PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩40 per share · Prices as of the 2026-10-02 close
Mobidays is a comprehensive media content group layering K-pop IP commerce and game publishing onto its core digital ad agency business, having swung to full-year profit in 2025 but still showing pronounced quarter-to-quarter volatility.
2025 consolidated revenue reached KRW 44.36bn with operating profit of KRW 4.51bn, turning from prior-year loss to profit
Q2 2026 revenue of KRW 13.01bn and operating profit of KRW 2.89bn marked a return to profit after a Q1 loss
IP commerce (Cocodive) now accounts for more than half of revenue, surpassing the traditional ad agency segment
Business diversification into gaming, K-pop commerce, and education through four subsidiaries including Mobigames and Mobi Contents Tech
Debt ratio rose from 113% in 2022 to 157.3% in 2025, with a notable non-controlling interest share in total equity
Founded in 2014, Mobidays is a digital marketing specialist that listed on KOSDAQ in 2022 through a SPAC merger.
Its core advertising and marketing business consists of display and search-based performance marketing, a media-rep consulting service for advertisers, and a proprietary ad-network mobile marketing platform (Mobiconnect), serving clients mainly in gaming, insurance, and securities.
The company has diversified through four subsidiaries: Mobi Intouch, which supports recruitment for marketing roles; Mobigames, a global mobile game publisher; Mobi Contents Tech, which operates the K-pop album and merchandise export platform Cocodive; and Mobi Career Edu, which runs the practical education platform Growschool.
Cocodive, acquired in June 2023 for roughly KRW 30 billion, directly sells K-pop albums and merchandise to fandoms across 204 countries, with the bulk of its revenue generated overseas.
As of Q1 2025, segment revenue mix stood at 67.2% IP commerce, 13.3% media-rep, 9.3% performance marketing, 1.5% marketing platform, and 8.6% other, with exports accounting for 98.9% of total revenue.
More recently, merchandise/commerce revenue is understood to represent around 71% of sales versus 23% for advertising services and 6% other, reflecting a continued shift toward a commerce-centered structure.
Mobigames has placed idle-type RPG titles among top app store rankings and plans multiple new title publications in the second half.
In Korea's digital ad agency market, Mobidays competes alongside small and mid-sized agencies such as Emnet, Adforus, and Dream Insight, large players like Cheil Worldwide, and ad-tech firms including Playd and NBT, seeking to differentiate itself through a content-commerce convergence strategy.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩12.2B | ₩2.5B | 20.3% |
| 2025Q3 | ₩13B | ₩1.6B | 12.2% |
| 2025Q4 | ₩8.1B | -₩200M | −2.8% |
| 2026Q1 | ₩9.6B | -₩200M | −1.7% |
| 2026Q2 | ₩13B | ₩2.9B | 22.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩16.1B | ₩4.6B | -₩6.7B | 28.6% | −16.7% | 113.0% |
| 2023 | ₩23.9B | -₩1.9B | -₩900M | −8.0% | −2.3% | 128.9% |
| 2024 | ₩37.2B | ₩300M | -₩1.7B | 0.8% | −4.7% | 151.4% |
| 2025 | ₩44.4B | ₩4.5B | ₩3.1B | 10.2% | 7.8% | 157.3% |
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
Mobidays' consolidated revenue grew for four consecutive years, from KRW 16.05 billion in 2022 to KRW 23.89 billion in 2023, KRW 37.23 billion in 2024, and KRW 44.36 billion in 2025.
Profitability, however, has been volatile: operating profit of KRW 4.59 billion (28.6% margin) in 2022 flipped to an operating loss of KRW 1.90 billion (-8.0% margin) in 2023, recovered to a near-breakeven KRW 0.32 billion (0.8% margin) in 2024, and then improved markedly to KRW 4.51 billion (10.2% margin) in 2025.
Net income attributable to owners was negative for three straight years—KRW -6.67 billion in 2022, KRW -0.91 billion in 2023, and KRW -1.71 billion in 2024—before turning positive at KRW 3.10 billion in 2025.
Operating cash flow also swung from a large outflow of KRW -17.71 billion in 2023 to KRW -2.35 billion in 2024 and then a substantial inflow of KRW 22.72 billion in 2025, indicating a marked improvement in cash generation.
On a quarterly basis, Q2 2025 revenue of KRW 12.18 billion and operating profit of KRW 2.48 billion, followed by Q3 revenue of KRW 12.99 billion and operating profit of KRW 1.58 billion, showed solid momentum, but Q4 revenue contracted to KRW 8.08 billion with an operating loss of KRW 0.22 billion, reflecting seasonal weakness.
Weakness persisted into Q1 2026 with revenue of KRW 9.56 billion and an operating loss of KRW 0.17 billion, before Q2 2026 rebounded to revenue of KRW 13.01 billion and operating profit of KRW 2.89 billion, with revenue up more than KRW 3.5 billion and operating profit improving by roughly KRW 2.9 billion quarter-on-quarter to return to profitability.
The company attributed the rebound to operational efficiency gains in the core marketing business, expanded campaign execution, solid contribution from the IP commerce business, and group-wide cost management, and stated that first-half 2026 consolidated net income exceeded the prior-year period.
It should be noted, however, that this Q2 2026 figure was disclosed as a preliminary internal K-IFRS estimate ahead of external auditor review and final settlement.
Korea's digital advertising market is undergoing structural change centered on generative AI-based ad automation and growing demand for AEO/GEO (generative AI search optimization) consulting in response to shifting search environments, with the industry, including Mobidays, moving to develop related solutions.
In the competitive landscape, Emnet is seen gaining potential from expanding overseas digital ad operations, while Adforus and Dream Insight appear focused on securing competitiveness in digital ad agency and content marketing services.
Cheil Worldwide stands as a large player with a global advertiser base and stable results, while Playd and NBT have shown profit-taking after recent share price rallies, indicating differing conditions across individual names.
In K-pop content and merchandise commerce, expanding global fandom and broadening product categories into adjacent areas such as K-beauty and fashion are cited as growth drivers, with Cocodive reportedly responding through expanded social media follower reach and purchase-agency services.
The mobile game publishing market continues to see global hit cases in casual genres such as idle-type RPGs, and Mobigames appears to be building presence through an expanded title lineup and esports IP collaborations.
Overall, a portfolio spanning advertising, content, commerce, and gaming is viewed as a structure that could either cushion earnings volatility as different industry cycles move independently, or conversely expose the company simultaneously to multiple sector-specific risks.
The company has outlined a second-half strategy of moving beyond its traditional ad-agency-centered structure to strengthen mid- to long-term growth foundations around AI/AIX, IP, and global expansion.
It stated that the advertising and marketing division is pursuing a shift toward a higher-value-added service structure through AI-based operational automation, enhanced performance analytics, full-scale AEO/GEO consulting and solutions to address generative AI search environments, and expanded cooperation with global platforms and partners.
Mobigames plans to launch multiple new game titles in the second half, making the extent of the gaming segment's earnings contribution a key point to watch.
The company said it plans to sequentially share with the market the performance and direction of group-wide business lines including overseas content import and distribution, game publishing, Cocodive-based global commerce, and AI/AIX education partnerships.
Efforts to expand into video content IP through the import and distribution of a British film have already been undertaken, indicating continued diversification of content distribution channels.
Regarding subsidiary Mobi Contents Tech (Cocodive), there have been mentions of entering an IPO preparation stage backed by external investment, making the progress of any subsidiary listing a variable that could influence the group's overall valuation going forward.
However, many of these plans do not yet have confirmed timelines disclosed, so the pace of execution and detailed terms require confirmation through further disclosures and announcements.
Mobidays' share price has fluctuated within a wide band over the past several years, and its price-to-book ratio currently sits in a range discounted to net asset value.
This can be interpreted as the market still taking a cautious view on earnings stability, coming after three consecutive years of net losses from 2022 through 2024 followed by a return to profit in 2025.
On the dividend front, cash dividends have been paid in the most recent fiscal year, though the yield level is understood to lag the sector average.
The price-to-earnings ratio now reflects both the 2025 turnaround to profit and the first-half 2026 quarterly swings (a Q1 loss followed by a Q2 profit), restoring a metric that was difficult to compare meaningfully during the prior loss-making years.
Whether earnings sustainability improves and quarterly volatility narrows going forward is likely to be a key point for any future valuation reassessment.
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
The 2025 consolidated operating margin rose to 10.2%, exiting the 2023 loss phase, and operating cash flow recorded a large inflow of KRW 22.7 billion. Net income attributable to owners also turned positive at KRW 3.10 billion in 2025 after three consecutive years of losses. Q2 2026 again returned to profit after a Q1 loss, demonstrating resilience.
Cocodive-based IP commerce accounts for more than half of revenue, reducing reliance on the ad agency business, and Mobigames continues to plan new title publications. With exports representing 98.9% of revenue, there is room for growth built on global fandom.
Coexisting businesses across advertising, content, gaming, and education can spread exposure to any single sector-specific shock.
The company has stated it is pursuing a shift toward higher-value-added services such as AI-based operational automation and AEO/GEO consulting. Efforts to proactively address changes in the generative AI search environment carry potential to improve the margin structure of the existing ad agency business. Additional capital markets events, such as a potential subsidiary listing, have also been mentioned.
Quarterly volatility is significant, with consecutive operating losses in Q4 2025 and Q1 2026 followed by a return to profit in Q2. A seasonal slowdown pattern is also observed, with Q4 revenue declining sharply from the prior quarter. This volatility cannot be ruled out from recurring in future periods.
The debt ratio rose from 113.0% in 2022 to 157.3% in 2025, indicating a growing debt burden relative to equity.
Non-controlling interests within total equity also represent a substantial share of roughly KRW 9.48 billion, meaning the portion of consolidated net income attributable to controlling shareholders can be limited. The need for additional external funding to support new business investments also persists.
Digital advertising, K-pop commerce, and mobile gaming each have different competitive intensities and demand cycles, meaning portfolio diversification could instead result in simultaneous exposure to multiple sector-specific risks.
Sector-wide volatility is also observed, with competing ad-tech names such as Playd and NBT showing profit-taking after sharp rallies. The possibility that new businesses, such as film import/distribution or new game titles, may underperform initial expectations cannot be ruled out.
Having posted operating losses in two of the past five quarters (Q2 2025 through Q2 2026), significant quarter-to-quarter divergence may continue. Attention should also be paid to potential differences between preliminary earnings announcements and final confirmed disclosures. Continued monitoring is needed to see whether the seasonal Q4 slowdown pattern repeats.
The debt ratio has trended higher over the past four years, and further capital raises to fund new businesses could raise the possibility of dilution or an expanded financial burden.
The sizeable non-controlling interest share is also worth considering, as it can limit the portion of consolidated net income attributable to controlling shareholders.
As a small-cap KOSDAQ stock, trading volume and liquidity can vary substantially depending on conditions, which can be a factor amplifying share price volatility.
The company carried out a share consolidation in May 2024, merging five common shares into one, so changes in supply-demand structure resulting from shifts in shares outstanding are also worth noting.
Check for a Q3 2026 preliminary earnings release — whether the Q2 return to profit continues into Q3 is the key point to watch.
Confirm whether the Q3 periodic report is filed and compare the auditor-reviewed final figures against any previously disclosed preliminary numbers.
Track the launch schedule and early performance (e.g., app store rankings) of Mobigames' planned multiple new game titles.
Monitor for further disclosures or reports on Mobi Contents Tech (Cocodive)'s external fundraising and IPO preparation progress.
Assess whether AEO/GEO consulting and AI marketing solutions begin contributing meaningfully to revenue, and whether margin improvement in the ad business proves durable.
Mobidays has evolved into a diversified media content group, layering K-pop IP commerce, mobile game publishing, and education atop its core digital ad agency business.
After three consecutive years of net losses from 2022 through 2024, the company turned profitable in 2025 with consolidated operating profit of KRW 4.51 billion and net income of KRW 3.10 billion, while operating cash flow also improved substantially.
That said, quarter-to-quarter volatility remains significant, with consecutive operating losses in Q4 2025 and Q1 2026 followed by a return to profit in Q2, and the debt ratio has been on an upward trend.
The structural shift toward IP commerce, now accounting for more than half of revenue, and efforts to evolve into AI-based advertising solutions are cited as growth drivers, but many of these plans are still in early execution stages, so detailed timelines and outcomes require further confirmation.
Investors will want to monitor the stability of future quarterly earnings, the actual revenue contribution of subsidiary businesses, and changes in the capital structure going forward.
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.