PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩35 per share · Prices as of the 2026-10-02 close
Cyberone is a KOSDAQ-listed information security firm centered on security monitoring and consulting, and after posting its best-ever annual results in 2024, revenue and profit fell sharply in 2025 while quarterly operating results have continued to swing in 2026.
Revenue reached 47.855 billion won and operating profit 11.332 billion won in 2024, its best year, but 2025 revenue fell to 33.726 billion won with operating profit of just 414 million won on a consolidated basis.
The company swung from an operating loss of 201 million won in the first quarter of 2026 to an operating profit of 761 million won in the second quarter, its highest quarterly figure in the period shown.
The 2023 acquisition of Xcurenet added an AI-based information security solution business, and as of the second quarter of 2026 revenue was split into 85% services (monitoring, consulting, smart systems), 11% security solution products, and 4% goods.
In May 2026 the company won a 4.2 billion won portion of a security consulting project for local government IT infrastructure commissioned by the Korea Local Information Research & Development Institute (KLID).
Even as the domestic information security services market grows at a roughly 14.6% annual pace, the company's own results have shown wide swings from year to year and quarter to quarter.
Founded in 2005, Cyberone is a comprehensive information security specialist centered on security monitoring and security consulting, and it listed on KOSDAQ in 2021.
It is one of a small number of Korean firms holding all three government-designated core security licenses: a security monitoring specialist firm designated by the Ministry of Science and ICT, an information protection professional service firm, and a personal information impact assessment institution designated by the Ministry of the Interior and Safety.
The company has a track record serving roughly 1,600 client organizations across public, financial, manufacturing and healthcare sectors, and has expanded into industrial control system, smart factory, and cloud security consulting as well as IoT penetration testing.
In August 2023 it acquired Xcurenet, an AI-based information security solution developer, diversifying its portfolio to include insider data-leak prevention solutions.
As of the second quarter of 2026, services such as security monitoring, consulting and smart systems accounted for 85% of revenue, security solution products for 11%, and goods sales for 4%.
Its proprietary integrated security monitoring system, PROM SIEM, which provides real-time remote monitoring to clients of varying scale, is a core competitive asset.
In May 2026 the company announced a partnership with disaster-recovery specialist Konexy to combine integrated security monitoring with disaster recovery services, targeting the cyber resilience market.
Peers in the KOSDAQ security space include Monitorapp and Sands Lab, and competition within security monitoring and consulting services remains ongoing.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.3B | ₩100M | 1.7% |
| 2025Q3 | ₩8.8B | ₩200M | 2.7% |
| 2025Q4 | ₩9.4B | ₩600M | 6.2% |
| 2026Q1 | ₩7.3B | -₩200M | −2.7% |
| 2026Q2 | ₩9.7B | ₩800M | 7.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩22.8B | ₩1.9B | ₩2.1B | 8.2% | 7.3% | 13.6% |
| 2023 | ₩24.7B | ₩1.3B | ₩2B | 5.2% | 6.5% | 15.2% |
| 2024 | ₩47.9B | ₩11.3B | ₩9.8B | 23.7% | 23.8% | 14.8% |
| 2025 | ₩33.7B | ₩400M | -₩1.2B | 1.2% | −3.0% | 10.3% |
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
In 2024 consolidated revenue reached 47.855 billion won with operating profit of 11.332 billion won (a 23.7% operating margin), the best of the four disclosed years, and owners' net income totaled 9.836 billion won.
In 2025, however, revenue fell to 33.726 billion won and operating profit shrank sharply to 414 million won (a 1.2% margin), while owners' net income turned negative at -1.208 billion won.
In 2023 revenue was 24.676 billion won with operating profit of 1.276 billion won (5.2% margin) and owners' net income of 1.996 billion won, and 2022 revenue was 22.754 billion won with operating profit of 1.869 billion won (8.2% margin), a period of gradual post-pandemic growth.
On a quarterly basis, revenue of 8.303 billion won and operating profit of 145 million won in the second quarter of 2025 improved modestly to revenue of 8.800 billion won and operating profit of 236 million won in the third quarter, but in the fourth quarter, despite operating profit rising to 578 million won on revenue of 9.391 billion won, owners' net loss reached -2.074 billion won, indicating a significant divergence driven by non-operating items.
In the first quarter of 2026 revenue declined to 7.321 billion won and an operating loss of 201 million won was recorded, yet owners' net income remained positive at 182 million won, and in the second quarter revenue rose to 9.691 billion won with operating profit of 761 million won, the highest quarterly figure in the window, while owners' net income improved markedly to 1.056 billion won.
The sum of owners' net income over the most recent four quarters (third quarter of 2025 through second quarter of 2026) was still negative at -325 million won.
Market data indicates that in the first quarter of 2026 revenue rose slightly and the operating loss narrowed year over year while net income turned positive, suggesting cost reductions and expanded integrated security monitoring services contributed to the profitability improvement.
On the balance sheet side, the debt ratio has stayed low, moving from 13.6% in 2022 to 10.3% in 2025, indicating limited leverage burden.
Korea's information protection industry revenue grew from 9.5 trillion won in 2017 to 18.6 trillion won in 2024, a roughly 9.9% annual pace, and within that the domestic information security market reached 7.1 trillion won in 2024, up 15.9% year over year, having grown at roughly 14.6% annually since 2017.
The information security industry splits into products and services; products represent the larger market by size, but the services segment has grown faster, with security monitoring and consulting together accounting for 53.5% of the information security services market as of 2024.
New information protection legislation, tighter regulation, and the rollout of a continuous information-security evaluation system are cited as structural factors supporting public- and private-sector demand for consulting.
The advent of what is described as the fourth industrial era, along with infrastructure shifts such as IoT and cloud adoption, is expected to expand the scope of information security services.
Independent of this industry growth, however, Cyberone's own results have shown large year-to-year swings depending on the presence of specific large contracts and the performance of its subsidiary Xcurenet.
Competitively, KOSDAQ hosts a range of security-themed stocks including Monitorapp and Sands Lab, and related names have tended to move together when market attention focuses on a particular security issue.
In May 2026 the company was selected to carry out a 4.2 billion won portion, roughly 63% of a total 7.2 billion won project, under the '2026 Local Government IT Infrastructure Information Protection Consulting' program commissioned by the Korea Local Information Research & Development Institute (KLID).
The project involves inspecting security vulnerabilities across 518 items in management, physical, and technical categories at IT infrastructure operated by local governments nationwide, with the company stating it plans to complete diagnostics, remediation proposals, and support for drafting 2027 protection plans by the end of 2026.
In the same month the company announced a partnership with disaster-recovery specialist Konexy to combine integrated security monitoring with disaster recovery services, signaling an effort to expand into the cyber resilience market.
Earlier, in 2025, the company held a partner's day event with subsidiary Xcurenet to share security trends and solutions, and it also held a security seminar in Vietnam as part of an ongoing effort to pursue overseas markets.
The company attributes recent profitability improvement to rising public- and private-sector consulting demand driven by new information protection legislation and tighter regulation.
However, no specific guidance has been confirmed on when or how much these new contracts and overseas initiatives will contribute to revenue, so subsequent quarterly disclosures should be checked to see whether they materialize.
The current share price sits at a discount to the company's net asset value, suggesting the market is taking a conservative view relative to book value.
Given the swing to a net loss in 2025 and the quarter-to-quarter swings in profit and loss through 2026, however, valuation metrics appear to be in a range that can move sensitively with any single quarter's results.
At the time of the company's peak-earnings year in 2024, the price-to-earnings ratio was reported at a low single-digit level, which may reflect the market's view that a portion of that year's earnings carried a one-off character.
On the dividend side, the yield implied by the disclosed per-share cash dividend relative to the current price does not stand out as notably high within the sector.
Taken together, valuation for this stock should be understood along two axes—a discount to net asset value and a multiple that is highly sensitive to earnings volatility—rather than through any one-directional conclusion.
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
As new information protection legislation and tighter regulation lift public- and private-sector demand for security consulting, the company continues to build public-sector references, including a 4.2 billion won contract win under a KLID-led project in May 2026.
Holding all three government-designated security licenses reinforces its credibility with public-sector buyers. If this contract flow continues, it could support revenue stability.
Through Xcurenet, an AI-based information security solution developer acquired in 2023, the company has expanded product revenue such as insider data-leak prevention solutions. Diversification is underway as solution products are added to what had been a service-heavy revenue mix.
As of the second quarter of 2026, product and goods sales accounted for 15% of total revenue, evidence of portfolio expansion.
After an operating loss in the first quarter of 2026, the company posted operating profit of 761 million won in the second quarter, its highest in the window, with owners' net income improving markedly to 1.056 billion won.
Revenue also reached a window-high of 9.691 billion won, showing a joint recovery in scale and profitability. Whether this trend continues will need to be confirmed with the next quarter's results.
After its peak year in 2024, 2025 revenue fell to 33.726 billion won and operating profit dropped sharply to 414 million won. Owners' net income also turned negative at -1.208 billion won. This illustrates a structural pattern in which results swing significantly depending on the presence of large contracts.
In the fourth quarter of 2025, despite operating profit rising to 578 million won, owners' net loss reached -2.074 billion won, and the first quarter of 2026 saw an operating loss. Operating and net income direction have diverged frequently, making results less predictable. This volatility complicates investors' ability to interpret quarterly performance.
With 85% of revenue coming from labor-intensive services such as security monitoring, consulting, and smart systems, there are structural constraints on margin expansion. As a personnel-based service business, rising labor costs or a shrinking contract pipeline flow directly into profitability. Product and goods sales remain at roughly 15% of the mix, limiting the diversification effect so far.
As in the fourth quarter of 2025, there have been cases where operating profit improved even as net income deteriorated sharply, suggesting non-operating items or one-off factors materially affect results.
Investors need to separately check quarterly report footnotes for the reasons behind gaps between operating and net income.
A meaningful portion of revenue appears to come from information protection consulting and monitoring contracts with public institutions and local governments, so changes in government budget allocation or procurement timing can shift both the timing and size of revenue recognition. The expiration of a specific large contract or failure to win a renewal could directly affect results.
As a small-cap KOSDAQ name, trading volume and share-price volatility can be substantial, which in turn affects the stability of valuation metrics.
In addition, since there have been periods when subsidiary Xcurenet contributed heavily to results, the impact of changes in the subsidiary's performance on consolidated results warrants continued monitoring.
Third-quarter 2026 earnings disclosures should be checked to see whether the second quarter's profit recovery trend continues.
This marks the planned completion of the KLID local-government information protection consulting project, a point to check whether it proceeded as planned and whether follow-on contracts materialize.
The 2026 annual business report should be checked to confirm whether full-year results recovered from 2025 and to review fourth-quarter income statement detail.
It is worth continuously monitoring whether additional single sales/supply contract disclosures appear and whether the Konexy partnership translates into actual revenue.
Cyberone is an information security specialist holding all three government-designated core security licenses, and after posting its best-ever results in 2024, revenue and profit fell sharply in 2025 before showing quarter-to-quarter swings through 2026.
In the second quarter of 2026, revenue, operating profit, and net income all improved to their highest quarterly levels in the period shown, but since the immediately preceding first quarter recorded an operating loss, whether this recovery is sustained will require confirmation in subsequent quarters.
Business diversification through the 2023 Xcurenet acquisition and expanding public-sector references such as the 2026 KLID local-government consulting contract stand out as positive factors, while the concentration of 85% of revenue in labor-intensive services and the frequent divergence between operating and net income direction remain areas of concern.
The roughly 14.6% annual growth of the domestic information security services market is a structurally supportive backdrop, but the company's own results have been driven largely by specific contracts and one-off factors independent of that industry growth.
Ahead of any investment decision, it appears useful to watch subsequent quarterly results and new contract disclosures to determine whether the second-quarter 2026 recovery is a one-off event or the start of a trend.
Report written 2026-09-05 · Data as of 2026-09-04
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