KOSDAQIT & Software304100

Saltlux

₩15,420▲ 1.11%2026-10-02 close

Market Cap

₩194.7B

Turnover

₩1.1B

Volume

70,000 shares

Shares out.

12.6M

PER

—

PBR

3.1×

EPS

-₩781

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

AI Full-Stack Expansion, Profitability Still Unproven

Saltlux is expanding its vertical AI business across public, finance, and nuclear sectors around its proprietary LLM LUXIA and AI agent Goover, but five consecutive years of losses and seasonal earnings swings leave the timing of profitability as the key watch point.

1
2025 consolidated revenue fell 9.3% year over year to KRW 41.6 billion, while the operating loss widened from KRW 6.6 billion to KRW 8.0 billion and the net loss expanded from KRW 5.9 billion to roughly KRW 12.0 billion.
2
Q4 2025 briefly turned profitable with revenue of KRW 19.7 billion and operating profit of KRW 3.8 billion, but Q1 2026 (-KRW 4.86bn) and Q2 2026 (-KRW 3.52bn) reverted to operating losses.
3
Cumulative H1 2026 orders reached KRW 18.89 billion, with a standalone order backlog of about KRW 15.5 billion at half-year end, which the company says should convert to revenue in H2.
4
Subsidiary DeepQuest completed a KRW 15.2 billion pre-IPO round and is targeting a 2027 KOSDAQ listing, though parent-subsidiary dual-listing concerns remain a variable.
5
Contract wins continue in the nuclear, finance, and public verticals, including a KRW 5.1 billion AI agent build project for KEPCO Nuclear Fuel.

Business structure

Founded in 2000 and listed on KOSDAQ in 2020, Saltlux is an AI specialist that builds and operates B2B and B2G artificial intelligence solutions based on natural language processing, knowledge graphs, and large language model (LLM) technology.

Its core asset is the proprietary LLM series LUXIA, which progressed from version 1.0 in September 2023 through 2.0 (May 2024), 2.5 (February 2025), and 3.0 (May 2025), evolving into agentic AI with vision-language capability for simultaneous text, image, and table understanding.

The company states that LUXIA ranked first worldwide among sub-35-billion-parameter models on the Hugging Face Open LLM Leaderboard, with cumulative downloads of its three registered models exceeding 450,000.

This technology is combined with the hardware-integrated generative AI appliance LUXIA-ON, the smart AI agent service Goover, and search/chatbot studio products to serve verticals including national archives, law, marine affairs, public safety and defense, and finance.

Subsidiary DeepQuest, acquired from NHN in 2023, separately operates large-scale search engine and NLP-based AI contact center (AICC) and e-commerce search businesses that account for a substantial share of group revenue.

The customer base leans heavily on public-sector and government orders; among contracts disclosed in 2025, private companies were limited to a handful such as KakaoBank and ECS Telecom.

In terms of competitive positioning, Saltlux competes with domestic AI and big-data specialists Konan Technology and Wisenut, while large IT service firms such as Samsung SDS and LG CNS have recently entered the AI business in force, intensifying competition.

Earnings trend

Quarterly revenue · Operating profit

₩7B-₩3.3B25Q2₩9.1B-₩2.7B25Q3₩19.7B₩3.8B25Q4₩8.9B-₩4.9B26Q1₩11.5B-₩3.5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩30.3B-₩2B2022₩30.8B-₩9.3B2023₩45.9B-₩6.6B2024₩41.6B-₩8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩7B	-₩3.3B	−46.8%
2025Q3	₩9.1B	-₩2.7B	−29.1%
2025Q4	₩19.7B	₩3.8B	19.3%
2026Q1	₩8.9B	-₩4.9B	−54.4%
2026Q2	₩11.5B	-₩3.5B	−30.5%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩30.3B	-₩2B	-₩9.4B	−6.5%	−21.7%	75.2%
2023	₩30.8B	-₩9.3B	-₩10.7B	−30.1%	−14.9%	34.4%
2024	₩45.9B	-₩6.6B	-₩5.9B	−14.4%	−8.2%	28.3%
2025	₩41.6B	-₩8B	-₩10.8B	−19.3%	−15.4%	44.4%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22

Earnings analysis

Saltlux's 2025 consolidated revenue was KRW 41.6 billion, down 9.3% from KRW 45.9 billion in 2024, while the operating loss widened to KRW 8.0 billion (operating margin of -19.3%) from KRW 6.6 billion the prior year, and the net loss attributable to owners expanded sharply to KRW 10.8 billion from KRW 5.9 billion.

The growth seen in 2024 (revenue up 49% to KRW 45.9 billion, aided by the DeepQuest consolidation) from 2023 (operating loss of KRW 9.3 billion on revenue of KRW 30.8 billion) reversed in 2025.

On a quarterly basis, moderate losses in Q2 2025 (revenue KRW 7.0 billion, operating loss KRW 3.3 billion) and Q3 2025 (revenue KRW 9.1 billion, operating loss KRW 2.7 billion) gave way to a temporary swing into profit in Q4 2025 (revenue KRW 19.7 billion, operating profit KRW 3.8 billion, owners' net profit KRW 0.3 billion), which appears attributable to seasonal concentration of public-sector project revenue recognition at year-end.

However, Q1 2026 (revenue KRW 8.9 billion, operating loss KRW 4.9 billion) and Q2 2026 (revenue KRW 11.5 billion, operating loss KRW 3.5 billion) reverted to losses, indicating the Q4 rebound was a seasonal pattern rather than a structural improvement in profitability.

Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners was approximately KRW 9.9 billion, showing the loss trend persisting on an annualized basis.

Operating cash flow has been negative every year from 2022 through 2025 (KRW -3.3 billion in 2025), reflecting the earnings weakness directly in cash generation. Analysts have pointed to declining revenue at subsidiary DeepQuest and weakness in the Big Data Suite business as causes of the earnings deterioration.

On the balance sheet, the debt ratio remained a manageable 44.4% at the end of 2025, limiting capital erosion concerns despite the persistent losses.

Industry analysis

The global AI agent market is projected to reach USD 61.8 billion by 2030, growing at a compound annual rate of 47.3% from 2025 to 2030, and the company notes that large-scale AI, data, and cloud budgets are set to be deployed domestically from 2026, aligning policy and industry demand.

At the same time, the company itself has acknowledged that the domestic IT and AI market faced a difficult environment this year amid weaker private investment and delayed government budget execution.

On competitive positioning, the gap versus peers stands out: in 2025, Konan Technology achieved 29.1% revenue growth while narrowing losses, and Wisenut kept revenue roughly flat (-0.5%) while maintaining an operating profit.

By contrast, Saltlux experienced both declining revenue and widening losses simultaneously, leading to assessments that its underperformance is pronounced even after controlling for industry headwinds.

Large IT service firms such as Samsung SDS and LG CNS entering the AI business in earnest are also seen as narrowing the space for smaller AI specialists.

Saltlux's elimination from the 'Sovereign AI Foundation Model' project, in which it participated via a consortium with KT, is cited as one example of this intensifying competition.

That said, the company retains a differentiated position in specific verticals such as nuclear, law, marine affairs, and defense, built on long-standing reference projects.

Outlook

Management has designated 2026 as a 'year of renewed growth,' stating confidence in full-fledged growth based on an already secured business pipeline of KRW 50-60 billion.

In H1 2026, cumulative orders reached KRW 18.89 billion, and the company expects the standalone order backlog of about KRW 15.5 billion at half-year end to convert into revenue progressively in H2.

New contracts include a KRW 5.1 billion enterprise-wide AI build project for KEPCO Nuclear Fuel, aimed at building an AI agent environment that goes beyond generative AI to understand internal documents and work processes.

In overseas business, Vietnam subsidiary Saltlux Technology (SLT) posted H1 2026 revenue of USD 876,000, up 115% from USD 407,000 a year earlier, and contract wins have continued in the North American market as well.

Subsidiary DeepQuest completed a KRW 15.2 billion pre-IPO round in February 2026 and is pursuing a 2027 KOSDAQ listing with Mirae Asset Securities as lead underwriter; its 2024 revenue was KRW 21.8 billion (up 25% year over year) with an operating loss of about KRW 0.7 billion, less than half the prior year's loss, showing an improving trend.

However, concerns over parent-subsidiary dual listing and whether DeepQuest can achieve self-sustained profitability are flagged as key issues for the listing review. On the product roadmap, expanded industrial application of LUXIA 3.0 and partnership expansion through the May Saltlux AI Conference (SAC) continue.

Valuation

PER

—

PBR

3.1×

ROE

-16.0%

EPS

-₩781

BPS

₩4,981

Dividend per share

₩0

With persistent net losses, Saltlux's price-to-earnings ratio remains uncalculable, making conventional earnings-based valuation metrics difficult to apply.

The price-to-book ratio trades at a level reflecting a substantial premium to net asset value, which can be interpreted as the market pricing in some expectation around the AI theme even amid ongoing losses.

No dividends have been paid in recent years, so the valuation narrative centers more on growth prospects and corporate restructuring stories such as the DeepQuest listing rather than dividend appeal.

Looking at the multi-year earnings trend, the company remained in losses throughout 2022-2025, and the reversion to losses in Q1-Q2 2026 after the temporary swing to profit in Q4 2025 shows that earnings recovery has not yet become stable.

Assessing valuation requires weighing this earnings volatility alongside structural variables such as the subsidiary listing.

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 2026-08-22

Bull factors

Vertical-Specialized LLM Technology

Saltlux's proprietary LLM LUXIA has ranked first worldwide among sub-35-billion-parameter models on the Hugging Face Open LLM Leaderboard, and LUXIA, LUXIA-ON, and Goover Enterprise were selected as World Class products by the Ministry of Trade, Industry and Energy and KOTRA.

The company has built entry barriers through long-accumulated references in specific verticals such as national archives, law, marine affairs, and defense. It has recently expanded into sovereign AI builds for the nuclear industry, including the KEPCO Nuclear Fuel project.

Order and Overseas Expansion Momentum

Cumulative H1 2026 orders reached KRW 18.89 billion, and the roughly KRW 15.5 billion backlog at half-year end has room to convert into H2 revenue. Vietnam subsidiary revenue rose 115% year over year, and North American contracts have continued, indicating ongoing overseas diversification. Management has expressed confidence in 2026 growth based on an already secured pipeline of KRW 50-60 billion.

Stable Balance Sheet and Subsidiary Listing Option

The debt ratio stood at a manageable 44.4% at the end of 2025 despite persistent losses, limiting capital erosion concerns, and the company states it has secured financial stability through cash and financial instruments.

Subsidiary DeepQuest completed a KRW 15.2 billion pre-IPO round and is pursuing a 2027 KOSDAQ listing, showing an improving trend with 25% revenue growth and narrowing losses in 2024; a successful listing could serve as a catalyst for group-level value reassessment.

Bear factors

Five Straight Years of Losses and Earnings Volatility

Saltlux has posted losses for five consecutive years from 2021 through 2025, with accumulated deficits reaching about KRW 40.1 billion.

The temporary swing to profit in Q4 2025 appears to reflect seasonal concentration of year-end public-sector revenue recognition, and the reversion to losses in Q1-Q2 2026 suggests this has not translated into structural profitability improvement. Operating cash flow has also been negative every year since 2022.

Intensifying Competition and Public-Sector Dependence

While Konan Technology (+29.1% revenue, narrower losses) and Wisenut (flat revenue, operating profit) fared relatively well in 2025, Saltlux experienced both declining revenue and widening losses simultaneously, drawing assessments that its underperformance stands out even after controlling for industry conditions.

Competition has intensified as large IT service firms such as Samsung SDS and LG CNS entered the AI business, and Saltlux was also eliminated from the Sovereign AI Foundation Model project it pursued via a KT-led consortium.

Because revenue is heavily dependent on public-sector orders, the company is exposed to volatility from delays in government budget execution.

Delayed Monetization of New Businesses

The AI agent service Goover generated only about KRW 400 million in cumulative revenue over the past three years while accumulating losses of KRW 7.1 billion, showing that new business investment has yet to translate into profit.

Declining revenue at subsidiary DeepQuest and weakness in the Big Data Suite business were also cited as causes of the 2025 earnings deterioration. Analysts note that the ongoing investment burden from low-profitability new businesses is delaying company-wide earnings improvement.

Risk factors

Earnings and Cash Flow Risk

Operating losses and negative operating cash flow have recurred over multiple years, raising the possibility of continued reliance on external financing such as rights offerings or convertible/warrant bond issuance.

Saltlux raised KRW 19.1 billion via a rights offering in 2023 and has maintained financial stability through conversion and exercise of issued convertible bonds and bonds with warrants into equity. If this capital-raising pattern recurs, there is a persistent possibility of dilution for existing shareholders.

Subsidiary Dual-Listing Risk

Because subsidiary DeepQuest's KOSDAQ listing push is occurring while the parent is already listed, controversy over double-counting of corporate value and potential erosion of parent shareholder value could arise.

The listing schedule and method may be readjusted depending on the content and timing of financial regulators' dual-listing guidelines.

Whether DeepQuest can achieve self-sustained profitability and reduce dependence on captive-market (intra-group) revenue is also cited as a key variable in the listing preliminary review.

Public IT Budget and Policy Dependence Risk

Because the revenue structure is heavily dependent on public-sector and government orders, revenue and order intake can be directly affected by delays in government budget execution or shifts in policy direction.

A reduction in public IT budgets has been cited as a key background factor behind the 2025 earnings deterioration. In addition, elimination from large state-led projects such as government-driven AI foundation model programs could disrupt the growth narrative.

What to watch next

Mid-November 2026
The Q3 2026 quarterly report filing should be checked to see whether the H1 order backlog (about KRW 15.5 billion) has converted to revenue and whether the operating loss has narrowed.
Q4 2026 (throughout the quarter)
It is worth observing whether seasonal revenue and profit concentration similar to Q4 2025 recurs, or whether the earnings pattern changes structurally.
H1 2027
This is the point to check whether subsidiary DeepQuest files for a KOSDAQ listing preliminary review and how dual-listing guidelines are applied to its process.
September-December 2026
Progress on the KEPCO Nuclear Fuel project and any additional order announcements in verticals such as nuclear and finance warrant monitoring.

Overall view

Saltlux is building references in the vertical AI market across public, finance, and nuclear sectors led by its proprietary LLM LUXIA and AI agent Goover, but its earnings trajectory—declining 2025 revenue, widening losses, and five consecutive years in the red—has not yet shown a clear turnaround.

The fact that the temporary swing to profit in Q4 2025 was followed by a return to losses in Q1-Q2 2026 suggests the need to distinguish seasonal factors from structural profitability improvement.

Expanded H1 2026 orders, a backlog of about KRW 15.5 billion, and growth in overseas operations in Vietnam and North America will likely be watch points for H2 performance.

At the same time, the earnings gap versus competitors Konan Technology and Wisenut, and the entry of large IT service firms into the AI market, are factors intensifying competition.

Subsidiary DeepQuest's KOSDAQ listing push could serve as a catalyst for group-level value reassessment, but it also carries challenges around dual-listing controversy and whether it can achieve self-sustained profitability.

Overall, this is a phase where technological capability and order momentum coexist with earnings instability and intensifying competition as counterbalancing factors.

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.