KOSDAQMachinery291230

Np

₩2,600▼ 0.38%2026-10-02 close

Market Cap

₩62.7B

Turnover

₩60,232,453

Volume

20,000 shares

Shares out.

24M

PER

—

PBR

5.0×

EPS

-₩131

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

Newly Merged Com2uS N Faces a Profitability Test

Com2uS N, newly formed through the merger of Wysiwyg Studios and NP Inc., has combined content, exhibition, VFX and XR businesses under one roof, but the operating loss pattern that both companies carried into the merger has not yet been resolved.

1
Wysiwyg Studios and NP Inc. officially merged into 'Com2uS N' on July 14, 2026, with Com2uS becoming the largest shareholder.
2
The merger was accompanied by the cancellation of 9.14 million treasury shares and a 5-to-1 share consolidation that raised par value from KRW100 to KRW500.
3
Annual revenue declined for four straight years, from about KRW39.8 billion in 2022 to KRW27.2 billion in 2025, alongside persistent operating losses.
4
The company posted a brief operating profit in Q4 2025, but reverted to operating losses in both Q1 and Q2 2026.
5
New ventures such as the AI mindcare platform 'Moa Home' and a Japan subculture virtual-artist business are expanding, but their revenue contribution remains limited so far.

Business structure

Com2uS N is an integrated content company launched on July 14, 2026 through the merger of Wysiwyg Studios and NP Inc. The deal was structured as a reverse merger in which NP Inc. survived as the legal entity while Wysiwyg Studios was dissolved, with a merger ratio of 1 to 0.5774514.

As a result, NP Inc.'s largest shareholder changed from Wysiwyg Studios to Com2uS, with Com2uS's expected stake put at 28.30%.

Before the merger, Wysiwyg Studios operated across a content business (planning and production of film, drama and variety shows, plus investment and distribution), an exhibition and event-agency business (brand-experience advertising content and XR-based immersive content), and a VFX and new-media business (CG/VFX, VR/AR); by 2024, the content business accounted for 85.9% of revenue, exhibition and event agency for 6.3%, and VFX and new media for 7.8%.

NP Inc. was founded in 2006, became a subsidiary of Wysiwyg Studios in 2019, and listed on KOSDAQ in 2021, holding brand-experience marketing and XR content production capabilities while serving as a partner agency to advertising firms such as Cheil Worldwide and Innocean.

The merged entity, Com2uS N, has stated its intent to combine Wysiwyg Studios' content IP and production capabilities with NP Inc.'s brand-partner network and XR business to build a content value chain spanning planning, production, distribution and monetization.

It is also diversifying into AI- and XR-linked ventures such as a Japan subculture-based virtual artist business and a spatial AI mindcare solution.

Competitively, it contends on a project-by-project basis with domestic VFX and content production houses, exhibition and event agencies, and advertising-affiliated production studios.

Earnings trend

Quarterly revenue · Operating profit

₩8.3B-₩400M25Q2₩5.8B-₩1.8B25Q3₩7.9B₩800M25Q4₩4.7B-₩2B26Q1₩8.3B-₩1.9B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩39.8B-₩1B2022₩35.3B-₩3.7B2023₩29.6B-₩4.1B2024₩27.2B-₩3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩8.3B	-₩400M	−4.9%
2025Q3	₩5.8B	-₩1.8B	−30.3%
2025Q4	₩7.9B	₩800M	9.7%
2026Q1	₩4.7B	-₩2B	−41.5%
2026Q2	₩8.3B	-₩1.9B	−23.0%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩39.8B	-₩1B	-₩1.3B	−2.4%	−4.4%	58.7%
2023	₩35.3B	-₩3.7B	-₩2.4B	−10.5%	−7.9%	62.6%
2024	₩29.6B	-₩4.1B	-₩200M	−14.0%	−0.6%	59.7%
2025	₩27.2B	-₩3B	-₩3.9B	−11.2%	−14.8%	64.2%

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

Earnings analysis

Consolidated revenue fell for four consecutive years, from KRW39.84 billion in 2022 to KRW35.33 billion in 2023, KRW29.56 billion in 2024, and KRW27.23 billion in 2025.

Over the same period, operating losses persisted alongside the revenue decline: -KRW0.96 billion in 2022, -KRW3.70 billion in 2023, -KRW4.15 billion in 2024, and -KRW3.05 billion in 2025, while net loss attributable to owners fluctuated between -KRW1.32 billion, -KRW2.37 billion, -KRW0.18 billion and -KRW3.87 billion across the same four years without establishing a clear improving trend.

On a quarterly basis, revenue of KRW8.29 billion and an operating loss of KRW0.41 billion in Q2 2025 gave way to a smaller revenue base of KRW5.80 billion and a wider operating loss of KRW1.76 billion in Q3.

Q4 2025 saw revenue recover to KRW7.90 billion with a brief operating profit of KRW0.77 billion, though the bottom line still showed an owners' net loss of KRW0.10 billion.

That brief improvement reversed in Q1 2026, when revenue dropped sharply to KRW4.74 billion and the operating loss widened again to KRW1.97 billion; in Q2 2026 revenue rebounded to KRW8.27 billion, yet the operating loss expanded further to KRW1.90 billion and the owners' net loss to KRW2.07 billion.

Over the most recent four quarters (Q3 2025 through Q2 2026), the cumulative owners' net loss reached roughly KRW5.79 billion, exceeding the combined revenue of about KRW26.7 billion generated in the same window.

On the balance sheet, owners' equity shrank from KRW30.23 billion in 2022 to KRW26.19 billion in 2025, the debt ratio rose from 59.7% in 2024 to 64.2% in 2025, and operating cash flow was negative in most years except 2023 (+KRW0.44 billion).

Industry analysis

The content, VFX, exhibition/event-agency and XR industry in which Com2uS N operates tends to see large quarter-to-quarter swings in revenue depending on advertiser budget timing, major event and conference schedules, and the pace of content distribution across platforms.

Indeed, the company's quarterly revenue has ranged widely from about KRW4.7 billion to over KRW9 billion, reflecting the volatility inherent in a project-based order-taking business model.

The government continues to provide R&D support and budget allocations for immersive and XR content, offering a relatively supportive policy backdrop for NP Inc.'s XR content business.

In contrast, the content-production segment (film and drama) faces industry-wide challenges from intensifying competition among OTT and broadcast programming slots and rising production costs.

On KOSDAQ, a delisting reform effective from July 2026 tightened rules so that stocks trading below KRW1,000 for 30 consecutive trading days are designated as administrative issues, and companies whose market capitalization falls short of set thresholds (KRW20 billion in 2026, rising to KRW30 billion from 2027) become subject to delisting.

This regulatory backdrop has been a factor behind small-cap KOSDAQ companies pursuing mergers and share consolidations, and the Wysiwyg Studios-NP Inc. merger is widely read as related to this pressure.

Relative to competitors, Com2uS N is positioned less around scale economics and more around leveraging ties to the Com2uS group's IP and marketing resources alongside differentiation through new AI and XR ventures.

Outlook

Com2uS N secured shareholder approval for both the merger and a 5-to-1 share consolidation (raising par value from KRW100 to KRW500) at an extraordinary general meeting on June 12, 2026, formally launched as the merged entity on July 14, and completed new-share listing and par-value consolidation procedures in August.

Alongside the merger, the company followed through on cancelling 9.14 million treasury shares to enhance shareholder value.

On the new-business front, NP Inc.'s AI mindcare solution 'Moa Home' was first unveiled overseas at MWC 2026 earlier in the year and subsequently held its first domestic showcase, after which adoption cases have expanded into military units and public institutions.

In June, Wysiwyg Studios signed a memorandum of understanding with AI chip company FuriosaAI to explore applying AI to content production and streamline production workflows, while a virtual-artist business targeting the Japanese subculture market is being pursued jointly with A-Top Universe, which holds K-pop production system capabilities.

The company has laid out a mid-to-long-term direction of building a content IP value chain spanning planning, production, distribution and monetization, and expanding into commerce and offline experience businesses.

However, how much these new ventures will translate into actual revenue, and when cost and organizational efficiencies from the integration will show up in earnings, remain matters to be confirmed through upcoming quarterly results.

Valuation

PER

—

PBR

5.0×

ROE

-22.9%

EPS

-₩131

BPS

₩504

Dividend per share

₩0

The company has posted net losses in each of the past four fiscal years, making a conventional price-to-earnings comparison difficult, and its price-to-book ratio shows a wide divergence depending on which calculation basis (self-derived versus exchange reference figures) is used, likely reflecting that the capital structure changes from the recent merger and share consolidation have not yet been fully reconciled across equity and share-count bases.

On dividends, the most recent fiscal year recorded no cash dividend, so a dividend-yield-based valuation lens is not applicable at this time.

Looking at the multi-year earnings trend, revenue has continued to decline and operating results have mostly remained in loss territory, suggesting that whatever valuation the market assigns likely reflects expectations for merger synergies and the future realization of new businesses such as AI mindcare, XR and virtual-artist ventures more than current profitability.

It will take time for these expectations to be confirmed in actual revenue and earnings, and the market's valuation assessment could shift over that process.

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

Bull factors

Merger Synergies and Value-Chain Integration

Combining Wysiwyg Studios' content IP and production capabilities with NP Inc.'s brand-partner network and XR business under one legal entity enables the construction of a value chain spanning planning, production, distribution and monetization.

Management has cited cost savings and improved cost competitiveness through organizational integration as a goal of the merger. If overlapping personnel and infrastructure are actually rationalized, it could become a catalyst for earnings improvement.

New-Business Expansion: AI, XR and Virtual Artists

The AI mindcare solution 'Moa Home' has expanded its adoption into military units and public institutions since its MWC 2026 unveiling, and collaboration with AI chip company FuriosaAI is under way.

A virtual-artist business targeting the Japanese subculture market is being pursued with A-Top Universe, representing a growth narrative distinct from the core game and content IP businesses. If these ventures take hold, they could help offset the volatility of the legacy exhibition and event-agency revenue.

Ties to the Com2uS Group and Continued Listing

Following the merger, Com2uS secured a roughly 28.30% controlling stake, opening opportunities for collaboration with the Com2uS group's IP and marketing resources.

The treasury-share cancellation and share consolidation undertaken in response to tightened KOSDAQ delisting rules are also meaningful for maintaining listed status. Continued listing preserves future capital-market fundraising options.

Bear factors

A Legacy of Accumulated Operating Losses

Wysiwyg Studios recorded operating losses for five consecutive years after joining the Com2uS group, and NP Inc. also posted a cumulative operating loss of KRW10.9 billion over three years due to weakness in its XR content business.

Pre-merger 2026 earnings estimates suggested NP Inc. would post a modest operating profit while Wysiwyg Studios would post a substantial operating loss, implying a combined loss would persist. This suggests the merger alone does not guarantee an immediate earnings turnaround.

Revenue Decline and Earnings Volatility

Annual revenue declined for four consecutive years from 2022 through 2025, and quarterly revenue swung widely from around KRW4.7 billion to over KRW9 billion. The brief operating profit in Q4 2025 did not persist, reverting to operating losses in both Q1 and Q2 2026.

Given the project-order-dependent business structure, improvement in one quarter has repeatedly failed to carry through to the next.

Small-Cap Characteristics and Regulatory Monitoring Burden

Under the KOSDAQ delisting reform, a structure remains in place whereby a sustained sub-KRW1,000 share price or a market capitalization shortfall can lead to administrative-issue designation or delisting.

While the merger and share consolidation adjusted par value and share count, the liquidity and price-volatility issues typical of small-cap stocks still remain. The gradual step-up in the market-cap threshold going forward is also a factor that warrants ongoing monitoring.

Risk factors

Business and Earnings Risk

Because revenue depends on securing specific project and event contracts, quarterly results are highly volatile, and even over the most recent four quarters combined, the owners' net loss exceeded the scale of revenue generated.

The content-production and exhibition/event-agency industry is highly cyclical, so cuts in advertiser budgets or delays in major event schedules could directly affect results.

Governance and Post-Merger Risk

With the merger changing the largest shareholder to Com2uS at an approximately 28.30% stake, the possibility that the controlling shareholder's future management direction or further stake/business restructuring could diverge from minority shareholders' interests cannot be ruled out.

The treasury-share cancellation and share consolidation during the merger altered share count and capital structure, and post-integration organizational and financial cleanup may not yet be fully complete.

Regulatory and Listing-Maintenance Risk

The KOSDAQ delisting reform effective from July 2026 tightened both low-price stock requirements and market-capitalization thresholds, with the market-cap threshold set to rise further from 2027.

As a small-cap KOSDAQ-listed company, Com2uS N carries an ongoing burden of managing compliance with these listing-maintenance requirements.

What to watch next

Mid-November 2026
Filing of the Q3 2026 quarterly report and earnings disclosure is expected — this will be the first point to review a fully combined post-merger quarterly result.
Q4 2026
It will be worth checking for additional institutional or corporate adoption contracts for the 'Moa Home' AI mindcare platform, and whether the FuriosaAI collaboration progresses toward commercialization.
H2 2026 through 2027
This period marks a window to check whether the Japan subculture virtual-artist/utaite business, pursued with A-Top Universe, begins to generate visible revenue.
Early 2027
The KOSDAQ market-cap threshold for continued listing tightens to KRW30 billion around this time, making it important to keep checking for any listing-eligibility-related disclosures.

Overall view

Com2uS N is a newly formed entity that integrated content, exhibition, VFX and XR businesses through the merger of Wysiwyg Studios and NP Inc., but the multi-year operating-loss pattern both companies carried into the deal has not yet been resolved.

Four straight years of revenue decline and widening operating losses in both Q1 and Q2 2026 are bearish factors on the earnings side, reinforced by the fact that the brief Q4 2025 profit did not persist.

On the other hand, the expansion of new businesses such as the 'Moa Home' AI mindcare platform and the Japan subculture virtual-artist venture, ties to the Com2uS group, and the treasury-share cancellation and share consolidation undertaken to address listing-maintenance requirements can be viewed as bullish factors.

Valuation is constrained by the persistence of net losses, which limits the applicability of conventional profitability metrics, and the market's assessment appears to reflect expectations for future synergies and new-business realization more than current earnings.

Whether listing-maintenance requirements continue to be met amid tightening KOSDAQ delisting regulations remains a variable to watch. The investment judgment should be made by readers themselves as they track future quarterly results and the visibility of new-business revenue.

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.