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
MonitorApp swung to full-year operating profit in 2025, but posted another quarterly loss in Q1 2026 before recovering in Q2, underscoring pronounced quarter-to-quarter earnings volatility.
2025 revenue reached KRW 19.17bn with operating profit of KRW 943mn, turning positive from the prior year's operating loss
Q1 2026 swung back to an operating loss of KRW 710mn before Q2 recovered to KRW 427mn operating profit and KRW 956mn net income attributable to owners
Expanding revenue share from the AIONCLOUD subscription security platform is central to the company's shift in earnings structure
Endpoint security subsidiary Soma was acquired in July 2025 and fully merged in July 2026, completing an integrated security portfolio
Government-driven zero trust and national network security policy expansion is cited as a broad industry demand driver
MonitorApp is a B2B cybersecurity company founded in 2005 that initially built its business around the AIWAF web application firewall product line for on-premises appliances.
In 2016, the company launched the AIONCLOUD subscription-based cloud security platform, beginning its transition into a Security-as-a-Service (SECaaS) provider, and now operates around four core services: WAAP (web and API protection), WSPC (website security posture check), SSE (Security Service Edge), and ZTNA (Zero Trust Network Access).
The company describes itself as the only domestic firm providing a full network security stack (SWG, CASB, RBI) on a cloud-edge basis under an SSE architecture.
In July 2025, MonitorApp acquired Soma, a threat-hunting-based endpoint detection and response (EDR) specialist, expanding its portfolio from network-centric security to endpoint coverage, and fully absorbed Soma through a no-new-shares merger completed in July 2026.
Its customer base spans corporate and public-sector B2B clients, and it has expanded overseas through local subsidiaries in Japan and the United States along with partnership agreements in Indonesia, Turkey, and Japan.
The company listed on KOSDAQ in May 2023 via the technology special listing track, with CEO Lee Gwang-hoo as the controlling shareholder. Domestically, competitors such as Penta Security (WAPPLES) and Pionlink (Cloudbric WAF+), which built credibility in hardware-based solutions, are also expanding into cloud security.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.8B | -₩100M | −3.2% |
| 2025Q3 | ₩5.1B | ₩400M | 8.7% |
| 2025Q4 | ₩6.8B | ₩1.1B | 15.9% |
| 2026Q1 | ₩3.6B | -₩700M | −19.5% |
| 2026Q2 | ₩5.6B | ₩400M | 7.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩14.1B | ₩1.1B | ₩700M | 8.0% | 5.2% | 54.8% |
| 2023 | ₩14.2B | ₩7,200,025 | -₩1.4B | 0.1% | −3.9% | 18.6% |
| 2024 | ₩14.9B | -₩600M | ₩2.1B | −4.3% | 5.5% | 19.0% |
| 2025 | ₩19.2B | ₩900M | ₩700M | 4.9% | 1.7% | 32.1% |
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
Consolidated revenue in 2025 reached KRW 19.17bn, up sharply from KRW 14.91bn in 2024, while operating profit came in at KRW 943mn, reversing the operating loss of KRW 644mn recorded in 2024.
However, net income attributable to owners fell to KRW 665mn from KRW 2.08bn in 2024, a notable decline despite the operating turnaround, suggesting the influence of non-operating factors cannot be ruled out.
In 2023, revenue was KRW 14.19bn with an operating profit of only about KRW 7.2mn and a net loss of KRW 1.37bn, reflecting the profitability challenges the company faced shortly after listing.
On a quarterly basis, revenue of KRW 3.80bn in Q2 2025 with an operating loss of KRW 121mn and a net loss of KRW 236mn improved to KRW 5.11bn revenue, KRW 442mn operating profit, and KRW 330mn net income in Q3, then to KRW 6.82bn revenue, KRW 1.09bn operating profit, and KRW 870mn net income in Q4, showing progressive improvement through the second half.
That trend reversed in Q1 2026, when revenue fell to KRW 3.64bn alongside an operating loss of KRW 710mn and a net loss of KRW 490mn, before Q2 2026 revenue rebounded to KRW 5.63bn with operating profit of KRW 427mn and net income of KRW 956mn, a figure notably larger than the operating profit itself.
Over the trailing four quarters (Q3 2025 through Q2 2026), net income attributable to owners totaled roughly KRW 1.67bn, illustrating a pattern of significant quarter-to-quarter dispersion.
This pattern can be read as seasonal volatility arising from the mix of project-based public and corporate revenue recognition timing alongside the growing share of subscription-based cloud revenue.
The domestic cybersecurity industry is in a phase where demand is shifting from traditional on-premises appliance-based security toward cloud-based subscription security (SECaaS), driven by accelerating cloud migration and hybrid work adoption.
As the government pushes zero trust architecture and reform of the national network security framework, industry commentary points to expanding public- and private-sector demand for Security Service Edge (SSE) and Zero Trust Network Access (ZTNA) solutions.
MonitorApp was again selected in 2026 as a supplier under the Korea IT Industry Promotion Agency's 'SME Cloud Service Adoption Expansion Program,' providing its AIONCLOUD WAAP, WSPC, SSE, and ZTNA services to small and medium-sized enterprises, giving it a policy-linked distribution channel.
On the competitive front, Penta Security (WAPPLES) and Pionlink (Cloudbric WAF+), both with long-standing hardware-based credibility, are extending into the cloud domain, keeping the domestic web application firewall and SSE market multi-player and competitive.
The spread of generative AI is creating new security needs such as controlling AI agent and MCP traffic, and the company has stated it is enhancing its GenAI Security offering to address this trend.
Overseas, the company is in a phase of expanding partnerships in emerging markets such as Japan, the Middle East, and Southeast Asia to raise its export share, while the expanding presence of large global security vendors in Asia is cited as a factor intensifying competition.
MonitorApp continues to pursue a strategy of expanding its share of subscription-based cloud security (SECaaS) revenue to build a more predictable earnings structure, which the company expects to support more stable cash flow relative to on-premises product sales.
In April 2026, it was selected as a supplier under the Ministry of Science and ICT and Korea IT Industry Promotion Agency's SME cloud service adoption program, securing a policy-linked channel to supply its four AIONCLOUD services.
The endpoint security subsidiary Soma, acquired in July 2025, was fully absorbed through a merger completed in July 2026, reshaping the company's portfolio toward integrating SSE-based network security and EDR-based endpoint security on a single platform.
The company stated it expects the merger to improve management efficiency and financial soundness through combined human and physical resources, though it noted no further restructuring plans have been finalized following the merger.
In response to generative AI security demand, the company is enhancing its GenAI Security solution and has signaled intent to expand into new security domains such as controlling AI agent MCP traffic.
Overseas, the company continues to pursue export growth based on partnerships in Japan, the Middle East, and Southeast Asia, though no specific overseas revenue targets or major new order disclosures have been confirmed, warranting continued monitoring of progress.
The price-to-book ratio sits in a range close to net asset value, trading without a wide gap from book value on either a discount or premium basis.
The price-to-earnings ratio reflects the recent shift from an operating loss to an operating profit in 2025, but given the wide swings in quarterly net income, multiples calculated off a given settlement period's earnings can fluctuate considerably from quarter to quarter.
The company has not paid dividends in its most recent fiscal years, suggesting capital is being directed toward reinvestment and business expansion rather than shareholder distributions.
Since valuation multiples have themselves fluctuated as the company moved between a period of weak post-listing performance and a more recent profit-turnaround phase, a multiple observed at any single point in time is best read alongside the underlying quarterly earnings trend rather than as a standalone benchmark.
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
Full-year 2025 operating profit turned positive at KRW 943mn, with revenue also rising sharply to KRW 19.17bn from the prior year. The growing share of revenue from the AIONCLOUD subscription platform is cited as the key driver of this turnaround. Subscription-based models can generate recurring revenue, improving revenue predictability.
Government-led zero trust and national network security policy initiatives are cited as supporting demand for SSE and ZTNA solutions, and the company was again selected in 2026 as a supplier under the SME cloud adoption program, giving it a policy-linked sales channel. This diversifies revenue generation beyond private-sector orders into public and policy-supported channels.
The July 2025 acquisition of Soma and the completed July 2026 merger have given the company an integrated security portfolio spanning from network-centric security to endpoint coverage. The company states this allows it to provide SSE-based network security and EDR-based endpoint security on a single platform. This integrated platform is presented as enabling a more complete zero trust architecture for customers.
Despite improvement through the second half of 2025, Q1 2026 swung back to an operating loss of KRW 710mn and a net loss of KRW 490mn.
While Q2 2026 recovered, the pattern of alternating between profit and loss within a short span reduces the predictability of results, suggesting individual quarters can be heavily influenced by the timing of project-based revenue recognition.
Despite the 2025 operating profit turnaround, net income attributable to owners fell to KRW 665mn from KRW 2.08bn a year earlier.
In Q2 2026, net income of KRW 956mn far exceeded the operating profit of KRW 427mn, and the specific drivers behind this gap between operating and net income are not clearly identifiable from available disclosures. Recurrence of such gaps could complicate qualitative assessment of the earnings quality.
Domestic competitors with established hardware-based credibility, such as Penta Security and Pionlink, are expanding into the cloud domain, intensifying competition.
In addition, as a small-cap KOSDAQ stock, the company may face relatively greater limitations in liquidity and information accessibility compared with larger peers.
The structure in which quarterly results vary significantly depending on the timing of public and corporate project-based revenue recognition persists. In seasonally weak quarters such as Q1 2026, the recurrence of operating losses cannot be ruled out, which can reduce the reliability of full-year earnings estimates.
In April 2026, MonitorApp disclosed an off-market disposal of 247,000 treasury shares to pay part of the acquisition price for the remaining stake in subsidiary Soma.
Media coverage has raised the view that this method could be interpreted as effectively allocating shares to an aligned party amid tightening treasury-share cancellation regulations. This treasury-share handling approach warrants attention from the standpoint of aligning interests with minority shareholders.
The cloud security market continues to see expanding entry from both domestic and global large security vendors, which could keep competitive intensity elevated.
Continued development of new products addressing emerging technology trends such as generative AI and AI agents is necessary, and delays in this response could negatively affect the company's ability to secure market share.
Expected timing for the Q3 2026 earnings disclosure; given the swing from a Q1 loss to a Q2 recovery, it is worth checking whether the second-half improvement trend continues.
A point to check whether the integration effects following the completed Soma merger are reflected in the financial statements, particularly whether the endpoint security (EDR) segment begins contributing to revenue.
Follow-up order intake and revenue recognition tied to the Korea IT Industry Promotion Agency's SME cloud service adoption program should be monitored.
Timing for the Q4 and full-year 2026 preliminary earnings disclosure; it will be useful to check the year-over-year direction of annual revenue and operating profit as well as changes in the overseas revenue share.
MonitorApp is progressing through a business structure improvement centered on the 2025 operating profit turnaround and growing cloud subscription revenue share, but quarterly earnings volatility remains pronounced, as seen in the swing back to a loss in Q1 2026 followed by recovery in Q2.
The integration of endpoint security through the Soma acquisition and merger, along with selection as a supplier linked to government zero trust policy, are cited as positive factors for business expansion.
At the same time, the gap between operating profit and net income, governance-related views surrounding the treasury share disposal method, and intensifying competition are factors that warrant balanced consideration.
On valuation, the stock trades at a level close to net asset value, and with no dividends being paid, capital allocation continues to lean toward reinvestment.
Going forward, it will be important to continue monitoring the direction of quarterly earnings, the effects of the Soma integration, and changes in the overseas revenue share. This report is prepared for informational purposes and does not include a buy or sell recommendation.
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.