KOSDAQIT & Software089850

UbiVelox

₩4,330▲ 1.29%2026-10-02 close

Market Cap

₩63.6B

Turnover

₩27,407,460

Volume

6,405 shares

Shares out.

14.7M

PER

—

PBR

0.5×

EPS

-₩450

Dividend Yield

0.00%

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

Report overview

Revenue Grows While Margins Soften

UbiVelox has expanded top-line revenue through its smart card business and its subsidiary Thinkware (navigation, dashcam, and robot vacuum distribution), but the swing to an operating profit slowdown since the fourth quarter of 2025 and a net loss attributable to owners are the key points to watch.

1
Consolidated 2025 revenue rose to KRW 667.9 billion year on year, but operating profit fell to KRW 21.5 billion, pulling the operating margin down from 5.6% to 3.2%.
2
After net income attributable to owners deteriorated sharply to about negative KRW 10.4 billion in the fourth quarter of 2025, operating losses continued through the first and second quarters of 2026.
3
Subsidiary Thinkware grew its top line through robot vacuum distribution and dashcam supply to BMW and Mercedes-Benz Korea, but its third-quarter 2025 operating profit fell 59% year on year, showing margin pressure.
4
The smart card segment is expanding through its status as the exclusive developer of the domestic local card standard (KLSC) and IoT card collaboration with Samsung Electronics, KB Kookmin Card, and American Express.
5
Operating cash flow turned negative to about KRW -27.4 billion in 2025 and the debt ratio edged up slightly, making the recovery of cash generation a point to monitor.

Business structure

UbiVelox is an IT convergence group centered on a parent company focused on smart card and mobile platform business, together with its core subsidiary Thinkware, a specialist in navigation and dashcam products.

Its business is broadly divided into five segments: smart cards, mobile (including MyData services), dashcams, map platforms, and eco-living appliances (robot vacuum distribution).

According to previously disclosed data as of the first quarter of 2024, eco-living appliances accounted for the largest share of revenue at 49.38%, followed by dashcams at 26.62%, smart cards at 21.85%, maps at 2.12%, and mobile at 0.02%.

The smart card segment has been selected as the exclusive developer for the Korea Local Smart Card (KLSC) standard project led by the Credit Finance Association and has completed development.

The company has also completed a capacity expansion for high-value-added IC chips, including metal and eco-friendly cards, to an annual 800,000-unit scale to serve overseas customers.

More recently, it announced a collaboration with Samsung Electronics, KB Kookmin Card, and American Express to supply a new concept of IoT card linked to Samsung SmartThings, expanding its product range.

Subsidiary Thinkware has built a strong domestic presence with its 'iNavi' navigation brand and has broadened its growth base through robot vacuum distribution under the Roborock brand and dashcam supply to overseas automakers such as BMW.

In 2025, it signed a new dashcam supply contract with Mercedes-Benz Korea and was selected as an official online partner for Xiaomi, further expanding its distribution product lineup. The domestic smart card market includes competitors such as Kona I, Biosmart, and Selfie Global, forming a competitive landscape.

Earnings trend

Quarterly revenue · Operating profit

₩173.7B₩11.7B25Q2₩163.2B₩5B25Q3₩156.9B₩4.4B25Q4₩153.4B-₩2.4B26Q1₩172.6B-₩2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩449.3B₩14.8B2022₩543.6B₩49.3B2023₩607.1B₩34.1B2024₩667.9B₩21.5B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩173.7B	₩11.7B	6.8%
2025Q3	₩163.2B	₩5B	3.1%
2025Q4	₩156.9B	₩4.4B	2.8%
2026Q1	₩153.4B	-₩2.4B	−1.6%
2026Q2	₩172.6B	-₩2B	−1.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩449.3B	₩14.8B	₩2.6B	3.3%	2.7%	107.0%
2023	₩543.6B	₩49.3B	₩18.8B	9.1%	15.5%	116.4%
2024	₩607.1B	₩34.1B	₩14.2B	5.6%	10.5%	107.2%
2025	₩667.9B	₩21.5B	-₩7.2B	3.2%	−5.5%	110.4%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22

Earnings analysis

Consolidated revenue in 2025 reached KRW 667.89 billion, up about 10% from KRW 607.1 billion in 2024, but operating profit declined to KRW 21.46 billion from KRW 34.10 billion the prior year, pulling the operating margin down from 5.6% to 3.2%.

Net income attributable to owners swung to a loss of KRW -7.23 billion, reversing from a profit of KRW 14.25 billion in 2024.

The prior period from 2022 (revenue KRW 449.3 billion, operating profit KRW 14.78 billion) to 2023 (revenue KRW 543.6 billion, operating profit KRW 49.35 billion) had been a period of strong simultaneous growth in both revenue and profit.

On a quarterly basis, operating profit declined progressively from KRW 11.74 billion in the second quarter of 2025 to KRW 5.02 billion in the third quarter and KRW 4.38 billion in the fourth quarter, with net income attributable to owners posting a large loss of about KRW -10.37 billion in the fourth quarter.

During this period, subsidiary Thinkware's third-quarter operating profit fell 59% year on year, and this margin pressure in the robot vacuum and dashcam segments coincided with the group-wide profitability slowdown.

In the first and second quarters of 2026, operating income was negative at about KRW -2.43 billion and KRW -2.02 billion respectively, marking two consecutive quarters of operating losses.

However, net income attributable to owners remained positive at KRW 0.31 billion in the first quarter and KRW 1.89 billion in the second quarter despite the operating losses, which appears to reflect non-operating items offsetting the operating shortfall.

On the cash flow side, operating cash flow turned negative to KRW -27.36 billion in 2025, reversing from positive KRW 24.39 billion in 2024, while the debt ratio edged up slightly from 107.2% to 110.4%.

Industry analysis

In the domestic smart card industry, unlike the global Visa and MasterCard payment standards, the local card market lacked its own payment standard, prompting the Credit Finance Association to lead the KLSC standard project, for which UbiVelox has been selected as the exclusive developer, reportedly reducing the burden of new competitor entry for a certain period going forward.

The domestic smart card market features competition among players including Kona I, Biosmart, and Selfie Global. A shift toward higher value-added products such as IoT and security authentication cards is an industry-wide trend, as shown by collaboration with Samsung Electronics and card issuers.

The navigation and dashcam market where Thinkware operates has matured domestically, but the company is attempting to diversify overseas revenue through supply to automakers such as BMW and Mercedes-Benz Korea and a partnership with European map provider TomTom.

The robot vacuum market is a highly competitive arena contested by Roborock, Xiaomi, Ecovacs, Samsung, and LG among others, with performance volatility driven by exchange rates and promotional seasons such as Big Smile Day and Black Friday.

The case of Thinkware's third-quarter revenue growth accompanied by a sharp operating profit decline suggests the influence of this competitive intensity and cost structure.

Outlook

No official company-wide revenue or profit guidance for 2026 has been confirmed.

However, Thinkware stated it expected demand expansion from major fourth-quarter 2025 promotions such as Big Smile Day and Black Friday, and it continues to expand its distribution product lineup based on a new supply contract with Mercedes-Benz Korea and its status as an official Xiaomi online partner.

The smart card segment is in a phase where the IC chip capacity expansion completed in 2024 is gradually being reflected in volumes, with the expansion of IoT card collaboration with Samsung Electronics, KB Kookmin Card, and American Express serving as a variable affecting performance.

Given two consecutive quarters of operating losses in the first half of 2026, the recovery of Thinkware's robot vacuum and dashcam margins along with order performance in the smart card segment are likely to be key points for any earnings rebound in the second half and beyond.

The map platform business continues to diversify its customer base and pursue overseas markets, with expanded B2B partnerships with automakers and telecom operators cited as an additional growth path.

However, given that operating cash flow turned negative, confirming whether cash generation recovers in future disclosures will be important.

Valuation

PER

—

PBR

0.5×

ROE

-4.3%

EPS

-₩450

BPS

₩9,227

Dividend per share

₩0

The stock has generally traded at a level below its net asset value per share, suggesting the market has to some extent priced in recent earnings weakness.

However, compared to the trading pattern seen during the high-profit period of 2023, the recent earnings trend has moved between losses and modest profits in an unstable pattern, limiting the usefulness of simple comparisons.

With net income attributable to owners turning negative in 2025 and operating losses continuing into the first half of 2026, caution is warranted in interpreting valuation metrics until a profit recovery is confirmed. Dividends are not currently being paid, making dividend appeal difficult to expect at present.

The market's assessment going forward is likely to hinge on whether profitability recovers in the smart card and Thinkware segments.

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 2026-08-22

Bull factors

Smart Card Exclusivity and IoT Card Expansion

The exclusive developer status for the domestic local card standard (KLSC) is cited as a factor lowering the burden of new competitor entry for a certain period going forward.

Collaboration on IoT cards with Samsung Electronics, KB Kookmin Card, and American Express shows the potential for expansion into higher value-added product lines. The completed IC chip capacity expansion (to 800,000 units annually) has also strengthened the ability to serve overseas customers.

Thinkware's Overseas and New Product Channel Expansion

Dashcam supply to BMW and Mercedes-Benz Korea, along with the official Xiaomi online partner status, are factors broadening overseas revenue and distribution channels. Strong sales following new Roborock product launches contributed to earnings improvement in the first half of 2025. The map platform business also continues to diversify its customer base and expand overseas.

Track Record of the 2023 Earnings Improvement

The experience of both revenue and operating profit rising sharply from 2022 to 2023 demonstrates that operating leverage exists within the business structure. Revenue itself has continued to grow every year through 2025, indicating that the foundation for top-line growth remains intact.

Bear factors

Operating Profit Slowdown and Loss Conversion

The operating margin fell from 5.6% to 3.2% in 2025, followed by two consecutive quarters of operating losses in the first and second quarters of 2026. In the fourth quarter of 2025, net income attributable to owners posted a large loss, widening earnings volatility.

Risk of Recurring Margin Pressure at Thinkware

The case in the third quarter of 2025 where Thinkware's operating profit fell 59% year on year despite revenue growth suggests that cost and competitive pressures could recur at any time. Intensifying competition in the robot vacuum market and currency fluctuations are factors that could weigh on margins.

Weakening Cash Generation

Operating cash flow turned negative to about KRW -27.4 billion in 2025 and the debt ratio also rose slightly. This can be interpreted as a signal that the profit slowdown is affecting the financial structure as well.

Risk factors

Business Risk

The robot vacuum and dashcam distribution business is sensitive to exchange rates, raw material prices, and trends among global competitors such as Xiaomi and Ecovacs, which can cause margins to fluctuate significantly by quarter.

The smart card segment's KLSC exclusivity period is also not permanent, raising the possibility that competitive intensity could increase again in the future.

Financial Risk

As operating cash flow turned negative in 2025 and the debt ratio rose slightly, continued profit weakness could increase pressure on financial capacity. If losses attributable to owners recur, downward pressure on equity capital cannot be ruled out.

Earnings Visibility Risk

While net income attributable to owners remained positive despite operating losses in the first half of 2026, this appears to stem from non-operating factors, but the details have not been sufficiently disclosed publicly, making it difficult to assess the quality of earnings in this period.

It will be necessary to watch whether future quarterly disclosures clearly reveal the cause of the gap between operating profit and net income.

What to watch next

Mid-November 2026
This is the time to check the third-quarter report and disclosures on Thinkware's preparations for fourth-quarter peak-season promotions to see whether margins recover in the smart card and robot vacuum segments.
Fourth quarter of 2026 (October to December)
It is necessary to check Roborock sales performance during major promotional seasons such as Big Smile Day and Black Friday, along with the trend in overseas dashcam supply volumes to BMW and Mercedes-Benz Korea.
Around March 2027
The audit report and annual business report for fiscal year 2026 should be checked to see whether full-year operating income ends in positive territory and whether operating cash flow improves.
Ongoing (contract and disclosure announcement dates)
It is worth monitoring for any additional contracts or supply commencement disclosures related to the expansion of IoT card supply based on the collaboration with Samsung Electronics, KB Kookmin Card, and American Express.

Overall view

UbiVelox has steadily grown its revenue base through 2025 on two growth pillars: the smart card business's exclusive standard status and the expansion of subsidiary Thinkware's robot vacuum and dashcam distribution.

However, the operating margin fell from 5.6% to 3.2% in 2025 and net income attributable to owners turned negative, followed by two consecutive quarters of operating losses in the first half of 2026, indicating continued profitability weakness.

Operating cash flow also turned negative and the debt ratio rose slightly, making financial capacity a point requiring observation. On the other hand, the growth narrative itself remains intact through IoT card collaboration, expanded dashcam supply to overseas automakers, and new Roborock products.

The key points to watch are the true nature of the non-operating factors that created the gap between operating profit and net income, and the pace of margin recovery at Thinkware and in the smart card segment from the second half onward.

Before forming any investment judgment, it is important to directly verify improvement on these two fronts in future quarterly disclosures.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

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.