion, operating loss of KRW 1.09 billion, owners' net loss of KRW 1.64 billion) and Q2 2026 (KRW 24.34 billion, operating loss of KRW 0.27 billion, owners' net loss of KRW 1.72 billion), even as operating and owners' net results returned to losses.
As a result, the combined owners' net loss over the trailing four quarters (Q3 2025-Q2 2026) totaled KRW 5.4 billion, showing that the annual turn to profit has not yet translated into stable quarterly profitability.
The domestic pay-TV and digital broadcast software market remains in structural decline as OTT-driven cord-cutting continues to reduce broadcasters' investment in set-top box and middleware solutions, a persistent headwind for Alticast's legacy licensing and solutions revenue.
By contrast, the EV charging middleware market the company has newly entered is at an early growth stage, with large domestic conglomerates deploying substantial capital into charging infrastructure investment cited as a source of potential demand.
The premium pet food market is also growing, with one market research firm projecting the global premium pet food market to grow at an average annual rate of 8% through 2030.
These new businesses, however, remain at an early stage with limited revenue contribution, and it is not yet clear whether they have grown large enough to offset the structural slowdown in the core broadcast solutions business.
Competitively, the domestic broadcast middleware market includes rivals such as Humax and Gaon Group, while the HVAC and fire-safety segment tied to Daehyun Airtech is inherently linked to the construction and infrastructure cycle.
Recently, tightened KOSDAQ listing-maintenance requirements around market capitalization and low-priced ('penny') stocks have also affected the supply-demand environment for small- and mid-cap technology names broadly.
The company has stated a strategy of strengthening its portfolio by combining Daehyun Airtech's stable cash generation with Aptamer Sciences' growth potential.
Aptamer Sciences' subsidiary Choolip already has distribution through Amazon and Costco, and reportedly plans to expand into retailers such as Walmart, TJ Maxx, Petco, and Target within the year.
Whether this plan is actually executed is a variable that could affect both the subsidiary's value and the parent's equity stake value.
On the balance-sheet side, Alticast confirmed a 5-for-1 no-par capital reduction at its March 2026 shareholder meeting, described as a measure to adjust share count and shore up financial soundness amid tightened delisting rules targeting low-priced stocks and companies at risk of capital impairment.
The company itself disclosed in a securities registration statement that accumulated deficit stood at roughly KRW 268 billion at the end of 2025, and that continued operating losses even after the capital reduction could lead to capital impairment.
No clear new large-scale orders or capacity expansion plans have been separately confirmed in the broadcast solutions segment, so future results are likely to hinge on order flow at Daehyun Airtech's HVAC/fire-safety business and progress at the new business subsidiaries.
Whether owners' net income can return to stable profitability in coming quarters will likely be a key point to watch.
Alticast underwent a large-scale no-par capital reduction in early 2026 that significantly reset the share count and per-share reference points, making simple comparison of pre-reduction price trends with the current level difficult.
Shares trade below book value per share, placing the stock in a discount range relative to net assets. However, since net income attributable to owners remained negative in 2025 and the trailing four quarters combined also show a loss, comparison through conventional price-to-earnings measures is not meaningful.
No cash dividend was paid in the most recent fiscal year, suggesting resources are currently directed more toward business restructuring and enhancing subsidiary value than toward shareholder returns.
The decline in the debt ratio from 143.7% in 2023 to 38.6% in 2025 is a reference point indicating an improving direction in financial soundness.
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
Consolidated 2025 revenue reached KRW 53.17 billion with operating profit of KRW 3.18 billion, marking a successful turn to profitability, driven mainly by the consolidation of Daehyun Airtech. The debt ratio also improved, falling from 143.7% in 2023 to 38.6% in 2025.
Subsidiary Aptamer Sciences acquired 100% of US premium pet food maker Choolip Inc., expanding into the bio and pet food business. Choolip already has distribution through Amazon and Costco, with reported plans to expand into Walmart, TJ Maxx, Petco, and Target. If executed successfully, this could enhance subsidiary value and, in turn, the parent's equity stake value.
A change in largest shareholder to Beno T&R has brought new capital and business combinations. The company confirmed a 5-for-1 no-par capital reduction in March 2026, proactively responding to tightened listing-maintenance rules for low-priced stocks. Management has described the move as a foundation for listing stability and enhanced shareholder value.
While consolidated net income was marginally positive in 2025, net income attributable to owners was a loss of KRW 813 million. The trailing four quarters combined show an owners' net loss of KRW 5.4 billion, meaning the profit-sharing structure with non-controlling interests continues to weigh on equity value.
The legacy broadcast middleware business continues to face reduced investment from broadcasters due to OTT-driven cord-cutting.
New businesses such as EV charging middleware and pet food remain at an early stage with limited revenue contribution, and it is not yet clear that a replacement growth pillar has been firmly established.
Following a KOSDAQ system overhaul announced in February 2026, the review cycle for the market-cap-based delisting rule was shortened to a semiannual basis.
The company itself disclosed in a securities registration statement that its accumulated deficit stood at roughly KRW 268 billion at the end of 2025, and that continued operating losses could lead to capital impairment.
Given a history of elevated capital-impairment ratios in 2022-2023, financial fragility remains a point of caution.
Reports indicated that several investment partnerships that acquired existing shares during the change of largest shareholder split their holdings to avoid the 5% disclosure obligation.
The Korea Exchange had previously designated Alticast as an investment-caution and investment-warning stock due to excessive concentration of buying in a small number of accounts. Media reports raised concerns that unescrowed legacy shares entering the market could affect share supply and demand.
Following a February 2026 overhaul announced by the Financial Services Commission, the review cycle for the market-cap-based delisting rule was adjusted to a semiannual basis, and KOSDAQ-listed companies whose market capitalization falls below a set threshold for 30 or more trading days can be designated as an administrative issue.
While not currently under such designation, the company itself has acknowledged that its financial condition is at a weak level. Since the capital reduction does not itself change the face value, both market capitalization and capital condition need to be monitored going forward.
It remains unverified whether synergies from recently consolidated or acquired businesses, such as Daehyun Airtech and Aptamer Sciences/Choolip, will actually materialize. There is also a possibility that Choolip's planned expansion into major US retail chains may not proceed as outlined.
As several disparate businesses are bundled under one holding structure, concerns about resource allocation and management focus could also arise.
The Q3 2026 report is expected to be filed around this time; it will be worth checking whether the Daehyun Airtech consolidation effect persists and whether owners' net income returns to profit.
This is the point to verify actual progress on Choolip's planned expansion into major US retail chains such as Walmart, TJ Maxx, Petco, and Target.
Continued monitoring is needed on whether the company meets the KOSDAQ market-capitalization listing-maintenance threshold, now reviewed on a semiannual basis under the tightened rule.
It will be important to check changes in the free float following the 5-for-1 capital reduction, and the potential for overhang from unescrowed legacy shares.
Alticast turned consolidated revenue and operating profit positive in 2025 following the acquisition of Daehyun Airtech, and its debt ratio fell sharply, showing an improving balance-sheet trend.
However, this improvement has not yet translated into a profit for net income attributable to owners, which has remained in loss even on a trailing four-quarter combined basis.
Since the change of largest shareholder to Beno T&R, the company's business portfolio has been substantially reshaped in a short period through the consolidation of Daehyun Airtech and the Aptamer Sciences/Choolip acquisition.
At the same time, the legacy broadcast middleware business has not escaped pressure from OTT-driven cord-cutting, and concerns persist around tightened KOSDAQ listing-maintenance requirements and potential share overhang tied to the ownership structure.
Whether the 5-for-1 capital reduction and business diversification translate into stabilized owner-level profitability, and whether market capitalization stays consistently above the tightened listing-maintenance threshold, are likely to be key points to watch going forward.
On balance, this is a situation where positive signals from revenue expansion and balance-sheet improvement coexist with weak owner-level profitability and listing-related risks.
Report written 2026-09-05 · Data as of 2026-09-04
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