KOSDAQIT & Software288980

Moadata

₩214▼ 3.60%2026-10-02 close

Market Cap

₩7.8B

Turnover

₩200M

Volume

930,000 shares

Shares out.

36.4M

PER

—

PBR

—

EPS

-₩762

Dividend Yield

0.00%

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

Report overview

Revenue Slowdown Meets Balance-Sheet Strain

A slowdown in the core AIOps business, widening net losses, and a heavy mezzanine overhang have made balance-sheet repair the central issue for the company.

1
2025 revenue fell sharply to KRW 23.17 billion from KRW 34.37 billion a year earlier, with both operating and net losses widening.
2
Cumulative owners' net loss over the most recent four quarters through 2026Q2 reached roughly KRW 26.7 billion, sharply eroding total equity.
3
Outstanding convertible bonds and bonds with warrants have been reported at a level exceeding market capitalization, implying significant potential dilution.
4
Repeated share-pledge arrangements involving controlling shareholder Han Sang-jin and company-held stakes warrant ongoing governance monitoring.
5
Amid tightening KOSDAQ penny-stock and market-cap maintenance rules, the company is reviewing capital-structure measures such as a reverse stock split.

Business structure

Founded in 2014 and listed on KOSDAQ in March 2022 under the technology special listing track, MoaData's core business is 'PETAON Forecaster,' an AIOps (AI for IT Operations) solution that predicts ICT system failures before they occur.

Commercialized domestically for the first time in 2015 using deep-learning technology, the solution has secured roughly 300 client companies to date.

Most revenue is generated from this anomaly-detection and monitoring solution, and as of the first quarter of 2024, the revenue mix was 90.2% from AI anomaly detection and 9.8% from digital healthcare.

The company entered the digital healthcare market in earnest in January 2023 by acquiring digital-health specialist Mediage. A health platform co-developed with Mediage, combining wearable sensor data with health checkup data analysis, won an innovation award in digital healthcare at CES 2024.

Subsequently, the company acquired a 19.2% stake in KOSDAQ-listed drug-development and pharmaceutical distribution firm BL Corp (now MoaLifePlus), becoming its largest shareholder.

Through these moves, MoaData has evolved into a two-pillar structure spanning AIOps-centered IT infrastructure and healthcare/bio businesses.

The competitive landscape is a mix of domestic IT infrastructure monitoring/AIOps software vendors and healthcare-data startups, and the company is pursuing a strategy of extending its anomaly-detection core technology into adjacent industries such as smart factories.

Earnings trend

Quarterly revenue · Operating profit

₩3.7B-₩1.6B25Q2₩7B-₩1.6B25Q3₩6.4B-₩2.3B25Q4₩4.4B-₩2.3B26Q1₩6.5B-₩1.4B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩21.7B₩1.1B2022₩24.5B-₩400M2023₩34.4B-₩1.3B2024₩23.2B-₩5.9B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩3.7B	-₩1.6B	−43.4%
2025Q3	₩7B	-₩1.6B	−22.8%
2025Q4	₩6.4B	-₩2.3B	−35.9%
2026Q1	₩4.4B	-₩2.3B	−51.5%
2026Q2	₩6.5B	-₩1.4B	−22.0%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩21.7B	₩1.1B	₩1.8B	5.0%	4.8%	50.5%
2023	₩24.5B	-₩400M	₩200M	−1.5%	0.6%	82.2%
2024	₩34.4B	-₩1.3B	-₩3.4B	−3.9%	−9.1%	136.4%
2025	₩23.2B	-₩5.9B	-₩19.7B	−25.6%	−109.4%	303.8%

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

Earnings analysis

Annual results show a profitable 2022 with revenue of KRW 21.71 billion, operating profit of KRW 1.08 billion, and owners' net income of KRW 1.79 billion, but in 2023, despite revenue rising to KRW 24.54 billion, operating profit turned negative at -KRW 0.36 billion, while owners' net income shrank to a small positive KRW 0.24 billion.

In 2024, revenue climbed further to KRW 34.37 billion, yet the operating loss widened to -KRW 1.33 billion and owners' net loss reached -KRW 3.38 billion.

In 2025, revenue fell sharply to KRW 23.17 billion while both the operating loss (-KRW 5.93 billion) and owners' net loss (-KRW 19.74 billion) deepened simultaneously.

On a quarterly basis, revenue declined from KRW 7.01 billion in 2025Q3 to KRW 6.44 billion in Q4 and KRW 4.39 billion in 2026Q1, before recovering somewhat to KRW 6.53 billion in Q2, while the operating loss stayed persistently in the range of roughly -KRW 1.4 billion to -KRW 2.3 billion across all four quarters.

Notably, owners' net losses of -KRW 11.45 billion in 2025Q4 and -KRW 9.31 billion in 2026Q2 far exceeded the corresponding operating losses, suggesting the impact of non-operating impairment charges or costs tied to affiliated/subsidiary entities.

A Valueline note (dated March 24, 2026, flagged as preliminary) cited a 2025Q4 net loss of roughly KRW 11.0 billion, directionally consistent with the confirmed owners' net loss of -KRW 11.45 billion.

As a result, cumulative owners' net loss over the trailing four quarters (2025Q3–2026Q2) reached approximately KRW 26.7 billion, cutting total equity nearly in half from KRW 38.17 billion at end-2024 to KRW 19.37 billion at end-2025, while the debt ratio jumped from 136.4% to 303.8% over the same period.

Operating cash flow also flipped from positive in 2022–2023 to negative in both 2024 and 2025, indicating that cash-generating capacity weakened alongside profitability.

Industry analysis

The AIOps and ICT infrastructure monitoring market the company operates in has structural demand tied to rising system complexity from data center and cloud expansion.

The AIOps market is projected to reach USD 32.4 billion by 2028, and the medical data segment is reported to be expected to grow at an average annual rate of 45.99%. The company has pursued both growth axes simultaneously, building large reference accounts and a nationwide sales network.

Separately from the broader market outlook, individual company performance shows considerable quarterly volatility depending on order timing and size; indeed, in 2025 the AI anomaly-detection segment reportedly saw revenue decline due to reduced order volumes, while the digital healthcare segment's revenue grew on data business and R&D expansion, but overall performance worsened.

In terms of competitive positioning, the company holds proprietary anomaly-detection algorithms as a technical differentiator, but numerous small KOSDAQ-listed software firms compete under similar AI/data-analytics themes, making quantitative market-share estimates difficult.

The healthcare segment remains at an early stage, targeting niche applications—wearable-based health management and checkup-data analysis—rather than directly competing with major domestic or global healthcare data providers.

On the industry-cycle front, market interest in AI and data-related themes has persisted, but the company's own results have shown a clear downward trend over the past two years, separate from broader thematic growth, indicating a gap between industry growth potential and individual company performance.

Outlook

The company is concurrently pursuing measures to improve its balance sheet. In April 2026, the board decided to sell the company's own 7th-series convertible bonds that it held, disclosing that the decision was aimed at improving management efficiency and financial structure.

The company stated it intends to use the proceeds from this sale to strengthen its financial soundness.

Separately, it has reportedly begun preparing capital-structure improvement and value-enhancement measures, including a possible reverse stock split, with plans to formulate a detailed strategy in response to regulatory changes affecting penny stocks.

However, this is said to still be at an early review stage with nothing yet finalized.

The backdrop to these moves includes a regulatory shift in which financial authorities are set to tighten penny-stock management standards from the second half of the year, raising the KOSDAQ market-cap maintenance requirement from KRW 15 billion to KRW 20 billion.

On the business side, expansion of the PETAON Forecaster client base and continued data-business/R&D activity in the healthcare segment appear to be ongoing, though no recent disclosures confirm specific new large-scale orders or overseas expansion timelines.

Whether performance improves going forward will likely hinge on the pace of recovery in core anomaly-detection orders, the growing revenue contribution from the healthcare segment, and the practical effectiveness of the financial-structure improvement measures.

Valuation

PER

—

PBR

—

ROE

-124.4%

EPS

-₩762

BPS

—

Dividend per share

₩0

The stock's relationship to net asset value has shifted between discount and premium depending on the measurement point, and there is a divergence between externally sourced figures and self-calculated figures, meaning interpretation can vary depending on methodology.

The multi-year earnings trajectory—from a profitable 2022 to consecutive losses from 2023 through 2025, with the scale of losses widening each year—forms the basic backdrop for valuation interpretation.

No dividend has been paid based on the most recent fiscal year, limiting the basis for assessing dividend-related metrics.

Given the company's small market capitalization and a reportedly substantial pool of potential mezzanine (convertible bond/bond-with-warrant) dilution, any valuation discussion needs to account for dilution risk and equity volatility together.

Ultimately, rather than characterizing the currently traded price level as definitively cheap or expensive, whether earnings improve and how the balance-sheet adjustment plays out appear to be the key variables shaping future valuation interpretation.

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

Bull factors

Expansion Potential of Core Anomaly-Detection Technology

The company holds an anomaly detection algorithm that it first commercialized domestically in 2015, and using this technology it operates an IT infrastructure monitoring business with around 300 client companies alongside a healthcare business.

In the healthcare segment, the company holds a platform that won an Innovation Award at CES 2024, securing some external certification of its technological capabilities.

The fact that a single core technology can be applied across multiple industries (IT operations, healthcare, smart factory, etc.) provides a foundation for business diversification.

Structural Growth Outlook in End Markets

The AIOps market is reportedly projected to reach USD 32.4 billion by 2028, while the medical data sector is expected to grow at a CAGR of 45.99%.

Increasing IT infrastructure complexity driven by the expansion of data centers and cloud computing, along with growing demand for healthcare data due to population aging, provide a favorable macro environment for both of the company's business segments.

However, whether this market growth translates immediately into the company's individual revenue needs to be confirmed through future quarterly results.

Self-Directed Financial Restructuring Actions

In April 2026, the company disclosed a plan to strengthen its financial soundness using funds secured from the decision to sell its own convertible bonds.

It is also reportedly reviewing capital structure improvement measures including a reverse stock split, indicating that the company itself recognizes the need for financial and share price management and is taking action accordingly.

Bear factors

Simultaneous Revenue Decline and Widening Losses

2025 revenue came in at KRW 23.17 billion, sharply down from KRW 34.37 billion the previous year, while operating loss widened from -KRW 1.33 billion to -KRW 5.93 billion, and net loss attributable to controlling shareholders expanded from -KRW 3.38 billion to -KRW 19.74 billion at the same time.

Even into 2026, quarterly operating losses have remained in the range of -KRW 1.4 billion to -KRW 2.3 billion, showing no clear signs yet of near-term improvement in the profit and loss structure.

Dilution Overhang from Outstanding Mezzanine Securities

As of mid-March 2026, the outstanding balance of previously issued mezzanine securities (convertible bonds) stood at KRW 22.1 billion, and including new issuances this rises to KRW 24.1 billion, exceeding the market capitalization at the time (approximately KRW 22 billion); this was found to represent potential dilution of about 60% based on total shares outstanding.

While some tranches have since been sold or disposed of, the fact that the scale of potential dilution itself is comparable to market capitalization remains a structural burden.

Recurring Restatements and Governance Uncertainty

Among the recent disclosure list compiled on DART, corrective and follow-up disclosures have repeatedly occurred, with a total of 21 corrective disclosures confirmed.

In addition, while the audit report received an unqualified opinion in consecutive years, key audit matters cited impairment assessments of shares in subsidiaries/affiliates and impairment assessment of goodwill, pointing to uncertainty in accounting estimates.

Collateral has also been repeatedly placed on shares held by the largest shareholder and the company itself, requiring continued monitoring of governance stability.

Risk factors

Financial and Liquidity Risk

Total equity at the end of 2025 stood at KRW 19.37 billion, nearly halved from KRW 38.17 billion at the end of 2024, while the debt ratio surged from 136.4% to 303.8%.

Operating cash flow was also negative in both 2024 and 2025, continuing a structure in which the company fails to generate cash from operations and relies instead on external financing (convertible bonds, bonds with warrants, etc.).

Governance and Share-Pledge Risk

The largest shareholder, Moa Data, has pledged its entire holding of 7,244,268 shares (18.16% stake) in Moa Life Plus as collateral, and if the collateral rights are fully exercised, Moa Data's stake in Moa Life Plus would fall to 0%, potentially resulting in a change of the largest shareholder.

Share collateral agreements involving both the company and the largest shareholder individually have been repeatedly executed and revised, raising the possibility of a sudden shift in the ownership structure should collateral enforcement conditions (such as acceleration of debt repayment) occur.

Listing Maintenance Requirement Risk

Financial authorities are reportedly set to tighten management standards for penny stocks starting in the second half of 2026 and raise the KOSDAQ listing maintenance market capitalization requirement from the existing KRW 15 billion to KRW 20 billion.

Given the company's market capitalization size and low share price level, continued monitoring is needed as to whether it will meet the strengthened requirements, and whether the response measures under review, such as a reverse stock split, will actually be implemented is also something to watch.

What to watch next

Mid-November 2026 (around the Q3 report filing deadline)
Once 2026Q3 results are disclosed, it will be important to check whether the revenue recovery continues and whether the operating loss narrows.
During the second half of 2026
It is worth monitoring whether the company satisfies the strengthened KOSDAQ market-cap maintenance requirement (KRW 20 billion) and whether any administrative-issue designation risk emerges.
At the time of any related board resolution or disclosure
It will be necessary to confirm whether and how capital-structure measures such as a reverse stock split become finalized and their specific terms.
At the time of disclosures on conversion requests or put-option exercises of outstanding mezzanine securities
The scale of any additional dilution should be checked based on whether outstanding convertible bonds or bonds with warrants are converted or exercised.
At the time of disclosures regarding the handling of the MoaLifePlus-related share pledge
It is necessary to confirm whether the pledge is executed and the resulting possibility of a change in MoaLifePlus's largest shareholder.

Overall view

MoaData is a KOSDAQ-listed software company operating two business pillars—IT infrastructure monitoring and digital healthcare—built around its domestically first-commercialized AIOps anomaly-detection solution.

However, confirmed financials show a shift from profitability in 2022 to consecutive losses from 2023 through 2025, with 2025 revenue falling 32.6% while both operating and net losses widened simultaneously, marking a clear deterioration in performance.

Cumulative owners' net loss over the trailing four quarters reached roughly KRW 26.7 billion, nearly halving total equity within a year and pushing the debt ratio above 300%.

Compounding this are governance and disclosure-reliability issues, including a reportedly substantial pool of potential mezzanine dilution exceeding market capitalization, recurring share-pledge arrangements involving the controlling shareholder and company-held stakes, and numerous restated filings.

The company has taken steps such as selling its own convertible bonds and reviewing a reverse stock split to improve its financial structure, but these remain at an early stage, and whether it meets the strengthened KOSDAQ market-cap maintenance requirement is another variable to watch.

Ultimately, how the gap between the structural growth outlook for the AIOps and healthcare markets and the company's actual earnings and balance-sheet repair pace narrows will likely be the key point to observe going forward.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.