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
SecuLetter, which endured a prolonged trading halt over accounting issues, has shown signs of revenue recovery and narrower losses since late 2025, but still must prove its listing eligibility and financial stability.
2025 revenue was KRW 1.17 billion with an operating loss of KRW 4.29 billion, a substantial narrowing from the prior year.
Revenue in Q1 and Q2 2026 rose to roughly KRW 1.30 billion and KRW 1.60 billion, well above the KRW 160 million-per-quarter level seen in Q2-Q3 2025.
Trading was halted in April 2024 after an audit opinion disclaimer, and a subsequent re-audit that resulted in an unqualified opinion resolved the formal delisting cause.
Accumulated deficits have kept expanding and repeated small-scale capital raises point to ongoing balance-sheet pressure.
The company leverages reverse-engineering and content disarm-and-reconstruction (CDR) technology to differentiate in email and file security while pursuing expansion in Southeast Asia and the Middle East.
Founded in 2015, SecuLetter is a security software company that provides malware detection and blocking solutions built on reverse-engineering and content disarm-and-reconstruction (CDR) technology.
Centered on its proprietary MARS threat-diagnosis platform, the company operates in email security, cross-domain file transfer security, web-service file security, document centralization security, cloud security, and threat intelligence.
It recently launched a zero-trust based email security service, DISARM Content Security for Email, on the Microsoft Marketplace aimed at Microsoft 365 environments.
Its main customers are concentrated in financial and public institutions, having won contracts to build advanced threat-response solutions for DB Insurance, Korean Re, Kiwoom Yes Savings Bank, Daol Savings Bank, and the Korea Securities Depository.
In 2024 it also supplied CDR technology to the Korea Insurance Development Institute's public-facing Silson24 service. At listing, the lead underwriter selected AhnLab, Fasoo, Ksign, and Genians as the peer group.
Overseas, the company is targeting Southeast Asia (Singapore, Malaysia, Indonesia) and the Middle East (Saudi Arabia, Dubai, Oman). Still, given that 99% of total revenue is domestic, the overseas revenue contribution remains small.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩200M | -₩1B | −611.8% |
| 2025Q3 | ₩200M | -₩700M | −433.3% |
| 2025Q4 | ₩700M | -₩700M | −108.6% |
| 2026Q1 | ₩1.3B | -₩200M | −18.7% |
| 2026Q2 | ₩1.6B | -₩600M | −38.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩2.5B | -₩5.8B | -₩5.7B | −228.2% | −95.4% | 35.4% |
| 2023 | ₩2.1B | -₩5.9B | -₩5.8B | −275.9% | −36.0% | 18.2% |
| 2024 | ₩1.4B | -₩7.3B | -₩9.4B | −514.5% | −136.9% | 58.4% |
| 2025 | ₩1.2B | -₩4.3B | -₩4.3B | −366.9% | −117.4% | 40.4% |
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 revenue fell for three consecutive years, from KRW 2.54 billion in 2022 to KRW 2.14 billion in 2023, KRW 1.41 billion in 2024, and KRW 1.17 billion in 2025.
Over the same period, the operating loss widened from KRW -5.80 billion (2022) to KRW -5.91 billion (2023) and KRW -7.26 billion (2024), before narrowing to KRW -4.29 billion in 2025.
The net loss attributable to owners also narrowed sharply, from KRW -9.44 billion in 2024 (the largest of the four years) to KRW -4.29 billion in 2025. Operating margin improved from -514.5% in 2024 to -366.9% in 2025, though it remained deeply negative.
Total equity kept shrinking, from KRW 16.06 billion in 2023 to KRW 6.89 billion in 2024 and KRW 3.65 billion in 2025, reflecting the ongoing erosion caused by accumulated losses.
On a quarterly basis, revenue was heavily depressed at KRW 163 million in Q2 2025 (operating loss of KRW -994 million) and KRW 163 million in Q3 2025 (operating loss of KRW -707 million), before rebounding to KRW 680 million in Q4 2025, then to KRW 1.30 billion in Q1 2026 and KRW 1.60 billion in Q2 2026.
However, the operating loss, which had narrowed to KRW -242 million in Q1 2026, widened again to KRW -618 million in Q2 2026 despite the higher revenue, indicating the earnings recovery has not yet been consistent.
The sum of net losses attributable to owners over the most recent four quarters (Q3 2025-Q2 2026) was KRW -2.42 billion, showing the revenue rebound has not yet translated into a full turnaround in profitability.
South Korea's information security market is regarded as a sector supported by regulatory development and rising corporate security spending, having grown from KRW 3.62 trillion in 2019 to KRW 3.91 trillion in 2020, with an average annual growth rate of 11% projected from 2014 to 2026.
Notably, rising demand for algorithm-based detection of unknown threats and fast diagnosis speed are cited as core strengths for market expansion.
According to materials the company presented during its listing process, the advanced-threat security market it targets was projected to grow from USD 3.6 billion in 2020 to USD 9.8 billion in 2026, a compound annual growth rate of 17.4%.
In terms of competitive positioning, the peer group named at listing—AhnLab, Fasoo, Ksign, and Genians—consists of relatively larger, more diversified players, placing SecuLetter among the smaller participants in the sector.
The spread of cloud and zero-trust architectures could support a shift toward subscription revenue, as the company has stated plans to expand its security service beyond Exchange Online to the full Microsoft 365 suite, including SharePoint, Teams, and OneDrive.
However, since SecuLetter's operations were constrained by the 2024-2025 trading halt, it cannot be ruled out that competitors widened their lead during that period.
The company has stated that full-year 2026 results would increase substantially year-on-year, with improvement already underway since Q1 and Q2 results already secured. Indeed, in April 2026 the company disclosed its first product-supply contract since listing, worth KRW 800 million.
The exchange's final decision on trading resumption or delisting was reported as likely to come around the end of June, assuming the full review period was used.
On the product roadmap, the company has said it plans to expand its DISARM cloud email security service beyond Exchange Online to the full Microsoft 365 suite, including SharePoint, Teams, and OneDrive.
Overseas, it has built a data center jointly with a Thai security firm to provide cloud email security to local customers, and has signed an MOU with a Southeast Asian IT company to target government, public-sector, and financial clients.
Financially, revenue has been declining while accumulated deficits reached KRW 42.9 billion, suggesting the capital-raising challenge may persist even after trading resumes.
SecuLetter has posted net losses for several consecutive years, making a price-to-earnings comparison of limited relevance. The share price trades at a substantial premium to net asset value, suggesting the market is pricing in meaningful expectations for an eventual earnings recovery.
There is no dividend track record, so a dividend-yield comparison is also not applicable. While quarterly revenue has shown a recovery trend, the operating loss has fluctuated from quarter to quarter, making it too early to conclude that a clear profitability trend has been established.
The liquidity and trading-volume constraints typical of a stock that experienced a prolonged trading halt and accounting issues are another factor to weigh when interpreting valuation.
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
Revenue in Q1 and Q2 2026 rose to roughly KRW 1.30 billion and KRW 1.60 billion, well above the roughly KRW 160 million-per-quarter level in Q2-Q3 2025. The 2025 annual operating loss also narrowed to KRW -4.29 billion from KRW -7.26 billion in 2024.
In April 2026, the company disclosed its first product-supply contract (KRW 800 million) since listing, signaling a restart of commercial activity.
The MARS platform recorded an average diagnosis speed of 12 seconds in a Telecommunications Technology Association verification test and an industry-leading detection rate in a Korea Internet & Security Agency performance evaluation.
The company is extending its cloud-based DISARM email security service into the Microsoft 365 ecosystem, while continuing overseas expansion through partnerships in Southeast Asia and the Middle East.
The company received an unqualified opinion on re-audited 2021-2023 financial statements, resolving the formal delisting cause.
Leadership was overhauled as the founder-CEO stepped down and a new CEO was appointed, and the company carried out a differential capital reduction targeting the largest shareholder's stake in an attempt to offset accumulated deficits.
Revenue declined for three straight years, from KRW 2.54 billion in 2022 to KRW 1.17 billion in 2025. Trade receivables also plunged 87.94% year-on-year, which analysts interpreted as a sign of a weakening sales network. The company posted an operating loss in every one of the four years covered.
Trading was halted in 2024 following an audit opinion disclaimer, and the Securities and Futures Commission referred the company to prosecutors on charges including revenue overstatement and false statements in registration filings.
Having had to go through a separate listing-eligibility review as a result, the company now faces a higher bar for demonstrated accounting transparency.
The accumulated deficit grew from KRW 39.2 billion at end-2024 to KRW 42.1 billion at the end of Q3 2025, and had reached KRW 42.9 billion by 2026. To cover this, the company carried out a third-party-allocated capital raise, yet the need for further external funding continues to be discussed.
Given its history of a listing-eligibility review triggered by accounting-standard violations, a recurrence of issues in future audits or disclosures could lead to another trading halt. The exchange considers several factors, including business stability, in its substantive review process.
There have been periods when cash and cash equivalents fell sharply, and a structure of expanding accumulated deficits combined with repeated small-scale capital raises continues to erode equity. Dependence on further external funding could persist even after trading resumes.
Because 99% of revenue is concentrated in the domestic market, a delay or cancellation of orders from a single customer could directly affect results. Competing against larger, more diversified security vendors such as AhnLab and Fasoo, which have greater financial resources, is another structural burden.
Check whether Q3 2026 revenue and operating loss continue the recovery trend seen in the first half of the year.
Monitor for any additional capital-raising disclosures, such as rights offerings or convertible bonds, and track the trend in accumulated deficits.
Watch for progress on planned product expansions, such as extending DISARM to SharePoint, Teams, and OneDrive.
Whether follow-on order or supply-contract disclosures continue after the April 2026 KRW 800 million contract will indicate the pace of the business's normalization.
SecuLetter is a KOSDAQ-listed security software company with a history of a prolonged trading halt stemming from a 2024 audit opinion disclaimer and accounting fraud issues.
While a re-audit resolved the formal delisting cause, the company had to separately demonstrate business continuity through a substantive listing-eligibility review.
Confirmed financials show revenue declining for three straight years since 2022, but the 2025 operating and net losses narrowed sharply from the prior year, and quarterly revenue has shown a clear recovery trend into 2026.
However, the operating loss has fluctuated quarter to quarter, making it premature to conclude that earnings improvement is on a stable track, and the expanding accumulated deficit along with recurring funding needs remain financial burdens.
Future quarterly disclosures and the pace of new orders and capital raises will be the key indicators for gauging the durability of the earnings recovery.
Report written 2026-09-05 · Data as of 2026-09-04
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