PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Prices as of the 2026-10-02 close
SSR is pursuing business integration and shareholder returns through the Trinity Soft merger and treasury share retirement, even as quarterly earnings volatility coincides with tightening KOSDAQ market-cap listing requirements.
SSR completed the absorption-type merger with Trinity Soft on April 28, 2026, unifying infrastructure and application security businesses under one legal entity.
In February 2026 the company retired 382,091 shares—50% of its 764,181 treasury shares—cutting the treasury-stock ratio from 12.7% to 6.8%.
FY2025 consolidated revenue reached a record above KRW 13 billion and operating profit turned positive, yet net loss attributable to owners widened.
In Q1 2026, revenue fell 25.7% year over year and the operating loss widened, again highlighting seasonal volatility.
KOSDAQ's minimum market-cap listing threshold is being raised in stages—to KRW 20 billion from July 2026 and KRW 30 billion from January 2027—keeping listing-maintenance pressure on this small-cap name.
Founded in August 2010, SSR is a KOSDAQ-listed security firm that develops, produces, and distributes information-security products and provides related consulting and monitoring services.
Its business consists of information-security technology and management consulting, the vulnerability-diagnosis solution SolidStep, and the web-hacking-prevention solution MetiEye, targeting financial, public-sector, and corporate clients with diagnostic automation and tailored consulting.
Trinity Soft, an application-security specialist founded in January 2005, became a 99%-owned subsidiary of SSR in July 2024; its flagship products are the source-code vulnerability analysis solution CODE-RAY XG and the web vulnerability analysis solution SCAN-RAY XG.
On April 28, 2026, SSR, as the surviving entity, completed an absorption-type merger with Trinity Soft.
The merger reflects an industry view that unified inspection covering infrastructure, applications, and source code is increasingly demanded by public and financial-sector clients, pushing single-domain security models toward platform-based integrated management.
Management has cited upgrading detection engines for cloud-native architectures and entering the Japanese market as future strategic priorities.
Many similarly positioned small-cap firms exist among listed domestic security companies, making the competitive landscape fragmented, and most revenue is generated from solution sales and security consulting.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩2.4B | -₩700M | −30.9% |
| 2025Q2 | ₩3.1B | ₩3,203,957 | 0.1% |
| 2025Q3 | ₩2.4B | -₩400M | −17.1% |
| 2025Q4 | ₩5.1B | ₩1.5B | 28.5% |
| 2026Q1 | ₩1.8B | -₩1.3B | −72.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩12.5B | ₩2.4B | ₩1.9B | 19.1% | 6.8% | 13.3% |
| 2023 | ₩12.2B | ₩1.6B | ₩1.7B | 13.2% | 6.3% | 11.7% |
| 2024 | ₩11.6B | -₩300M | -₩300M | −2.7% | −0.9% | 15.6% |
| 2025 | ₩13B | ₩300M | -₩1.7B | 2.5% | −6.7% | 16.7% |
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
FY2025 consolidated revenue rose to KRW 13.05 billion from KRW 11.61 billion a year earlier, as the company achieved its highest-ever consolidated revenue on record.
Operating profit turned positive at roughly KRW 0.32 billion (a 2.5% margin), yet net loss attributable to owners widened to about KRW 1.66 billion from KRW 0.25 billion a year earlier, an outcome linked to goodwill impairment related to a subsidiary.
By quarter, Q4 2025 revenue and operating profit were the year's highest at KRW 5.13 billion and KRW 1.46 billion respectively, yet the quarter still produced a net loss attributable to owners of about KRW 1.12 billion, underscoring a clear gap between operating results and net income.
Losses also occurred in Q1 (operating loss KRW 0.73 billion, net loss KRW 0.52 billion) and Q3 2025 (operating loss KRW 0.42 billion, net loss KRW 0.19 billion), with only Q2 2025 posting a modest profit (operating profit KRW 0.03 billion, net profit KRW 0.18 billion), reflecting large quarter-to-quarter swings.
In Q1 2026, consolidated revenue fell 25.7% year over year while the operating loss expanded 75.0% and net loss widened 40.5%, a pattern the company's data provider attributes to seasonality tied to year-end budget execution by public agencies and large enterprises.
Over the trailing four quarters from Q2 2025 through Q1 2026, net loss attributable to owners totaled about KRW 1.87 billion—a marked profitability retreat compared with the double-digit operating margins of 19.1% and 13.2% recorded in 2022 and 2023.
The domestic information-security market is shifting its demand focus from vulnerability diagnosis and consulting toward cloud, AI, and supply-chain security.
Industry observers note that as public-sector and financial clients increasingly demand unified inspection spanning infrastructure, applications, and source code, single-domain security models are being restructured into platform-based integrated management systems.
Against this backdrop, SSR is pursuing a strategy of combining infrastructure vulnerability diagnosis with application and source-code security to build integrated-platform competitiveness.
Many similarly positioned small-cap firms exist among listed domestic security companies, including Jiran Security, Korea Information Certificate Authority, Gison, Fescaro, and RaonSecure, making competition fragmented.
Amid rising growth expectations for next-generation security areas such as AI, quantum security, vehicle security, and authentication—alongside a view that share prices have not fully reflected corporate value—domestic security companies have increasingly turned to treasury-share buybacks and retirements this year.
SSR is cited as the first mover among peers in executing such a retirement. The security industry carries pronounced seasonality tied to public and financial-sector budget execution cycles, which contributes to relatively large quarterly earnings volatility for individual companies.
The absorption-type merger with Trinity Soft, completed on April 28, 2026, unified infrastructure security and application security businesses that had previously been run as separate legal entities.
Management stated it aims to strengthen bidding competitiveness on the back of the combined entity's financial soundness and credit standing, while reducing duplicate costs and unifying decision-making to improve management efficiency.
In February of the same year, the company decided to retire 382,091 shares—50% of its 764,181 treasury shares—cutting the treasury-stock ratio from 12.7% to 6.8%, and stated it would continue to review various shareholder-return policies going forward to keep enhancing corporate value.
On the strategic front, management has cited upgrading detection engines for cloud-native architectures and entering the Japanese market as future priorities.
However, despite these integration and shareholder-return efforts, results through Q1 2026 showed declining revenue and a widening operating loss, meaning merger synergies have not yet clearly materialized in the numbers.
Whether the integrated-platform synergies and overseas expansion plans the company has outlined translate into actual orders and revenue will need to be confirmed through upcoming quarterly results and disclosures.
SSR's share price sits close to its net asset value, a range that shows neither a pronounced premium nor a discount relative to book value. Because earnings have swung between profit and loss over recent years, comparing profitability-based valuation metrics is not straightforward.
Thebell reported that as of early February 2026 the price-to-book ratio stood at 0.65 times, and that gap has narrowed somewhat since then following the treasury-share retirement and subsequent price moves.
No dividend has been paid based on the most recent fiscal year, limiting the usefulness of dividend-yield comparisons. The fact that market capitalization sits relatively close to the KOSDAQ listing-maintenance market-cap threshold is also a factor worth weighing when interpreting valuation.
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
The absorption of Trinity Soft allows the combined entity to offer integrated infrastructure, application, and source-code security under one legal entity. Management expects bidding competitiveness to rise on the back of the merged firm's financial soundness and credit standing.
This aligns with a broader trend of public- and financial-sector clients demanding unified security inspections.
In February 2026 the company retired 50% of its 764,181 treasury shares, lowering the treasury-stock ratio from 12.7% to 6.8%. Management stated it would continue reviewing additional shareholder-return measures beyond this retirement.
A broader wave of treasury-share buybacks and retirements has also been spreading among listed domestic security firms.
FY2025 consolidated revenue rose to a record above KRW 13 billion year over year, and annual operating profit turned positive. The business demonstrated double-digit operating margins of 19.1% and 13.2% in 2022 and 2023, confirming underlying profit-generation capability.
Demand for vulnerability diagnosis and web-security solutions from public and financial-sector clients appears to be continuing.
Despite revenue growth and a positive operating profit in FY2025, net loss attributable to owners widened to about KRW 1.66 billion. In Q4 alone, operating profit exceeded KRW 1.4 billion yet the quarter still posted a net loss of roughly KRW 1.1 billion, showing a large gap between operating results and net income.
In Q1 2026, revenue declined while both the operating loss and net loss widened, bringing the trailing four-quarter net loss attributable to owners to about KRW 1.87 billion.
The KOSDAQ market-cap-based delisting threshold is being raised in stages to KRW 20 billion from July 2026 and KRW 30 billion from January 2027. Thebell noted that, as of early February 2026, the company's market capitalization of KRW 16.4 billion was the lowest among listed domestic security peers.
If market capitalization stays below the threshold for a sustained period, it can trigger designation as a managed issue and subsequent delisting review.
Korea's Securities and Futures Commission previously found that the company had overstated revenue during audit reporting for fiscal years 2017 through 2019. The episode led to a prolonged trading halt as well as a dismissal recommendation for a former CEO and a prosecution referral, damaging market trust. This legacy issue may continue to weigh on trust-building with new investors.
KOSDAQ's minimum market-cap listing threshold is being tightened in stages to KRW 20 billion from July 2026 and KRW 30 billion from January 2027.
Once designated a managed issue, failing to recover above the threshold for at least 45 out of 90 subsequent trading days can lead to delisting, making continuous market-cap monitoring important for this small-cap company.
Quarterly revenue and earnings show large swings, and one-off factors such as goodwill impairment related to a subsidiary have affected net income. Seasonality tied to public- and financial-sector budget execution cycles also reduces the predictability of results.
The accounting-standard violation triggered by revenue overstatement during fiscal years 2017–2019 previously led to a trading halt, a dismissal recommendation for executives, and a prosecution referral. This history of legal risk may remain a burden for building trust with new investors.
Check the Q3 quarterly report filing for the first full quarter reflecting Trinity Soft integration, including revenue and profit trends.
Continue monitoring whether the company satisfies the current KOSDAQ market-cap listing threshold (KRW 20 billion) and whether any managed-issue-designation warning disclosure occurs.
The KOSDAQ market-cap listing threshold rises further to KRW 30 billion, requiring renewed assessment of whether the company meets it.
Watch for disclosures or IR updates on further shareholder-return measures (buybacks or retirements) and concrete progress on the Japanese market entry following Trinity Soft integration.
In 2026, SSR pursued two major changes simultaneously: business-structure integration through the absorption of Trinity Soft and shareholder returns via treasury-share retirement.
FY2025 consolidated revenue reached a record high and annual operating profit turned positive, yet net loss attributable to owners widened due to one-off factors such as subsidiary-related impairment.
Through Q1 2026, revenue continued to decline and the operating loss widened, leaving the trailing four-quarter figure back in net-loss territory.
Compounding this, KOSDAQ's market-cap listing threshold is being raised in stages to KRW 20 billion in July 2026 and KRW 30 billion in January 2027, making market-cap management as important a variable as earnings recovery for this small-cap company.
The legal-risk history stemming from the 2017–2019 accounting-standard violation is also a factor investors may weigh regarding trust.
Whether the integration synergies with Trinity Soft, additional shareholder returns, and the planned Japanese market entry translate into actual orders and revenue will need to be confirmed progressively through upcoming quarterly results and disclosures.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.