PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Prices as of the 2026-10-02 close
Redwoods faces a trading halt after a disclaimer audit opinion while betting on its Wonju studio project, even as revenue has shrunk to near-zero levels.
2025 revenue fell to just KRW 215,008, effectively vanishing even versus 2024's already tiny KRW 13.6 million.
Trading has been halted since March 31, 2026 due to a disclaimer audit opinion, with an improvement period subsequently granted.
Owners' equity swung from full capital impairment (-KRW 10.8 billion) in 2023 to positive in 2024, then shrank again to about KRW 160 million by end-2025.
A capital reduction in December 2025 adjusted share counts, including those held by executives.
The Wonju Redwoods Park studio investment plan was revised down from an initial KRW 113.2 billion to KRW 93.2 billion.
Redwoods, founded in 2010 and listed on the KONEX market in June 2017, is a comprehensive content production company that recently changed its corporate name from Ppurigipeunnamudul to Redwoods.
Its core businesses are content production, actor management, sports marketing, and studio operations, with roughly 20 actors affiliated under its Management Redwoods label.
More recently, the company has attempted to expand into tourism, education, exhibition, and new-distribution businesses built around a metaverse platform.
Its flagship project is Redwoods Park, an urban-center mixed-use studio complex being built in the Wonju Innovation City in Gangwon Province, designed to accommodate drama, film, AR, and VR metaverse content production alongside officetel and neighborhood-facility components.
The project, first planned in 2016, has gone through multiple design and investment-scale revisions; an initial investment plan of KRW 113.2 billion was later reduced and corrected to KRW 93.2 billion amid rising raw material costs and interest rates.
In the past, the majority of revenue reportedly came from the management activities of affiliated actors, meaning results were structurally sensitive to the popularity of specific talent.
The company has previously stated goals of securing a stable revenue base upon completion of the studio and pursuing a transfer listing to KOSDAQ, but the recent disclaimer audit opinion has raised uncertainty over the feasibility of these plans.
Competitively, the company is classified as a small KONEX-listed player that is substantially outmatched in capital scale and content production volume compared with larger studio and management firms.
| Quarter | Revenue | Operating profit | Op. margin |
|---|
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.3B | -₩2.2B | -₩1.1B | −170.7% | — | −223.9% |
| 2023 | ₩800M | -₩1.9B | -₩3B | −232.0% | — | −169.8% |
| 2024 | ₩13,636,364 | -₩3B | -₩5B | −21786.2% | −175.3% | 924.7% |
| 2025 | ₩215,008 | -₩800M | -₩2.6B | −351636.0% | −1659.4% | −31335.9% |
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
Confirmed financials show revenue collapsing from KRW 1.29 billion in 2022 to KRW 837 million in 2023, then to KRW 13.6 million in 2024, and further to just KRW 215,008 in 2025, indicating the business was effectively dormant.
Operating loss widened from -KRW 2.20 billion in 2022 to -KRW 1.94 billion in 2023 and -KRW 2.97 billion in 2024, before narrowing to -KRW 756 million in 2025. Net loss attributable to owners similarly widened to -KRW 5.01 billion in 2024 before narrowing to -KRW 2.65 billion in 2025.
However, this narrowing of losses should be read alongside the near-total disappearance of revenue, meaning it likely reflects a collapse in costs rather than a genuine recovery in profitability.
On the balance sheet, owners' equity remained in full capital impairment at -KRW 7.96 billion in 2022 and -KRW 10.82 billion in 2023, turned positive at KRW 2.86 billion in 2024, but shrank again to about KRW 160 million by the end of 2025.
Total equity including non-controlling interests flipped from positive KRW 2.70 billion in 2024 back to negative KRW 87 million in 2025. Total liabilities rose steadily from KRW 18.34 billion in 2022 to KRW 27.16 billion in 2025, indicating a growing financial burden.
Operating cash flow was negative across all four years, though the outflow narrowed from -KRW 2.42 billion in 2024 to -KRW 468 million in 2025, still reflecting an absence of cash-generating capability.
The debt ratio loses conventional meaning in years when total equity turns negative; the -31,336% figure for 2025 arises mechanically from a negative equity base rather than reflecting a standard leverage reading.
The domestic drama and film content production industry has seen intensified competition for content IP amid expanding OTT platform investment, but at the same time, rising production costs and a shrinking advertising market have generally weighed on the profitability of small and mid-sized production companies.
While large studios and management firms leverage capital strength to secure major IP and star actors, smaller players like Redwoods face a structurally fragile revenue base that can effectively disappear.
On the studio infrastructure side, regional studio projects such as Redwoods Park in Wonju have been planned in line with a broader trend of large domestic and overseas producers building large-scale studios outside major cities, though the funding burden through construction and completion has proven substantial in practice.
The KONEX market itself, designed for small and venture companies aiming for eventual KOSDAQ transfer, is structurally characterized by limited trading volume and liquidity, which further complicates fundraising conditions for underperforming issuers.
Disclaimer audit opinions, full capital impairment, and going-concern uncertainty are risk patterns observed repeatedly across a number of small KONEX and KOSDAQ media and content companies, and Redwoods can be considered part of this vulnerable segment of the industry.
Attempts to expand into sports marketing and metaverse-related business align with a broader diversification trend across the content industry, but no concrete revenue outcomes from these efforts have yet been confirmed.
The company's top priority is resolving the audit opinion issue within the improvement period and demonstrating its viability as a going concern.
Trading has been halted since March 31, 2026, with an improvement period subsequently granted; the halt is set to continue until 10 days after the statutory filing deadline for the following fiscal year's business report, after which a delisting decision will be made.
The Wonju Redwoods Park studio project has a history of repeated adjustments to investment size and construction schedule, making ongoing disclosure verification of actual progress necessary going forward.
The company has previously stated at investor briefings a goal of securing a stable revenue structure upon studio completion and expanding its content and sports-marketing businesses, but given that revenue has nearly disappeared, the timing of achieving these goals remains uncertain.
Given the capital reduction implemented in December 2025, further capital-structure adjustments—such as rights offerings or convertible bond issuances—cannot be ruled out going forward.
A KOSDAQ transfer listing plan has also been mentioned multiple times in the past, but pursuing such a process appears practically difficult while the disclaimer audit opinion remains outstanding.
Going forward, monitoring should focus less on any revenue resumption and more on normalization of the audit opinion, resolution of capital impairment, and whether listing-maintenance requirements are met within the improvement period.
Because the company continues to post net losses attributable to owners, conventional earnings-based valuation metrics are difficult to apply in a meaningful way.
The scale of owners' equity itself has moved unstably between full capital impairment and brief positive turns, so caution is warranted regarding the reliability of the equity base used as a reference point when discussing price levels relative to net asset value.
No dividend payment history has been confirmed in recent years, making dividend-based comparisons similarly limited in value. Because trading in the shares has been halted, judgments about whether the currently prevailing price reflects normal supply and demand should also be made with caution.
On balance, price-related metrics for this stock are likely to be driven far more by listing-maintenance events—such as normalization of the audit opinion or resolution of capital impairment—than by any near-term improvement or deterioration in operating performance.
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
Operating loss narrowed from -KRW 2.97 billion in 2024 to -KRW 756 million in 2025, and net loss attributable to owners shrank from -KRW 5.01 billion to -KRW 2.65 billion over the same period. Operating cash outflow also narrowed from -KRW 2.42 billion to -KRW 468 million.
However, this may partly reflect costs falling alongside a near-total collapse in revenue, warranting caution in interpretation.
Redwoods Park, under development in the Wonju Innovation City, is planned as a complex studio capable of drama, film, and metaverse content production. The investment scale was adjusted from an initial KRW 113.2 billion to KRW 93.2 billion, indicating continued intent to proceed with the project. If completed, it could become a new revenue source through content-production infrastructure leasing.
Beyond content production, the company has attempted to expand into actor management, sports marketing, and metaverse-based tourism, education, exhibition, and new-distribution businesses. Management Redwoods has roughly 20 affiliated actors, maintaining at least a minimal management business base. This diversification could potentially serve as a foundation for future revenue recovery.
2025 revenue was just KRW 215,008, effectively down to a level suggesting the business has ceased operating, compared with KRW 1.29 billion in 2022. This follows an already sharp 98.3% year-over-year revenue decline in 2024. With the revenue base effectively gone, a narrowing of losses may not represent a genuine profit recovery.
Owners' equity swung from -KRW 10.82 billion (full capital impairment) in 2023 to +KRW 2.86 billion in 2024, then shrank again to about KRW 160 million by end-2025. Total equity including non-controlling interests turned negative again at -KRW 87 million in 2025.
Total liabilities grew to KRW 27.16 billion while operating cash flow remained negative for four consecutive years, leaving very little financial buffer.
Trading was halted from March 31, 2026 due to a disclaimer audit opinion, with an improvement period subsequently granted. The improvement period runs until 10 days after the statutory filing deadline for the following fiscal year's business report, after which a delisting decision is made. If the audit opinion issue is not resolved within the improvement period, the process could lead to delisting.
A delisting cause arose from the disclaimer audit opinion, and an improvement period has been granted, with the delisting decision to follow its conclusion. If the disclaimer opinion is not resolved in the next fiscal year's audit report, delisting could result. The longer the trading halt persists, the harder it becomes for investors to secure liquidity.
Total equity has repeatedly cycled between full capital impairment and brief positive turns over multiple years, while total liabilities have grown steadily. Operating cash flow has been negative for four consecutive years, indicating heavy reliance on external financing.
Uncertainty over the company's ability to continue as a going concern appears to be reflected in the audit opinion itself.
The Wonju Redwoods Park studio project has a history of repeated changes to its construction schedule and investment scale, creating significant uncertainty around its completion timing.
The core actor-management business, previously a key revenue source, is heavily dependent on the activity levels of affiliated actors. With revenue having nearly vanished, it also remains unconfirmed whether new business lines such as metaverse or sports marketing will translate into actual earnings.
Check for ad hoc disclosures on the progress of the Wonju Redwoods Park construction and any further changes to investment scale or schedule.
Additional capital-raising disclosures such as rights offerings or convertible bond issuances may emerge, warranting continued monitoring of capital-structure changes.
This marks the statutory filing deadline for the FY2026 business and audit reports and the resulting end of the improvement period; check whether the audit opinion is normalized and whether a delisting decision is made.
KRX notices regarding a possible resumption of trading may be issued, so related disclosures should be continuously monitored.
Redwoods has seen its revenue shrink to a near-nonexistent level, while its losses have narrowed somewhat—though this likely reflects cost reduction rather than a genuine profit recovery.
Total equity has shown highly unstable movement between full capital impairment and brief positive turns, liabilities have grown steadily, and operating cash flow has been negative for four consecutive years.
Trading has been halted since March 31, 2026 due to a disclaimer audit opinion, with an improvement period subsequently granted; a delisting decision is set to follow the statutory filing deadline for the next fiscal year's business report.
The Wonju Redwoods Park studio project is the company's stated pillar for revival, but given its history of repeated adjustments to investment scale and schedule, both its completion timing and eventual monetization remain uncertain.
Because trading is halted, the normalcy of current price formation itself also warrants caution.
Going forward, observation should focus less on any revenue recovery and more on normalization of the audit opinion, resolution of capital impairment, and whether listing-maintenance requirements are met within the improvement period.
Report written 2026-09-05 · Data as of 2026-09-04
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