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
Saltware is expanding AWS-based cloud revenue while investing in new AI businesses, growing its top line but showing widening quarter-to-quarter earnings swings.
Annual revenue more than doubled from KRW 31.3 billion in 2022 to KRW 63.7 billion in 2025, with both operating profit and net income turning positive in 2025.
Q2 2026 revenue hit a quarterly record of KRW 19.9 billion, but the operating loss widened to about KRW 800 million, showing deteriorating profitability.
The company has been expanding AI and cloud initiatives, including winning a government-led semiconductor manufacturing AI agent pilot project and broadening AWS and Oracle partnerships.
In May 2026 the company signed a KRW 1 billion treasury stock trust agreement and carried out a 5-for-1 par value consolidation around the same time.
Building on its 2024 acquisition of smart farm subsidiary Gahwatech and prior export experience in Qatar, the company is pursuing smart farm commercialization as a new growth driver.
Saltware was founded in 2003 and went public on KOSDAQ in 2022 through a merger with Mirae Asset Daewoo Special Purpose Acquisition Company No. 3.
Its core business is AWS-centered cloud system construction and managed services (MSP), serving public institutions, universities, financial firms, and enterprises as key clients. The company also runs an enterprise informatization business through its proprietary business portal packages BIPS and BIPS enView.
More recently, it has been commercializing a lineup of AI SaaS products, including Sapie-Reco and Sapie-DeepQ, built on generative AI and open-source technologies. In 2024, it acquired smart farm specialist Gahwatech as a subsidiary, adding agricultural technology to its cloud- and AI-centered business structure.
Drawing on its 2020 export of container-type seedling machines and desert-type greenhouses to Qatar, the company is exploring re-entry into the Middle East smart farm market.
Its business structure has evolved from AWS-based cloud migration and managed services toward generative AI security solutions, AI SaaS, and industrial AI.
The domestic cloud MSP market is competitive, with numerous AWS, Microsoft, and Google partner firms vying for share, and Saltware has secured multiple official AWS certifications, including AI service competency, to strengthen its position within the partner ecosystem.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩14.4B | ₩93,569,766 | 0.7% |
| 2025Q3 | ₩16.4B | -₩200M | −1.5% |
| 2025Q4 | ₩16.3B | ₩600M | 3.6% |
| 2026Q1 | ₩18B | -₩99,391,707 | −0.6% |
| 2026Q2 | ₩19.9B | -₩800M | −4.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩31.3B | -₩600M | -₩4.9B | −2.0% | −24.4% | 66.2% |
| 2023 | ₩49.3B | -₩88,856,956 | ₩800M | −0.2% | 3.3% | 58.8% |
| 2024 | ₩57.9B | -₩1.7B | -₩200M | −3.0% | −0.7% | 59.1% |
| 2025 | ₩63.7B | ₩600M | ₩800M | 0.9% | 3.6% | 64.6% |
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
Saltware's annual revenue rose for four consecutive years, from KRW 31.3 billion in 2022 to KRW 49.3 billion in 2023, KRW 57.9 billion in 2024, and KRW 63.7 billion in 2025. Profitability, however, followed a different path than revenue growth.
Operating losses of KRW 613 million in 2022 and KRW 89 million in 2023 widened to a KRW 1.71 billion loss in 2024 amid increased investment in AI service development, before the company turned to an operating profit of KRW 566 million in 2025.
Net income attributable to owners similarly swung from -KRW 4.88 billion in 2022 to +KRW 761 million in 2023, -KRW 150 million in 2024, and +KRW 848 million in 2025.
On a quarterly basis, a sharp improvement in Q4 2025 — operating profit of KRW 586 million and net income of KRW 821 million — drove the full-year turnaround, but the company slipped back into losses in Q1 2026, with revenue of KRW 18.0 billion against an operating loss of KRW 99 million and a net loss of KRW 18 million.
In Q2 2026, revenue reached a record quarterly high of KRW 19.9 billion, yet the operating loss widened further to KRW 798 million and the net loss deepened to KRW 505 million.
Over the trailing four quarters (Q3 2025 through Q2 2026), net income attributable to owners totaled only about KRW 289 million, indicating a still-thin and volatile earnings base on a rolling basis.
On the balance sheet side, the debt ratio eased from 66.2% in 2022 to the 58-59% range in 2023-2024 before rising again to 64.6% in 2025, modestly increasing leverage relative to equity.
Korea's cloud industry continues to expand as digital transformation demand in the public, financial, and manufacturing sectors converges with the government's AI transformation policy push.
Indeed, the sharp short-term rally in Saltware's share price in June 2026 has been attributed to the stock being highlighted for its AI and cloud business aligning with the government's AI transformation policy trend.
The cloud MSP market has a layered competitive structure involving large IT service companies alongside numerous AWS, Microsoft, and Google partner firms, with smaller players like Saltware attempting to differentiate through specific client segments such as public institutions and universities and specialized technologies such as AI agents and NL2SQL.
As generative AI adoption spreads, demand for AI SaaS and security solutions among enterprises is rising, intensifying competition among IT service firms operating in this space.
Industry observers expect the closed-network AI infrastructure market to expand further as government-led manufacturing AI projects increase public-sector orders.
The smart farm segment remains in an early stage of market formation domestically, while overseas exports hinge on managing local partner relationships and operational risk.
The company had previously set a strategic target of reaching KRW 100 billion in revenue by 2025, but actual 2025 revenue came in at KRW 63.7 billion, falling short of that goal.
Still, revenue itself has grown for four consecutive years, and 2026 has brought a series of AI-related developments, including winning a roughly KRW 3.1 billion government-led semiconductor manufacturing AI agent pilot project and unveiling the NL2SQL solution Sapie-DeepQ, which converts natural language into SQL, at Oracle Summit 2026.
The company has continued to secure AI service competency certifications within the AWS Partner Network and to expand collaboration with global monitoring platforms such as Datadog.
On the shareholder return front, in May 2026 it signed a KRW 1 billion treasury stock trust agreement with Korea Investment & Securities covering up to 338,983 shares, running through January 2027.
Around the same time, it completed a 5-for-1 par value consolidation, raising per-share par value from KRW 100 to KRW 500, as part of a broader capital structure adjustment reducing share count.
In the smart farm segment, following the Gahwatech acquisition, the company is exploring re-entry into the Middle East market, seeking to convert its decade-old Qatar export experience into commercial results.
That said, with operating losses recorded in both Q1 and Q2 2026, whether new AI businesses can meaningfully contribute to revenue and improve earnings in the second half remains a key variable for the earnings trajectory.
Saltware moved from a net loss in 2024 to a net profit in 2025, but the size of net income attributable to owners over the trailing four quarters remains small, meaning earnings-based valuation metrics tend to sit at higher multiples than typical for larger IT service companies.
This is a common pattern when the absolute profit base is small, and it should be considered alongside the fact that such multiples can swing significantly with quarter-to-quarter earnings volatility.
By contrast, the share price relative to net asset value trades in a range close to book value, without a large premium or discount. There is no recent history of dividend payments, so dividend-related metrics sit on the lower side relative to industry averages.
The capital structure actions taken in 2026, including the treasury stock purchase and par value consolidation, represent supply-and-demand factors for the shares that are worth considering alongside valuation.
Since earnings direction reversed from profit back to loss, upcoming quarterly results are likely to have a direct bearing on where valuation metrics head next.
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
Revenue more than doubled from KRW 31.3 billion in 2022 to KRW 63.7 billion in 2025, marking four consecutive years of growth. AWS-based cloud demand has continued to rise, and quarterly revenue set consecutive record highs in the first half of 2026. This top-line expansion itself provides clear evidence of business growth.
A series of AI-related events have continued, including winning a government-led semiconductor manufacturing AI agent pilot project and unveiling an NL2SQL solution at Oracle Summit. The stock has been highlighted in the market as aligning with the government's AI transformation policy trend. Multiple official certifications within the AWS partner ecosystem also underpin its competitive positioning.
In May 2026, the company signed a KRW 1 billion treasury stock trust agreement with Korea Investment & Securities as a shareholder value measure. It also streamlined its capital structure through a 5-for-1 par value consolidation around the same time.
These actions can be interpreted as a signal that the company is working to rebuild confidence in the capital markets.
Q2 2026 revenue hit a record quarterly high of KRW 19.9 billion, yet the operating loss actually widened to KRW 798 million. The pattern of revenue growth not translating into earnings improvement has recurred. Infrastructure maintenance costs and AI service development investment are cited as weighing on profitability.
Total net income attributable to owners over the trailing four quarters was only about KRW 289 million, a small absolute figure. Q4 2025 net income of KRW 821 million drove the full-year turnaround, but the following two quarters reverted to net losses. There is a risk that annual results could be swayed by one-off factors in a single quarter.
The debt ratio, having eased to the 58-59% range in 2023-2024, rose again to 64.6% in 2025. With capital needs arising simultaneously from new business investment and treasury stock purchases, managing financial capacity could become a key consideration.
Both annual and quarterly earnings have alternated between profit and loss, making the trend difficult to predict. As long as investment in new AI businesses continues, profitability pressure could persist in the near term.
The project-based, public-sector-heavy revenue structure also amplifies earnings volatility due to differences in quarterly revenue recognition timing.
New businesses such as AI SaaS, industrial AI agents, and smart farms remain at an early stage where revenue contribution is still being validated. Overseas smart farm operations can be exposed to local partner management and operational risks. If the pace of monetization falls short of investment expectations, earnings improvement could be delayed.
As a small-cap stock, share price volatility driven by trading flows can be significant. With the debt ratio rising again in 2025, the method of financing any additional investment could affect shareholder value.
The actual scale of purchases under the treasury stock trust agreement may also vary depending on future share price and market conditions.
Q3 2026 earnings are expected to be disclosed around this time; it will be worth checking whether the operating loss that widened in Q2 narrows and whether revenue growth is sustained.
This period will be a point to check progress on the roughly KRW 3.1 billion semiconductor manufacturing AI agent pilot project and whether additional AI or cloud contracts are secured.
This is the expiration date of the KRW 1 billion treasury stock trust agreement, at which point the actual purchase progress and final acquisition volume can be confirmed.
Any follow-up contracts or revenue recognition related to smart farm re-entry into the Middle East market through Gahwatech could serve as an indicator of tangible progress in this new growth driver.
Saltware has sustained four consecutive years of revenue growth since 2022, attempting a transformation from a cloud MSP company into a diversified business spanning AI and smart farming.
In 2025, both annual operating profit and net income turned positive, but the earnings direction became uncertain again as the company posted losses in both Q1 and Q2 2026.
While revenue itself has repeatedly set quarterly records, a recurring pattern of infrastructure costs and expanding AI investment weighing on profitability persists.
Over the course of 2026, the company has pursued changes on both the capital structure side—through treasury stock purchases and par value consolidation—and the new business side, including winning a government-led AI project.
Given that the profit base over the trailing four quarters remains thin, earnings trends over the coming quarters are likely to be an important basis for assessing performance reliability going forward.
Investors may want to watch both the durability of revenue growth and the actual pace of monetization in the AI and smart farm new businesses.
Report written 2026-09-05 · Data as of 2026-09-04
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