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
VIBE Company has steadily narrowed its operating losses despite four straight years of revenue decline, and has set a target of full-year breakeven through expanded public- and private-sector AX (AI transformation) orders.
Consolidated revenue fell for four straight years from KRW 36.6bn (2022) to KRW 19.0bn (2025), while the operating loss narrowed steadily from -KRW 18.2bn to -KRW 3.8bn over the same period.
Operating profit turned positive at KRW 0.66bn in 4Q2025—the only profitable quarter in the recent window—yet net loss attributable to owners widened sharply to -KRW 15.2bn in the same quarter.
The company reported that separate-basis 1H2026 revenue grew alongside a narrower operating loss, and set a target of full-year breakeven as order and product revenue are recognized in 2H2026 (Hellot, August 2026, preliminary).
Owners' net income swung to a large +KRW 32.55bn gain in 2023, lifting owners' equity from KRW 11.3bn to KRW 67.3bn, but the company returned to net losses in 2024 and 2025, and equity has since contracted.
The company is expanding its AX-specialized product and service lineup, including the VAIV AI DATA platform (launched May 2026), Sometrend MCP, and a won contract to enhance KISDI's 'KINDA' LLM service.
VIBE Company traces its roots to 'Daum Soft,' an in-house venture of Daum Communications founded in 2000, before renaming itself in 2020 and listing on KOSDAQ the same year.
The business is organized around two pillars: AI solutions (VAIV Agent and B2B/B2G offerings built on the Korean-specialized large language model VAIV GeM) and big-data services (the social analytics platform 'Sometrend' and the beauty-data service 'WHOTAG').
In the public sector, the company has secured steady orders including the Korea Agro-Fisheries and Food Trade Corporation's (aT) integrated public meal-service platform, a public-opinion collection system for the Ministry of Culture, Sports and Tourism, and the Korea Information Society Development Institute's (KISDI) 'KINDA' data research platform.
In the private sector, it is expanding AI-solution supply to clients including K bank, while also preparing a global push for WHOTAG through collaborations with beauty brands.
Subsidiaries and affiliates engaged in fintech include Quantit, Cubics, Save Partners, and VIBE Partners, while the influencer-commerce platform Basil Club changed status from a subsidiary to an affiliate (33% stake) in January 2026 after another shareholder's proxy voting arrangement was terminated.
In past filings, revenue was broken out into the Sometrend segment, the AI Solver segment, and the AI Assistant segment, though the company has since reorganized around a two-pillar structure of AI solutions and big-data services.
Domestic competitors cited include Konan Technology, Saltlux, Upstage, and NuenAI, and the company is regarded as having a long track record in natural-language processing and big-data-based text analytics. The company highlights a customer base of more than 700 organizations as one of its business foundations.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.8B | -₩1.2B | −30.7% |
| 2025Q3 | ₩5.3B | -₩800M | −14.5% |
| 2025Q4 | ₩6.5B | ₩700M | 10.2% |
| 2026Q1 | ₩3.1B | -₩700M | −21.5% |
| 2026Q2 | ₩2.7B | -₩800M | −30.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩36.6B | -₩18.2B | -₩21B | −49.8% | −185.9% | 639.8% |
| 2023 | ₩30B | -₩9.2B | ₩32.6B | −30.8% | 48.4% | 76.4% |
| 2024 | ₩26.3B | -₩6B | -₩9.3B | −22.7% | −15.8% | 47.9% |
| 2025 | ₩19B | -₩3.8B | -₩18B | −19.8% | −41.9% | 50.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
Consolidated revenue declined for four consecutive years, from KRW 36.6bn in 2022 to KRW 30.0bn in 2023, KRW 26.3bn in 2024, and KRW 19.0bn in 2025. Over the same period the operating loss steadily narrowed from -KRW 18.2bn to -KRW 9.2bn, -KRW 6.0bn, and -KRW 3.8bn, even as revenue contracted.
Net income attributable to owners moved in different directions each year: -KRW 21.0bn in 2022, a large one-off gain of +KRW 32.6bn in 2023, -KRW 9.3bn in 2024, and -KRW 18.0bn in 2025.
The 2023 gain lifted owners' equity from KRW 11.3bn to KRW 67.3bn and sharply reduced the debt ratio from about 640% to 76%, but two subsequent years of net losses pulled equity back down to KRW 43.0bn by the end of 2025.
On a quarterly basis, operating profit turned positive at +KRW 0.66bn in 4Q2025—the only profitable quarter in the recent window—yet net loss attributable to owners widened sharply to -KRW 15.2bn in the same quarter, suggesting a large non-operating item unrelated to the operating-line improvement.
Both 1Q2026 (revenue KRW 3.13bn, operating loss -KRW 0.67bn, net loss -KRW 3.01bn) and 2Q2026 (revenue KRW 2.71bn, operating loss -KRW 0.84bn, net loss -KRW 1.32bn) remained in the red on a consolidated basis.
However, the company's own separate-basis figures for 1H2026 showed revenue of KRW 5.66bn (up 11.7% year-on-year) and an operating loss of KRW 1.49bn (58.3% narrower year-on-year), an improvement that reflects a divergence between consolidated and separate-basis accounting stemming from the Basil Club status change from subsidiary to affiliate (Hellot, August 2026, preliminary).
On the cash-flow side, operating cash flow was consistently negative from 2022 to 2024 (-KRW 15.1bn, -KRW 12.0bn, -KRW 6.8bn), before the outflow shrank markedly to -KRW 1.1bn in 2025.
Korea's AI and big-data industry is in a phase of growing demand, driven by expanding government AI-transformation (AX) policy centered on the public and manufacturing sectors.
At a recent government-hosted 2026 AX project briefing, policy direction focused on resolving manufacturing-floor issues—production planning, quality control, equipment control, and process optimization—through AI agents, with policy emphasis shifting from single-function automation toward multi-agent structures in which diverse AI platforms collaborate.
This aligns with VIBE Company's emphasis on agent- and data-infrastructure products such as the VAIV Agent Platform and VAIV AI DATA.
Within the industry, domestic AI specialists such as Konan Technology, Saltlux, and Upstage compete using similar text- and data-analytics technologies, and some competitors have secured larger capital bases and strategic stakes from major corporations, creating a capital gap among peers.
The rapid advance of general-purpose generative AI models (ChatGPT, Claude, Gemini) is broadening industry-wide attention, while the limitations of such general models in handling real-time, domain-specific data are cited as an opportunity for domain-data providers like VIBE Company.
However, given the business structure's heavy reliance on public-sector orders, revenue tends to be seasonally concentrated around government budget allocation and procurement timing.
The company has stated that public- and private-sector order performance and AX product revenue will be recognized progressively in 2H2026, and has set a target of full-year breakeven (Hellot, August 2026, preliminary).
In the public sector, it plans to maintain a stable revenue stream based on existing contracts such as operation and maintenance of aT's integrated public meal-service platform, an enhancement of the Ministry of Culture, Sports and Tourism's policy-opinion collection system, and an enhancement project for KISDI's 'KINDA' LLM service.
In the private sector, the company is strengthening its AX-specialized product lineup—Sometrend MCP, VAIV AI DATA, and the VAIV Agent Platform—while expanding supply to clients including K bank.
The VAIV AI DATA platform, formally launched in May 2026, is centered on restructuring roughly 55 billion data points accumulated over 26 years into a form usable by AI agents, and whether this platform's revenue is recognized going forward is a point to watch.
The beauty-data service WHOTAG is reportedly preparing a global market entry, with collaboration cases already confirmed with beauty companies such as Imi-in.
The company also received a favorable evaluation across all AI-agent proof-of-concept tasks in the National Information Society Agency's (NIA) hyperscale-AI demonstration project, which is cited as grounds for further expansion of such demonstration projects.
The timing and scale at which these factors translate into actual revenue and profitability improvement will be a key variable for future results.
Owners' equity peaked in 2023 on the back of a large one-off gain before contracting for two consecutive years in 2024 and 2025, reflecting a shrinking net-asset base. Net losses have continued over the most recent four quarters as well, making traditional earnings-based multiple comparisons of limited use.
By contrast, the share price relative to net assets has tended to trade in a relatively moderate premium-or-discount range compared with prior periods of weaker performance. The company currently pays no dividend, leaving little basis for comparison on dividend appeal.
With net assets on a declining trend since 2023 alongside a stated target of second-half breakeven, whether results actually turn a corner going forward will be the key variable for changes in both the net-asset base and the share price level.
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 2026-08-24
Operating loss steadily narrowed from -KRW 18.2bn to -KRW 3.8bn between 2022 and 2025, even as revenue declined for four straight years. Operating profit turned positive for the first time on a quarterly basis in 4Q2025.
The company's own statement that 1H2026 separate-basis revenue grew alongside a narrower operating loss is consistent with this trend.
The company continues to secure orders from state institutions, including aT's integrated public meal-service platform, the Ministry of Culture, Sports and Tourism's policy-opinion collection system, and KISDI's KINDA LLM enhancement project.
A favorable evaluation across all AI-agent PoC tasks in the NIA's hyperscale-AI demonstration project is also cited as grounds for further public-sector order expansion.
The VAIV AI DATA platform, launched in May 2026, restructures roughly 55 billion data points accumulated over 26 years into a form usable by AI agents, and the new product lineup is expanding with offerings such as Sometrend MCP and the VAIV Agent Platform. The beauty-data service WHOTAG is preparing for global market entry.
Consolidated revenue declined every year from KRW 36.6bn in 2022 to KRW 19.0bn in 2025, marking four consecutive years of contraction. Weakening economies of scale have repeatedly been cited as a burden on the profit-and-loss structure.
A large one-off gain (+KRW 32.6bn) in 2023 substantially lifted owners' equity, while in 4Q2025 the net loss attributable to owners widened to -KRW 15.2bn despite the operating-line turning profitable. The unpredictable size and direction of such non-operating items complicates the interpretation of results.
The company competes in similar text- and data-analytics domains with domestic AI specialists such as Konan Technology, Saltlux, and Upstage, some of which have secured large-scale strategic investments from major corporations, creating a capital gap among peers.
As a small-cap KOSDAQ company, its relatively limited capital capacity could be a constraint in competing for large-scale contracts.
The company has set a target of full-year breakeven for 2026, but both 1Q2026 and 2Q2026 remained in operating and net loss on a consolidated basis. If second-half orders and product revenue do not materialize as planned, the target could be delayed.
Basil Club's status changed from a subsidiary to an affiliate in January 2026 following the termination of another shareholder's proxy voting arrangement, which created a large divergence between consolidated and separate-basis results.
Should the status of other subsidiaries or affiliates change again in the future, comparability of results could be impaired.
A significant portion of revenue depends on orders from government and public institutions, so revenue could be affected by changes in government budget planning or procurement timing. In addition, as a small-cap KOSDAQ stock, trading volume and liquidity may be limited, which is a factor worth noting.
Around the statutory filing deadline for the Q3 report, 3Q2026 consolidated results will be disclosed. This is a point to check progress toward the full-year breakeven target and how the gap between consolidated and separate-basis results narrows.
This is a point to check year-end public-institution budget execution and any new AX-related order disclosures. Given the business structure's heavy weighting toward public-sector revenue, fourth-quarter order performance is important for achieving the annual target.
This is a point to check whether and to what extent the VAIV AI DATA platform and VAIV Agent Platform generate recognized revenue. The degree to which new products contribute to results will be a basis for assessing the next growth pillar.
This is when the annual business report for fiscal year 2026 is filed, allowing confirmation of whether the company's stated full-year breakeven target was ultimately achieved and how owners' equity changed.
VIBE Company faces the structural challenge of four consecutive years of revenue decline, but has steadily narrowed its operating loss over the same period and even posted a profitable operating quarter in 4Q2025.
However, net income has been highly volatile due to non-operating factors, and operating improvement has not consistently translated into net-income improvement.
The company has set a target of full-year breakeven for 2026 through expanded public- and private-sector AX orders and new products such as VAIV AI DATA and WHOTAG, though results remained in the red on a consolidated basis through the first half.
Changes in subsidiary structure, such as Basil Club's shift in equity-method status, have also added to the difficulty of comparing results across periods.
Third- and fourth-quarter results, along with the revenue contribution of new products, will likely be key indicators of whether the breakeven target is actually achieved.
Report written 2026-09-05 · Data as of 2026-09-04
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