dotmill

Dotmill, founded in 2015, is an immersive-media content and space-solution company that listed on KOSDAQ in November 2024.

Its business spans three segments: government-facing B2G, corporate-facing B2B, and consumer-facing B2C, producing content built on proprietary technologies such as projection mapping, XR, hologram, and media facades.

In the B2C segment, the company directly operates IP-based theme parks including Lunapol and Waterworld in Jeju, Glow Safari in Gyeonggi, and OPCI in Seoul, expanding recurring revenue. More recently, global IP licensing partnerships have become a core growth axis: working with Warner Bros.

Discovery Global Experiences, the company opened the Dragon Ball Heroes Rise Asia Tour in Seongsu, Seoul, and plans to debut the Harry Potter: Forbidden Forest Experience, an interactive nighttime experience inspired by the Forbidden Forest from the Harry Potter film series, at Lunapol in Jeju in December, marking its first domestic launch.

This content has drawn more than two million visitors across major markets including the UK, US, France, Australia and Singapore.

On the B2G/B2B side, the company successfully won Merlin Entertainments' Coex SEA LIFE Aquarium project, and CEO Jung Hae-woon has said Merlin values Dotmill's technical and production capabilities highly, making further collaboration likely, noting Merlin operates roughly 140 theme parks across 25 countries.

However, immersive media projects are typically large, discrete contracts whose timing depends heavily on client circumstances, meaning quarterly and annual results remain structurally exposed to whether major contracts are signed and executed as planned.

Annual results show simultaneous revenue growth and margin deterioration. In 2023, revenue was KRW 18.78 billion and operating profit KRW 0.81 billion, yet the company posted a net loss of KRW 1.21 billion, with owners' equity of only KRW 0.65 billion and a debt ratio of 3999.2%, reflecting a fragile capital structure.

Following the November 2024 listing, equity expanded sharply to KRW 33.27 billion, and the company swung to a net profit of KRW 0.96 billion on revenue of KRW 23.63 billion (4.3% operating margin), with the debt ratio falling to 38.0%.

In 2025, revenue grew substantially to KRW 33.84 billion, but operating profit was only KRW 0.12 billion (0.4% margin), indicating top-line growth did not translate fully into profitability.

Quarterly figures show pronounced volatility: from a revenue of KRW 5.73 billion and an operating loss of KRW 0.50 billion in Q2 2025, results jumped to revenue of KRW 13.79 billion and operating profit of KRW 1.80 billion in Q3 2025, the best quarter since listing.

This reflected a summer peak-season effect in B2C facility operations combined with expanded B2G execution as publicly ordered projects placed earlier in the year were carried out in the second half.

However, Q4 revenue slipped to KRW 8.90 billion with operating profit shrinking to KRW 0.11 billion, and the company returned to consecutive operating losses in Q1 2026 (revenue KRW 6.04 billion, operating loss KRW 1.54 billion) and Q2 2026 (revenue KRW 5.20 billion, operating loss KRW 1.68 billion).

As a result, net income attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) was in loss, showing the Q3 surprise did not carry through into sustained annual profit stability.

On cash flow, operating cash flow in 2025 reached KRW 4.16 billion, well ahead of net income, whereas in 2023, before listing, operating cash flow was negative at KRW -2.35 billion.

The immersive media industry is expanding centered on tourism, culture and entertainment, with market researcher Immersive Media Market forecasting the global immersive media market to grow at more than 20% annually.

Domestically, industry observers note that immersive media technology demand is expanding as the government strengthens regional tourism promotion and balanced development policies.

Within this trend, Dotmill is broadening new business opportunities in both private and public sectors centered on public and regional development projects, while also focusing on spreading immersive content-based regional tourism models.

The competitive landscape is a niche market with few large listed domestic rivals, where competition centers on winning individual project contracts. Globally, partnerships with major IP and theme park operators such as Warner Bros.

Discovery and Merlin Entertainments serve as both a barrier to entry and a growth driver; Mirae Asset Securities noted in a December 2025 report that the company had secured preferred negotiation status on two public projects likely to be finalized within the year, and that if contracts close, the B2G order backlog would exceed KRW 10 billion.

However, since immersive media projects are structured as large individual contracts, the sheer scale of each project means winning or losing a bid has a direct and outsized impact on revenue, remaining a structural risk across the industry.

The company has made global IP partnerships a core pillar of its expansion.

CEO Jung Hae-woon told The Bell in a November 2025 interview that he expects next year's top line to grow more than 50% versus this year, and expressed confidence that although he could not go into detail due to NDAs, contracts with multiple global IP companies including a Japanese partner were imminent, projecting revenue exceeding the current scale next year.

In the near term, the Dragon Ball Heroes Rise exhibition in Seongsu, Seoul will run for about three months through November 15, during which visitor traffic results will become clearer, while in December the Harry Potter: Forbidden Forest Experience, developed with Warner Bros. and Fever, is set to open at Lunapol in Jeju.

On the B2G side, whether the two public projects for which the company holds preferred negotiation status—as noted by Mirae Asset Securities—are finalized within the year is a key point to watch, as closing them could expand the order backlog.

On the B2B side, further collaboration beyond the Merlin Entertainments Coex SEA LIFE project remains a possibility. However, much of this expansion plan has not yet converted into specific disclosed contracts or confirmed revenue, warranting confirmation through future quarterly filings.