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
NBT posted its first simultaneous consolidated operating and net profit in Q2 2026, while advancing a new stablecoin infrastructure business and its first-ever shareholder return plan since listing.
Q2 2026 consolidated revenue reached KRW 25.5bn with operating profit of KRW 0.49bn and net profit of KRW 0.48bn, the first simultaneous profit in five quarters
2025 consolidated revenue fell year-on-year to KRW 92.3bn with a wider operating loss, yet net loss narrowed, creating a divergence between operating and bottom-line trends
Building on its position as Korea's leading offerwall operator, the company is launching an ad exchange and expanding commerce affiliate businesses such as LinkCommerce and Chips
The company signed a custody agreement with Korea Digital Asset (KODA) and joined a stablecoin council to pursue digitization of its reward point ecosystem
The company has flagged plans to disclose a value-up program within the third quarter, including full cancellation of treasury shares and its first-ever dividend since listing
Founded in 2012 and listed on KOSDAQ in 2021, NBT operates a mobile point platform business spanning the B2B Addison Offerwall network and B2C services including CashSlide, CashFeed, and Chips, delivering benefits to advertisers, platforms, and users alike.
CashSlide, billed as the world's first lock-screen point service, has accumulated 25 million registered members, while Addison Offerwall is regarded as Korea's leading offerwall operator with a network reaching roughly 11 million monthly active users.
More recently, its affiliate-based commerce monetization model LinkCommerce has expanded partnerships with platforms such as Ohou, HotelsCombined, and MyRealTrip to broaden its commerce categories.
Chips, formerly an app-based rewards service, has been overhauled into a pass-through shopping platform positioned as a purchase-conversion-focused commerce traffic hub.
Addison Offerwall has added an ad exchange function integrating 19 domestic and overseas ad networks, aiming to capture network fee revenue and improve margins.
On top of this, the company is pursuing a stablecoin-based infrastructure business as a new growth driver, leveraging its existing B2B and B2C reward networks, with an ambition to become an "all-in-one infrastructure provider" that converts Korea's roughly KRW 20 trillion point market onto a digital-asset basis.
Competitively, the firm vies with similar reward and app-tech platform operators such as Buzzvil and CashWalk (operated by Nudge Healthcare) for advertisers and user acquisition.
The overall portfolio is evolving from an offerwall-centered rewards business toward an integrated digital rewards platform spanning commerce and stablecoin infrastructure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩21.5B | -₩2.2B | −10.2% |
| 2025Q3 | ₩23B | -₩1.7B | −7.4% |
| 2025Q4 | ₩25.7B | -₩700M | −2.8% |
| 2026Q1 | ₩22.1B | -₩1.6B | −7.1% |
| 2026Q2 | ₩25.5B | ₩500M | 1.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩108.2B | ₩2.3B | -₩500M | 2.1% | −1.3% | 124.1% |
| 2023 | ₩106.7B | -₩2.8B | -₩3B | −2.6% | −9.3% | 135.4% |
| 2024 | ₩105.1B | -₩3.3B | -₩6.6B | −3.2% | −26.1% | 173.3% |
| 2025 | ₩92.3B | -₩6.5B | -₩4.5B | −7.0% | −21.8% | 71.9% |
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
NBT's consolidated revenue declined modestly for three straight years, from KRW 108.2bn in 2022 to KRW 106.7bn in 2023 and KRW 105.1bn in 2024, before dropping more sharply to KRW 92.3bn in 2025.
Operating profit swung from a KRW 2.28bn surplus in 2022 to losses of KRW 2.77bn in 2023 and KRW 3.34bn in 2024, widening further to a KRW 6.50bn loss in 2025.
Net loss, however, narrowed from KRW 6.61bn in 2024 to KRW 4.54bn in 2025, a divergence suggesting non-operating items moved in the opposite direction to operating performance.
Indeed, on a quarterly basis, Q4 2025 posted an operating loss of KRW 0.73bn yet a net profit of KRW 1.90bn, a result attributable to non-operating, likely one-off items.
Looking at the quarterly trajectory, the operating loss narrowed from KRW 2.19bn on revenue of KRW 21.5bn in Q2 2025 to KRW 1.70bn on revenue of KRW 23.0bn in Q3, and revenue continued recovering to KRW 25.7bn in Q4.
Revenue eased slightly to KRW 22.1bn in Q1 2026 with the operating loss widening again to KRW 1.57bn, but Q2 2026 saw revenue of KRW 25.5bn alongside an operating profit of KRW 0.49bn and net profit of KRW 0.48bn, marking the first simultaneous operating and net profit turn.
On the cash flow side, operating cash flow (CFO) deteriorated steadily from a positive KRW 1.85bn in 2022 to negative KRW 2.01bn in 2023, negative KRW 3.10bn in 2024, and negative KRW 9.96bn in 2025, moving in a different direction from the headline loss-narrowing trend.
The debt ratio fell sharply from 173.3% in 2024 to 71.9% in 2025, as total liabilities dropped from KRW 43.9bn to KRW 15.0bn by a margin exceeding the decline in total equity (from KRW 25.3bn to KRW 20.8bn).
The mobile reward advertising market is expected to see continued growth in online advertising overall, driven by rising digital media consumption, with offerwall utilization also expanding.
Analysts note that the growing number of mobile point platform users amid the spreading app-tech trend has coincided with steady growth in the reward advertising market.
NBT maintains its position as Korea's top offerwall operator through Addison Offerwall and has expanded overseas through offerwall partnerships with global metaverse and webtoon platforms, including Naver Z's ZEPETO.
In the stablecoin and digital asset space, legislative discussions are underway to allow corporate participation in Korea's digital asset market and to institutionalize a won-denominated stablecoin through the Digital Asset Basic Act, but the process has been delayed amid disagreements between the Bank of Korea and the Financial Services Commission.
Meanwhile, overseas regulatory integration has moved faster, as seen in Japan's financial authority announcing a regulatory overhaul allowing overseas-issued stablecoins to be listed and circulated on exchanges.
Korea's domestic custody market remains concentrated among a small number of providers, including Korea Digital Asset (KODA) and Korea Digital Asset Custody (KDAC), with NBT relying on its KODA contract for this infrastructure.
Competitors such as Buzzvil and CashWalk operate in similar reward and app-tech markets, suggesting that competition for early positioning could intensify if the broader point ecosystem shifts toward a digital-asset basis.
NBT has disclosed a 2026 standalone guidance of KRW 107.9bn in revenue and KRW 2.1bn in operating profit, which if achieved would represent roughly 20% revenue growth and an operating profit improvement of more than KRW 8.5bn versus the prior year's standalone revenue of KRW 89.8bn and operating loss of KRW 6.48bn, ending three consecutive years of losses.
The company cited a roughly 20% year-on-year improvement in Addison Offerwall's first-half contribution margin and the planned Q3 launch of an ad exchange as new revenue sources supporting this recovery.
It stated that commerce affiliate transaction volume (GMV) centered on LinkCommerce and Chips has expanded to around KRW 130bn per month, with B2C monthly active users up sixfold from the start of the year, while first-half commerce affiliate transaction value grew 25% and related revenue doubled from the start of the year.
The company also reaffirmed plans to cultivate its stablecoin reward infrastructure and AI transformation (AX) project as mid- to long-term growth drivers.
On shareholder returns, it has stated it is reviewing full cancellation of 847,676 treasury shares, new treasury share purchases funded by capital surplus, and its first cash dividend since listing at a payout ratio above the KOSDAQ average, with a value-up program covering these items flagged for disclosure within the third quarter.
To fund this, the company resolved to convene an extraordinary shareholders' meeting to address offsetting accumulated deficits with capital surplus and transferring funds into retained earnings, alongside a plan to supply roughly KRW 5bn of market liquidity through a securities firm liquidity-provider contract and on-market purchases by management, the largest shareholder, and a strategic investor.
However, according to Korea Exchange data, as of end-July 2026 NBT remained at the 'preliminary notice' stage for its value-up plan, with the specific scale and timing of cancellation, purchases, and dividends yet to be finalized.
Since 2022, NBT has seen steadily declining revenue and multi-year net losses, and only in Q2 2026 did it record its first simultaneous operating and net profit.
This shift is a variable that could influence how the market chooses to re-rate the stock, but whether and to what extent this happens depends on confirming the persistence of profitability in coming quarters.
The company has separately laid out a stablecoin business initiative alongside shareholder return plans including treasury share cancellation and a first dividend, meaning that beyond pure advertising and commerce results, the pace of new-business execution and follow-through on shareholder returns are drawing attention.
However, with the extraordinary shareholders' meeting and value-up plan still at the preliminary-notice stage, uncertainty remains until specific fund allocation and execution timing are finalized. It is also worth noting that total equity itself has contracted, from KRW 37.2bn in 2022 to KRW 20.8bn in 2025.
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
Q2 2026 consolidated operating profit and net profit came in at KRW 0.49bn and KRW 0.48bn respectively, signaling a break from five consecutive quarters of loss pressure.
The company expects this trend to continue in the second half, citing improved Addison Offerwall contribution margins and the launch of an ad exchange. Its 2026 standalone guidance of KRW 107.9bn in revenue and KRW 2.1bn in operating profit further supports this profitability turnaround expectation.
Commerce affiliate transaction volume (GMV) centered on LinkCommerce and Chips has expanded to around KRW 130bn per month, with B2C users up sixfold from the start of the year. New partnerships with Ohou, HotelsCombined, and MyRealTrip are diversifying commerce categories.
Addison Offerwall is also expanding overseas through collaborations with global platforms such as Naver Z's ZEPETO.
The company signed a custody agreement with Korea Digital Asset (KODA) and joined a stablecoin council, positioning itself early in institutionalization discussions. It aims to become an infrastructure provider converting Korea's roughly KRW 20 trillion point market onto a digital-asset basis.
While related regulations remain unsettled, its preemptive technical and partnership preparation could be a factor shaping execution capability once institutionalization takes shape.
Consolidated revenue declined for four straight years, from KRW 108.2bn in 2022 to KRW 92.3bn in 2025, with net losses persisting every year over the period.
The 2025 operating loss widened to KRW 6.50bn from the prior year, meaning further quarters are needed to confirm whether the single Q2 profit turn reflects a structural improvement. This earnings trajectory has coincided with a contraction in total equity, from KRW 37.2bn in 2022 to KRW 20.8bn in 2025.
Operating cash flow deteriorated every year, from a positive KRW 1.85bn in 2022 to negative KRW 2.01bn in 2023, negative KRW 3.10bn in 2024, and negative KRW 9.96bn in 2025.
This moves in a different direction from the narrowing net loss on the income statement, indicating that actual cash generation has lagged behind the accounting-level improvement in net income. Whether the profitability turnaround story holds up on a cash basis warrants monitoring of CFO trends in coming quarters.
The company has stated it is reviewing treasury share cancellation, new share purchases, and its first dividend since listing, but as of end-July 2026 per Korea Exchange data, its value-up plan remained at the preliminary-notice stage.
The specific scale and timing of cancellation, purchases, and dividends have not been finalized, and even if the extraordinary shareholders' meeting approves the funding-related agenda, further board resolutions and disclosures will be needed before execution.
Should the plan be delayed or fall short of market expectations, a gap could emerge between shareholder return expectations and actual execution.
NBT's revenue is directly tied to the volume of offerwall and reward advertising executed, making performance vulnerable to swings in the broader advertising industry cycle.
Its recent earnings improvement is based on new revenue sources such as the ad exchange, so a slowdown in the existing reward advertising market's growth could delay the pace of recovery.
Dependence on major advertisers or changes to contract terms with specific partner platforms are also variables that could affect revenue.
The Digital Asset Basic Act, needed to institutionalize a won-denominated stablecoin, has been delayed by disagreements between the Bank of Korea and the Financial Services Commission.
NBT's stablecoin infrastructure initiative could see its business model and timeline shift depending on the timing and detailed requirements of eventual legislation.
The scope of permitted corporate participation in the digital asset market and any tightening of custody regulations are additional variables that could affect the pace of business execution.
The company has stated it is pursuing a securities firm liquidity-provider contract to address a liquidity discount stemming from thin trading volume, and has noted it falls within the scope of KOSDAQ's tightened listing maintenance requirements effective July 1, 2026.
Given its relatively small market capitalization and equity base, there may be an ongoing burden to manage metrics tied to listing maintenance requirements.
As treasury share cancellation and new purchases are being considered simultaneously, the actual liquidity improvement effect could vary depending on how funding priorities are allocated.
Check whether the flagged value-up plan is formally disclosed and whether the specific scale and timing of treasury share cancellation, purchases, and the first dividend are finalized.
Preliminary Q3 2026 results should reveal whether the ad exchange launch effect and the profitability turnaround seen in Q2 are sustained into subsequent quarters.
It is worth tracking whether legislative discussions on the Digital Asset Basic Act and won-stablecoin institutionalization resume and how quickly they progress.
Based on the funding-related agenda approved at the extraordinary shareholders' meeting, it should be checked whether actual treasury share cancellation and dividends are executed and whether the scale matches earlier announcements.
After years of declining revenue and net losses since 2022, NBT reached a point in Q2 2026 where consolidated operating profit and net profit turned positive simultaneously for the first time.
The company has pointed to improved Addison Offerwall profitability, the ad exchange launch, and expansion of commerce businesses centered on LinkCommerce and Chips as grounds for this recovery, disclosing 2026 standalone guidance of KRW 107.9bn in revenue and KRW 2.1bn in operating profit.
At the same time, it is pursuing a stablecoin infrastructure business as a new growth driver, having signed a custody agreement with KODA and joined a stablecoin council to engage early in institutionalization discussions.
However, operating cash flow has continued to deteriorate in contrast to the improving income statement, and total equity has also shrunk year after year, both points worth noting.
Its value-up plan, including treasury share cancellation and its first dividend since listing, remains at the preliminary-notice stage, with specific execution scale and timing yet to be finalized.
Overall, the stock sits at a point where early signals of an earnings turnaround coexist with expectations around new businesses and shareholder returns, and the sustainability of quarterly earnings and cash flow, alongside actual follow-through on the value-up plan, both warrant continued monitoring.
Report written 2026-09-05 · Data as of 2026-09-04
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