PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Revenue continues a gradual uptrend, but quarterly operating profit swings widely, putting both AI solution expansion and profitability stabilization to the test.
2025 consolidated revenue rose slightly year over year to KRW 31.4 billion, but operating margin narrowed from 6.6% to 2.8%.
Operating losses recurred in Q3 2025 and Q2 2026, widening quarter-to-quarter profitability volatility.
The company continues to win large contracts in finance and retail, led by its generative AI solution G-MATRIX and agentic AI development platform TRINITY.
In 2025, the company was certified as an 'AI Factory Specialist Company' by the Ministry of Trade, Industry and Energy and KEIT, recognizing the technology behind its M4PLAN SCM solution.
Operating cash flow turned negative in 2025, warranting closer attention to cash generation capacity.
BI Matrix is a business intelligence solution specialist founded in 2005 and listed on KOSDAQ in 2023.
Its core business spans four areas: the low-code integrated UI development platform AUD, the generative AI data analysis solution G-MATRIX, the agentic AI development platform TRINITY, and the supply chain management solution M4PLAN.
Over 20 years, the company has reportedly secured more than 700 client accounts across manufacturing, retail, construction, finance, and public sectors.
The long-standing low-code BI platform AUD has served as a cash-generating core business, while the newer AI solution G-MATRIX commands an average selling price roughly two to three times higher than legacy offerings.
A notable feature of the AI solution is its cross-selling potential across the existing base of roughly 700 BI clients. The SCM solution M4PLAN, which supports demand forecasting optimization among other functions, forms a separate growth pillar.
Recently, the company has continued to win projects combining G-MATRIX, AUD, and TRINITY across a major domestic securities firm, banks, card companies, insurers, and large retail groups.
The low-code and generative AI data analytics market features competition from a variety of domestic and international players, making penetration of the existing client base a key competitive lever.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.1B | ₩1.2B | 15.2% |
| 2025Q3 | ₩7.3B | -₩1B | −13.3% |
| 2025Q4 | — | — | — |
| 2026Q1 | ₩8.5B | -₩200M | −2.8% |
| 2026Q2 | ₩7.6B | -₩700M | −9.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩27.7B | ₩4.6B | ₩3.2B | 16.5% | 23.7% | 89.9% |
| 2023 | ₩25.9B | -₩2.7B | -₩1.8B | −10.4% | −6.6% | 51.4% |
| 2024 | ₩30.9B | ₩2B | ₩3.7B | 6.6% | 12.0% | 58.8% |
| 2025 | ₩31.4B | ₩900M | ₩2.4B | 2.8% | 7.5% | 51.1% |
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
Annual results show that the solid 16.5% operating margin on KRW 27.7 billion in revenue in 2022 deteriorated sharply in 2023, when revenue fell to KRW 25.9 billion and the operating margin turned negative at -10.4%.
In 2024, revenue rebounded to KRW 30.9 billion (up 19.4% year over year), with operating profit of KRW 2.0 billion (6.6% margin) and net profit of KRW 3.68 billion, marking a swing back to profitability.
In 2025, revenue grew modestly to KRW 31.4 billion (+1.9%), but operating profit fell to KRW 866 million (2.8% margin) and net profit narrowed to KRW 2.39 billion.
Quarterly figures show pronounced volatility: Q2 2025 posted solid results with revenue of KRW 8.08 billion and operating profit of KRW 1.23 billion, but Q3 2025 reversed into an operating loss of KRW 965 million and a net loss of KRW 759 million on revenue of KRW 7.26 billion.
In 2026, Q1 revenue reached KRW 8.52 billion (growing year over year) with a narrower operating loss of KRW 236 million, but Q2 revenue fell to KRW 7.58 billion with an operating loss of KRW 727 million and a net loss of KRW 595 million, swinging back into loss from the prior year's profit in the same quarter.
Total equity has risen steadily from KRW 13.4 billion in 2022 to KRW 32.0 billion in 2025, and the debt ratio has eased from 89.9% in 2022 to 51.1% in 2025.
However, operating cash flow flipped from a net inflow of KRW 2.92 billion in 2024 to a net outflow of KRW 4.99 billion in 2025, presenting a divergence from the reported net profit that warrants separate attention.
The spread of generative AI adoption is a structural driver lifting demand for enterprise data analytics and workflow automation software.
In Korea, investment in in-house data-driven decision support systems continues across finance, manufacturing, and retail, while the government is also pushing policy projects to support industrial AI autonomy.
In 2025, BI Matrix was selected as an 'AI Factory Specialist Company' under a Ministry of Trade, Industry and Energy and KEIT program that drew roughly 180 applicants, securing a policy-level reference.
The low-code, BI, and generative AI data analytics market features competition among a range of domestic and global players, and the possibility of entry by large systems integrators or global platform vendors persists.
That said, the company's base of more than 700 clients built over 20 years and its security capabilities tailored to the financial sector, such as building lightweight LLMs within closed internal networks, are cited as differentiating factors versus new entrants.
The industry overall appears to be at an early stage of AI solution penetration, a period in which individual vendors' market positions could shift relatively quickly as the number of adopting companies and contract sizes expand.
Since 2025, the company has announced a series of large project wins combining G-MATRIX, AUD, and TRINITY, centered on the finance and retail sectors.
It recently disclosed simultaneous contract wins for a decision-support system build for a major domestic financial institution and an enterprise conversational AI analytics system for a retail company, with the finance project reportedly deploying a lightweight LLM in a private, internal-network environment and the retail project deploying the agentic AI platform TRINITY.
In the SCM segment, the company is using its 'AI Factory Specialist Company' certification as a springboard to expand M4PLAN's reach into manufacturing clients.
However, no formal annual revenue or profit guidance from the company has been confirmed, and given the recent volatility in quarterly profitability, the balance between revenue recognition timing on new contracts and R&D and headcount investment costs will likely remain a key watch item going forward.
It is also worth noting that the business has traditionally shown results concentrated in the second half of the year.
Since its 2023 listing, the company has experienced revenue growth alongside swings between profit and loss, and valuation metrics have moved together with alternating periods of profitability and renewed losses.
The current share price trades at a level carrying a certain premium to net asset value, which can be considered against levels seen during past periods of earnings recovery.
The company pays no dividend, reflecting the profile of an early-growth company allocating resources toward growth investment rather than shareholder returns.
Given that recent quarterly results have alternated between profit and loss, assessing the appropriateness of the premium to net asset value warrants looking at earnings recovery across multiple quarters rather than any single quarter.
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
G-MATRIX commands an average selling price roughly two to three times higher than legacy BI solutions, and there is room for cross-selling across the roughly 700 client accounts accumulated over 20 years. Recent large contract wins in finance and retail illustrate existing references converting into new deals.
If this penetration trend continues, there is potential for the AI segment's share of revenue to gradually increase.
In 2025, the company was selected as an 'AI Factory Specialist Company' by the Ministry of Trade, Industry and Energy and KEIT, positioning it to receive benefits such as bonus points when applying for future related government projects.
This certification, achieved through the SCM solution M4PLAN, could serve as a springboard for expansion into manufacturing clients. Whether this translates into concrete policy benefits will need to be confirmed through participation in future related projects.
Total equity rose from KRW 13.4 billion in 2022 to KRW 32.0 billion in 2025, while the debt ratio fell from 89.9% to 51.1% over the same period. Capital raised following the listing appears to have positively supported financial stability.
Whether this improvement translates into normalized operating cash flow, however, requires further confirmation.
Both Q3 2025 and Q2 2026 swung back into operating losses from prior-quarter or year-earlier profits. There have been instances of losses occurring even in quarters with revenue growth, leaving questions about the stability of the cost structure. This recurring swing into loss adds uncertainty to full-year earnings forecasting.
Operating cash flow in 2025 fell sharply to a net outflow of KRW 4.99 billion from a net inflow of KRW 2.92 billion in 2024. Despite reported net profit, the weakened cash generation may point to a gap between revenue recognition and actual cash collection timing. If this trend persists, it could raise the need for additional funding.
Annual revenue growth slowed sharply from +19.4% in 2024 to +1.9% in 2025. This can be viewed as a phase in which the sustainability of revenue growth is being tested after the base effect faded.
The timing and scale at which new large contracts are recognized as actual revenue will be a key point to watch for a growth recovery.
The low-code and generative AI data analytics market involves competition from a variety of domestic and global players, and there is an ongoing possibility that large systems integrators or global platform vendors could offer similar functionality at lower prices.
If revenue is concentrated among a small number of large clients, the delay or cancellation of a specific contract could have an outsized impact on results. Ongoing R&D investment is also required to maintain technological competitiveness.
The shift to a net cash outflow from operations in 2025 is a factor that could reduce financial flexibility for a small-cap company with a limited capital base. With total equity at roughly KRW 32.0 billion, the financial buffer against large investments or unexpected losses may be limited. Whether operating cash flow normalizes going forward needs to be monitored continuously.
Quarterly operating results have alternated between profit and loss, and the business traditionally shows results concentrated in the second half of the year, making it difficult to judge the annual direction from a single quarter's results alone.
If revenue recognition from new contracts becomes concentrated in a specific quarter, quarter-to-quarter variance could widen further. This adds difficulty for investors in forming earnings forecasts.
Q3 2026 earnings disclosure should be checked to see whether operating losses persist and how the AI solution's share of revenue evolves.
Follow-up contract disclosures and the actual revenue recognition timing for the recently announced large finance and retail sector deals should be tracked.
The 2026 annual audit report should be checked for whether the annual operating margin recovers and whether operating cash flow normalizes.
Progress on follow-up project participation linked to the government's 'AI Factory Specialist Company' certification and M4PLAN's expansion into manufacturing clients should be confirmed.
BI Matrix is a KOSDAQ-listed software company expanding from its low-code BI platform base into generative AI solutions and SCM business.
After turning profitable in 2024, revenue growth slowed and operating margin narrowed in 2025, and operating losses recurred in Q3 2025 and Q2 2026, underscoring pronounced quarter-to-quarter earnings volatility.
On the other hand, the company continues to win AI solution contracts from major finance and retail clients, and secured a policy-level reference by earning the government's 'AI Factory Specialist Company' certification in 2025.
Its capital structure has steadily improved since listing, but the shift to negative operating cash flow in 2025 is a separate point warranting observation apart from reported profit.
Overall, this is a phase where a growth narrative built on AI solution expansion coexists with the risk of unstable quarterly profitability, and future earnings releases and the revenue impact of new contract wins will be the key items to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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