Hunesion

Founded in 2003 and listed on KOSDAQ in 2018, Hunesion is an information-security software specialist whose core business is network-linkage (cross-domain data transfer) solutions that safely move data between internal and external networks in network-segregated environments.

Its flagship product is the two-way network-linkage solution 'i-oneNet,' and the company states it is the only domestic vendor offering a full lineup that also includes the one-way, OT/control-network-specialized 'i-oneNet DD' and the two-way-plus-one-way 'i-oneNet DX' used in defense settings.

It has also expanded its portfolio to remote-access security (i-oneJTac), network access control (i-oneNAC), integrated account management (NGS), and the CCTV password management solution 'CamPASS.' Based on the Public Procurement Service's data hub, Hunesion recorded a 47% share in network-linkage in 2025, marking its 11th consecutive year at No.1 since 2015, while one-way network-linkage (i-oneNet DD) and CCTV password management (CamPASS) each led their respective segments with 50% and 74% shares.

Its customer base spans public agencies, local governments, finance, defense, and infrastructure operators, with references at standard-setting bodies such as Korea Electric Power Corporation, the Financial Supervisory Service, the Financial Security Institute, and the Korea Internet & Security Agency.

A Korea IR Service report citing 2023 figures estimated the revenue mix at roughly 72.3% solutions (products), 24.9% services, and 2.8% goods.

Domestic competitors in network-linkage include Hansack and NNSP, while Softcamp, SGA Solutions, Private Technology, and WithNetworks are also cited among vendors addressing the broader N2SF solution space.

In response to the shift to the National Network Security Framework (N2SF), the company has repositioned its network-linkage technology as 'Transfer CDS' and is presenting an integrated security platform strategy that also incorporates 'Access CDS' for controlling remote access.

Consolidated revenue rose for four straight years, from KRW 30.42 billion in 2022 to KRW 36.14 billion in 2023, KRW 36.89 billion in 2024, and KRW 37.73 billion in 2025.

Operating profit increased from KRW 3.42 billion in 2022 to KRW 4.66 billion in 2023, fell to KRW 3.15 billion in 2024, then recovered to KRW 4.80 billion in 2025, lifting the operating margin to 12.7%.

Net income attributable to owners swung from a loss of KRW 5.01 billion in 2022 to profits of KRW 6.74 billion in 2023, KRW 3.73 billion in 2024, and KRW 5.77 billion in 2025, a third straight year in the black.

On a quarterly basis, results show pronounced second-half, and particularly fourth-quarter, concentration: Q4 2025 alone contributed revenue of KRW 14.92 billion, operating profit of KRW 4.17 billion, and net income of KRW 4.99 billing, a large share of the full-year total.

In contrast, Q3 2025 was comparatively weak with revenue of KRW 7.64 billion and operating profit of KRW 0.24 billion, and Q1 2026 swung back to a loss, with revenue of KRW 5.21 billion, an operating loss of about KRW 1.71 billion, and a net loss of about KRW 1.98 billion.

Q2 2026 returned to profit, with revenue of KRW 8.82 billion, operating profit of about KRW 0.88 billion, and net income of about KRW 1.03 billion, partially offsetting the Q1 loss.

Over the trailing four quarters (Q3 2025 through Q2 2026), net income attributable to owners totaled about KRW 4.69 billion, underscoring the first-half/second-half earnings variability inherent in a business weighted toward public procurement.

Operating cash flow fell from KRW 7.62 billion in 2023 to KRW 3.19 billion in 2024 before rising again to KRW 6.42 billion in 2025, tracking the recovery in profitability.

Korea's information-security market has long grown on the back of mandatory physical network segregation, and a string of security breaches at telecom and financial firms has re-stimulated demand for network segregation and linkage.

After announcing the Multi-Layer Security System (MLS) in 2024, the government released N2SF Guideline 1.0 in 2025, pushing a policy shift from physical-segregation-centric controls toward differentiated controls based on data sensitivity (classified, sensitive, open).

N2SF blocks direct connections between networks of different security levels and permits data movement only through an approved Cross Domain Solution (CDS), a structure that observers say can be implemented more reliably by vendors with longer operating experience in network-linkage technology.

The National Intelligence Service has decided to award extra points for N2SF adoption in its cybersecurity evaluation index, leaving room for public-sector N2SF-related projects to expand.

At one point, concurrent policy moves to ease network-segregation mandates raised concerns about slowing network-linkage demand, but assessments since have suggested demand to re-segregate and re-link networks has instead increased.

In terms of competitive structure, Hunesion, Hansack, and NNSP are cited as major players in domestic network-linkage, while Softcamp, SGA Solutions, Private Technology, and WithNetworks are also mentioned across the broader N2SF solution landscape.

A common feature across the industry is that a substantial share of business depends on public procurement and government budgets, so demand and earnings can swing with budget timing and policy changes.

Hunesion was selected as the consortium lead for the '2026 N2SF Adoption Support Project' run by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), and plans to apply an i-oneNet CDS-based information service model to the actual work environment of the demand agency, the Korea Real Estate Board.

Separately, the company participates in a Korea Electric Power Corporation consortium carrying out the '2026 Supply Chain Security Model Building Support Project,' extending its scope to building SBOM-based supply-chain threat monitoring and response systems for power infrastructure.

The company said it plans to leverage the implementation experience and references gained from both projects to expand beyond the public sector into finance, energy, defense, and manufacturing.

The N2SF adoption project aims to implement concrete service models covering generative-AI use and internet access on work terminals as well as strengthened security for subscription-network linkage segments, meaning the pilot results could serve as a reference point for how quickly N2SF spreads across the public sector.

The company stated that network-linkage demand has continued to grow in the second half following the telecom and financial-sector security incidents, and given the seasonality typical of domestic security vendors, revenue and profit concentration in the fourth quarter could recur.

CEO Jeong Dong-seop identified N2SF and SBOM-based supply-chain security as 'core fields that will lead the information-security paradigm of the AI era,' stating a plan to extend the technology and references gained in the public sector into private markets to build a foundation for sustained growth.