KOSDAQIT & Software340810

Secern Ai

₩3,500▼ 0.99%2026-10-02 close

Market Cap

₩48.3B

Turnover

₩500M

Volume

160,000 shares

Shares out.

14M

PER

—

PBR

4.7×

EPS

-₩620

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

Diversifying Amid Losses, Watching for an Earnings Inflection

Sison AI is expanding beyond its core facial-recognition Vision AI business into robotics, SI, and healthcare while revenue stagnates and losses widen.

1
2025 revenue came to KRW 13.97 billion, slightly down year over year, while the operating loss widened to KRW 11.27 billion, the fourth straight year of deepening losses
2
The company is scaling new SI and robotics automation businesses via the Daebo DX acquisition and a five-party MOU with Nonghyup and Hanwha Robotics
3
In 2026 Q2, revenue was KRW 2.50 billion with an operating loss of KRW 2.79 billion and an owners' net loss of KRW 3.16 billion, marking a renewed widening of losses
4
Public-sector orders such as the disaster safety communication network and government R&D projects continue, though the timing of revenue contribution remains fluid
5
A history of convertible bond issuance and resale means potential future share dilution warrants monitoring

Business structure

Sison AI is a Vision AI specialist focused on AI algorithm research and development, training data construction, AI solution development, and dedicated hardware design.

Its main products include an airport system (SEEU LINE), a building system (SEEU FACE), a screen information protection solution (SEEU ON), a centralized integrated authentication platform (SEEU ON IdP), and a hazardous material detection solution (SEEU X-RAY).

The company has achieved global top-tier facial recognition technology and has built extensive domestic reference cases at airports, government offices, and casinos.

Its subsidiaries include Uon Robotics in the robotics segment, Daebo DX in system integration (SI), and fintech specialist Solk Holdings along with its subsidiaries Together Apps and Hello Fintech.

In late 2025, the board approved acquiring a 51% stake in Daebo DX, an AX/CX/SI specialist firm, for roughly KRW 3 billion, bringing it into the consolidated group and strengthening public-sector SI and AI transformation consulting capabilities.

More recently, its screen protection solution SEEU ON obtained the Korea Internet & Security Agency's Cloud Security Assurance Program (CSAP) SaaS standard grade, laying the groundwork for entry into the public cloud security market.

The business mix is shifting from its traditional public-security core toward robotics (Physical AI), fintech (online investment-linked finance), and healthcare (Vision AI for respiratory therapy).

Other Vision AI-based firms also compete in the facial recognition and security market, forming a competitive landscape built around public references and technical certifications.

Earnings trend

Quarterly revenue · Operating profit

₩1B-₩4B25Q2₩3B-₩1.8B25Q3₩8.7B-₩2.5B25Q4₩3.3B-₩2.8B26Q1₩2.5B-₩2.8B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩16.8B-₩6.3B2022₩14.1B-₩9.8B2023₩14.4B-₩10.4B2024₩14B-₩11.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩1B	-₩4B	−412.5%
2025Q3	₩3B	-₩1.8B	−60.2%
2025Q4	₩8.7B	-₩2.5B	−28.6%
2026Q1	₩3.3B	-₩2.8B	−84.0%
2026Q2	₩2.5B	-₩2.8B	−111.7%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩16.8B	-₩6.3B	-₩8.3B	−37.7%	−203.9%	813.5%
2023	₩14.1B	-₩9.8B	-₩9.6B	−69.3%	−46.7%	106.4%
2024	₩14.4B	-₩10.4B	-₩10.7B	−72.3%	−105.6%	188.9%
2025	₩14B	-₩11.3B	-₩15.2B	−80.7%	−104.0%	128.5%

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

Earnings analysis

Annual revenue moved from KRW 16.81 billion in 2022 to KRW 14.10 billion in 2023, KRW 14.45 billion in 2024, and KRW 13.97 billion in 2025, showing a stagnant to slightly declining trend.

In contrast, the operating loss widened for four consecutive years, from KRW 6.34 billion in 2022 to KRW 9.77 billion in 2023, KRW 10.44 billion in 2024, and KRW 11.27 billion in 2025, pushing the operating margin down from -37.7% to -80.7%.

The owners' net loss also grew, from KRW 8.30 billion in 2022 to KRW 15.16 billion in 2025, as the net loss deteriorated by more than the operating loss did.

On a quarterly basis, 2025 Q2 revenue was KRW 0.96 billion with an operating loss of KRW 3.96 billion and an owners' net loss reaching KRW 8.16 billion, suggesting a large one-off loss factor in that quarter.

The loss narrowed somewhat in 2025 Q3 (revenue KRW 3.04 billion, operating loss KRW 1.83 billion), and revenue jumped to KRW 8.71 billion in 2025 Q4 with the operating loss easing to KRW 2.49 billion.

However, in 2026 Q1 (revenue KRW 3.28 billion, operating loss KRW 2.76 billion) and Q2 (revenue KRW 2.50 billion, operating loss KRW 2.79 billion, owners' net loss KRW 3.16 billion), revenue contracted again and the operating loss widened once more.

Over the most recent four quarters (2025 Q3 through 2026 Q2), the combined owners' net loss stood at roughly KRW 9.4 billion, indicating that new consolidation effects such as the Daebo DX integration have increased revenue volatility while the underlying loss structure has yet to be resolved.

Separately, brokerage-compiled data (via FnGuide) show that in 2026 Q1, revenue rose 159.5% year over year while the operating loss and net loss narrowed by 7.7% and 22.5% respectively, partially reflecting SI business expansion and cost efficiency efforts.

Industry analysis

Korea's AI market is projected to grow from roughly KRW 10 trillion in 2024 at a 53.1% CAGR to about KRW 132 trillion by 2030, with government AI transformation (AX) policy underpinning public-sector demand.

The teleoperation and remote robotics market that Sison AI has newly entered is forecast to grow from about KRW 11 trillion in 2026 to KRW 32 trillion by 2035, while the robotic arm market is expected to expand from roughly KRW 40 trillion in 2024 to KRW 118 trillion by 2032.

In the smart agricultural product processing center (APC) market, the government has set a goal of building 100 smart APCs by 2027, and automation demand has potential to expand across the roughly 400 Nonghyup-operated APCs out of about 560 nationwide.

The global smart agriculture market is projected to grow from about KRW 33 trillion in 2026 to KRW 91 trillion by 2035.

The facial recognition and Vision AI segment is a market where public-sector references and security certifications such as CSAP act as barriers to entry, and Sison AI is regarded as one of the firms with the largest domestic public references.

However, similar Vision AI-based security and recognition technology firms are also active in this market, creating ongoing competition around public contract awards.

The robotics and Physical AI segment remains in an early commercialization stage, with numerous companies including Sison AI developing leader-arm and mobile manipulator technologies as the market takes shape.

Outlook

In April 2026, the company signed an operation and maintenance contract worth KRW 1.89 billion with Woojoo Telecom for the disaster safety communication network Zone A, running from April 2026 to March 2029 with billing after quarterly inspection.

That same month, it signed a five-party MOU with Nonghyup Information System, Hanwha Robotics, Uon Robotics, and Modeun Solution to jointly pursue AI transformation and robotic automation at Nonghyup's agricultural product processing centers (APCs), laying groundwork for its Physical AI business.

As the first outcome of this partnership, subsidiary Uon Robotics was selected in June 2026 as the lead institution for a KRW 2.7 billion government project under the Ministry of Agriculture, Food and Rural Affairs and the Korea Agency of Education, Promotion and Information Service in Food, Agriculture, Forestry and Fisheries, having already completed a proof-of-concept for a vinyl small-package loading robot system at a Nonghyup APC site.

Uon Robotics has completed development and prototyping of its leader-arm technology and entered the commercialization stage, targeting completion of a dual-arm mobile manipulator prototype by the end of 2026.

In healthcare, the company was selected in May 2026 as a joint R&D institution under the Ministry of Health and Welfare's health technology R&D project, receiving about KRW 825 million in government funding over three years alongside Catholic University and KAIST to develop a smartphone-camera-based Vision AI solution that coaches inhaler usage.

Its screen protection solution SEEU ON obtained CSAP SaaS standard certification in May 2026, establishing a foothold in the public cloud security market.

While the company has secured new contracts and government projects across public security, SI, robotics, and healthcare, most of these initiatives remain at an early stage or have yet to be substantially reflected in reported results.

Valuation

PER

—

PBR

4.7×

ROE

-80.9%

EPS

-₩620

BPS

₩823

Dividend per share

₩0

Because the company has posted net losses for multiple consecutive years, a conventional price-to-earnings ratio cannot be calculated, and valuation discussion tends to center on asset-based metrics such as the price-to-book ratio.

Depending on the calculation method used, the current share price appears to trade at a notable premium to book value.

The company has maintained a no-dividend policy in recent years, so the valuation debate centers less on shareholder returns via dividends and more on whether new businesses can drive an earnings turnaround.

Owners' equity recovered from KRW 4.07 billion in 2022 to KRW 14.58 billion by 2025, but this reflects the impact of capital-raising activities rather than an improvement in operating performance itself.

In a December 2025 report, Shinhan Investment Corp noted that the company could benefit from the government's public-sector AI transformation policy given its world-class facial recognition AI technology, while flagging that whether public-sector orders in 2026 can drive an earnings recovery remains the key question.

Market attention thus appears focused on how quickly the new robotics, SI, and healthcare businesses can translate into revenue and narrow losses.

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

Bull factors

New Growth Engines Through Business Diversification

Beyond its traditional facial recognition security business, Sison AI is expanding into robotics (Uon Robotics), SI (Daebo DX), fintech (the Solk Holdings group), and healthcare (respiratory therapy Vision AI).

Notably, through a five-party MOU with Hanwha Robotics and Nonghyup Information System, the company has entered the new market of Nonghyup APC automation and secured its first related government project. This diversification is seen as reducing reliance on a single public security business line.

Policy Tailwinds and Public-Sector Track Record

Government AI transformation (AX) policy and the goal of expanding smart APCs are creating a favorable environment for Sison AI and its subsidiaries.

The company holds some of the largest domestic facial recognition reference cases at airports, government offices, and casinos, and its screen protection solution has obtained CSAP SaaS standard certification, qualifying it for the public cloud security market. Such references and certifications could serve as competitive advantages in future public-sector bidding.

Progress in Commercializing Physical AI Technology

Subsidiary Uon Robotics has completed development and prototyping of its leader-arm technology and entered the commercialization stage, targeting completion of a dual-arm mobile manipulator prototype within the year.

A successful proof-of-concept at a Nonghyup APC site is cited as evidence of the technology's field applicability. Growth forecasts for the teleoperation and robotic arm markets provide a favorable backdrop for this technology expansion.

Bear factors

Prolonged Operating Losses and Margin Deterioration

The operating loss widened for four straight years, from KRW 6.34 billion in 2022 to KRW 11.27 billion in 2025, and the operating margin deteriorated from -37.7% to -80.7%.

The operating loss widened again in both 2026 Q1 and Q2, to KRW 2.76 billion and KRW 2.79 billion respectively, raising questions about the durability of any improvement. A heavy fixed-cost burden relative to revenue scale remains a fundamental challenge.

Revenue Stagnation and Quarterly Volatility

Annual revenue actually declined from KRW 16.81 billion in 2022 to KRW 13.97 billion in 2025, and quarterly revenue swung sharply from KRW 8.71 billion in 2025 Q4 to KRW 2.50 billion in 2026 Q2.

This reflects a structure in which results are heavily influenced by the timing of public-sector and SI project inspections and revenue recognition, leaving the establishment of a stable revenue base as an ongoing challenge.

Dilution Concerns Related to Capital Raising

In April 2026, the company sold its third-series convertible bonds, under terms that could result in the issuance of 688,895 common shares, equivalent to 5.04% of total shares outstanding, upon conversion.

Continued operating losses raise the possibility of ongoing external financing needs, which could act as a further dilution factor going forward.

Risk factors

Financial Structure

The debt ratio reached 813.5% in 2022 and owners' equity was as low as KRW 4.07 billion, reflecting a historically fragile balance sheet. While the debt ratio improved to 128.5% in 2025, operating cash flow remained negative throughout 2022-2025, indicating persistently weak internal cash generation. Reliance on external financing going forward cannot be ruled out.

Share Dilution

Capital-related events such as convertible bond issuance and resale, and changes in related parties following equity acquisitions, have occurred repeatedly. Future bond issuances or conversion requests could increase total shares outstanding and dilute existing shareholders.

New Business Execution Risk

New businesses such as Physical AI robotics, Nonghyup APC automation, and healthcare Vision AI mostly remain at the MOU, proof-of-concept, or early government-project stage.

The timing and scale at which these businesses will convert into actual revenue and profit remain uncertain, and there is a possibility that planned prototype completions or business expansion could be delayed.

What to watch next

Mid-November 2026
Check the 2026 Q3 quarterly report disclosure for revenue and operating loss trends and whether Daebo DX- and APC-related revenue has been recognized.
December 2026
Verify whether Uon Robotics completes its targeted dual-arm mobile manipulator prototype and check progress on customer acquisition.
During Q4 2026
Monitor progress on the KRW 2.7 billion government project with the Ministry of Agriculture and the Korea Agency for Agricultural Technology, and whether additional APC proofs-of-concept or orders follow the Seongju Wolhang Nonghyup case.
First half of 2027
Continue tracking clinical and field-testing progress on the three-year Ministry of Health and Welfare-funded respiratory therapy Vision AI R&D project.
Upon future disclosures
If disclosures on new convertible bond issuance, resale, or conversion requests emerge, check the resulting change in total shares outstanding and the dilution effect.

Overall view

Sison AI faces the structural challenge of stagnant revenue and widening operating losses in its core facial recognition Vision AI business, while seeking a turnaround by diversifying into robotics (Physical AI), SI, fintech, and healthcare.

Full-year 2025 revenue was KRW 13.97 billion with an operating loss of KRW 11.27 billion, marking a fourth consecutive year of widening losses, and the loss widened again in the first half of 2026.

At the same time, new-business milestones have continued steadily, including the Daebo DX acquisition, the five-party Nonghyup APC MOU and its first related government project win, and CSAP certification.

How much and how quickly these new businesses convert into actual revenue and profit will be the key variable for future performance. Dilution risk tied to convertible bonds and the company's historically fragile balance sheet are factors that also warrant attention.

Investors should continue to monitor upcoming quarterly earnings releases and disclosures on the progress of these new businesses.

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.