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
Skonec's revenue is growing, but the company keeps booking large losses, and a delisting review triggered by an adverse audit opinion has become the dominant variable.
2025 revenue rose to KRW 6.76 billion, but the operating loss widened to KRW 12.23 billion and the net loss to KRW 21.86 billion.
After the controlling shareholder changed from the founder to Globmeta in March 2025, an audit opinion disclaimer due to a scope limitation followed, and in April 2026 a delisting-eligibility event was disclosed and trading was suspended.
Overlapping convertible-bond and rights issuances, alongside allegations of a no-capital acquisition, have deepened governance and funding uncertainty.
The XR content business base remains intact, including VR game collaboration with Meta, training content supplied to the Korean National Police Agency, and a contract with Samsung Global Research.
The progress of the delisting objection and improvement-period process, and the final review outcome, are the biggest items to watch going forward.
Founded in 2002, Skonec focuses on VR/MR game development and XR training content. It commercialized the world's first VR FPS game Mortal Blitz VR, and its proprietary XR walking system was registered as an IEEE international standard in 2024.
In the metaverse XR game segment, it develops VR titles such as Strike Rush and Another Door as well as MR titles like MR Traveler, backed by multi-platform expansion technology.
Its XR training business centers on defense and police applications, with POLICEONE registered as an innovative product and supplied to the Korean National Police Agency.
In February 2026 the company signed a contract with Samsung Global Research for XR plus generative-AI interview training content (KRW 789 million, contract period January 30 to May 31, 2026), continuing its B2B education content supply.
Through subsidiaries, the company also operates a duty-free shopping brokerage business and a real estate business as part of diversification.
It has continued co-developing games with Meta in response to big tech's build-out of MR ecosystems and plans further expansion through convergence with AI and blockchain technologies.
However, since the controlling shareholder changed from the founder to Globmeta (formerly Unicorp) in March 2025, tension between new-business initiatives and governance stability has become a variable across the business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩900M | -₩2.5B | −259.8% |
| 2025Q3 | ₩2.1B | -₩2B | −92.4% |
| 2025Q4 | ₩2.9B | -₩5.5B | −191.5% |
| 2026Q1 | ₩700M | -₩1.7B | −247.9% |
| 2026Q2 | ₩700M | -₩900M | −131.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩3.6B | -₩4.6B | -₩4.4B | −127.2% | −17.5% | 16.6% |
| 2023 | ₩6.2B | -₩6.1B | -₩5.3B | −96.9% | −23.0% | 13.2% |
| 2024 | ₩4.4B | -₩7.5B | -₩6.6B | −168.2% | −38.2% | 12.4% |
| 2025 | ₩6.8B | -₩12.2B | -₩21.9B | −181.0% | −165.8% | 55.9% |
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
Annual revenue rose from KRW 3.64 billion in 2022 to KRW 6.25 billion in 2023, fell to KRW 4.44 billion in 2024, and rose again to KRW 6.76 billion in 2025.
The operating loss widened for four straight years, from KRW -4.63 billion in 2022 to KRW -6.05 billion in 2023, KRW -7.46 billion in 2024, and KRW -12.23 billion in 2025.
Net loss attributable to owners also grew from KRW -4.45 billion in 2022 to KRW -21.86 billion in 2025, more than tripling from KRW -6.65 billion in 2024. By quarter, the Q4 2025 net loss alone reached KRW -15.71 billion, accounting for most of the full-year loss.
Revenue then fell sharply in Q1 and Q2 2026 to KRW 704 million and KRW 658 million respectively, though the operating loss eased to KRW -1.74 billion and KRW -0.87 billion, smaller than Q4's KRW -5.53 billion.
However, the Q2 2026 net loss widened again to KRW -2.15 billion from KRW -0.74 billion in Q1, showing continued earnings volatility.
Owners' equity fell from KRW 25.48 billion in 2022 to KRW 13.20 billion in 2025, roughly matching the four years of cumulative losses, while total liabilities jumped to KRW 7.38 billion in 2025 from KRW 2.15 billion a year earlier, pushing the debt ratio from 12.4% to 55.9%.
Operating cash flow was also negative every year, widening to KRW -11.21 billion in 2025, a pattern consistent with the need for external funding such as convertible bond issuance.
The VR/MR content market has grown alongside the expansion of devices from global big tech firms such as Meta Quest, and Skonec has a long history of co-developing VR FPS games with Meta.
Strike Rush, officially launched on the Meta Quest platform in 2024, is a flagship example of this collaboration, followed by efforts to strengthen the revenue structure through DLC expansion.
The XR training market is underpinned by public-sector demand from defense and police, and the IEEE international standardization of the XR walking system is cited as a technical basis for expanding overseas exports.
Indeed, cumulative consolidated revenue through the third quarter of 2025 rose 61.4% year over year, a result explained by growth in the XR training and duty-free brokerage businesses.
In the same period, however, the operating loss grew 13.4% and net loss grew 16.7%, showing that revenue growth did not immediately translate into improved profitability.
In terms of competitive positioning, Skonec's revenue scale and capital base are small relative to global device makers such as Meta and Sony and larger game studios, leaving the company reliant on niche positioning built on B2B/B2G references.
Amid a broader rise in KOSDAQ small-cap game and content firms facing delisting review over audit opinions and financial soundness, Skonec was among 23 KOSDAQ companies for which a delisting-eligibility event arose from an adverse audit opinion in 2026.
In October 2025 the company issued convertible bonds (KRW 3.0 billion from Wise Properties, KRW 1.0 billion from Golden Park Partners), with proceeds earmarked partly for the remaining payment on the acquisition of Jeju BK (a deal totaling roughly KRW 15.0 billion).
In 2026 the company then carried out a rights offering to its controlling shareholder Globmeta, allotting 4,354,136 new shares (about 16.76% of shares outstanding after the issuance), though reports suggested most of the funding was estimated to have come from external borrowing.
Globmeta itself, however, was a small entity with equity of only KRW 0.7 billion and revenue of KRW 0.4 billion as of its 2024 financial statements, leaving market doubts about the sustainability of the acquisition and capital-raising funding.
During this period, the auditor issued a disclaimer of opinion on the 2025 fiscal year financial statements citing a scope limitation, and on April 7, 2026 the company disclosed that a delisting-eligibility event had occurred, suspending trading of its shares.
The company can file an objection within a set period from the notice of the delisting cause to contest whether an improvement period will be granted, with the actual listing outcome depending on the review's result.
On the business side, the company continues B2B education content contracts such as the XR interview-training content supplied to Samsung Global Research, and appears to maintain plans for DLC expansion of existing VR game IP and development of new MR titles.
Still, the progress of the delisting process is likely to be a bigger near-term variable than ordinary business activities such as funding and partnerships.
Skonec's share price has not moved far from the level that prevailed before trading was suspended following the April 2026 delisting-eligibility event, so caution is warranted when interpreting valuation metrics that assume normal trading.
Regarding the share price relative to net asset value per share, self-calculated estimates and exchange-disclosed figures diverge, leaving mixed readings on whether the stock trades at a premium or a discount to book value.
The company has posted operating and net losses for four consecutive fiscal years, with losses widening sharply in 2025, so capital soundness and the likelihood of maintaining its listing stand out as more important considerations than earnings-based comparisons.
No dividend is being paid, which limits the usefulness of dividend-based comparisons. Overall, current valuation metrics are best interpreted in light of the progress of the delisting process rather than through peer comparisons that assume normal ongoing operations.
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
2025 revenue grew year over year, and on a cumulative basis through Q3 2025 it rose 61.4% versus a year earlier, a result attributed to growth in XR training and duty-free brokerage revenue. The company is diversifying its revenue base through subsidiaries covering duty-free brokerage and real estate.
B2B supply cases with large corporates, such as the XR interview-training content contract with Samsung Global Research, continue.
The proprietary XR walking system was registered as an IEEE international standard in 2024, lending technical credibility. Strike Rush, a VR FPS game co-developed with Meta, was officially launched on the Meta Quest platform, followed by efforts to diversify revenue through DLC expansion. This track record provides a basis for participating in the global XR content supply chain.
POLICEONE has been registered as an innovative product and supplied to the Korean National Police Agency, building a reference base in the public-safety field. The XR training and future-business segments rest on a B2B/B2G structure built through collaboration with numerous companies and public institutions.
This public-sector reference base can serve as a springboard for winning additional training and education content contracts.
The operating loss widened for four straight years from 2022, reaching KRW 12.23 billion in 2025, while the net loss grew from KRW 4.45 billion to KRW 21.86 billion over the same period. In particular, the Q4 2025 net loss alone reached KRW 15.71 billion, accounting for most of the annual loss. As a result, owners' equity fell nearly by half, from KRW 25.48 billion in 2022 to KRW 13.20 billion in 2025.
The auditor issued a disclaimer of opinion on the 2025 fiscal year financial statements citing a scope limitation, and on April 7, 2026 the company disclosed a delisting-eligibility event, suspending trading of its shares.
It was among 23 KOSDAQ firms for which a delisting cause newly arose in the year due to an inadequate audit opinion. A process to contest an objection and whether an improvement period will be granted is under way, and the final listing outcome has not yet been decided.
The March 2025 controlling-shareholder change was not smooth, with the acquiring entity shifting from AK Partners to Globmeta and others, and allegations of a no-capital acquisition were raised in the market.
Some affiliates that supported the acquisition and rights-offering funding reportedly had small equity bases or were in a state of complete capital impairment, leaving doubts about the sustainability of the funding.
Repeated external fundraising through convertible bonds and rights offerings could act as a future dilution factor for shareholders.
A delisting-eligibility event arose from a disclaimer of audit opinion on the 2025 fiscal year, and trading of the shares has been suspended. An objection could be accepted and an improvement period granted, but a final delisting decision by the Listing Committee cannot be ruled out. Until the process concludes, investors face uncertainty over whether the shares can be traded at all.
Operating and net losses have continued for four straight years, and equity declined sharply as losses widened dramatically in 2025. The debt ratio also jumped from 12.4% in 2024 to 55.9% in 2025, increasing financial strain. Operating cash flow has been negative every year as well, sustaining reliance on external funding.
Market distrust persists over the controlling-shareholder change and the parties involved in subsequent convertible-bond and rights-offering transactions, including allegations of a no-capital acquisition.
Some affiliates that funded the deals reportedly had small equity bases or were in a state of complete capital impairment. This governance instability could also negatively affect the execution of new initiatives such as the duty-free acquisition.
Check the Q3 2026 quarterly report filing deadline for revenue and loss trends as well as the auditor's review opinion.
The review outcome will determine whether an improvement period is granted or delisting is confirmed, a key event that will decide the possibility of resuming trading.
Monitor whether the duty-free acquisition funded by convertible-bond proceeds proceeds as planned, and check the related repayment capacity.
This marks the one-year lock-up expiration for the new shares issued in the 2026 rights offering, so the supply impact of any subsequent share sales should be monitored.
Skonec has broadened its revenue base through XR games, training content, and duty-free brokerage, lifting 2025 revenue year over year, but the operating and net losses widened as well, leaving the earnings structure still fragile.
Allegations of a no-capital acquisition arose during the new-business funding process that followed the March 2025 controlling-shareholder change, and a disclaimer of audit opinion for fiscal 2025 led to a delisting-eligibility event and trading suspension in April 2026.
A process to contest an objection and the granting of an improvement period remains unresolved, so whether the listing will be maintained has not yet been decided.
The company continues to maintain its business base, including VR game collaboration with Meta, training content supplied to the Korean National Police Agency, and a contract with Samsung Global Research, but in the near term the outcome of the audit- and listing-related process is likely to matter more than operating results.
Investors should track both upcoming quarterly filings and disclosures related to the listing-eligibility review.
Report written 2026-09-05 · Data as of 2026-09-04
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