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
Noul is showing revenue recovery and gross margin improvement led by its miLab platform, but persistent net losses and its August 2026 designation as an administrative-issue stock have made continued listing compliance a key variable.
2025 revenue rose sharply to KRW 5.122 billion from KRW 1.601 billion a year earlier, but the operating loss remained large at KRW 20.079 billion, marking a fourth straight year of heavy losses.
The company said its gross margin structurally improved from 5.7% to 43.8% through a shift to contract manufacturing and price adjustments.
On August 12, 2026, the Korea Exchange designated Noul as an administrative-issue stock for trading below KRW 1,000 for 30 consecutive sessions.
Europe's share of revenue expanded to roughly 41% in the first half of 2026, alongside diversification into the Middle East and Latin America.
The company has set targets of reaching monthly breakeven in the second half of 2026 and annual profitability in 2027.
Founded in 2015, Noul is an AI-based blood and cancer diagnostics company that listed on KOSDAQ in March 2022 under the technology special listing track.
Its core product is the on-device AI diagnostic platform miLab, which automates the entire microscopy workflow—sample preparation, staining, digital imaging, and AI-based reading—within a single device.
The product line is segmented by interchangeable cartridges into malaria diagnostics (miLab MAL), blood cell morphology analysis (miLab BCM), and cervical cytology screening (miLab CER).
The company initially targeted malaria-diagnostic demand in low- and middle-income countries across Africa and Southeast Asia, then expanded into blood and cervical cancer diagnostics after launching BCM and CER in 2023-2024.
Its target customers are primary-care facilities and small-to-mid-sized labs facing staff shortages, a different market from the high-volume hospital segment dominated by global majors such as Roche, BD, and Sysmex.
More recently, Noul has expanded distribution agreements and regulatory approvals with Germany's Limbach Group, large Italian hospitals, Middle Eastern markets including the UAE, Qatar and Oman, and Latin American markets including Panama, Mexico and the Caribbean.
Europe's share of revenue rose to roughly 41% in the first half of 2026, up sharply from 14.8% in the second half of 2025, marking a shift in the company's regional revenue mix.
The business model relies on recurring cartridge reorders following device installation, and the company is in the process of restructuring profitability through price increases and a shift to global contract manufacturing.
Market observers note that Noul has built a barrier to entry by developing its devices, cartridges, and AI algorithms entirely in-house.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.4B | -₩5B | −357.2% |
| 2025Q3 | ₩1.1B | -₩3.9B | −363.9% |
| 2025Q4 | ₩1.2B | -₩6.7B | −537.4% |
| 2026Q1 | ₩300M | -₩4.9B | −1507.6% |
| 2026Q2 | ₩1B | -₩4.8B | −476.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩500M | -₩15.6B | -₩13.7B | −2884.8% | −120.0% | 126.9% |
| 2023 | ₩2.7B | -₩16.1B | -₩16.3B | −590.3% | −38.0% | 29.3% |
| 2024 | ₩1.6B | -₩22.8B | -₩22.5B | −1423.4% | −111.4% | 87.5% |
| 2025 | ₩5.1B | -₩20.1B | -₩20B | −392.0% | −77.7% | 52.7% |
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 in 2025 rose to KRW 5.122 billion, roughly 3.2 times the KRW 1.601 billion recorded in 2024, though it still fell short of the KRW 2.734 billion posted in 2023, underscoring continued year-to-year volatility.
The operating loss narrowed slightly to KRW 20.079 billion in 2025 from KRW 22.795 billion in 2024, but the absolute loss level remains wider than the KRW 16.139 billion and KRW 15.632 billion recorded in 2023 and 2022, respectively.
The net loss attributable to owners improved to KRW 19.955 billion in 2025 from KRW 22.469 billion the prior year, but the company has now posted double-digit-billion-won losses for four consecutive years.
On a quarterly basis, revenue moved from KRW 1.401 billion in Q2 2025 to KRW 1.082 billion in Q3 and KRW 1.245 billion in Q4, while the operating loss widened from KRW 3.939 billion in Q3 to KRW 6.691 billion in Q4.
Revenue plunged to KRW 322 million in Q1 2026, reaffirming quarterly volatility, with an operating loss of KRW 4.854 billion and a net loss of KRW 4.658 billion.
Revenue recovered to KRW 1.008 billion in Q2 2026, but the operating loss of KRW 4.802 billion and net loss of KRW 4.691 billion remained similar in scale to the prior quarter.
Over the trailing four quarters (Q3 2025 through Q2 2026), combined revenue totaled roughly KRW 3.657 billion against a combined net loss of about KRW 19.665 billion, indicating that revenue recovery has yet to outpace the pace of loss narrowing.
Shareholders' equity stood at KRW 25.682 billion at end-2025, up from KRW 20.168 billion at end-2024 but less than half the KRW 42.989 billion recorded at end-2023, reflecting a capital structure that has swung considerably amid repeated rights offerings and accumulated deficits.
The debt ratio likewise swung from 126.9% in 2022 to 29.3% in 2023 before rising again to 87.5% in 2024 and 52.7% in 2025, a pattern sensitive to the timing of capital raises and loss levels.
Globally, the in-vitro diagnostics (IVD) industry is dominated in the large-hospital, high-volume testing segment by multinational majors such as Roche, Abbott, BD, Siemens, and Sysmex.
Noul instead targets areas underserved by these large players—regions with staff shortages and small-to-mid-sized labs—where demand for automated point-of-care testing (POCT) is growing.
The Middle East medical device market, including the UAE, is estimated at roughly USD 1.24 billion, and the IVD segment within it is also growing rapidly, sustaining demand for diagnostic infrastructure buildout centered on emerging markets.
In Europe, the In Vitro Diagnostic Regulation (IVDR) has tightened risk-based certification requirements, and Noul has secured government support funding to pursue CE-IVDR Class C conversion for miLab MAL.
Relative to competitors, Noul's advantages are cited as its in-house development of devices, cartridges, and AI software, along with the environmental benefit of a solid-staining method that produces no wastewater discharge.
Still, large global diagnostics companies are also strengthening low-cost equipment lineups for emerging markets, leaving the speed at which Noul's country-specific approvals and distribution networks convert into actual sales as a key competitive variable.
The U.S. market remains at an early clinical-data-accumulation stage, following the company's first FDA product registration in November 2024, with meaningful revenue contribution yet to materialize.
The company describes 2026 as the founding year of 'scaling up a validated business model,' saying its annual device-deployment guidance of 500 units remains on track.
As of Q1 2026, cumulative deployments including conditional-purchase agreements reached 78 units, ahead of the seven units recognized as actual sales, according to the company. Noul says gross margin structurally improved from 5.7% to 43.8% through a shift to contract manufacturing/outsourcing and price adjustments.
Its profitability targets are monthly breakeven in the second half of 2026 and annual profitability in 2027. On regulatory approvals, the company said it is pursuing additional approvals in 13 new countries during 2026 while advancing EU CE-IVDR and U.S. FDA certifications in parallel.
Core R&D, into which more than KRW 100 billion has been invested over a decade, is now in its final stage, and the company expects related expenses to gradually decline as a result.
Regionally, contracts and approvals continue across the Middle East (UAE, Qatar, Oman), Latin America (Panama, Mexico, the Caribbean), and Europe (Germany, the UK), reflecting ongoing geographic diversification.
These targets, however, are the company's own internal plans, and how quickly they convert into recurring revenue such as cartridge reorders will be the key variable determining future earnings visibility.
Amid a net-loss structure now in its fourth consecutive year, earnings-based valuation metrics such as the price-earnings ratio are difficult to compute in a meaningful way.
Noul's own calculated price-to-book ratio moves close to net asset value, showing a somewhat different figure from the exchange's separately disclosed calculation due to differing computation bases.
The company has no history of dividend payments since listing, making dividend-yield comparisons with peers of limited use.
Operating cash flow has also recorded consecutive net outflows every year since 2022, suggesting that monitoring the pace of cash consumption may be more relevant than net asset value alone in this stretch.
Investors should also weigh that per-share metrics could shift again if additional capital is raised, given the company has already expanded its share count through two prior rights offerings.
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
Over the past year Noul has secured a string of supply agreements and regulatory approvals across the Middle East (UAE, Qatar, Oman), Latin America (Panama, Mexico, the Caribbean), and Europe (Germany, the UK, Italy).
Europe's revenue share rose to roughly 41% in the first half of 2026, reflecting ongoing regional diversification. Reference-site cases are also increasing, including a rental-model agreement with Germany's leading diagnostic lab chain, Limbach Group.
The company said its gross margin improved from 5.7% to 43.8% through price adjustments and a shift to contract manufacturing. Core R&D investment spanning a decade has entered its final stage, leaving room for development costs to decline going forward.
On this basis, the company has set targets of monthly breakeven in the second half of 2026 and annual profitability in 2027.
Noul has broadened its product lineup from malaria diagnostics into blood cell morphology analysis (BCM) and cervical cancer screening (CER), diversifying its revenue base.
Clinical evidence continues to accumulate, including a paper by Harvard Medical School researchers citing miLab MAL as a leading example of commercialized AI malaria diagnostics. The company has also raised visibility by presenting performance data at academic conferences and trade shows across multiple countries.
Q1 2026 revenue plunged to KRW 322 million before recovering to KRW 1.008 billion in Q2, illustrating persistent quarterly volatility. Annual revenue of about KRW 5.1 billion in 2025 remains far too small to offset an operating loss in the tens of billions of won.
Noul has posted double-digit-billion-won net losses for four consecutive years from 2022 to 2025, repeatedly eroding shareholders' equity.
Media reports indicate that as of end-June 2025 the capital impairment ratio stood at 42.5%, close to the 50% threshold that triggers administrative-issue designation, prompting the company to repeatedly pursue rights offerings to address the issue.
On August 12, 2026, the Korea Exchange designated a group of stocks that had traded below KRW 1,000 for the preceding 30 sessions as administrative-issue stocks, and Noul was included.
If the stock fails to recover above the threshold for 45 consecutive sessions within a 90-session window following designation, delisting procedures can follow, directly tying future price behavior to continued listing status.
Noul was designated an administrative-issue stock in August 2026 under the 'penny stock' rule for trading below KRW 1,000 for 30 consecutive sessions. Failure to meet the threshold for 45 consecutive sessions within a 90-session window following designation could lead to delisting after an eligibility review. The KOSDAQ market-cap maintenance requirement was also raised to KRW 20 billion effective July 2026.
The company has repeatedly raised capital through rights offerings since listing, but the possibility that the capital impairment ratio could rise again cannot be ruled out given ongoing annual net losses.
Since the ratio has previously approached the 50% administrative-issue threshold, further losses could bring the company close to that trigger again.
The 500-unit annual deployment guidance, gross margin improvement, and monthly breakeven target are all company-set goals, and the pace at which they translate into recurring revenue such as cartridge reorders could differ from plan.
Delays in country-specific approvals and procurement tenders, along with intensifying competition, are additional variables that could affect the timing of revenue materialization.
Q3 2026 earnings disclosure is due, providing a checkpoint on whether revenue recovery continues and how quickly losses are narrowing.
Following the administrative-issue designation on August 13, 2026, this period is critical for determining whether the stock can recover above KRW 1,000 for 45 consecutive sessions within the 90-session window required to maintain its listing.
This is a point to reassess the annual capital impairment ratio and capital-raising progress, as any further rights offering could affect share count and financial structure.
Progress toward the company's stated monthly breakeven target, its European CE-IVDR transition, and new-country regulatory approvals warrant monitoring.
Noul is an AI diagnostics company centered on its miLab platform, expanding its sales network for malaria, blood cell analysis, and cervical cancer diagnostics into Europe, the Middle East, and Latin America.
Revenue grew sharply year-over-year in 2025 and the company says gross margin improved structurally, but operating and net losses continue at levels far exceeding revenue.
Quarterly revenue remained highly volatile into 2026, with net losses of roughly KRW 4 billion or more in both Q1 and Q2, leaving visibility on a profit turnaround still limited.
On the capital side, the company has defended its financial structure through repeated rights offerings, but capital impairment risk remains a standing concern as long as losses continue.
Notably, the August 2026 administrative-issue designation under the 'penny stock' rule created a concrete deadline—recovery within a 90-session window—making price and market-cap management a near-term focal point independent of operational progress.
Whether the company achieves its stated targets of 500 annual device deployments, monthly breakeven in the second half of 2026, and annual profitability in 2027 will be the benchmark for medium-to-long-term business normalization.
Investors will need to track revenue growth durability, the pace of loss reduction, and continued compliance with listing maintenance requirements together.
Report written 2026-09-05 · Data as of 2026-09-04
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