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
Obigo more than doubled its 2025 revenue year over year on the back of the Karang subsidiary consolidation and expansion of its Pick-series content platforms, yet operating profit has remained in the red for four consecutive years since 2022.
2025 consolidated revenue rose sharply to KRW 33.5bn from KRW 14.4bn in 2024, but the company still posted an operating loss of KRW 3.72bn
Net income attributable to owners over the most recent four quarters (Q3 2025-Q2 2026) alternated between profit and loss and remained negative in aggregate
The company is expanding OEM adoption of its Pickle and PickJoy content services, including Hyundai Motor Group's Pleos Connect and Renault Korea's Filante
In July 2026 the company was selected as the lead firm for a government-backed automotive supply-chain security project run by the Ministry of Science and ICT and KISA
The company pays no dividend, and shares trade at a premium relative to book value
Founded in 2003, Obigo is a smart-car software platform company whose core technology is the AGB embedded browser and app framework for vehicles. Its product suite is designed to cover the full lifecycle of in-vehicle applications, from planning through installation and over-the-air (OTA) distribution.
Its customer base includes global automakers such as Hyundai Motor Group, KG Mobility, the Renault Group, Nissan, Toyota, Volvo Korea, Mitsubishi, and Jaguar Land Rover.
More recently, the company has expanded beyond infotainment platform supply into in-vehicle content and subscription-style services, with its 'Pick series'-comprising the PickNow entertainment platform, PickJoy in-car gaming platform, and Pickle AI audio platform-serving as a key growth pillar.
In 2025 the company acquired a subsidiary called Karang for roughly KRW 7 billion, and this acquisition was a major driver behind the sharp increase in consolidated revenue scale.
Domestically, small and mid-cap peers such as Motrex, Ubivelox, Infobank, and MDS Tech trade under similar automotive infotainment and software themes.
Given the industry's transitional nature, automakers are simultaneously building in-house software capabilities while also relying on external platform vendors, placing Obigo in a position that mixes both cooperation and competition.
The company's revenue mix appears to be shifting from license and development-service work toward a greater share of royalty and content-subscription revenue.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.2B | -₩1.5B | −17.7% |
| 2025Q3 | ₩13B | -₩600M | −5.0% |
| 2025Q4 | ₩8.6B | -₩1.3B | −15.0% |
| 2026Q1 | ₩10.5B | -₩1.5B | −14.1% |
| 2026Q2 | ₩11B | -₩1.1B | −10.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩12.1B | -₩3B | -₩2.6B | −24.5% | −7.4% | 11.9% |
| 2023 | ₩15.1B | -₩500M | ₩400M | −3.6% | 1.1% | 11.4% |
| 2024 | ₩14.4B | -₩2.7B | -₩1.7B | −18.7% | −4.7% | 13.2% |
| 2025 | ₩33.5B | -₩3.7B | -₩1.9B | −11.1% | −5.7% | 41.5% |
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
Obigo's annual revenue was KRW 12.09 billion in 2022, KRW 15.07 billion in 2023, and KRW 14.42 billion in 2024, before jumping sharply to KRW 33.53 billion in 2025, largely reflecting the consolidation of subsidiary Karang.
Operating profit, however, remained negative for four straight years: -KRW 2.97 billion in 2022, -KRW 0.54 billion in 2023, -KRW 2.69 billion in 2024, and -KRW 3.72 billion in 2025.
The operating margin improved from -24.5% in 2022 to -3.6% in 2023, then moved to -18.7% in 2024 and -11.1% in 2025-notably, the loss ratio itself narrowed in 2025 even as revenue scaled up substantially.
On the bottom line, 2023 was the only year with a positive net income attributable to owners (KRW 0.40 billion), while 2022 (-KRW 2.61 billion), 2024 (-KRW 1.67 billion) and 2025 (-KRW 1.94 billion) were all in loss.
Looking quarter by quarter, revenue of KRW 8.24 billion with an operating loss of KRW 1.45 billion and an owners' net loss of KRW 1.11 billion in Q2 2025 gave way to a jump to KRW 12.95 billion in revenue in Q3 2025, during which owners' net income turned slightly positive (KRW 17.9 million).
The loss then widened again in Q4 2025 with revenue of KRW 8.63 billion, an operating loss of KRW 1.29 billion, and a net loss of KRW 0.71 billion, followed by Q1 2026 revenue of KRW 10.54 billion with an operating loss of KRW 1.48 billion and a net loss of KRW 0.90 billion.
In Q2 2026, revenue reached KRW 11.0 billion and the operating loss was KRW 1.15 billion, yet owners' net income swung to a positive KRW 0.73 billion, suggesting that non-operating items-rather than the still-negative operating result-are driving the direction of net income.
On the cash-flow side, operating cash flow flipped signs frequently (-KRW 1.16 billion in 2022, +KRW 1.78 billion in 2023, +KRW 0.59 billion in 2024, -KRW 1.24 billion in 2025), while the debt ratio jumped from roughly 11-13% in 2022-2024 to 41.5% in 2025, indicating a notable shift in the balance-sheet structure.
The automotive industry's shift toward software-defined vehicles (SDV) has put infotainment, connected-car services, and in-vehicle content at the center of new revenue opportunities.
Obigo is expanding within this trend from an infotainment platform supplier toward a content and subscription-service provider, broadening its OEM touchpoints through PickJoy (in-car gaming) and Pickle (audio).
The company recently added Pickle to Hyundai Motor Group's next-generation infotainment system Pleos Connect, and stated its plan to keep expanding Pickle's coverage beyond Pleos Connect to models from Renault, Volvo, and Polestar, underscoring this strategy.
It has also built up partnership references by supplying the PickJoy in-car AI gaming content service to Renault Korea's new Filante model.
In the domestic competitive landscape, market commentary notes that small and mid-cap automotive infotainment and software names such as Motrex, Ubivelox, and Infobank have broadly faced profit-taking pressure, indicating that the sector as a whole remains sensitive to thematic flows.
One capital-markets outlet described Obigo as a domestic pioneer in the SDV service-platform space that has already captured roughly 50% market share, though this reflects a single outlet's interpretation rather than an independently verified figure.
Separately, at the end of 2025, Obigo shares hit the daily upper limit amid news that Samsung Electronics, through Harman, had acquired the ADAS business of Germany's ZF, illustrating how SDV-ecosystem headlines can drive thematic trading in the stock.
Early in 2025 the company disclosed guidance for consolidated annual revenue, having stated that its 2025 consolidated revenue would reach roughly KRW 35.8 billion. Actual confirmed 2025 revenue came in at KRW 33.53 billion, slightly below that guidance but still more than double the KRW 14.42 billion recorded in 2024.
Regarding the Karang subsidiary, reports noted that it had not yet turned profitable but was reducing its loss while growing cumulative revenue, and management was quoted as viewing an annual profit turnaround for the subsidiary as likely.
On the new-business front, in July 2026 the company was selected as the lead firm in the automotive category of the '2026 Supply Chain Security Model Build Support Project' run by the Ministry of Science and ICT and the Korea Internet & Security Agency, forming a consortium with security firm M-Secure to carry out the project, through which it stated a plan to complete security verification of its globally launching Pick-series AI content platform and address export technical barriers such as SBOM requirements in the US and Europe.
On the content-platform front, expansion plans for Pickle across Renault, Volvo, and Polestar, along with additional OEM adoption of PickJoy, are execution milestones to track going forward.
The company also demonstrated its Pick series to global OEM representatives at the Auto China 2026 exhibition, suggesting continued efforts to broaden overseas automaker adoption.
Because net income attributable to owners has remained in loss territory even over the most recent four quarters, a conventional price-to-earnings ratio is not meaningful for Obigo at this time. By contrast, the price-to-book ratio sits above 1x, meaning shares trade at a premium to net asset value.
The company currently pays no dividend, so dividend-related metrics are effectively blank. Looking across recent years, net income has been in loss in every year except 2023, and even in 2025, when revenue scale expanded significantly, a full turn from loss to sustained profit has not yet occurred.
Given this earnings structure, the current valuation appears to reflect revenue growth and expectations around new businesses such as content and security services more than realized profitability.
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 in 2025 versus 2024 on the back of the Karang consolidation and Pick-series content expansion.
The revenue mix is shifting from license and development-service work toward royalty and content-subscription streams, a structural change that could contribute to greater revenue stability going forward. However, how much this expansion translates into improved profitability still needs to be confirmed.
The company has successively supplied content services to Hyundai Motor Group's Pleos Connect and Renault Korea's Filante, broadening its OEM adoption references. It has also stated plans to expand Pickle supply to Renault, Volvo, and Polestar. This could widen the vehicle base from which the company collects royalties over time.
Being selected in July 2026 as the lead firm for a government-backed automotive supply-chain security project marks entry into a new area beyond its existing infotainment licensing business.
This could help build capabilities to meet export security regulations in the US and Europe, potentially strengthening competitiveness in future OEM contract bids. That said, given the nature of government-funded projects, this may not translate directly into commercial revenue in the near term.
The company has posted an operating loss every year from 2022 through 2025, and even in 2025, when revenue jumped sharply, it still recorded an operating loss of KRW 3.72 billion. Revenue growth has not yet translated directly into improved profitability.
Owners' net income turned positive in Q3 2025 and Q2 2026, yet the operating loss persisted in both quarters. This suggests that the direction of net income is being driven more by non-operating fluctuations than by core-business improvement, reducing the predictability of results.
Actual 2025 revenue of KRW 33.53 billion came in slightly short of the company's own KRW 35.8 billion guidance. At the same time, the debt ratio jumped from 13.2% in 2024 to 41.5% in 2025, indicating a rapidly shifting balance-sheet structure amid M&A and business expansion that warrants continued monitoring.
Revenue is concentrated among a small number of automakers such as Hyundai Motor Group, the Renault Group, and KG Mobility. Weak sales of a specific model, or delays or cutbacks in a given program, could directly affect royalty and license revenue.
Operating cash flow was negative in both 2022 and 2025, showing a recurring gap between reported earnings and cash generation. The sharp year-over-year rise in the 2025 debt ratio is another factor worth monitoring.
If automakers strengthen in-house software capabilities or adopt standardized platforms such as Android Automotive OS, reliance on external platform vendors like Obigo could diminish. Domestic small and mid-cap peers in the same sector face similar competitive and trading pressures.
The Q3 2026 quarterly report disclosure should be checked to see whether revenue growth continued and whether the operating loss narrowed.
Progress on the automotive supply-chain security project (selected in July 2026) and completion of security verification for the Pick series should be checked.
Announcements regarding additional OEM adoption of Pickle and PickJoy across Renault, Volvo, and Polestar should be monitored.
The FY2026 annual results disclosure should be checked to see whether the Karang subsidiary achieved an annual profit turnaround and whether consolidated revenue guidance was met.
It is worth distinguishing between thematic trading tied to SDV-ecosystem headlines-such as Samsung Electronics/Harman's ADAS business acquisition-and any actual business linkage for the company.
Obigo marked a turning point in top-line growth in 2025, sharply increasing revenue through the Karang subsidiary consolidation and expansion of its Pick-series content platforms.
However, operating results have remained in loss for four consecutive years from 2022 through 2025, and net income has shown quarter-to-quarter volatility between profit and loss, meaning a qualitative improvement in earnings has not yet been confirmed.
The company points to its selection for a 2026 automotive supply-chain security project and expanding content supply to global OEMs as new growth drivers, and these represent execution milestones to verify going forward.
On the financial side, the sharp year-over-year rise in the 2025 debt ratio and the return to negative operating cash flow are worth watching alongside the company's top-line expansion.
From a valuation standpoint, net income over the most recent four quarters has remained in loss, limiting the usefulness of conventional earnings-based metrics, while shares trade at a level that reflects a premium to net asset value.
Overall, Obigo sits at a stage where a revenue-growth and new-business narrative coexists with a profitability challenge that has not yet been fully resolved.
Report written 2026-09-05 · Data as of 2026-09-04
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