KONEXIT & Software311960

InterRoid

₩1,622▼ 14.59%2026-10-02 close
Market Cap
₩5B
Turnover
₩343,713
Volume
183 shares
Shares out.
3.1M
PER
—
PBR
—
EPS
—
Dividend Yield
—

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters · Prices as of the 2026-10-02 close

01

Report overview

InterRoid at an AI Pivot Crossroads

KONEX-listed InterRoid has been shifting its center of gravity from health-supplement distribution toward AI voice and callbot services since its 2025 name change, while the most recently confirmed annual results for 2022 showed revenue in the KRW 7-billion-plus range alongside an operating loss.

  1. 1

    In April 2025 the company changed its name from AIDER Nutrizine to InterRoid, scaling back its bio segment and restructuring around the AI voice callbot platform 'SeiRen.'

  2. 2

    In October 2025 the company obtained a facilities-less telecommunications carrier license, laying the groundwork to offer callbot services directly as a telecom service.

  3. 3

    The most recently confirmed annual (2022, consolidated) results showed revenue of KRW 7.28 billion, an operating loss of KRW 1.34 billion, and a net loss attributable to owners of KRW 0.93 billion.

  4. 4

    In November 2025 the company was placed on notice for designation as an unfaithful disclosure entity after delaying disclosure of a lawsuit filing.

  5. 5

    As a KONEX-listed name, it is classified as a micro-cap with low liquidity and greater information asymmetry than KOSDAQ or KOSPI peers.

02

Business structure

InterRoid was founded in 2012 as DaVinci Lab, changed its name to AIDER Nutrizine after merging with AIDER in 2020, and listed on the KONEX market in November 2022. In April 2025 it renamed itself InterRoid, redefining its business identity around AI.

The company has developed and supplied integrated AI solutions such as MLOps and AI image and video analysis, alongside a health-supplement distribution business.

More recently it has focused on 'SeiRen,' a next-generation voice automation solution that integrates generative AI, speech recognition (STT), and speech synthesis (TTS) technology, supplying chatbot and callbot services to the financial, insurance, and public sectors.

In September 2025 the company unveiled a new Agentic AI platform specialized for HR recruitment processes, built on its SeiRen AI platform.

In October of the same year it obtained a facilities-less telecommunications carrier license and secured the legal basis to provide telecom services directly to enterprise, franchise, and institutional customers by leasing lines from major carriers such as KT and SK Telecom.

The company stated it is phasing down its R&D-heavy bio segment and transforming the organization to focus on AI.

A substantial portion of its workforce is reported to be skilled personnel with domestic and international master's or doctoral degrees in AI, and competitively it operates in a space that overlaps with numerous domestic AI chatbot, callbot, and contact-center-specialized IT firms.

03

Earnings trend

Quarterly revenue · Operating profit
RevenueOperating profit
Annual revenue · Operating profit
RevenueOperating profit
Quarterly results · Last 0 quarters
QuarterRevenueOperating profitOp. margin
Annual results
YearRevenueOperating profitNet income (parent)Op. marginROEDebt-to-equity
2022₩7.3B-₩1.3B-₩900M−18.4%−5.8%66.8%

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

04

Earnings analysis

Based on the most recently confirmed annual (2022, consolidated) filing with Korea's Financial Supervisory Service, revenue was KRW 7.28 billion and the operating loss was KRW 1.34 billion, translating into an operating margin of -18.4%.

The net loss was KRW 0.98 billion, of which KRW 0.93 billion was attributable to owners. Operating cash flow for the same period was -KRW 1.01 billion, indicating cash outflow from operations as well.

Total equity stood at KRW 16.13 billion (KRW 15.99 billion attributable to owners) against total liabilities of KRW 10.78 billion, for a debt ratio of 66.8%.

These figures reflect the period immediately following the November 2022 KONEX listing, when the company still ran health-supplement distribution alongside AI solutions. Subsequent quarterly results are not provided within a separately confirmed disclosure window and are therefore not addressed in this report.

However, according to financial-data providers, on a separate (non-consolidated) basis, FY2024 revenue rose 13.1% year-on-year while the operating loss widened 5.5% and the net loss widened 211%, suggesting that revenue growth and profitability recovery did not move in tandem.

The same source explained that despite an economic slowdown, corporate investment in AI-based automation solutions expanded on the back of labor-cost reduction and 24/7 customer-service demand, driving revenue growth, though R&D spending kept profitability limited.

As these figures fall outside the confirmed financial scope (annual 2022) used in this report, they should be treated as provisional reference data interpreted only as separate-basis, year-on-year ratios.

05

Industry analysis

South Korea's domestic AI market was valued at KRW 2.6 trillion in 2023, growing 17.2% year-on-year, and is projected to grow at a 14.9% CAGR over the following five years to reach KRW 4.4 trillion by 2027. According to Gartner, the AI-based work-automation market is expected to grow at over 35% annually through 2030.

This growth stems from a structure in which corporate labor-cost reduction and demand for round-the-clock customer service combine to expand demand for contact-center and consultation automation.

The voice AI/callbot market in which InterRoid operates is fairly crowded, mixing large-corporation-affiliated system integrators, telecom-affiliated subsidiaries, and numerous startups.

The facilities-less telecom carrier license the company secured in 2025 could serve as a differentiator by allowing it to bundle callbot services with telecom services, though other players preparing similar bundled offerings cannot be ruled out.

The domestic contact-center/consultation-automation market is still assessed to be in an early diffusion stage without a clearly standardized billing model or dominant operator.

Remaining on the KONEX market may put the company at a relative disadvantage versus KOSDAQ-listed competitors in terms of capital-raising capacity and brand recognition.

06

Outlook

Following its name change, the company formalized a strategy of reducing its bio-segment weighting and concentrating resources on AI voice and callbot business. In September 2025, based on its SeiRen platform, it stated it had successfully completed deployment of the platform at a leading domestic HR company.

In October of the same year, it announced it had officially obtained a facilities-less telecommunications carrier license and would move into the AI-based voice-communication services market.

The company outlined plans to gradually expand services starting with industries that handle heavy phone-consultation volumes, such as insurance, hospitals, academies, retail, and public institutions.

In media interviews, company representatives said they were exploring overseas expansion into Japan and Southeast Asia while significantly strengthening R&D in lightweight Physical AI for robots and digital devices.

The company also indicated it was pursuing an aggressive growth strategy aimed at turning operating profit positive starting this year, though this is a target stated by the company itself and has not been verified through a confirmed audit report.

Given the company's KONEX listing status, the timing of future periodic business and audit reports will likely be the key indicator for gauging whether these targets are achieved.

07

Valuation

PER
—
PBR
—
ROE
—
EPS
—
BPS
—
Dividend per share
—

InterRoid is a micro-cap name listed on the KONEX market, with market capitalization and trading volume substantially smaller than KOSDAQ-listed peers, resulting in higher price volatility and more limited liquidity.

Since the most recently confirmed annual (2022) results showed an operating loss and a net loss, interpreting the price-to-book multiple warrants greater reliance on asset-value context rather than earnings-based metrics.

As no dividend payment history has been confirmed, dividend-related metrics are not currently a meaningful basis for comparison.

Given that the business model is in transition from health-supplement distribution toward AI voice and callbot services, caution is warranted when comparing valuation with peer AI software companies until future results are confirmed.

Because the KONEX market itself has a thinner base of listed companies and more limited institutional participation than KOSDAQ, its price-formation mechanism can behave differently from KOSDAQ or KOSPI.

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

08

Bull factors

AI voice automation business model taking concrete shape

The company stated it has brought SeiRen, a next-generation voice automation solution integrating generative AI, speech recognition (STT), and speech synthesis (TTS), to a commercialization stage.

It has also confirmed strong interest from industries where precision and reliability matter, such as finance, insurance, and the public sector. In September 2025 it unveiled a new Agentic AI platform specialized for HR, broadening its range of applications.

Business model expansion via telecom carrier license

In October 2025 the company secured a facilities-less telecommunications carrier license, establishing the legal basis to lease lines from major carriers such as KT and SK Telecom and provide telecom services directly to a range of customers.

This creates a structure allowing the business to expand beyond callbot software supply into telecom service revenue. The company also outlined plans to gradually expand into industries with heavy phone-consultation volumes, such as insurance, hospitals, academies, retail, and public institutions.

Focus gained through winding down the lower-margin bio segment

The company stated it is phasing down its R&D-heavy bio segment and transforming the organization to focus on AI. The April 2025 rename to InterRoid symbolizes this identity shift.

Reports have also indicated that the AI segment generated KRW 8.4 billion in revenue the prior year, accounting for roughly 80% of total revenue of KRW 10.3 billion, suggesting the foundation for resource concentration was already partly in place.

09

Bear factors

Governance risk from unfaithful disclosure designation notice

The voice-call automation platform company InterRoid was placed on notice for designation as an unfaithful disclosure entity after delaying disclosure related to a lawsuit filing. The triggering event occurred on September 24, with the disclosure filed on October 13, indicating roughly a three-week delay.

The final designation outcome and any associated penalty points or fines have not been confirmed in publicly available sources, warranting a check of follow-up disclosures.

Persistent losses and cash outflow on confirmed results

In the most recently confirmed annual (2022, consolidated) results, the operating loss was KRW 1.34 billion, the net loss attributable to owners was KRW 0.93 billion, and operating cash flow was -KRW 1.01 billion, reflecting cash outflow.

The debt ratio stood at 66.8%, indicating a notable debt burden relative to equity. Externally sourced FY2024 separate-basis provisional data also showed revenue up 13.1% while the operating loss and net loss widened 5.5% and 211%, respectively, suggesting profitability improvement has continued to lag revenue growth.

Liquidity and information-access constraints typical of KONEX listings

The KONEX market has fewer listed companies and lower trading volume than KOSDAQ, which can make order execution less smooth. Detailed quarterly financial disclosure and brokerage coverage are also more limited than on KOSDAQ or KOSPI, reducing information accessibility for investment decisions.

This information asymmetry can amplify investor uncertainty at a time when the business model is still in transition.

10

Risk factors

Disclosure and legal risk

The company was placed on notice for unfaithful disclosure designation in November 2025 due to a lawsuit-related disclosure delay, citing Articles 12 and 15 of the KONEX market disclosure regulations. If the designation is finalized, it could lead to further market measures such as penalty points.

Neither the final outcome nor the substance and scale of the lawsuit itself has been confirmed, requiring a check of follow-up disclosures.

Business transition risk

The transition from health-supplement distribution to AI voice/callbot and now telecom services is still underway, and the telecommunications carrier license acquisition dates only from October 2025, an early stage.

How much and when the new business will convert into actual revenue has not been verified through confirmed disclosure. One-off costs or organizational restructuring risk during this transition cannot be ruled out either.

Financial soundness and funding risk

Given negative operating cash flow on the confirmed 2022 basis, external funding may be needed to sustain operations. The KONEX market offers relatively more constrained conditions for capital raising, such as rights offerings or convertible bonds, than KOSDAQ.

In a structure of continuing losses, additional fundraising could also lead to dilution for existing shareholders.

11

What to watch next

  1. Around November 2026

    Check third-quarter-related material event reports and ad hoc disclosures for the status of lawsuit disclosure management and any follow-up action after the unfaithful disclosure designation notice.

  2. Around March-April 2027

    The FY2026 audit and business reports should reveal whether the AI segment's revenue share has grown, operating results have improved, and the bio-segment wind-down has been completed.

  3. Upon any new contract disclosure (ongoing)

    Watch for contract and supply-related disclosures confirming actual commercial contracts and revenue recognition for telecom-bundled callbot services enabled by the carrier license.

  4. Upon customer announcements (ongoing)

    Continue monitoring specific disclosures or contract announcements regarding new large customers for the SeiRen/HR Agentic AI platforms and progress on overseas expansion into Japan and Southeast Asia.

12

Overall view

InterRoid is a micro-cap IT/AI company listed on the KONEX market that, following its 2025 name change, is in the process of restructuring from a health-supplement distribution focus toward AI voice callbot services via SeiRen and telecom-bundled services enabled by its carrier license.

The most recently confirmed annual (2022, consolidated) results showed a loss, with revenue of KRW 7.28 billion, an operating loss of KRW 1.34 billion, and a net loss attributable to owners of KRW 0.93 billion, alongside negative operating cash flow.

Externally sourced FY2024 separate-basis provisional data also showed revenue growth accompanied by widening operating and net losses, indicating that revenue growth and profitability improvement have not yet moved in the same direction.

In November 2025 the company was placed on notice for unfaithful disclosure designation due to a lawsuit disclosure delay, warranting governance scrutiny, and the final outcome has not been confirmed in public sources.

The company continues to pursue multiple expansion efforts, including enhancing the SeiRen platform, launching a new HR Agentic AI product, and entering telecom services, but the timing and scale at which these efforts will translate into confirmed results have not yet been verified through disclosure.

Investors should continue to track the substantive progress of this business restructuring through future periodic business and audit reports, new contract disclosures, and any follow-up to the unfaithful disclosure matter. This report is prepared for informational purposes and does not include a buy or sell recommendation.

13

Sources

  1. Korea Exchange (KRX) — Prices · Market Cap · Volume
  2. FSS electronic disclosure system (DART) — Financial statements · Dividend filings
Show 18 more articles and sources
  1. news.nate.com
  2. comp.fnguide.com
  3. markets.hankyung.com
  4. albamon.com
  5. itooza.com
  6. comp.fnguide.com
  7. thevc.kr
  8. 38.co.kr
  9. pinpointnews.co.kr
  10. saramin.co.kr
  11. albamon.com
  12. comp.fnguide.com
  13. catch.co.kr
  14. comp.wisereport.co.kr
  15. jobplanet.co.kr
  16. catch.co.kr
  17. drcr.co.kr
  18. tipa.or.kr

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.