KOSDAQBiotech & Pharma384470

Coreline Soft

₩2,625 0.00%2026-10-02 close

Market Cap

₩47.2B

Turnover

₩96,996,233

Volume

40,000 shares

Shares out.

18M

PER

—

PBR

3.6×

EPS

-₩715

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

Germany Reimbursement Boost, Losses Remain a Work in Progress

CoreLine Soft is seeing rapid overseas revenue growth on the back of Germany's national lung cancer screening reimbursement, but the company has not posted a profitable year since listing and has newly entered the window where losses relative to equity could trigger administrative-issue designation starting its fourth listed year.

1
2025 revenue was KRW 4.28 billion with an operating loss of KRW 13.4 billion, continuing an unbroken streak of annual losses since listing.
2
Since Germany's low-dose CT lung cancer screening reimbursement took effect in April 2026, new hospital contracts there have surged, lifting the overseas revenue share.
3
The company is shifting its revenue model from perpetual licenses to SaaS subscriptions, with the SaaS revenue share rising from 29% in 2024 to 45% in 2025, and is expected to exceed 50% in 2026.
4
The grace period for the loss-to-equity ratio listing requirement ends starting the fourth listed year (2026), exposing the company to administrative-issue designation risk if the threshold is breached twice within three fiscal years.
5
Repeated convertible bond issuances and rights offerings have resolved capital impairment, but non-cash items such as early redemption and derivative valuation losses have widened net losses.

Business structure

CoreLine Soft is a medical AI company founded in 2012 by three co-founders from KAIST, and it listed on KOSDAQ in 2023 through a SPAC merger under the technology special listing track.

Its core product is the CT-based AI diagnostic-support software suite 'AVIEW,' comprising 'AVIEW LCS Plus' for lung nodule detection and lung cancer screening, 'AVIEW COPD' for chronic obstructive pulmonary disease quantification, 'AVIEW CAC' for coronary artery calcium scoring, and 'AVIEW HUB,' a screening operations and reading-integration platform.

Revenue is split between license (product) and service categories, with clinical license sales historically accounting for the large majority, at one point representing about 88.6% of total revenue.

The business model spans a CapEx-style license model that recognizes revenue upfront at installation and an annual subscription model that recognizes revenue over the usage period, and the company is shifting its mix toward the latter.

Key customers are hospitals and national screening programs, including top European institutions such as Charité, Heidelberg University Hospital, and Hannover Medical School (MHH) in Germany, plus Trieste and Gemelli university hospitals in Italy, alongside domestic public healthcare institutions.

In the United States, the company has repeatedly renewed a multi-year subscription agreement with 3DR Labs, which operates a network of roughly 1,000 hospitals.

Domestically, competitors such as Lunit, VUNO, and Deepnoid compete in chest and head-and-neck imaging analysis, and CoreLine Soft differentiates itself by positioning as an integrated chest CT analysis platform.

In September 2025, the company acquired lung CT imaging analysis assets from medical AI firm VUNO to expand its chest CT portfolio.

Earnings trend

Quarterly revenue · Operating profit

₩1.1B-₩3.2B25Q2₩1B-₩3.6B25Q3₩1.3B-₩2.9B25Q4₩1.3B-₩3.1B26Q1₩1.6B-₩2.4B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩4.1B-₩10.2B2022₩4.1B-₩11.7B2023₩3.9B-₩13.8B2024₩4.3B-₩13.4B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩1.1B	-₩3.2B	−291.5%
2025Q3	₩1B	-₩3.6B	−368.4%
2025Q4	₩1.3B	-₩2.9B	−220.5%
2026Q1	₩1.3B	-₩3.1B	−238.8%
2026Q2	₩1.6B	-₩2.4B	−149.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩4.1B	-₩10.2B	-₩10.2B	−248.4%	−469.6%	157.5%
2023	₩4.1B	-₩11.7B	-₩14.1B	−284.3%	−120.3%	35.5%
2024	₩3.9B	-₩13.8B	-₩14.1B	−350.7%	−385.9%	573.2%
2025	₩4.3B	-₩13.4B	-₩14.5B	−313.9%	−79.8%	124.5%

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

Full-year 2025 revenue was KRW 4.284 billion, up slightly from KRW 3.929 billion in 2024, but the operating loss was KRW 13.4 billion (operating margin of -313.9%) and the net loss attributable to owners was KRW 14.5 billion, marking a fourth consecutive year of losses.

Annual operating losses widened from KRW 10.2 billion in 2022 to KRW 11.7 billion in 2023 and KRW 13.8 billion in 2024, before narrowing slightly to KRW 13.4 billion in 2025, though the loss still exceeds revenue by more than threefold.

On a quarterly basis, revenue rose from KRW 975 million in Q3 2025 with an operating loss of KRW 3.59 billion to KRW 1.586 billion in Q2 2026 with an operating loss of KRW 2.37 billion, showing revenue growth alongside a narrowing operating loss.

However, the owners' net loss in Q2 2026 widened to KRW 3.72 billion from KRW 3.22 billion in the prior quarter, which appears attributable to non-cash non-operating items such as early convertible bond redemption and derivative valuation losses.

Summing the most recent four quarters (Q3 2025 through Q2 2026), revenue totaled roughly KRW 5.19 billion, already exceeding full-year 2025 revenue of KRW 4.28 billion, while the operating loss over the same window totaled roughly KRW 12.0 billion, a modest improvement versus the full-year 2025 figure.

In contrast, the owners' net loss over the same four quarters totaled roughly KRW 13.9 billion, little changed from the full-year 2025 net loss of KRW 14.5 billion, indicating that operating improvement has been offset by rising non-operating costs.

On the cash flow side, operating cash flow has remained negative every year, deepening from KRW -8.78 billion in 2022 to KRW -11.6 billion in 2025, underscoring continued reliance on external funding.

Total equity fell to KRW 3.66 billion in 2024 before rebounding sharply to KRW 18.17 billion in 2025, reflecting capital raised through rights offerings that offset continued net losses.

Industry analysis

The global medical AI market is expanding around the institutionalization of low-dose CT-based lung cancer screening, and Germany has implemented low-dose CT lung cancer screening for high-risk current and former smokers within its statutory health insurance (GKV) framework starting April 2026.

This has increased demand for integrated 'operational screening infrastructure' that goes beyond CT equipment or nodule-detection software alone, encompassing subject selection, reading integration, follow-up tracking, and quality management.

On the regulatory side, companies must satisfy multiple approval regimes including US FDA 510(k), European MDR, and UK UKCA, and CoreLine Soft already holds a number of FDA 510(k)-cleared products, having cleared part of this entry barrier.

Domestically, competitors such as Lunit, VUNO, and Deepnoid compete across chest, breast, and head-and-neck imaging segments, and because national screening programs tend to favor early entrants for extended periods, securing reference sites is a key competitive factor.

In Korea, public-sector demand such as the Ministry of Health and Welfare's AI clinical system support program for regional lead hospitals is emerging as a new growth driver.

However, the pace of AI adoption at hospitals can be delayed by factors such as changes in the medical workforce environment, including resident physician resignations, and budget allocation timing, creating a time lag between overall market growth and individual companies' revenue recognition.

Outlook

The company has framed 2026 as an inflection point where the effects of its SaaS transition and global business performance become measurable, stating that the SaaS revenue share is expected to stably exceed 50% in 2026.

In Germany, the company secured a lung cancer screening project in the Lostau region through Canon Medical Systems, structured as a long-term contract combining initial software supply and installation with ten years of technical and operational support.

The company stated that new hospital contracts in Germany increased from 10 for full-year 2025 to 55 in the first half of 2026, reaching a cumulative 77 through July.

Domestically, the company was selected as the final supplier for the Ministry of Health and Welfare's AI clinical system support program for regional lead hospitals, planning to supply AI solutions to nine regional hub hospitals nationwide including Ulsan University Hospital, with related revenue expected to be recognized in earnest from the third quarter onward, according to the company.

To expand in the US market, the company was selected for the '2026 First Pan-Governmental Advanced Medical Device R&D Project,' receiving a total of KRW 2.2 billion in government support over three years, and is pursuing FDA 510(k) clearance and global commercialization for its cardiac CT-based lung nodule detection solution 'AVIEW IPN' and lung disease quantification solution 'AVIEW Lung Metrics,' having also begun overseas clinical trials.

Domestically, 'AVIEW LCS' was designated as a new health technology under evaluation deferral, allowing non-reimbursed use nationwide during the grace period following the Ministry of Health and Welfare's notice, during which the company said it plans to accumulate real-world data (RWD) to build evidence of effectiveness.

Valuation

PER

—

PBR

3.6×

ROE

-73.9%

EPS

-₩715

BPS

₩696

Dividend per share

₩0

Because CoreLine Soft continues to post net losses, conventional earnings-based valuation metrics are difficult to apply, and the market often uses the share price relative to net asset value as a reference indicator instead.

Recent repeated rights offerings and convertible bond issuances have expanded total equity, but they have simultaneously acted as a dilution factor for per-share metrics through increased share count.

The price-to-book ratio has traded in a range that reflects a certain premium over net asset value, which can be interpreted as the market partially pricing in expectations for future revenue growth and the effects of the SaaS transition, even though the company has yet to turn a profit.

Dividend-related metrics carry little meaning, as the company has not paid a dividend since listing. It is also worth noting that the stock has historically shown considerable volatility around earnings releases and order-win news.

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

Surging Overseas Orders on Germany's Reimbursement Rollout

Since Germany incorporated low-dose CT lung cancer screening into its statutory health insurance system starting April 2026, Coreline Soft's new hospital contracts in the local market increased from 10 annually in 2025 to 55 in the first half of 2026, reaching a cumulative 77 by July.

The company is securing references from top European medical institutions such as Charité, Heidelberg University Hospital, and Hannover Medical School, aiming for early market preemption effects.

The Rostock regional project through Canon Medical Systems includes 10 years of long-term technical and operational support, which could serve as a foundation for recurring revenue.

Improved Revenue Visibility from the SaaS Transition

As the revenue recognition structure shifted from perpetual licenses to subscription-based models, the SaaS revenue proportion expanded from 29% in 2024 to 45% in 2025, and is expected to exceed 50% in 2026.

The sum of revenue from the most recent four quarters has already surpassed the full-year 2025 revenue, showing a trend of expanding top-line growth alongside this shift. As the recurring revenue structure becomes established, seasonality and earnings predictability uncertainty could decrease.

Established FDA-Cleared Portfolio and New Product Pipeline

Coreline Soft already holds numerous FDA 510(k)-cleared products, and is pursuing US regulatory approval and global commercialization of 'AVIEW IPN' and 'AVIEW Lung Metrics' through government R&D projects.

Domestically, the company was selected as the final supplier for the Ministry of Health and Welfare's regional responsible medical institution AI diagnostic system project, expanding its public sector revenue base.

The selection of 'AVIEW LCS' for new medical technology assessment exemption has secured a pathway for expanded domestic non-reimbursed usage and accumulation of real-world usage data.

Bear factors

Persistent Large Losses Since Listing

Coreline Soft has recorded annual operating losses exceeding KRW 10 billion every year from 2022 to 2025, with net losses attributable to controlling shareholders also exceeding KRW 10 billion annually. Revenue scale remains in the range of KRW 4 billion per year, which is insufficient to offset the fixed cost burden. Operating cash flow has also recorded net outflows every year, continuing reliance on external funding.

Administrative-Issue Designation Risk from the Loss-to-Equity Ratio Requirement

As a technology special listing company, Coreline Soft was granted a 3-year grace period exemption from the pre-tax loss ratio requirement, but this exemption ends starting in 2026, its fourth year since listing, bringing it into the scope of the requirement.

Being designated as an administrative issue occurs if the ratio of pre-tax loss to equity capital exceeds 50% two or more times over the most recent 3 fiscal years; given that this ratio has exceeded the threshold in the past, managing this ratio in future financial closings will be an important variable.

The revenue requirement (KRW 3 billion annually) still has a grace period remaining, but as performance is close to the threshold, the situation cannot be considered safe.

Financial Burden and Dilution from Convertible Bonds and Rights Offerings

The company has repeatedly conducted rights offerings and convertible bond issuances to resolve capital impairment, and non-cash expenses such as the early redemption of the 2nd series convertible bonds and derivative valuation losses on the 3rd series convertible bonds have contributed to expanding net losses.

In periods where the conversion price of convertible bonds exceeds recent stock prices, the likelihood of bondholders exercising put options rather than converting to shares for redemption may increase. The burden that existing shareholder equity dilution could recur if additional funding is needed is also a concern.

Risk factors

Listing Maintenance Requirement Risk

Starting from the fourth year since listing, the grace period exemption from the pre-tax loss ratio requirement ends, and if the threshold is exceeded two or more times over the most recent 3 fiscal years, the company could be designated as an administrative issue.

The revenue requirement (KRW 3 billion annually) still has a grace period remaining, but continuous monitoring is necessary as performance is close to the threshold. Designation as an administrative issue could negatively affect trading methods and investor confidence.

Funding and Equity Dilution Risk

Continuous operating losses and cash outflows have led to ongoing needs for external funding, and the company has repeatedly conducted rights offerings and convertible bond issuances in the past.

If convertible bondholders exercise put options or additional rights offerings occur, this could affect the equity ratio and per-share value of existing shareholders. Volatility in non-cash items such as derivative valuation gains and losses could also burden net income.

Revenue Recognition Timing and Overseas Execution Risk

There is a time lag between increases in the number of overseas order contracts, such as in Germany, and their actual conversion into revenue, due to system implementation, certification, and hospital operation commencement.

Variables such as country-specific regulatory and approval procedures, exchange rate fluctuations, and changes in collaboration terms with local partners (such as Canon Medical) can also affect the speed of revenue realization.

Domestic public sector revenue may also see its recognition timing vary depending on the timing of budget execution.

What to watch next

Around November 2026
Check the Q3 2026 quarterly report for whether the revenue growth trend and narrowing operating loss continue, and how quickly the cumulative 77-plus German contracts convert into actual revenue.
Second half of 2026
Verify whether revenue from the Ministry of Health and Welfare's AI clinical system project for nine regional hub hospitals is recognized as planned from the third quarter onward.
Around March 2027, at the annual report filing
Officially confirm from the fiscal 2026 annual settlement whether the loss-to-equity ratio exceeds 50% and whether the company triggers the administrative-issue designation requirement.
Upcoming disclosures
Watch for disclosures on the progress of US clinical trials and the FDA 510(k) application and clearance timeline for 'AVIEW IPN' and 'AVIEW Lung Metrics.'
Upcoming disclosures
Continue monitoring for disclosures on convertible bond early redemption or put option exercises, and any additional capital-raising plans.

Overall view

CoreLine Soft has secured a clear industry catalyst in Germany's national lung cancer screening reimbursement, with overseas contract counts and revenue scale both trending upward.

At the same time, the company's SaaS transition strategy aimed at improving revenue recurrence and visibility is being confirmed through concrete shifts in revenue mix.

However, the company has not posted a profitable year since listing, and 2025 again saw large operating and net losses; looking at the most recent four quarters, the operating loss improved modestly, but the net loss did not shrink meaningfully due to rising non-operating costs.

Starting in its fourth listed year, the grace period for the loss-to-equity ratio requirement has ended, exposing the company to a new listing-maintenance risk in the form of possible administrative-issue designation, alongside continued dilution pressure from repeated capital raises.

Ultimately, the pace of revenue realization in overseas markets such as Germany and the US, the full-scale rollout of domestic public-sector revenue, and management of the loss-to-equity ratio stand out as the key variables to watch for both future earnings and listing status.

Before making any investment decision, it is advisable to directly verify the actual trajectory of these indicators through upcoming quarterly and annual disclosures.

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.