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
Pintel faces mounting structural uncertainty—a collapsed control-stake sale and an administrative-issue designation for falling below the market-cap listing threshold—while shrinking revenue and recurring operating losses persist, even as it seeks new growth through an on-device NPU partnership with DeepX.
2025 revenue fell to KRW 5.77 billion, nearly half of 2024's KRW 10.64 billion, while the operating loss widened again to KRW 3.23 billion.
A KRW 30.2 billion control-stake sale and a combined KRW 27.1 billion rights offering and convertible bond, launched in November 2025, were all withdrawn in April 2026 after the buyer failed to pay the remaining balance.
Persistently sub-KRW-20-billion market capitalization led to an administrative-issue designation on July 24, 2026; failure to meet the requirement within 90 trading days would trigger delisting grounds.
In early September 2026, the company raised funds via a small-scale general public offering under KRW 3 billion, issuing new shares equal to 23.4% of outstanding stock.
Through its DeepX partnership, Pintel achieved the first application of domestic NPU-based video analytics in an Air Force base surveillance system, attempting to expand into public safety and defense.
Pintel was founded in 2015 and listed on KOSDAQ in 2022 under the technology special listing track, operating as an AI video-analytics-based smart city platform company.
Its core product is the 'PREVAX' agentic AI platform, which provides integrated data analysis, real-time monitoring, and predictive services across smart transportation and urban safety, facilities, environment, and disaster management.
The company has accumulated more than 500 public- and private-sector project references through national pilot city programs, smart intersection systems, and intelligent transport system (ITS) projects.
In December 2025, its in-house R&D center was designated an 'Excellent Corporate Research Institute' by the Ministry of Science and ICT, officially recognizing its proprietary high-resolution video analytics and object-tracking technology.
More recently, Pintel has partnered with on-device AI semiconductor firm DeepX to co-develop NPU-based video analytics solutions intended to replace costly foreign GPUs.
This collaboration materialized in August 2026 when, together with defense network specialist KMNET, the companies implemented Korea's first Air Force base perimeter surveillance system built on a domestic NPU under the Ministry of National Defense's pilot program.
Revenue is centered on smart transportation (intersections, ITS) and security (CCTV video analytics), with the company recently expanding into lifestyle-oriented smart city services.
Competitors in similar AI video analytics and smart city businesses include Egovid, MoaData, SNUAiLab, and Clumel, with competition concentrated in public procurement markets.
Since its founding, Pintel has carried out numerous national R&D projects in video analytics, AI, and deep learning, using this technology accumulation as its business foundation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩200M | -₩1.5B | −897.9% |
| 2025Q3 | ₩1.7B | -₩400M | −25.6% |
| 2025Q4 | ₩2.8B | -₩100M | −5.2% |
| 2026Q1 | ₩2.8B | -₩700M | −23.7% |
| 2026Q2 | ₩1.6B | -₩500M | −30.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩8.8B | -₩3.7B | -₩3.8B | −41.7% | −18.2% | 30.9% |
| 2023 | ₩12.8B | -₩2.7B | -₩1.3B | −21.0% | −6.1% | 25.0% |
| 2024 | ₩10.6B | -₩1.5B | ₩66,654,935 | −14.4% | 0.3% | 10.0% |
| 2025 | ₩5.8B | -₩3.2B | -₩3.8B | −56.0% | −21.9% | 18.2% |
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
Pintel's consolidated revenue peaked at KRW 12.75 billion in 2023 after rising from KRW 8.77 billion in 2022, then declined for three straight years to KRW 10.64 billion in 2024 and KRW 5.77 billion in 2025.
The 2025 revenue decline was nearly a 50% drop from the prior year, and the operating loss widened again to KRW 3.23 billion versus KRW 1.53 billion in 2024.
On the bottom line, 2024 came close to breakeven with a net profit attributable to owners of just KRW 0.07 billion, but 2025 swung back to a net loss of KRW 3.76 billion. Total equity fell from KRW 20.90 billion in 2024 to KRW 17.19 billion in 2025, while the debt ratio rose from 10.0% to 18.2%.
Operating cash flow also deteriorated, with outflows widening from KRW 0.49 billion in 2024 to KRW 2.01 billion in 2025.
On a quarterly basis, revenue plunged to KRW 0.17 billion in Q2 2025, then recovered to KRW 1.68 billion in Q3, KRW 2.75 billion in Q4, and KRW 2.83 billion in Q1 2026, before falling back to KRW 1.56 billion in Q2 2026.
Quarterly operating losses narrowed from KRW 1.55 billion in Q2 2025 to KRW 0.43 billion in Q3 and KRW 0.14 billion in Q4, before widening again to KRW 0.67 billion in Q1 2026 and KRW 0.48 billion in Q2 2026.
Net losses attributable to owners persisted every quarter, with the four quarters from Q3 2025 through Q2 2026 combining for a net loss of KRW 2.94 billion.
Four consecutive years of annual net losses reflect a structure in which the company has yet to achieve top-line growth and profitability improvement simultaneously.
The AI video-analytics-based smart city industry is regarded as a growth sector driven by expanding demand for urban safety, transportation, and infrastructure management.
The global smart city market is projected to grow at a 19.7% CAGR to reach $4.6 trillion by 2033, while the domestic market is expected to expand to KRW 65 trillion by 2028.
More recently, a push toward domesticating on-device AI to reduce dependence on costly foreign GPUs has spread, making partnerships with domestic NPU firms such as DeepX a new competitive variable in the video analytics industry.
Since mass-producing its 'DX-M1' NPU, DeepX has secured 77 commercial purchase orders worth $13 million (roughly KRW 18.3 billion) across more than 10 countries and regions over one year, broadening the on-device AI ecosystem.
This expansion of the domestic NPU ecosystem could offer software- and solution-focused companies like Pintel opportunities for hardware cost reduction and participation in new projects.
However, given a business structure centered on public procurement, revenue tends to be volatile depending on budget execution timing and policy direction, and competition continues with similar video analytics and smart city firms such as Egovid, MoaData, SNUAiLab, and Clumel.
As a small technology-special-listed company with limited revenue scale, observers have noted a gap between the industry's growth potential and individual companies' order execution capability.
Building on its DeepX partnership, Pintel is expanding into public safety and defense, having secured, through an August 2026 Ministry of National Defense pilot project, its first real-world implementation of a domestic NPU-based surveillance system in place of a foreign GPU.
Citing recent order wins, company representatives have emphasized that revenue continues to be generated through military contracts and that new business initiatives will help restore both revenue and trust.
However, specifics of these new business initiatives have not been disclosed, and beyond a statement that they are 'not unrelated to the core business,' the exact use of proceeds has not been clearly specified—a point investors should verify.
The sub-KRW-3-billion general public offering conducted in early September 2026 (subscription September 7–8, payment September 10) was chosen as a method for rapid fundraising while under administrative-issue status, issuing 2,657,218 new shares equal to 23.4% of existing outstanding shares.
The company has a history of not executing roughly KRW 17.4 billion raised at its 2022 listing as planned—facilities funds went unused and operating funds were spent well below plan—so the actual use of these newly raised funds also warrants future confirmation.
The most urgent task is maintaining a market capitalization of at least KRW 20 billion for 45 consecutive trading days within 90 trading days of the July 24, 2026 administrative-issue designation; failure to do so would trigger delisting grounds.
With net losses recorded for four consecutive quarters, computing a conventional price-to-earnings ratio for Pintel is difficult. Its price-to-book ratio, depending on the calculation basis used, appears to move between a slight discount and a slight premium relative to net assets.
There is no recent dividend payment history, making dividend-yield comparisons of limited relevance.
On the earnings front, revenue has contracted and operating losses have widened again since 2023, and the recent administrative-issue designation along with governance uncertainty appear to be factored into how the market values the stock.
The fact that market capitalization has been hovering near the KOSDAQ listing-maintenance threshold is also a structural variable to weigh when assessing this stock.
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
Through its partnership with DeepX, Pintel achieved the first application of domestic NPU-based video analytics in an Air Force base perimeter surveillance system, securing a reference case for replacing foreign GPUs. This could serve as a reference for expanding into defense and public safety.
DeepX's NPU ecosystem expanding across multiple countries could also align with growth in Pintel's software supply opportunities.
Pintel has accumulated more than 500 public- and private-sector project references through national pilot cities, smart intersections, and intelligent transport systems.
In December 2025, its R&D center was designated an Excellent Corporate Research Institute by the Ministry of Science and ICT, officially certifying its high-resolution video analytics and object-tracking technology.
This track record and certification could enhance credibility when bidding for future public procurement projects.
After plunging to KRW 0.17 billion in Q2 2025, revenue rose for three consecutive quarters to KRW 2.83 billion by Q1 2026. Over the same period, the operating loss narrowed from KRW 1.55 billion to KRW 0.14 billion.
However, the renewed deterioration in both revenue and losses in Q2 2026 suggests further confirmation is needed on whether this recovery is sustained.
Revenue, which stood at KRW 12.75 billion in 2023, has declined for three straight years to KRW 5.77 billion in 2025. The operating loss narrowed to KRW 1.53 billion in 2024 but widened again to KRW 3.23 billion in 2025.
Total equity also declined from KRW 20.90 billion in 2024 to KRW 17.19 billion in 2025, reflecting a weakening financial structure.
A combined KRW 57.3 billion package of a stake sale, rights offering, and convertible bond, launched in November 2025, was entirely withdrawn in April 2026 due to non-payment of the remaining balance.
Market capitalization continued to fall below KRW 20 billion afterward, leading to an administrative-issue designation on July 24, 2026. Considerable uncertainty remains, as failing to meet the requirement within 90 trading days would trigger delisting grounds.
In early September 2026, despite holding cash and cash equivalents of over KRW 6 billion, the company issued new shares equal to 23.4% of existing shares through a sub-KRW-3-billion small-scale public offering.
It has a history of not using roughly KRW 17.4 billion raised at its 2022 listing as planned—facilities funds went unspent and operating funds were used well below plan. A past investment loss on Home Plus commercial paper also leaves questions about the company's fund management approach.
Pintel was designated an administrative issue on July 24, 2026 for falling below the market-cap threshold. If it fails to maintain a market cap of at least KRW 20 billion for 45 consecutive trading days within 90 trading days of the designation, delisting grounds would be triggered.
KOSDAQ's market-cap maintenance requirement is set to be tightened in stages from KRW 20 billion to KRW 30 billion, adding to the pressure.
A small-scale offering in September 2026 issued new shares equal to 23.4% of existing shares. Given the need for rapid fundraising while under administrative-issue status, similar small-scale offerings or third-party allotments could recur, which would further dilute existing shareholders.
The controlling shareholder and related parties pursued a stake sale in November 2025 immediately after the lock-up expired, but it collapsed in April 2026 due to non-payment of the remaining balance.
This process raised conflict-of-interest concerns between a control-premium-priced stake sale and a rights offering priced at a standard discount. Even after the failed sale, fundraising with unclear use of proceeds for new business has continued, sustaining questions about management stability.
Payment date for the small-scale general public offering; the actual amount raised and subsequent use of proceeds after the new shares list should be checked.
Expected filing of the Q3 2026 quarterly report, which should be checked for whether revenue recovery continues and how the operating loss trends.
The 90-trading-day deadline following the July 24, 2026 administrative-issue designation arrives around this time; whether the company maintained a market cap of at least KRW 20 billion for 45 consecutive trading days will determine removal of the designation or the onset of delisting grounds.
Watch for additional orders or expanded application of the DeepX-related defense and public safety projects.
Pintel's core profitability recovery has been delayed, with revenue declining for three consecutive years since 2023 and the operating loss widening again in 2025.
Structural uncertainty has grown further after a large control-stake sale and associated fundraising launched in November 2025 collapsed in April 2026, leading to an administrative-issue designation for falling below the market-cap threshold.
The company raised funds via a small-scale offering in September 2026 in an attempt to restore revenue and trust through new business initiatives, though the specific use of proceeds remains unclear.
On the other hand, its DeepX partnership has produced a real-world case of domestic NPU-based video analytics applied to defense and public safety, which could become one pillar of business expansion.
Still, whether the market-cap requirement is met within 90 trading days of the administrative-issue designation remains the key variable for maintaining its listing. Investors will need to monitor upcoming quarterly results, the actual use of raised funds, and whether the market-cap requirement is satisfied.
Report written 2026-09-05 · Data as of 2026-09-04
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