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
Bellock swung to a consolidated operating profit in 2025, but quarterly results turned volatile again in the first half of 2026, making the timing of revenue materialization from its new anti-drone business the key variable for future earnings.
2025 consolidated revenue reached KRW 35.38bn (+14.6% YoY), with operating profit of KRW 0.88bn turning positive after two straight years of losses.
The company posted an operating loss of KRW 1.30bn in 1Q26, which narrowed to KRW 0.13bn in 2Q26.
Net income diverged from operating results, swinging from a loss of KRW 1.33bn in 1Q26 to a profit of KRW 1.24bn in 2Q26 on non-operating factors.
In January 2026 the company completed an export-oriented interface for its anti-drone platform 'B-Aegis' and is pursuing entry into the Middle East, Europe and Southeast Asia.
The debt ratio fell from 99.9% in 2022 to 30.2% in 2025, reflecting an improved financial structure.
Bellock was established in 2009 for the information security business and listed on KOSDAQ in 2023 through a SPAC merger, operating as an integrated information security specialist.
Headquartered in Ulsan, its core businesses are supply and installation of network security solutions, maintenance-based security services, and sales/distribution of security products.
The company supplies its self-developed port-scan solution B-SOP, security policy management solution B-CMS, and intelligent video surveillance system i-object track alongside third-party products.
Its key customer base consists of power-generation public enterprises such as Korea East-West Power and Korea Western Power, along with Korea Hydro & Nuclear Power, with critical energy infrastructure serving as the core revenue source given its heightened security sensitivity.
The company has been expanding long-term maintenance contracts beyond simple equipment sales, growing its recurring revenue base.
More recently it has broadened into converged security combining cyber and physical security, launching the anti-drone integrated control solution 'B-Aegis' and the edge tracker 'B-Helios' to counter drone threats.
IBK Securities noted that the share of revenue from proprietary solutions has expanded from 3.2% in 2023 to 13.0% in 2025, describing this as "a process of expanding a profit base centered on its own products, moving beyond a simple installation and supply structure." Numerous listed companies compete in Korea's information security and IT services industry, making business diversification and customer lock-in key competitive factors.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9.6B | ₩400M | 4.1% |
| 2025Q3 | ₩7.3B | -₩700M | −10.2% |
| 2025Q4 | ₩15B | ₩2.2B | 14.6% |
| 2026Q1 | ₩3.9B | -₩1.3B | −33.2% |
| 2026Q2 | ₩6.1B | -₩100M | −2.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩27.2B | ₩1.6B | ₩200M | 5.9% | 1.7% | 99.9% |
| 2023 | ₩26.4B | -₩400M | -₩4.6B | −1.4% | −18.0% | 42.3% |
| 2024 | ₩30.9B | -₩2B | -₩1.2B | −6.4% | −4.8% | 58.3% |
| 2025 | ₩35.4B | ₩900M | ₩2.1B | 2.5% | 7.6% | 30.2% |
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
Consolidated revenue slightly declined from KRW 27.21bn in 2022 to KRW 26.39bn in 2023, then rose for two consecutive years to KRW 30.87bn in 2024 and KRW 35.38bn in 2025.
Operating profit went from a gain of KRW 1.62bn in 2022 to losses of KRW 0.37bn in 2023 and KRW 1.96bn in 2024, before turning positive at KRW 0.88bn in 2025. The operating margin improved from -6.4% in 2024 to 2.5% in 2025. However, this turnaround was not sustained consistently every quarter into 2026.
Revenue and operating profit peaked for the year in 4Q25 at KRW 14.98bn and KRW 2.18bn respectively, before revenue fell to KRW 3.92bn and an operating loss of KRW 1.30bn emerged in 1Q26. Revenue recovered to KRW 6.13bn in 2Q26 and the operating loss narrowed to KRW 0.13bn.
Net income followed a different pattern: it was strong at KRW 1.37bn in 2Q25 and KRW 1.97bn in 4Q25, then swung to a net loss of KRW 1.33bn in 1Q26, before posting a net profit of KRW 1.24bn in 2Q26 even as the operating loss persisted.
This divergence between operating and net results indicates that non-operating factors, such as valuation of investment assets, are exerting a substantial influence on quarterly earnings.
Annual operating cash flow improved from -KRW 0.05bn in 2024 to KRW 3.31bn in 2025, indicating a recovery in cash-generating capacity.
The converged information/physical security market that Bellock operates in is in a growth phase, driven by expanding security investment from public institutions and critical energy/power infrastructure.
Market observers see a high likelihood that revenue growth and profitability improvement will emerge together as public-sector-driven security investment and anti-drone integrated solution business become visible from 2025-2026.
As drone-related threats increase, demand for anti-drone detection and response systems is growing at critical national facilities, elevating the importance of solutions that integrate data from disparate detection equipment such as radar, RF sensors and EO/IR cameras.
Numerous listed companies compete in Korea's information security and IT services industry, making business diversification and customer lock-in key competitive factors.
Bellock is seen as having secured early references in the anti-drone business based on technology already validated at power plants under Korea Electric Power Corporation subsidiaries.
In overseas markets the company is exploring entry into the Middle East, Europe and Southeast Asia, though concrete contract outcomes have not yet been confirmed.
Competitively, anti-drone integrated control is an emerging domestic market contested by multiple defense and security firms, where early-stage growth potential coexists with uncertainty.
Bellock announced in January 2026 that it had completed development of an export-oriented interface for its anti-drone integrated control solution 'B-Aegis'. The company said it newly adopted an English-based graphical user interface and enhanced data visualization features to improve usability for overseas operators.
Based on this, the company stated it plans to strengthen cooperation with local partners in the Middle East, Europe and Southeast Asia and raise its overseas order competitiveness by participating in global security exhibitions.
In March 2026, the company took part in 'SECON & eGISEC 2026' at KINTEX, showcasing four core products: the firewall policy management solution FOCS, the security policy management solution B-CMS, the anti-drone integrated control solution B-Aegis, and the intelligent video analytics solution i-object.
CEO Lee Jung-hyun stated in a February 2026 interview that he sees 2026 as the inaugural year in which the anti-drone business enters a growth phase with substantive revenue. He noted that orders are initially expected to expand centered on public institutions and critical national facilities.
However, how quickly the overseas expansion and new-business plans will translate into actual revenue and orders has not yet been confirmed.
After posting net losses for two straight years in 2023-2024, Bellock turned to a net profit in 2025, but quarterly earnings swings have continued into 2026, making valuation based on the most recent four quarters a fairly volatile exercise.
The stock trades at a level not far from its per-share net asset value, positioning it in a range without a pronounced premium or discount to book value. Because past results have swung between losses and profits, the price-to-earnings ratio has similarly fluctuated significantly over time along with earnings changes.
The company currently pays no cash dividend, suggesting its focus is on value creation through business growth rather than shareholder returns via dividends. Ultimately, the direction of valuation is seen as hinging on how steadily revenue from new businesses such as anti-drone materializes.
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
The company has broadened into converged cyber-physical security by launching the anti-drone integrated control platform B-Aegis and edge tracker B-Helios. In January 2026 it completed an export-oriented interface, preparing for entry into the Middle East, Europe and Southeast Asia.
Management views 2026 as the inaugural year in which the anti-drone business enters a growth phase with substantive revenue.
Analysis suggests the revenue share from proprietary solutions has expanded from 3.2% in 2023 to 13.0% in 2025. This is viewed as a process of moving away from a simple installation-and-supply structure toward expanding a profit base centered on the company's own products. The recurring revenue base is also widening through expanded long-term maintenance contracts.
The debt ratio declined sharply from 99.9% in 2022 to 30.2% in 2025, strengthening financial stability. Operating cash flow also improved from -KRW 0.05bn in 2024 to KRW 3.31bn in 2025, indicating recovering cash-generating capacity.
After peaking at KRW 2.18bn in operating profit in 4Q25, the company swung back to an operating loss of KRW 1.30bn in 1Q26. The operating loss narrowed to KRW 0.13bn in 2Q26 but remained in negative territory.
Because revenue is concentrated in the second half, particularly the fourth quarter, due to public-sector procurement schedules, quarterly results are difficult to compare directly.
Net results swung from a loss of KRW 1.33bn in 1Q26 to a profit of KRW 1.24bn in 2Q26, even as an operating loss persisted in both quarters. This suggests non-operating factors, such as gains/losses on investment asset valuation, are exerting a substantial influence on net income.
Stable profitability improvement in the core security solution and service business is not yet clearly confirmed.
The anti-drone business is still at an early domestic reference-building stage, and concrete outcomes such as overseas orders or large-scale contracts have not been confirmed.
Overseas expansion also remains at the stage of interface development completion and partner exploration, leaving the timing of actual revenue contribution uncertain.
Because revenue is concentrated in the fourth quarter according to procurement schedules of public institutions and power-generation public enterprises, first-half results alone are insufficient to gauge full-year trends.
Revenue dependence on a specific customer group, including power-generation public enterprises and Korea Hydro & Nuclear Power, is high, so changes in budget allocation or order timing can directly affect results.
The anti-drone business is still in its early commercialization stage, and orders and revenue recognition could be delayed beyond expectations. Overseas market entry also remains at a pre-contract stage, carrying the risk that outcomes may not materialize as planned.
The company has a history of rights offerings and convertible bond issuances during its listing and business expansion process, raising the possibility of equity dilution if additional funding is needed. As a small-cap stock, trading liquidity may be relatively limited.
Time to check whether preliminary 3Q26 results are disclosed and whether anti-drone-related revenue is actually reflected.
This is the period when revenue typically concentrates due to public-sector procurement schedules; whether operating profit returns to positive territory is the key point to watch.
This is when the audit report and finalized results for fiscal year 2026 are disclosed, allowing confirmation of whether annual profitability continued and the anti-drone revenue share.
It is necessary to continuously monitor for disclosures of B-Aegis export contracts targeting the Middle East, Europe and Southeast Asia, or large domestic anti-drone orders.
Bellock turned both operating and net income positive on a consolidated basis in 2025, emerging from two years of losses. Financial strength also improved, with a lower debt ratio and better operating cash flow.
However, an operating loss recurred in the first half of 2026, and net income swung significantly quarter to quarter due to non-operating factors.
The company is pursuing both domestic public/critical-infrastructure orders and overseas exports centered on its anti-drone integrated control solution B-Aegis, presenting 2026 as the year this business's revenue is expected to materialize.
That said, overseas expansion remains at the interface-development and partner-exploration stage, with no concrete contract outcomes yet confirmed.
Ultimately, whether operating profit can be sustained through the seasonally concentrated second half, and when actual orders and revenue from the anti-drone business will materialize, appear to be the key variables for future earnings trends.
Report written 2026-09-05 · Data as of 2026-09-04
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