KOSDAQIT & Software444530

Simplatform

₩4,730▼ 0.94%2026-10-02 close

Market Cap

₩30.6B

Turnover

₩13,009,230

Volume

2,740 shares

Shares out.

6.4M

PER

—

PBR

2.4×

EPS

-₩636

Dividend Yield

0.00%

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

Report overview

Industrial AI Revenue Grows, Quarterly Swings Persist

Simplatform continues to grow revenue with its industrial AIoT platform NUBISON, but project-based revenue recognition drives sharp quarterly swings and operating losses remain an unresolved challenge.

1
Consolidated revenue rose from KRW 4.4bn in 2023 to KRW 10.4bn in 2025 for three straight years of growth, but operating losses have persisted.
2
Q4 2025 revenue spiked to KRW 7.5bn for the only quarterly profit, before falling sharply to KRW 0.47bn in Q1 2026.
3
The March 2025 KOSDAQ listing lifted total equity out of capital impairment to roughly KRW 14.8bn.
4
The company is expanding proof-of-concept and order references with manufacturing and semiconductor majors including CTR, DB HiTek, and Infineon.
5
South Korea's 2026 manufacturing/industrial AX budget doubled year-on-year, raising expectations of policy tailwinds.

Business structure

Founded in 2011, Simplatform is an industrial AI/AIoT platform company that provides quality inspection, predictive maintenance, and supply chain optimization solutions by collecting and analyzing equipment and process data through its proprietary NUBISON platform.

Its business model centers on project-based (on-premise) solution revenue, which is recognized upon project completion, creating a tendency for revenue to concentrate in specific quarters, particularly the fourth quarter.

Key clients include CTR, a global auto parts maker producing suspension, drive, and steering systems that supplies Hyundai, Kia, GM, Stellantis, Ford, and Toyota, as well as DB HiTek's semiconductor fab and the German semiconductor company Infineon, with which it is running a proof-of-concept.

The company operates under a co-CEO structure with founder Lim Dae-geun and Kang Tae-sin, with Lim as the largest shareholder holding a 39.04% stake and control of management.

It listed on KOSDAQ under the technology special listing track on March 21, 2025, with KB Securities as lead underwriter, having previously attracted investment from Naver Cloud and IBK Capital, among others.

Government project participation is also expanding, as the company was selected to carry out an AI transition program for small and mid-sized manufacturers under the Korea Human Resources Development Institute, part of the Ministry of Employment and Labor, and it is broadening its application scope through the K-Moonshot project into nuclear fusion and next-generation nuclear power.

In the competitive landscape, the company competes with domestic industrial AI firms such as Makinarocks, OnePredict, and Agilesoda, and observers noted at the time of listing that its construction-type revenue model carries a relatively lower share of recurring revenue compared with rivals pursuing SaaS-based subscription growth.

Earnings trend

Quarterly revenue · Operating profit

₩900M-₩1B25Q2₩1.9B-₩3.1B25Q3₩7.5B₩2.5B25Q4₩500M-₩2.4B26Q1₩2.2B-₩1.4B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩4.4B-₩1.5B2023₩7.2B-₩100M2024₩10.4B-₩2.7B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩900M	-₩1B	−112.7%
2025Q3	₩1.9B	-₩3.1B	−163.4%
2025Q4	₩7.5B	₩2.5B	33.3%
2026Q1	₩500M	-₩2.4B	−502.4%
2026Q2	₩2.2B	-₩1.4B	−64.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩4.4B	-₩1.5B	-₩1.2B	−35.1%	—	−458.6%
2024	₩7.2B	-₩100M	-₩8B	−2.0%	−287.9%	161.8%
2025	₩10.4B	-₩2.7B	-₩2.5B	−25.6%	−17.1%	32.0%

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

Earnings analysis

Consolidated revenue rose for three consecutive years, from KRW 4.39bn in 2023 to KRW 7.23bn in 2024 and KRW 10.4bn in 2025. Operating profit, however, moved from a loss of KRW 1.54bn in 2023 to a much narrower loss of KRW 143mn in 2024, before widening again to a loss of KRW 2.66bn in 2025.

Net income attributable to owners followed a similar pattern, swinging from a loss of KRW 1.19bn in 2023 to a large loss of KRW 8.02bn in 2024, then narrowing to a loss of KRW 2.53bn in 2025.

On a quarterly basis, Q4 2025 revenue surged to KRW 7.52bn, producing an operating profit of KRW 2.51bn and net income of KRW 2.56bn, the only quarter of profitability in the observed window, reflecting the business's tendency to recognize project-based revenue concentrated in the fourth quarter.

Revenue then plunged to KRW 0.47bn in Q1 2026, alongside an operating loss of KRW 2.37bn, before recovering to KRW 2.25bn in Q2 2026, though the operating loss of KRW 1.44bn persisted.

These quarterly swings stem from a revenue structure tied to project completion timing, illustrating how annual revenue growth and quarterly earnings volatility can coexist.

Operating cash flow was negative across all three years — KRW -1.06bn in 2023, KRW -1.99bn in 2024, and KRW -0.76bn in 2025 — indicating the company has yet to secure stable cash generation.

Total equity improved markedly from a capital-impaired KRW -1.77bn in 2023 to KRW 2.79bn in 2024 and KRW 14.8bn in 2025, a shift attributable to the capital raised through the March 2025 KOSDAQ listing.

Industry analysis

The global industrial AIoT market is projected to grow from roughly KRW 9.6tn in 2021 to about KRW 37.3tn by 2027, an estimated compound annual growth rate of 25.3%, driven by new technology development and upgrades to existing solutions.

In South Korea, the Ministry of Trade, Industry and Energy's 2026 manufacturing/industrial AX (AI transformation) budget was set at KRW 1.1tn, double the prior year, reportedly expanding AI Factory pilot projects and industrial park AX transition programs.

This policy backdrop is designed to accelerate industrial AI adoption centered on mid-sized and small manufacturers.

In the competitive landscape, domestic industrial AI firms such as Makinarocks, OnePredict, and Agilesoda compete in a similar market, each emphasizing specialized industry focus or algorithmic cores for differentiation.

Simplatform positions its general-purpose AI platform architecture, running 13 industry-specific AI packages on a single algorithmic core, as a source of competitive advantage.

On the business model side, the market has watched closely how Simplatform's construction-type revenue base compares with rivals pursuing SaaS-based recurring revenue since the company's listing.

In this early phase of the manufacturing AI transformation and physical AI diffusion cycle, the pace at which adoption spreads beyond large corporations into small and mid-sized manufacturers stands out as a key variable shaping the growth path of companies in this space.

Outlook

The company's future performance hinges on how quickly its multiple proof-of-concept (PoC) projects convert into full contracts.

The 'Manufacturing AI Quality Prediction and Integrated Operations Platform' demonstration project targeting CTR's Changwon plant runs through 2026, after which technology diffusion to CTR's partner companies and the broader Gyeongnam automotive parts cluster is planned.

The company is also running a demonstration project applying AI to production processes with global semiconductor firm Infineon, and it recently signed a roughly KRW 2.5bn contract with Korea Alps for AI-based mold manufacturing process optimization.

On the government project front, the company was selected to carry out an AI transition program for small and mid-sized manufacturers under the Korea Human Resources Development Institute, while expanding into higher-complexity industrial domains through extended application at DB HiTek's semiconductor fab and supply of industrial AI to nuclear fusion and next-generation nuclear power fields via the K-Moonshot project.

On the overseas revenue front, the company recently shipped servers equipped with its AX platform for export and stated its intention to make this the inaugural year of overseas revenue generation.

This stems from a PoC contract signed with a major overseas semiconductor company, and management expects that if the PoC converts to a full contract, expanded application to facilities such as a Malaysian plant would generate additional revenue.

The company has said that projects contracted in the first half are being recognized as revenue in stages, and that with AI adoption demand expanding across manufacturing and semiconductor sites, it expects the growth trend to continue into the second half.

Valuation

PER

—

PBR

2.4×

ROE

-32.3%

EPS

-₩636

BPS

₩1,840

Dividend per share

₩0

Simplatform has yet to post an annual operating profit, putting it in territory where a conventional price-to-earnings comparison is difficult to apply.

The stock trades at a level that reflects a premium over net asset value, which can be interpreted as partly capturing market expectations around a potential swing to profitability and the broader industrial AI growth theme.

The company currently pays no dividend, instead prioritizing capital raised through its listing toward growth investments such as R&D and new hiring.

Shinhan Investment & Securities stated in a May 28, 2026 report that Simplatform's enterprise-value-to-sales multiple was low compared with domestic and overseas industrial AI companies.

That comparison, however, reflects analysis at a specific point in time, and the multiple could shift as the share price and earnings evolve going forward.

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

Bull factors

Expanding order pipeline on larger government AX budgets

South Korea's 2026 manufacturing/industrial AX budget doubled year-on-year to KRW 1.1tn, raising potential demand for AI adoption projects among small and mid-sized manufacturers.

The company has already been selected to carry out an AI transition program for small manufacturers under the Korea Human Resources Development Institute. Whether this policy tailwind translates into earnings depends on the pace at which individual projects convert into full contracts.

Growing reference clients and early overseas push

Collaboration continues with large domestic and overseas manufacturing and semiconductor companies including CTR, DB HiTek, and Infineon. Alongside the Infineon PoC, the company is exploring overseas revenue growth through server shipments equipped with its AX platform.

Overseas revenue remains at an early stage, however, and the timing of PoC-to-contract conversion and actual revenue recognition still needs to be confirmed.

Revenue growth and improved capital structure

Consolidated revenue rose steadily from KRW 4.39bn in 2023 to KRW 10.4bn in 2025 over three years. Capital raised through the March 2025 KOSDAQ listing lifted total equity from a capital-impaired state to around KRW 14.8bn.

If continued revenue growth generates operating leverage, there is potential for the profit-and-loss structure to improve.

Bear factors

Q4-skewed revenue recognition and quarterly volatility

Revenue is centered on construction-type sales recognized at project completion, and past revenue was roughly 80% concentrated in the fourth quarter. Indeed, Q4 2025 revenue surged to KRW 7.5bn for the only quarterly profit, only to plunge to KRW 0.47bn in Q1 2026. This seasonality raises uncertainty in forecasting quarterly results.

Persistent operating losses and cash burn

The company recorded operating losses for three straight years from 2023 to 2025, and operating cash flow remained negative throughout the same period. The 2025 operating loss of KRW 2.66bn actually widened from the prior year. Despite revenue growth, the timing of a shift to profitability has yet to be clearly established.

Intensifying competition and business-model transition risk

Because Simplatform's revenue leans heavily toward construction-type (on-premise) solutions, concerns have been raised since its listing that growth could be constrained relative to rivals pursuing SaaS-based subscription revenue expansion.

Competition for clients and talent also continues against domestic industrial AI firms such as Makinarocks, OnePredict, and Agilesoda. Whether the company can expand the share of subscription-based revenue may serve as a gauge of future earnings quality.

Risk factors

Earnings volatility and seasonality risk

Because revenue is recognized on a project-by-project basis, a single quarter's results can dominate the full-year outcome, making it difficult to judge trends from quarterly figures alone. The revenue drop between Q4 2025 and Q1 2026 (from KRW 7.5bn to KRW 0.47bn) illustrates this volatility.

If new project start or completion timing is delayed, a given quarter's results could fall short of expectations.

Financial soundness risk

The company was in a state of capital impairment through 2023, and although equity improved after listing, operating cash flow remains negative. If growth investment continues or losses persist, the need for additional external funding could resurface.

The scale of accumulated deficit and the pace of any future profit improvement both warrant continued monitoring.

Competitive and business-model risk

Observers have noted since listing that the construction-type revenue model may be relatively disadvantaged in securing recurring revenue compared with SaaS-based competitors. As numerous domestic and overseas firms enter the industrial AI market, price competition and competition for talent could intensify.

If dependence on large clients increases, the impact of any single contract's delay or cancellation on results could also grow.

What to watch next

Around November 2026
Timing of the preliminary Q3 2026 earnings disclosure, when it will be worth checking whether the revenue growth trend continues and whether Q4 revenue concentration eases.
Within 2026
A point to check whether the demonstration project at CTR's Changwon plant concludes as planned and whether technology diffusion to the Gyeongnam auto parts cluster proceeds.
Second half of 2026
Worth confirming whether the Infineon PoC converts into a full contract and when overseas revenue is actually recognized.
March 2028
The scheduled expiration of the co-CEOs' voluntary three-year share lock-up, after which potential share sales should be monitored.

Overall view

Simplatform has sustained annual revenue growth by expanding proof-of-concept and order references with manufacturing and semiconductor majors through its NUBISON industrial AIoT platform.

However, because revenue is recognized upon project completion, quarterly results show pronounced Q4 concentration and volatility, and the company posted three consecutive years of operating losses and negative operating cash flow from 2023 through 2025.

Capital raised through the March 2025 KOSDAQ listing lifted the balance sheet out of capital impairment and improved financial stability, though the timing of any swing to profitability remains unconfirmed.

The key variables for future earnings are the pace at which demonstration projects with Infineon, CTR, and Korea Alps convert into full contracts, and whether the expanded government AX budget translates into realized policy benefits.

Some brokerages, including Shinhan Investment & Securities, have expressed expectations tied to industrial AI market growth and policy tailwinds, but these reflect analysis at specific points in time, and actual realization needs to be confirmed through future disclosures and contract progress.

Investors should continue to monitor quarterly earnings seasonality, cash flow, and the concrete conversion of new contracts.

Sources

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

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Report written 2026-09-05 · 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.