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
DataSolution secured a July 2026 supply contract with Samsung SDS worth roughly KRW 438.1 billion for a government AI computing infrastructure program, a figure far exceeding its annual revenue scale, even as quarterly earnings continue to swing between profit and loss.
On July 7, 2026, the company signed a KRW 438.1 billion supply contract with Samsung SDS for NIPA's AI computing infrastructure enhancement program, equal to 422% of 2025 revenue, running through December 2031.
2025 consolidated revenue was KRW 103.8 billion with operating profit of KRW 1.2 billion (1.2% margin) and net profit of KRW 1.0 billion, an improvement from 2024's near-breakeven operating profit of KRW 0.06 billion.
After an operating loss of KRW 1.07 billion in Q1 2026, the company swung back to a KRW 1.25 billion operating profit and KRW 1.42 billion net profit in Q2 2026, underscoring continued quarter-to-quarter volatility.
2025 operating cash flow was negative at KRW -1.71 billion, meaning cash generation lagged behind the accounting profit turnaround.
The debt ratio has trended down from 136.1% in 2023 to 94.3% in 2025.
DataSolution was established in 2010 through a spin-off of OpenBase's SI business division and was reorganized into a data specialist firm after merging with the former Data Solution in 2016.
Its business is organized into four segments: Data & AI, Enterprise/Infrastructure, AX/DX, and Service, centered on computer system integration consulting and construction along with software development and supply.
The company supports corporate clients' AI adoption and promotes cloud technology and data-driven digital transformation while providing IT services and consulting across multiple industries.
Key products and services include hardware for information storage and management, the globally used predictive analytics tool SPSS along with its proprietary extension KoreaPlus Statistics, cloud migration and application modernization, and hybrid cloud and virtualization management platforms.
More recently the company has concentrated on developing LLM-based applications through AI technology research while expanding its AX (AI transformation) business in the financial sector.
In July 2026 it signed a contract as counterparty to Samsung SDS to supply imported AI infrastructure products for a program run by the National IT Industry Promotion Agency, entering the public-sector AI infrastructure supply chain.
In Korea's IT services market, DataSolution operates as a mid-sized specialist in data and AI infrastructure and consulting amid competition between large system integrators such as Samsung SDS and LG CNS and similarly sized peers including Lotte Innovate, Asiana IDT, and Polaris AI.
Its client base spans public, financial, and manufacturing sectors, with an expanding weight toward financial-sector clients recently.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩22.6B | ₩300M | 1.5% |
| 2025Q3 | ₩23.3B | -₩400M | −1.7% |
| 2025Q4 | ₩42.1B | ₩4.4B | 10.3% |
| 2026Q1 | ₩31.5B | -₩1.1B | −3.4% |
| 2026Q2 | ₩30.1B | ₩1.2B | 4.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩99.1B | ₩2.7B | ₩2.4B | 2.7% | 7.7% | 121.9% |
| 2023 | ₩99.3B | ₩1.3B | ₩1.6B | 1.3% | 4.8% | 136.1% |
| 2024 | ₩110.1B | ₩58,404,986 | ₩200M | 0.1% | 0.7% | 111.4% |
| 2025 | ₩103.8B | ₩1.2B | ₩1B | 1.2% | 3.0% | 94.3% |
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
2025 consolidated revenue came to KRW 103.8 billion, down from KRW 110.1 billion in 2024, but operating profit rose markedly to KRW 1.2 billion (1.2% margin) from just KRW 0.06 billion (0.1% margin) in 2024. Net profit also expanded from KRW 0.24 billion in 2024 to KRW 1.0 billion in 2025, reflecting a recovery trend.
Still, both figures remain well below 2022 levels, when operating profit was KRW 2.66 billion and net profit KRW 2.40 billion, following a sharp profit contraction in 2023-2024 that only partially reversed in 2025.
On a quarterly basis, operating profit of KRW 0.34 billion and net profit of KRW 0.58 billion in Q2 2025 gave way to an operating loss of KRW 0.39 billion and net loss of KRW 0.21 billion in Q3, before revenue surged to KRW 42.1 billion in Q4 alongside a large operating profit of KRW 4.36 billion and net profit of KRW 3.57 billion.
This pattern appears linked to the seasonal concentration of public and corporate IT budget execution toward year-end.
The company then posted another operating loss of KRW 1.07 billion and net loss of KRW 0.94 billion in Q1 2026, before swinging back to an operating profit of KRW 1.25 billion and net profit of KRW 1.42 billion in Q2 2026, illustrating recurring quarterly volatility.
Meanwhile, 2025 operating cash flow was negative at KRW -1.71 billion despite the accounting profit turnaround, which may relate to payment terms on large hardware-heavy contracts or swings in inventory and receivables. The debt ratio rose from 121.9% in 2022 to 136.1% in 2023 before declining to 111.4% in 2024 and 94.3% in 2025.
The Korean government, through the National IT Industry Promotion Agency, is advancing public-sector AI infrastructure expansion programs such as the AI Computing Resource Utilization Enhancement project, with a supply structure that channels products through cloud service providers such as Samsung SDS.
Domestic AI data center investment itself is expanding, illustrated by a Shinsegae and Reflection AI data center project planned with power capacity of 250 megawatts, a scale exceeding existing or planned AI data centers in Korea.
In the financial sector, discussion of AI transformation centers on AI agents for personalized service, operational efficiency, and risk and fraud detection, with the ability to connect proprietary domain data to secure AI agents identified as a key competitive factor.
At the same time, US export controls and related policy shifts on high-performance AI GPUs remain a variable across the supply chain, creating potential uncertainty over product availability for distributors of imported hardware.
Competitively, large system integrators such as Samsung SDS and LG CNS hold leadership in AI infrastructure buildout, with smaller players like DataSolution typically participating as partners or distributors within that structure.
As a result, growth in government-led program volumes can lift revenue contribution for smaller IT service firms, even though such distribution-oriented business tends to carry relatively thin margins.
The key variable going forward is the pace at which revenue is recognized from the KRW 438.1 billion contract signed with Samsung SDS in July 2026.
The contract value equals 422% of 2025 revenue, with payment split evenly between an advance and a final installment, and the contract period extends to December 2031, suggesting recognition could be spread across multiple years.
Since the delivery method involves sales and installation of imported AI infrastructure products, the actual timing and scale of revenue recognition will need to be confirmed through upcoming quarterly disclosures.
Given the pronounced seasonality seen historically, with revenue and profit concentrated in the fourth quarter, it cannot be ruled out that this large contract will also see recognition concentrated in particular quarters.
The company continues to pursue LLM-based application development through AI technology research and expansion of its financial-sector AX business, making additional order wins in financial AI transformation projects a point to watch.
In parallel, industry-academia collaboration such as the aerospace and geospatial AI education program with Chungnam National University's RISE program reflects ongoing efforts to build AI capabilities.
The current share price trades at a multiple close to the upper end of its historical range, and it also sits in a range that reflects a premium to net asset value. With no recent dividend payment history, the stock's appeal on a dividend yield basis is not particularly notable within its sector.
On the earnings side, profitability moved from a level close to breakeven in 2024 toward a recovery direction in 2025, and 2026 has continued to show quarters alternating between losses and profits.
How the large public-sector AI infrastructure contract feeds into revenue and profit recognition over the coming quarters could influence how the market assesses valuation going forward.
The fact that this contract, given its distribution-type nature, likely carries relatively thin margins is a factor to weigh alongside the pace of any earnings improvement.
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
The KRW 438.1 billion contract signed with Samsung SDS in July 2026 amounts to 422% of 2025 revenue, potentially providing a revenue base over multiple years through 2031. The condition of a 50% advance payment could also have a partially positive effect on initial cash flow. Participation in the government-led AI infrastructure program has also secured a public sector reference.
The company is focusing on developing LLM-based applications through AI technology research and is expanding its AX business in the financial sector.
The financial sector is increasingly adopting AI agents for personalized services, operational efficiency, and risk detection, and continued growth in related demand could lead to new project orders. Consulting and service-oriented businesses may have a better margin structure than hardware distribution.
The debt ratio showed a trend of declining from 136.1% in 2023 to 94.3% in 2025. Equity capital also steadily increased from KRW 31.3 billion to KRW 35.2 billion between 2022 and 2025.
However, whether this improvement will continue needs to be monitored together with changes in the funding burden from executing future large-scale contracts.
After recording operating losses in Q3 2025 and Q1 2026 respectively, followed by a turnaround to profit in the subsequent quarter, profit and loss have repeatedly reversed over the past five quarters.
Strong seasonality with revenue and profit concentrated in Q4 makes it difficult to gauge the annual trend from the performance of the remaining quarters alone. Large new contracts are also likely to be recognized in specific quarters, which could increase volatility further.
Operating cash flow in 2025 was -KRW 1.71 billion, and despite recording net income of KRW 1.05 billion in the same year, cash actually flowed out on a net basis. This may be related to payment terms for large hardware distribution-type revenue or changes in inventory and receivables.
A similar cash flow burden cannot be ruled out from recurring during the execution of new large-scale contracts.
This contract with Samsung SDS is being carried out in the form of sales and installation of foreign AI infrastructure products, so while the revenue scale is large, the margin rate may be limited. The operating margin declined from 2.7% in 2022 to 0.1% in 2024, only partially recovering to 1.2% in 2025.
It should also be considered that pricing power may be limited given the structure of cooperation with large SI companies.
The KRW 438.1 billion contract includes the sale and installation of foreign GPU servers, among other items, and may be affected by the global supply chain situation.
As the U.S. government restricts exports of high-performance AI GPUs to certain countries, related policy changes could potentially affect the timeline for securing products. As the contract period is long, extending to 2031, there is also room for adjustments in order volume or schedule in the interim.
As seen in the case of the operating margin plunging from 2.7% in 2022 to 0.1% in 2024, margins can easily fluctuate in a business structure with a large proportion of hardware distribution. Even in 2025, the operating margin only reached 1.2%, so the absolute profit scale remains not large.
If the margin level of large contracts is set low, the pace of profit improvement may be slow even amid revenue growth.
As shown in the case of Q4 2025 revenue significantly increasing to KRW 42.15 billion compared to other quarters, performance tends to be influenced by the year-end concentration of public and corporate IT budget execution.
Changes in government budget allocation or project execution schedules could immediately affect performance in specific quarters. Due to the indirect supply structure through large SI companies, the company is also exposed to budget and policy changes at the final ordering organization.
Check whether revenue from the KRW 438.1 billion Samsung SDS contract has begun to appear in Q3 results, and at what scale and margin.
Watch whether the historical Q4 seasonality of concentrated revenue and profit repeats, and how much additional recognition from the large contract appears.
Monitor developments in US export control policy on high-performance AI GPUs, as changes could affect procurement schedules for imported products.
The 2026 full-year results should reveal more concretely how the large contract contributed to revenue and profit, while operating cash flow trends should also be checked.
DataSolution secured a KRW 438.1 billion government AI infrastructure supply contract via Samsung SDS in July 2026, adding an order book far exceeding its annual revenue scale.
Operating and net profit recovered year-on-year in 2025 and the debt ratio trended lower, yet quarterly volatility persisted, with operating losses recorded in Q3 2025 and Q1 2026. Negative operating cash flow in 2025 highlights a gap between accounting profit and actual cash generation.
Key points to watch going forward include the pace and margin level at which the large contract's revenue and profit are recognized, along with any additional order wins in the financial AX and LLM application business.
The company also remains exposed to external variables such as public budget execution timing and shifts in overseas GPU supply chain policy, warranting confirmation through disclosures over the coming quarters.
Report written 2026-09-05 · Data as of 2026-09-04
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