PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩10 per share · Prices as of the 2026-10-02 close
RSupport is exploring new growth avenues through AI products and a Japan anti-ransomware distribution deal, even as its core Japan-centric remote support and control business slows amid intensifying competition.
Full-year 2025 revenue rose slightly to KRW 48.8bn, but operating profit fell to KRW 2.4bn from KRW 3.7bn a year earlier, with margins narrowing again.
After three consecutive quarterly operating losses from 2025Q3 through 2026Q1, the company returned to profit in 2026Q2 with revenue of KRW 14.17bn and operating profit of KRW 2.58bn.
Japan remains the core market, with RemoteView maintaining the No.1 share in Japan's cloud-based remote control market and being used by roughly 21,000 local companies.
In March 2026 the company signed an exclusive Japan distribution deal with Everyzone for the anti-ransomware product WhiteDefender, extending its overseas portfolio from remote and AI into security.
The balance sheet remains stable, but profit generation has shown greater quarter-to-quarter volatility recently, making the earnings contribution of the new AI and security businesses a key point to watch.
Founded in 2001, RSupport is a remote technology specialist whose core business spans remote control, remote support, and remote communication solutions.
Its flagship products include the remote control solution RemoteView, the customer-support solution RemoteCall, the contactless sales solution RemoteVS, and the AI meeting-summary service AI:repoto, alongside the recently launched RemoteView OT for remote access control of manufacturing equipment and OT networks.
The company pursued overseas expansion from its early days, making Japan its largest foreign market; RemoteView has been supplied to roughly 21,000 Japanese companies, including security-sensitive financial institutions such as Sompo Japan.
NTT Docomo, Japan's largest mobile carrier, is RSupport's second-largest shareholder and helped expand the company's Japan footprint by launching a paid service built on RSupport's remote support technology.
In China, the company supplies remote support solutions to five major manufacturers including Huawei, and it has also expanded partnerships in Southeast Asia, including with Vietnam's CMC Global.
More recently, the company diversified into hardware with its multi-purpose soundproof booth, COLABOX, and has pursued the public sector market via registration on the Public Procurement Service's digital services mall.
In March 2026, RSupport signed an exclusive Japan distribution agreement with domestic anti-ransomware specialist Everyzone for the WhiteDefender product, extending its overseas portfolio from remote and AI technology into security.
On the competitive front, intensifying competition from global remote solution vendors and delayed IT investment both at home and abroad have recently weighed on results.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩15.8B | ₩4.2B | 26.4% |
| 2025Q3 | ₩10.8B | -₩1B | −8.9% |
| 2025Q4 | ₩11.3B | -₩1.2B | −10.9% |
| 2026Q1 | ₩10.7B | -₩800M | −7.0% |
| 2026Q2 | ₩14.2B | ₩2.6B | 18.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩48.6B | ₩7.2B | ₩4.2B | 14.9% | 4.9% | 11.9% |
| 2023 | ₩50.4B | ₩7.9B | ₩7.3B | 15.7% | 7.8% | 10.6% |
| 2024 | ₩47.5B | ₩3.7B | ₩3B | 7.7% | 3.2% | 25.6% |
| 2025 | ₩48.8B | ₩2.4B | ₩1.8B | 4.9% | 1.8% | 13.7% |
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
On an annual basis, operating margin peaked in 2023 at 15.7% (revenue KRW 50.4bn, operating profit KRW 7.9bn) after 2022's 14.9% (revenue KRW 48.6bn, operating profit KRW 7.2bn), before declining to 7.7% in 2024 (revenue KRW 47.5bn, operating profit KRW 3.7bn) and further to 4.9% in 2025 (revenue KRW 48.8bn, operating profit KRW 2.4bn).
Net profit attributable to owners also contracted for three straight years, from KRW 7.3bn in 2023 to KRW 3.0bn in 2024 and KRW 1.8bn in 2025.
On a quarterly basis, 2025Q2 delivered a favorable KRW 15.8bn in revenue and KRW 4.2bn in operating profit, but the company then posted three consecutive quarters of operating losses: 2025Q3 (revenue KRW 10.8bn, operating loss KRW 1.0bn), 2025Q4 (revenue KRW 11.3bn, operating loss KRW 1.2bn), and 2026Q1 (revenue KRW 10.7bn, operating loss KRW 0.8bn).
This was followed by a clear turnaround in 2026Q2, with revenue of KRW 14.2bn, operating profit of KRW 2.6bn, and owners' net profit of KRW 2.1bn.
This quarterly volatility reflects a combination of slowing revenue in the core remote support business amid intensifying global competition and delayed IT investment, together with rising costs from expanded AI solution development spending.
On a trailing four-quarter basis (2025Q3 through 2026Q2), owners' net profit remained in loss territory, indicating that full-year profit recovery is still a work in progress.
Operating cash flow, a measure of cash-generating capacity, eased from KRW 9.6bn in 2022 to the KRW 6.6-6.8bn range in 2023-2025, but has remained consistently positive each year, suggesting cash-based operations have continued despite earnings volatility.
The remote software market is generally viewed as a longer-term growth area, supported by the normalization of remote work, the spread of smart factories and smart homes, and the expansion of unmanned retail operations.
That said, some observers note that demand for remote work solutions has naturally normalized after the pandemic-era surge, and that low-cost competition from global rivals has pushed the industry cycle past its peak into an adjustment phase.
In Japan, RSupport's largest overseas base, yen exchange-rate swings have a direct impact on results, and there have been past instances where a weaker yen coincided with declines in both revenue and profit.
Competitively, rivalry with global remote solution providers such as TeamViewer has intensified, and delayed IT investment both domestically and abroad has been cited as a constraint on revenue growth.
On the other hand, RSupport benefits from more than two decades of accumulated partner networks in Japan and references with financial institutions such as Sompo Japan, giving it relatively higher customer stickiness than new entrants.
More recently, as security threats such as ransomware increasingly intersect with remote access infrastructure, the company has repositioned its offering around an integrated digital transformation package that combines remote access with anti-ransomware protection.
Domestically, accelerating digital transformation in the financial and public sectors—such as non-face-to-face authentication and account opening—has been cited as a factor supporting demand for remote support services.
In April 2026, RSupport participated in Japan's largest IT trade show, Japan IT Week 2026, presenting an integrated digital transformation strategy combining RemoteView and WhiteDefender, and reported that booth visitors exceeded 1,000 on the opening day, reflecting strong local interest.
The exclusive Japan distribution agreement for WhiteDefender signed with Everyzone in March 2026 has been positioned as central to a strategy of cross-selling security products to the existing RemoteView customer base to diversify revenue sources into security.
On the AI front, the company was selected as a supplier under the 2026 AI Voucher Support Program, providing its AI meeting-summary service AI:repoto, and appears to be extending AI products into Southeast Asian markets, including a supply deal with Vietnam's CMC Global.
The new manufacturing- and infrastructure-oriented product RemoteView OT targets demand for remote access control at production facilities such as smart factories and semiconductor plants, though the timing and scale of its revenue contribution have not yet been officially quantified.
The company has cited its stable SaaS subscription-based revenue structure and high customer stickiness among core financial and public-sector clients as strengths of its business foundation.
That said, the revenue decline and operating losses that persisted through 2026Q1 reflect the simultaneous effects of intensifying global competition, delayed IT investment, and expanded AI development spending, and whether the 2026Q2 return to profit represents a one-off factor or a sustained recovery will require confirmation through subsequent quarterly results.
The share price has traded through a multi-year arc in which profits peaked in 2023 before contracting, and more recently the stock has tended to trade at a discount to net asset value.
Given that earnings have swung from several quarters of losses to a recent return to profit, per-share earnings-related metrics warrant careful interpretation at this juncture.
On dividends, the company expressed a commitment to shareholder returns at its most recent annual general meeting, though the dividend yield level is understood to trail the industry average.
The market's valuation relative to book equity (price-to-book ratio) appears to sit below the trading band seen during the period of stronger profitability.
That said, this reflects a business in transition, and whether the market reassesses valuation as the new AI and security businesses begin contributing meaningfully to earnings is something that will need to be confirmed through future results.
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
RSupport's RemoteView maintains the No.1 share in Japan's cloud-based remote control solution market and is used by roughly 21,000 local companies.
The partner network built over more than two decades across telecom, finance, and manufacturing is viewed as an asset that would be difficult for new competitors to replicate quickly. Long-term relationships with major clients such as NTT Docomo support a stable revenue base.
Through the exclusive Japan distribution agreement for WhiteDefender signed with Everyzone in March 2026, the company is pursuing a strategy of cross-selling to its existing RemoteView customer base.
Rising security demand in Japan, driven by VPN and RDP vulnerability risks from expanding remote work, has opened the door to bundled remote-access-plus-security packages. This is presented as a new revenue source that could offset stagnation in the core business.
The AI meeting-summary service AI:repoto was selected as a supplier under the 2026 AI Voucher Support Program and has been supplied to clients such as Vietnam's CMC Global as part of overseas expansion efforts.
RemoteView OT, aimed at manufacturing and OT networks, targets entry into new end markets such as smart factories. The strategy of embedding AI technology into existing products could serve as a product differentiator amid intensifying competition.
Through 2026Q1, the core remote support business saw declining revenue amid intensifying global competition and delayed IT investment. Three consecutive quarters of operating losses from 2025Q3 through 2026Q1 highlight structural pressure on the core business. Continued low-price competition from rivals could further erode pricing power.
Increased spending on AI solution development has been cited as a factor behind recent profitability deterioration, with operating margin falling from the 14-16% range in 2022-2023 to 4.9% in 2025.
There is a possibility that new businesses in AI and security have not yet shown a clear revenue contribution while costs are being front-loaded. If the timing of earnings contribution from new businesses is delayed, margin recovery could also be pushed back.
There have been past instances of Japan revenue and profit declining together during periods of yen weakness, and the business's reliance on overseas revenue leaves it exposed to currency fluctuations.
The wide swings in quarterly results—a profit in 2025Q2 followed by three straight quarters of losses and then a return to profit in 2026Q2—reduce predictability. The fact that trailing four-quarter owners' net profit remains in loss territory also leaves questions about earnings stability.
Intensifying competition from global remote solution providers has been cited as a direct cause of recent revenue declines. If low-price competition intensifies further, pricing adjustments could add further margin pressure. The pace of market penetration by new entrants also warrants ongoing monitoring.
Given that a significant portion of revenue is generated overseas, particularly in Japan, currency fluctuations such as yen movements have a direct impact on results.
There have been past instances of revenue and profit contracting simultaneously during yen weakness, and increased currency volatility could raise uncertainty around future results.
New businesses such as AI solutions and WhiteDefender remain at an early investment stage, with uncertain timing and scale of revenue contribution. Partnership-based business models such as the distribution agreement with Everyzone inherently tie performance to the partner company's technology and sales capabilities. If returns on investment are delayed, the timing of profitability recovery could also be pushed back.
2026Q3 results will help clarify whether the 2026Q2 return to profit was a one-off event or a sustained recovery. Key points to watch include whether the decline in core remote-business revenue continues and whether AI and security new businesses begin showing a visible revenue contribution.
It is worth checking whether actual revenue generation and contract wins under the WhiteDefender Japan distribution agreement with Everyzone are disclosed or reported. Cross-selling performance to the existing RemoteView customer base could serve as an early indicator.
This is the point to check whether the revenue seasonality toward Q4 that the company has cited in the IT solutions industry recurs in 2026, and whether the full-year operating margin recovers relative to 2025.
Given the business's high exposure to Japan revenue, the impact of yen strengthening or weakening on results warrants continued monitoring.
RSupport possesses a long operating history and a highly sticky customer base in its Japan-centric remote support and control solutions business, but the core business has recently shown slowing revenue amid intensifying global competition and delayed IT investment.
Operating margin, which was in the double digits in 2022-2023, fell to single digits in 2024-2025, and after three consecutive quarters of operating losses from 2025Q3 through 2026Q1, the company returned to profit in 2026Q2.
The company is exploring new growth avenues through its AI meeting-summary service, a remote access control solution for manufacturing, and a Japan anti-ransomware distribution agreement with Everyzone, though the timing and scale of these new businesses' revenue contributions have not yet been officially confirmed.
Trailing four-quarter owners' net profit remaining in loss territory suggests that full-year profit recovery is still a work in progress. Cash-generating capacity remains relatively solid, with consistently positive operating cash flow each year, limiting balance-sheet concerns.
Future performance is likely to hinge on whether the core business regains competitiveness and whether new businesses begin visibly contributing to earnings, both of which will require further confirmation through upcoming quarterly and annual results.
Report written 2026-09-05 · Data as of 2026-09-04
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