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
WAVUS has grown revenue for four consecutive years on the back of its integrated spatial-information solutions for land and real estate, but operating margins swing sharply by quarter, leaving margin recovery as the key watch item.
2025 consolidated revenue reached KRW 70.2 billion, a fourth straight year of growth, but the operating margin fell to 2.8%, well below the 10.4% recorded in 2023.
Over the last five quarters (2Q25-2Q26), operating profit peaked in 4Q25 before the company posted operating losses in both 1Q26 and 2Q26.
Expansion of large public-sector spatial-information SI projects such as the K-Geo Platform and the LX National Land Information Platform drove revenue growth, but upfront project costs pressured margins.
In new digital-twin and AI-platform businesses, the company secured contracts including an urban air mobility (UAM) vertiport project and an AI platform build for a public agency.
The debt ratio declined from 47.2% in 2022 to 32.8% in 2025, while operating cash flow rose from KRW 4.64 billion in 2022 to KRW 7.64 billion in 2025.
WAVUS was established in 2004 as a spin-off from Ssangyong Information & Communications and operates as an integrated spatial-information (GIS) solutions provider; it listed on KOSDAQ in 2022 through a merger with Yuanta No.5 SPAC.
Its business is organized into land/cadastral/real-estate spatial-information system integration (SI), system management (SM), e-government support, and IT consulting and infrastructure construction.
Key proprietary solutions include WeFramework for implementing standard GIS functions, ImFramework for data linkage and processing, UnionMap for 3D spatial visualization and analysis, WeSecuwave for integrated control-center monitoring, and GeOnPaas, a cloud-based spatial-information development platform.
Its principal clients are public institutions such as the Ministry of Land, Infrastructure and Transport and LX Corporation (Korea Land and Geospatial Informatix Corporation), and the company counts the Korea Land Information System (KLIS), the K-Geo national spatial-information platform, and the LX National Land Information Platform among its major references.
In 2023, WAVUS acquired the GIS business division of Naver Systems, expanding its scope and workforce.
More recently, the company has pushed into digital twin and Geo-AI areas, working on 3D mapping and precision road-map construction while also entering the public cloud market through its MapPick-Gov solution, which obtained CSAP cloud-security certification.
Because a large share of revenue depends on public-sector orders and budget execution timing, sales tend to concentrate in particular periods, and the company is diversifying into new areas such as urban air mobility (UAM) on top of this base.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩17.1B | -₩600M | −3.3% |
| 2025Q3 | ₩15.5B | ₩900M | 5.8% |
| 2025Q4 | ₩22.4B | ₩3.2B | 14.4% |
| 2026Q1 | ₩11.2B | -₩2.1B | −19.0% |
| 2026Q2 | ₩15.2B | -₩900M | −5.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩40.5B | ₩1.8B | -₩8.1B | 4.4% | −30.1% | 47.2% |
| 2023 | ₩48.8B | ₩5.1B | ₩7.1B | 10.4% | 20.0% | 39.9% |
| 2024 | ₩56.4B | ₩1.7B | ₩3.3B | 3.0% | 8.3% | 38.7% |
| 2025 | ₩70.2B | ₩2B | ₩2.7B | 2.8% | 6.4% | 32.8% |
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
Consolidated revenue rose for four straight years, from KRW 40.55 billion in 2022 to KRW 48.76 billion in 2023, KRW 56.36 billion in 2024, and KRW 70.20 billion in 2025.
Operating profit, however, jumped from KRW 1.78 billion (4.4% margin) in 2022 to KRW 5.06 billion (10.4%) in 2023, then fell back to KRW 1.68 billion (3.0%) in 2024 and KRW 1.99 billion (2.8%) in 2025 -- meaning the margin actually declined even as revenue kept growing.
Net income attributable to owners swung from a loss of KRW 8.09 billion in 2022 to a profit of KRW 7.07 billion in 2023, but then declined for two straight years to KRW 3.26 billion in 2024 and KRW 2.74 billion in 2025. This volatility is even more visible across the last five quarters.
In 2Q25, revenue was KRW 17.13 billion with an operating loss of KRW 0.57 billion and a net loss of KRW 0.25 billion; in 3Q25, despite revenue slipping to KRW 15.54 billion, the company swung to an operating profit of KRW 0.90 billion and net profit of KRW 1.11 billion.
In 4Q25, revenue jumped to KRW 22.41 billion, delivering the strongest quarter of the window with operating profit of KRW 3.23 billion and net profit of KRW 2.87 billion.
By contrast, 1Q26 revenue fell sharply to KRW 11.23 billion, producing a wide operating loss of KRW 2.13 billion and net loss of KRW 1.93 billion, and losses continued into 2Q26 with revenue of KRW 15.24 billion against an operating loss of KRW 0.89 billion and net loss of KRW 0.21 billion.
According to FnGuide data, cumulative consolidated revenue through the third quarter of 2025 rose 42.8% year over year, driven by the expansion of large spatial-information SI projects including the K-Geo Platform and the LX National Land Information Platform, while upfront project costs and one-off expenses widened the operating loss during that period.
On the balance-sheet side, the debt ratio declined steadily from 47.2% in 2022 to 32.8% in 2025, and operating cash flow improved from KRW 4.64 billion in 2022 to KRW 7.64 billion in 2025, suggesting that revenue growth has been translating into stronger cash generation.
The spatial-information (GIS) and digital-twin industry that WAVUS operates in is heavily dependent on the procurement and budget-execution schedules of public institutions such as the Ministry of Land, Infrastructure and Transport, LX Corporation, and local governments.
Demand for AI platforms, digital twins, and precision road-map construction at the level of local governments and public corporations has continued under the government's digital-platform-government and public-sector AI-transformation policies, and WAVUS has secured related contracts, including launching an AI platform build for the Korea Electrical Safety Corporation as part of its enterprise-wide AI transformation.
Obtaining CSAP cloud-security certification is essentially a prerequisite for serving public-sector cloud migration demand, and the company's acquisition of this certification for its MapPick-Gov solution provides a foothold for entering the public SaaS market.
That said, a business model centered on public-sector orders carries seasonality tied to annual budget planning and execution timing, which has translated into large quarter-to-quarter swings in recent results.
Within the GIS and spatial-information SI industry, a number of small and mid-sized software firms compete for public tenders, keeping pricing pressure persistent.
Expansion into emerging application areas such as urban air mobility (UAM) and aerospace could become a new growth axis for spatial-information companies, but these remain in an early commercialization stage with limited revenue contribution so far.
WAVUS recently won a contract for the Korea Airports Corporation's elevated digital vertiport platform construction project, extending its urban air mobility (UAM) business, which appears to build on an earlier digital vertiport platform project it carried out for the same client.
The company has also started work on an AI platform build for the Korea Electrical Safety Corporation, a roughly KRW 2.645 billion enterprise-wide AI-transformation project, extending its reach into the public AI infrastructure market.
In its digital-twin business, WAVUS is pursuing 3D mapping and precision road-map construction, and with its MapPick-Gov solution having obtained CSAP cloud-security certification, it is moving to enter the public-sector cloud market in earnest.
The company has also reviewed capital-structure measures such as a share consolidation to move away from penny-stock status and adding provisions for exchangeable bond (EB) issuance to its articles of incorporation, so the specific timing and terms of any related future disclosures are worth watching.
Given the recurring pattern of public-sector budget execution concentrating in the fourth quarter, the timing of revenue recognition for new orders and existing projects from the second half of 2026 onward will likely be a key driver of results.
WAVUS's net income swung from a loss in 2022 to a sizeable profit in 2023, then contracted again in both 2024 and 2025, and recent quarters have alternated between profit and loss, so the valuation multiples the market assigns to the stock tend to reflect this earnings volatility.
The share price can move between premiums and discounts relative to net asset value, a volatility pattern typical of small-cap stocks, and valuation multiples can shift meaningfully over short periods depending on trading volume and float.
The company has not made dividend payments in recent periods, consistent with a growth-stage profile that channels funds toward reinvestment and new-business expansion rather than shareholder returns.
A steadily declining debt ratio and improving operating cash flow are positive signals for financial soundness, but they do not by themselves guarantee earnings stability, so the quarter-to-quarter swings in profitability warrant continued attention.
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
Consolidated revenue grew for four consecutive years, from KRW 40.55 billion in 2022 to KRW 70.20 billion in 2025. Expansion of large public spatial-information projects such as the K-Geo Platform and LX National Land Information Platform drove this growth. A deep bench of public-sector references positions the company favorably to win new contracts.
The debt ratio fell from 47.2% in 2022 to 32.8% in 2025. Operating cash flow also rose from KRW 4.64 billion in 2022 to KRW 7.64 billion in 2025, easing funding pressure. This provides financial capacity that could support investment in new businesses.
The company has expanded into digital twin, AI platform, and urban air mobility (UAM) businesses, securing concrete contracts such as the Korea Airports Corporation vertiport project and the Korea Electrical Safety Corporation AI platform.
Obtaining CSAP cloud-security certification for its MapPick-Gov solution also lays groundwork for entering the public SaaS market.
The operating margin fell from 10.4% in 2023 to 2.8% in 2025, and the company posted operating losses in both 1Q26 and 2Q26. Periods where profit fails to keep pace with revenue growth have recurred.
Revenue and profit depend heavily on public-sector budget planning and execution timing, producing a recurring pattern of results concentrating in the fourth quarter and weakening in the first. This lowers the predictability of quarterly results.
Recent reviews and measures related to capital structure, including a share consolidation and the addition of exchangeable bond (EB) issuance provisions, could alter the shareholder base or float depending on how they are ultimately implemented.
Successive major-shareholder-change disclosures have also been filed, warranting continued monitoring of governance developments.
With a high share of revenue from public-sector orders, sales and profit concentrate around budget-execution periods. As seen in the consecutive operating losses in 1Q26 and 2Q26, weak off-season results could recur. Delays in the start or delivery timing of new large-scale projects could also affect annual results.
Major-shareholder-change disclosures appear to have been filed in succession recently, and capital-structure measures such as a share consolidation and provisions for exchangeable bond issuance have also been reviewed.
These changes could affect existing shareholders' ownership composition or float, warranting ongoing monitoring of related disclosures.
Numerous GIS and spatial-information SI firms compete for public tenders, keeping pricing pressure persistent. Changes in the scale or direction of government budgets for digital-twin and AI-transformation initiatives could affect new-business order opportunities.
Emerging application areas such as UAM remain in an early commercialization stage with limited revenue contribution so far.
Check the 3Q26 quarterly report filing to see whether revenue and operating profit return to positive territory and improve versus the first half of 2026.
Monitor new-order disclosures and revenue-recognition trends as the company enters its typically busy fourth quarter, when public-sector budget execution concentrates.
Verify whether capital-structure measures such as the share consolidation or exchangeable bond (EB) issuance are actually implemented, and if so, confirm the specific terms and schedule.
The 2026 annual business report (audit report) filing will confirm full-year revenue, profit, debt-ratio, and cash-flow trends.
WAVUS has continued to grow revenue for four straight years on the strength of its integrated spatial-information solutions for land and real estate, and positive changes are visible on the financial-soundness side, including an improving debt ratio and rising operating cash flow.
However, the operating margin declined from 10.4% in 2023 to 2.8% in 2025, and the company posted operating losses in both 1Q26 and 2Q26, leaving large quarter-to-quarter profitability volatility as a clear challenge.
Given a business structure heavily weighted toward public-sector orders, seasonality tied to budget-execution timing recurs in results, evident in the pattern of results concentrating in the fourth quarter and weakening in the first.
Expansion into digital twin, AI platform, and urban air mobility (UAM) businesses could become a medium-to-long-term growth axis, but these remain at an early stage with limited revenue contribution so far.
Recent major-shareholder-change disclosures and reviews of capital-structure measures such as share consolidation and exchangeable bond issuance are variables whose actual implementation and terms still need to be watched.
On balance, this appears to be a phase where positive factors of revenue growth and improving financial structure coexist with offsetting factors of earnings volatility, reliance on public-sector orders, and capital-structure uncertainty.
Report written 2026-09-05 · Data as of 2026-09-04
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