Dg-itx

Founded in 1998, DGI is a video security equipment maker that develops, produces, and sells DVRs and NVRs that convert and store CCTV camera footage, along with IP cameras, under both OEM/ODM arrangements and its own brand.

The company has positioned Europe, Russia, the Middle East, Southeast Asia, and the domestic market as key sales bases for its branded products, and has expanded into entry-level AI NVRs and AI CCTV that run a self-optimized deep learning engine on low-cost chipsets instead of expensive GPUs.

After its controlling shareholder changed to Daehan Green Energy in April 2023, DGI established a renewable energy business division in May 2024 and renamed itself from ITX-AI to DGI ITX (DGI) in July of the same year.

The renewable energy segment consists of offshore wind licensing services and EPC (engineering, procurement, construction) revenue, and the company pursues a 79.6MW offshore wind project around Baeksu-eup in Yeonggwang County, South Jeolla Province, through its subsidiary Yeonggwang Wind Power.

According to the Q1 2026 filing, product-mix revenue split was 42.68% for CCTV security equipment (combined products, merchandise, and other) and 57.31% for renewable energy EPC construction, meaning the new business already accounts for more than half of sales.

In June 2024, the company signed a permit and resident-acceptance service contract for the Yeonggwang Yawol offshore wind construction project, broadening the revenue base for its new business. Domestic peers cited for the CCTV segment include listed security and imaging names such as Webgate, Suprema, and Sieon AI.

The renewable energy organization remains small, with only four employees in that segment as of Q1 2026, a much thinner headcount base than the core CCTV operation.

Annual results show FY2022 revenue of KRW 25.9 billion with a modest operating profit of KRW 0.29 billion and net income attributable to owners of KRW 1.18 billion, before revenue plunged to KRW 13.4 billion in FY2023 alongside an operating loss of KRW 4.39 billion and a net loss attributable to owners of KRW 5.09 billion.

In FY2024, revenue jumped to KRW 21.4 billion and the company returned to profit with operating income of KRW 0.50 billion and net income attributable to owners of KRW 1.21 billion.

In FY2025, however, revenue rose again to KRW 25.2 billion yet the company swung back into the red with an operating loss of KRW 3.30 billion and a net loss attributable to owners of KRW 3.29 billion, illustrating that revenue growth has not translated directly into profitability.

On a quarterly basis, the loss narrowed from revenue of KRW 4.40 billion with an operating loss of KRW 1.04 billion and a net loss of KRW 1.57 billion in Q2 2025 to revenue of KRW 7.65 billion with an operating loss of KRW 0.71 billion and a net loss of KRW 0.53 billion in Q3 2025, before turning profitable in Q4 2025 with revenue of KRW 10.36 billion, operating income of KRW 0.21 billion, and net income of KRW 0.06 billion.

Q1 2026 reverted to a loss as revenue fell to KRW 7.37 billion with an operating loss of KRW 0.48 billion and a net loss of KRW 0.21 billion, but Q2 2026 showed a clear improvement with revenue of KRW 9.04 billion, operating income of KRW 1.02 billion, and net income of KRW 1.47 billion.

Summing the most recent four reported quarters (Q3 2025 through Q2 2026) yields revenue of roughly KRW 34.4 billion, operating income near breakeven at about KRW 0.05 billion, and net income attributable to owners of about KRW 0.78 billion — a marked contrast to the loss-making full FY2025 figure.

This quarter-to-quarter volatility appears to stem from the offshore wind EPC and licensing revenue being recognized in concentrated chunks tied to construction progress, unlike the steadier CCTV hardware sales.

The global CCTV/video security equipment industry is a mature market with intensifying price competition centered on large manufacturers, and domestically DGI competes against names such as Webgate, Suprema, and Sieon AI.

Within this landscape, DGI is pursuing cost competitiveness through entry-level AI NVRs and AI cameras built on low-cost chipsets running a self-developed deep learning engine.

The offshore wind renewable energy segment is an area where demand is expected to expand over the medium to long term under the government's energy-transition policy, but it is characterized by long project cycles — from permitting and resident acceptance through construction — and irregular revenue recognition timing.

DGI entered this market through its subsidiary Yeonggwang Wind Power, handling licensing and EPC services for an offshore wind project in Yeonggwang County, South Jeolla Province, though its dedicated renewable energy staff remains small relative to major power-generation and EPC specialists.

Both businesses are exposed to domestic and overseas policy and regulatory environments — offshore wind permitting procedures and security-equipment export rules among them — with the CCTV unit providing steadier cash flow from a mature market and the renewable energy unit offering project-based growth potential, making the two segments complementary in nature.

The most immediate variable is the pending delisting eligibility decision.

The KOSDAQ Market Committee granted a two-month improvement period on June 29, 2026, which ended on August 29, 2026, requiring DGI to submit an improvement plan implementation report and an expert verification statement by September 21, 2026 (business days).

The exchange is expected to convene the KOSDAQ Market Committee within 20 business days of that submission to decide on delisting eligibility, meaning a decision should arrive within the near term.

On the business side, key watch points for the renewable energy segment include whether offshore wind EPC and licensing revenue through Yeonggwang Wind Power continues, and whether the June 2024 permit and resident-acceptance service contract for the Yeonggwang Yawol offshore wind construction project translates into further construction revenue.

For the CCTV segment, expanding overseas accounts through new entry-level AI NVR and AI camera products appears to be the key to stabilizing revenue.

No specific public revenue or profit guidance from the company has been confirmed, so upcoming quarterly and semiannual earnings disclosures together with the outcome of the delisting review will be the most direct points to monitor.