KOSDAQIT & Software417860

Obzen

₩7,290▲ 0.14%2026-10-02 close

Market Cap

₩34.3B

Turnover

₩200M

Volume

20,000 shares

Shares out.

4.7M

PER

—

PBR

—

EPS

—

Dividend Yield

—

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Prices as of the 2026-10-02 close

Report overview

Data Platform Pivot After Zalesia Merger

Obzen turned operating profit positive for fiscal 2025 but still posted a net loss due to derivative valuation losses on convertible bonds, while the 2026 Zalesia merger has driven rapid revenue growth alongside greater quarter-to-quarter earnings volatility.

1
2025 consolidated revenue reached KRW 23.41 billion, up sharply from KRW 15.20 billion a year earlier, with operating profit turning positive at KRW 6.37 million
2
The 2025 net loss attributable to owners was KRW 3.43 billion, reflecting non-operating factors such as derivative valuation losses on convertible bonds
3
The 2026 absorption merger with data engineering firm Zalesia expanded both revenue scale and business coverage into manufacturing and public sectors
4
In 2026, Q1 revenue was KRW 13.09 billion (operating loss of KRW 465 million) and Q2 revenue was KRW 12.51 billion (operating loss of KRW 650 million) — revenue scale expanded but operating losses persisted
5
The company was designated an investment caution stock due to a high capital impairment ratio, warranting continued monitoring of financial soundness

Business structure

Founded in 2000, Obzen is an AI-based CRM and data platform company operating a customer data and experience management platform (CDXP) and a data analytics platform business.

Its core customer base spans financial services and retail, having won major contracts with KB Securities, KB Kookmin Card, IBK Industrial Bank, and Samsung Financial Network's Monimo.

As of the first half of 2026, revenue was split between the data analytics platform (61.3%) and the customer data and experience management platform (38.7%).

In February 2026, the company completed an absorption merger with data engineering specialist Zalesia, which the company stated completed its transformation from an AI CRM-focused business into an integrated AI data platform company spanning data engineering, business intelligence, and management information analysis.

Zalesia brought over 1,000 B2B customers concentrated in manufacturing and public sectors, with little overlap against Obzen's financial and retail client base, expanding the combined firm's industry portfolio.

Obzen has introduced AX-CRM, combining its proprietary agentic AI platform "Quasar" with its customer data platform, and has formed partnerships with global software firms including Strategy (formerly MicroStrategy), Microsoft, OutSystems, and KNIME, shifting its business model from standalone license sales toward integrated build-and-operate engagements. NAVER Cloud reportedly holds roughly 6-7% of shares as the second-largest shareholder.

Earnings trend

Quarterly revenue · Operating profit

₩6.5B₩700M25Q2₩6.3B₩100M25Q325Q4₩13.1B-₩500M26Q1₩12.5B-₩700M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩25.9B-₩2B2022₩17B-₩5.8B2023₩15.2B-₩4.1B2024₩23.4B₩6,365,3802025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩6.5B	₩700M	11.4%
2025Q3	₩6.3B	₩100M	1.9%
2025Q4	—	—	—
2026Q1	₩13.1B	-₩500M	−3.6%
2026Q2	₩12.5B	-₩700M	−5.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩25.9B	-₩2B	-₩1.9B	−7.9%	−1836.9%	9839.0%
2023	₩17B	-₩5.8B	-₩5.4B	−34.3%	−65.9%	132.1%
2024	₩15.2B	-₩4.1B	-₩3.3B	−27.3%	−32.9%	195.0%
2025	₩23.4B	₩6,365,380	-₩3.4B	0.0%	−32.7%	410.5%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-28

Earnings analysis

Obzen's annual revenue fell sharply from KRW 25.93 billion in 2022 to KRW 16.99 billion in 2023, then recovered to KRW 15.20 billion in 2024 and KRW 23.41 billion in 2025, up roughly 54% year over year.

Operating profit was negative for three consecutive years — KRW -2.05 billion in 2022, KRW -5.83 billion in 2023, and KRW -4.15 billion in 2024 — before turning positive at KRW 6.37 million in 2025.

However, net loss attributable to owners remained similar in scale, at KRW -3.43 billion in 2025 versus KRW -3.28 billion in 2024, reflecting non-operating, non-cash factors such as derivative valuation losses related to convertible bonds.

Total equity grew from a near-impairment level of KRW 106 million in 2022 to KRW 8.20 billion in 2023, KRW 9.99 billion in 2024, and KRW 10.50 billion (owners' equity) in 2025, yet the debt ratio swung widely — from 9,839.0% in 2022 down to 132.1% in 2023 and 195.0% in 2024, then back up to 410.5% in 2025 — indicating significant volatility in the capital structure.

On a quarterly basis, revenue was KRW 6.52 billion with operating profit of KRW 744 million in 2025 Q2, narrowing to KRW 6.34 billion revenue and KRW 120 million operating profit in 2025 Q3. Revenue then surged to KRW 13.09 billion in 2026 Q1, but the company swung back to an operating loss of KRW 465 million.

In 2026 Q2, revenue was KRW 12.51 billion with an operating loss of KRW 650 million — revenue expanded substantially year over year, but operating losses persisted, likely reflecting both the scale effect from the Zalesia merger and temporary cost increases.

Operating cash flow (CFO) turned positive at KRW 2.26 billion in 2025, an improvement versus the negative cash flows seen in 2023 and 2024.

Industry analysis

South Korea's CRM and customer data platform (CDP) market is expanding as data-driven hyper-personalized marketing becomes a mega-trend, particularly in the financial and retail sectors.

The proliferation of generative AI and AI agent technologies is shifting the industry's center of gravity from standalone software license sales toward project-based engagements that include build-and-operate services, a dynamic that underpins Obzen's expanding partnerships with global vendors.

Obzen has reportedly secured a substantial base of major clients among large banks, card issuers, and insurers in Korea's financial AI marketing market, though specific market-share figures vary across media reports and should not be treated as confirmed.

Competitively, the company faces multiple domestic CRM and marketing-automation software firms, while in the AI agent and data platform space it appears to be positioning itself toward an integrated data-analytics model.

The Zalesia merger added manufacturing and public-sector exposure to what was previously a financial- and retail-concentrated portfolio, marking a key shift in its competitive positioning.

Given that AI-related thematic trading has historically had a substantial influence on the stock's price, industry fundamentals and price volatility warrant separate assessment.

Outlook

The company has stated it expects to sustain growth momentum through the second half of 2026, driven by continued demand for customer data platforms in the financial and retail sectors. In September 2026, the company held "Obzen Summit 2026,

Valuation

PER

—

PBR

—

ROE

-32.7%

EPS

—

BPS

—

Dividend per share

—

Obzen achieved a full-year operating profit turnaround in 2025, yet the net loss attributable to owners persisted, and in 2026 the Zalesia merger has driven substantial revenue expansion even as operating losses reappeared in some quarters, producing an inconsistent earnings trajectory quarter to quarter.

As a result, valuation metrics based on trailing four-quarter net income should be interpreted with caution, given the significant influence of one-off accounting items such as derivative valuation gains or losses tied to convertible bonds.

From a price-to-book perspective, total equity has expanded following the recent merger and capital raises, but this has been accompanied by an increase in shares outstanding that dilutes net asset value per share. Dividend history has not been confirmed in recent years, limiting comparisons on a yield basis.

The potential for further share dilution from outstanding convertible bonds and bonds with warrants is another factor to weigh when interpreting valuation levels.

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 2026-09-28

Bull factors

Scale Expansion from Zalesia Merger

The absorption merger with Zalesia, completed in February 2026, added manufacturing and public-sector customer bases to Obzen's existing financial- and retail-focused business.

Zalesia is reported to have maintained consecutive profitability for over 20 years, which could contribute to the stability of the combined entity's earnings base. The company has stated that combined results would reshape it into an AI data platform company with revenue in the range of KRW 60 billion.

Expanding Global Partnerships

Obzen has formed partnerships with global software firms including Strategy, Microsoft, OutSystems, and KNIME, pursuing a shift from standalone license sales to integrated build-and-operate engagements.

Concrete deployment references with a large domestic semiconductor manufacturer and a major department store have been secured, raising the possibility of larger per-project contract sizes going forward.

Operating Profit Turnaround

Consolidated operating profit turned positive at KRW 6.37 million in 2025, suggesting that fixed-cost leverage began to take effect alongside revenue growth. Operating cash flow also turned positive at KRW 2.26 billion in 2025, a departure from the negative cash flows seen in 2023 and 2024.

Bear factors

Financial Soundness Concerns and Investment Caution Designation

Obzen was designated an investment caution stock after derivative valuation losses tied to convertible bonds pushed its capital impairment ratio to a high level. The 2025 debt ratio rose sharply to 410.5% from 195.0% a year earlier, and the capital structure has remained volatile amid years of accumulated losses.

Potential Dilution and Overhang Risk

A significant volume of potential new shares exists from previously issued convertible bonds and bonds with warrants, raising the risk of dilution and overhang for existing shareholders if these instruments are converted or exercised.

Additional rights offerings and bond issuances undertaken during the Zalesia acquisition process should also be factored in.

Quarterly Operating Earnings Volatility

Both Q1 and Q2 of 2026 saw revenue rise sharply year over year, yet operating losses were recorded in each period, breaking from the 2025 profitability trend.

This is likely attributable to temporary cost increases and integration inefficiencies related to the merger, and achieving stable profitability may require additional time.

Risk factors

Accounting and Financial Risk

Derivative valuation gains or losses tied to fair-value assessment of convertible bonds are linked to stock price movements and could continue to amplify net income volatility. A recurrence of capital impairment issues could expose the company to additional regulatory risk, including listing eligibility review.

M&A Integration Risk

Following the Zalesia merger, the organization operates under a co-CEO structure, which carries the risk of unforeseen inefficiencies during business and personnel integration. Cross-selling performance and the expansion of recurring revenue share remain in an early verification stage.

Customer Concentration and Order Volatility

A substantial portion of revenue depends on project-based contracts with large financial institutions, meaning quarterly performance can fluctuate significantly based on the timing of specific clients' orders or budget changes.

As expansion into manufacturing and public sectors remains at an early stage, it may take time for customer diversification effects to become evident.

What to watch next

Mid-November 2026 (statutory filing deadline November 16)
The 2026 Q3 quarterly report is due, and it will be important to check the direction of operating profit/loss in the post-Zalesia-merger combined results as well as the scale of any derivative valuation gains or losses.
Upon future disclosure
Whether the capital impairment ratio has improved and whether the investment caution stock designation is lifted should be confirmed through DART disclosures.
Upon future disclosure
The status of conversion or exercise requests for outstanding convertible bonds and bonds with warrants, and how the potential share overhang is absorbed, should be monitored via disclosures.
Upon future business performance announcements
Whether projects based on the global partnerships (Strategy, Microsoft, OutSystems, KNIME) unveiled at Obzen Summit 2026 translate into actual orders and recognized revenue should be tracked.

Overall view

Obzen achieved a meaningful shift in 2025 by turning consolidated operating profit positive, yet net losses attributable to owners persisted due to derivative valuation losses on convertible bonds, and the company's history of being designated an investment caution stock over capital impairment warrants ongoing scrutiny of its financial soundness.

The 2026 Zalesia merger substantially expanded revenue scale, but operating losses were recorded in both Q1 and Q2, indicating that a stable profitability trend has yet to be firmly established.

The addition of manufacturing and public-sector customers to the financial- and retail-focused base, along with expanding partnerships with global software firms, is notable from a diversification standpoint, though whether these developments translate into actual profitability improvement requires confirmation through upcoming quarterly results.

Potential dilution factors from convertible bonds and bonds with warrants, along with non-cash accounting volatility, remain elements investors should continue to monitor. The Q3 2026 earnings release and the resolution of the investment caution stock designation stand out as the key near-term events to watch.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-29 · Data as of 2026-09-28

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.