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
NAMU AX returned to operating profit in 2025 as its core virtualization and cloud business recovered alongside AI infrastructure expansion, but net income attributable to owners still swings between profit and loss quarter to quarter.
2025 consolidated revenue reached KRW 102.27bn with operating profit of KRW 2.25bn, swinging back to profit after two years of operating losses
Over the latest four quarters (2025Q3-2026Q2), revenue expanded steadily in the KRW 32-37bn range per quarter
A research report noted the subscription revenue mix rose from 11.6% in 2024 to 28.6% in 2025
Net income attributable to owners posted losses in some quarters despite operating profit, such as 2025Q4 (-KRW 0.75bn) and 2026Q2 (-KRW 0.31bn)
The company is expanding into AI infrastructure through a series of memoranda of understanding with AI data center and server firms
In June 2026, the company changed its name from NAMU TECH to NAMU AX Corp. at its shareholders' meeting, formalizing its transition into an AI-focused enterprise.
The company has long provided network-separation and remote-work infrastructure based on Citrix-engine VDI (virtual desktop infrastructure), and it holds its own product lineup including the PaaS platform Cocktail Cloud, launched in 2016, and the multi-cloud management solution SPERO.
More recently it has expanded into AI with the enterprise agentic AI platform NAA (NAMU Agentic AI) and an Edge AI System for physical AI applications. On a standalone quarterly basis, virtualization and cloud business is estimated to account for roughly half of revenue.
Subsidiaries include Cocktail.io, NAMU ICT, packaging-equipment maker SK PAC, and NAMU Japan, with NAMU ICT providing system development, operation, and cloud-build IT services. The largest shareholder group, led by Lee Su-byeong and four others, is estimated to hold about 17.79% of shares.
Competitors in the domestic cloud and virtualization solution space include Orchestro and Innogrid. The company has launched its own server virtualization platform, namuVIRT, to capture demand shifting away from VMware following Broadcom's pricing policy changes.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩18B | -₩1.2B | −6.8% |
| 2025Q3 | ₩32.2B | ₩3B | 9.2% |
| 2025Q4 | ₩35B | ₩1.2B | 3.4% |
| 2026Q1 | ₩37B | ₩400M | 1.1% |
| 2026Q2 | ₩35.5B | ₩300M | 1.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩106.2B | ₩2.2B | ₩300M | 2.1% | 0.9% | 133.3% |
| 2023 | ₩90.6B | -₩700M | -₩3.2B | −0.8% | −7.8% | 127.2% |
| 2024 | ₩91.4B | -₩2.2B | -₩5.3B | −2.4% | −15.0% | 142.6% |
| 2025 | ₩102.3B | ₩2.3B | -₩2.8B | 2.2% | −8.1% | 119.3% |
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
On an annual basis, revenue was KRW 106.22bn with operating profit of KRW 2.18bn in 2022, before swinging to an operating loss of KRW 0.75bn on revenue of KRW 90.56bn in 2023, and a wider operating loss of KRW 2.23bn on revenue of KRW 91.42bn in 2024, marking two consecutive years of operating losses.
In 2025, revenue grew to KRW 102.27bn and operating profit turned positive at KRW 2.25bn, though net income attributable to owners remained negative at -KRW 2.81bn. Looking at the latest four quarters (2025Q3-2026Q2), revenue held in a stable range of KRW 32.2bn, 35.0bn, 37.0bn, and 35.5bn.
Quarterly profitability, however, has swung noticeably: 2025Q3 posted a clear operating profit of KRW 2.96bn and owners' net income of KRW 1.13bn, while 2025Q4 recorded an operating profit of KRW 1.18bn but a net loss attributable to owners of -KRW 0.75bn.
Into 2026, the first quarter posted an operating profit of KRW 0.42bn and net income of KRW 0.25bn, but the second quarter again showed a gap, with operating profit of KRW 0.34bn alongside a net loss of -KRW 0.31bn.
This pattern suggests non-operating items, subsidiary performance swings, or non-controlling interest allocations continue to create a gap between operating profit and owners' net income. The debt ratio eased from 142.6% in 2024 to 119.3% in 2025, though it remains above 100%.
Korea's IT infrastructure market is undergoing simultaneous shifts driven by virtualization-solution replacement demand tied to Broadcom's VMware pricing changes and expanding corporate AI transformation (AX) investment.
One research report projected that roughly 30% of global VMware users will migrate away by 2028, and expected related demand in Korea to emerge from the second half as VMware subscription contracts expire in sequence.
On the policy side, Korea's 2026 AI budget was expanded to KRW 9.9 trillion, with the AX-specific portion rising from KRW 1.5 trillion the prior year to KRW 2.4 trillion. This backdrop is viewed as favorable for full-stack players like NAMU AX that span virtualization, cloud, and AI.
Still, the domestic cloud and virtualization market includes multiple competitors such as Orchestro and Innogrid, and the AI infrastructure segment remains at an early stage, making the pace at which memoranda of understanding convert into actual revenue a key competitive differentiator going forward.
The company has participated as a silver partner at Dell Technologies Forum 2026 in Seoul and joined the government-backed AIDC Alliance launch event as a data-center operating software firm, building out its industry network.
The company reported that first-half 2026 consolidated revenue rose 106.3% year over year to KRW 72.4bn, with operating profit of KRW 0.8bn and net income of KRW 1.0bn, marking a swing to profit on a first-half basis.
Management indicated it plans to build on its existing customer base and product competitiveness in the second half to translate AI infrastructure platform initiatives into concrete results, aiming to lift both growth and profitability together.
On the hardware-software integration front, the company is working with AI/HPC server firm Kocolink to co-develop a domestic AI server appliance that pre-installs its AI infrastructure operating platform on Kocolink's servers, and it has also signed an MOU with IA Cloud related to a small modular AI data center platform.
Its proprietary server virtualization platform, namuVIRT, is intended to target VMware-replacement demand and expand VDI business centered on education, healthcare, and public-sector markets.
One research report noted the company's ability to cross-sell virtualization, cloud, and AI offerings based on more than 1,100 customer references.
ARC Research stated in a July 2026 report that "if subscription revenue expansion and AI business results materialize, a re-rating of corporate value could be possible." That said, most of these collaborations remain at the non-binding memorandum stage, so the timing and scale of actual order conversion still needs confirmation.
The multiples at which the shares currently trade can be viewed as reflecting both the company's recurring loss years in the recent past and the profit-recovery trend that has emerged since 2025.
The share price carries a premium relative to net asset value compared with the earlier loss-making period, suggesting that some expectation for the AI infrastructure business is already embedded in the price.
The absence of ongoing dividend payouts points to a structure weighted toward reinvestment and growth rather than shareholder returns.
Given the company's history of alternating between losses and profits, whether the profit recovery seen over the latest four quarters proves durable will likely be a key variable in any future valuation reassessment.
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 operating profit of KRW 2.25bn in 2025 broke a two-year streak of operating losses, and revenue over the latest four quarters has held steady in the KRW 32-37bn range per quarter. Growth continued into first-half 2026, with revenue up 106.3% year over year to KRW 72.4bn.
Since virtualization and cloud make up roughly half of core revenue, the recovery in this segment underpins the overall earnings improvement.
According to one research analysis, the subscription revenue mix rose from 11.6% in 2024 to 28.6% in 2025. A larger share of recurring revenue tends to improve the predictability of top-line results.
Subsidiary NAMU ICT is also estimated to have grown revenue 52.6% year over year, contributing to consolidated top-line expansion.
The company is broadening its footprint by co-developing a domestic AI server appliance with Kocolink and signing a series of AI infrastructure-related MOUs with firms such as IA Cloud and Solomontech.
The Korean government's expanded 2026 AX budget compared with the prior year is also cited as a favorable policy backdrop. Its proprietary virtualization platform, namuVIRT, aimed at capturing demand shifting away from VMware, is also viewed as a potential new revenue source.
There have been repeated cases where owners' net income posted a loss even in quarters with operating profit. In 2025Q4, operating profit was KRW 1.18bn but net income was -KRW 0.75bn, and in 2026Q2 operating profit was KRW 0.34bn while net income was -KRW 0.31bn.
This indicates non-operating items or subsidiary/non-controlling-interest factors continue to add volatility to results.
The debt ratio stood at 142.6% in 2024 and remained above 100% at 119.3% in 2025. As a relatively small-cap KOSDAQ-listed company, there may be constraints around liquidity and information access.
Shareholding data has referenced a rights-offering share allocation matter, so the method of any future capital raising also warrants monitoring.
Most of the company's collaborations with Kocolink, IA Cloud, and Solomontech remain at the non-binding memorandum stage. The domestic cloud and virtualization market includes numerous competitors such as Orchestro and Innogrid, raising the possibility of intensified competition among similar product lines.
The speed and scale at which these agreements convert into actual revenue and profit remain unconfirmed variables.
There is a risk that a number of AI infrastructure-related MOUs may not convert into actual orders or revenue. If revenue recovery from continued investment in new AI businesses is delayed, the pace of profitability improvement could slow. Whether management's stated goal of concretizing second-half results is achieved also requires confirmation.
The debt ratio has persisted above 100%, which could sustain financial burdens such as interest expense. Since owners' net income has swung between profit and loss on a quarterly basis, dilution concerns cannot be ruled out if additional capital raising becomes necessary going forward. The rights-offering share allocation matter referenced in shareholding data also warrants continued attention.
The virtualization and cloud market is shaped both by domestic competitors such as Orchestro and Innogrid and by global hyperscalers. If replacement demand tied to VMware's pricing policy changes emerges more slowly than expected, revenue contribution from new products such as namuVIRT could be delayed.
Rapidly evolving technology standards and customer requirements in the AI infrastructure space could also translate into an ongoing investment burden.
The 2026 third-quarter earnings release should be checked to see whether the recent revenue growth and profit-recovery trend continues, and whether the volatility pattern in owners' net income stabilizes.
It is worth monitoring whether the MOUs signed with Kocolink, IA Cloud, and Solomontech convert into actual supply contracts or orders, and at what scale and timing.
Following the commercialization of the namuVIRT virtualization platform, its actual revenue contribution and the degree to which VMware-replacement demand materializes should be checked.
It is worth confirming whether the timing and scale of the rights-offering share allocation referenced in shareholding data are finalized, and assessing the resulting degree of dilution.
NAMU AX confirmed a recovery in its core virtualization and cloud business, underpinned by a swing to operating profit in 2025 and continued revenue growth in first-half 2026.
At the same time, the company is pursuing portfolio diversification through a growing subscription revenue mix and expansion into AI infrastructure.
However, owners' net income has repeatedly swung between profit and loss on a quarterly basis, and the debt ratio remains above 100%, warranting further scrutiny of earnings quality and financial stability.
The fact that many of its AI infrastructure-related collaborations remain at the non-binding MOU stage also leaves execution risk unresolved.
Whether revenue growth and profit recovery remain consistent in coming quarters, and how quickly these agreements convert into actual revenue, will likely be the key points to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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