KOSDAQIT & Software475040

StradVision

₩3,015▼ 0.17%2026-10-02 close

Market Cap

₩161.7B

Turnover

₩700M

Volume

240,000 shares

Shares out.

53.8M

PER

—

PBR

—

EPS

-₩1,139

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

Fast Growth, Narrowing Losses, Test of Breakeven Path

StradVision has grown revenue roughly 2.5x between 2023 and 2025 and secured a string of new orders from Aptiv and India-linked programs after its listing, while still carrying heavy operating losses and a history of negative equity.

1
Consolidated revenue expanded for three straight years, from KRW 7.17bn in 2023 to KRW 11.54bn in 2024 and KRW 18.11bn in 2025.
2
The operating loss narrowed only modestly, from KRW -64.9bn in 2023 to KRW -58.6bn in 2025, still exceeding revenue by more than threefold.
3
Since listing, order momentum has been highlighted by a KRW 23.7bn supply contract with top shareholder Aptiv and follow-on India-linked purchase orders.
4
The company has set targets of quarterly operating breakeven by 2027, full-year operating profit by 2028, and revenue of KRW 147.9bn by 2029.
5
The stock fell sharply below its offering price on debut day and has continued to trade well under the IPO price since.

Business structure

Founded in 2014 and headquartered in Pohang, StradVision develops vehicle vision-perception AI software centered on its object-recognition engine SVNet and its data-automation platform SVDataFlow.

Its product lineup consists of FrontVision for forward perception, SurroundVision for surrounding-area detection, and MultiVision for combined perception, spanning ADAS through autonomous-driving levels.

The revenue model combines non-recurring engineering (NRE) revenue during vehicle development with per-unit license (MP) revenue tied to mass-production volumes; the company has said roughly 80% of current revenue comes from NRE, with the remainder from recurring running royalties, and expects royalty revenue to reach about half of sales from 2027.

Its customer base spans 13 global OEMs and more than 50 vehicle models, with SVNet cumulatively installed in over five million vehicles, and roughly 86% of 2025 revenue was generated overseas.

Its largest shareholder is global auto-parts supplier Aptiv, holding a 36% stake, with Hyundai Motor Group and LG Electronics also participating as strategic investors.

In the competitive landscape, Mobileye—which holds roughly half of the ADAS (Level 2+) software market—and Qualcomm-Arriver are cited as key rivals, while StradVision differentiates itself by selling software independent of chipsets, with the company stating it can supply at roughly 75-80% of Mobileye's price level.

The company also partners with chipmakers including AMD, Texas Instruments, and Renesas to run SVNet across various SoC platforms. Longer term, StradVision has outlined plans to extend its automotive perception technology into robotics, defense, and infrastructure under a broader 'physical AI' strategy.

Earnings trend

Quarterly revenue · Operating profit

₩3.1B-₩14.8B25Q2₩1.2B-₩19.9B25Q3₩10.4B-₩8.7B25Q4₩3.6B-₩13.2B26Q1₩6.4B-₩11.1B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩7.2B-₩64.9B2023₩11.5B-₩63.9B2024₩18.1B-₩58.6B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩3.1B	-₩14.8B	−479.9%
2025Q3	₩1.2B	-₩19.9B	−1726.2%
2025Q4	₩10.4B	-₩8.7B	−83.7%
2026Q1	₩3.6B	-₩13.2B	−369.1%
2026Q2	₩6.4B	-₩11.1B	−173.7%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩7.2B	-₩64.9B	-₩54.4B	−905.1%	—	−119.7%
2024	₩11.5B	-₩63.9B	-₩65.5B	−553.5%	—	−119.9%
2025	₩18.1B	-₩58.6B	-₩62.2B	−323.6%	−246.1%	107.5%

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—KRW 7.17bn in 2023, KRW 11.54bn in 2024, and KRW 18.11bn in 2025—while the operating loss narrowed modestly from KRW -64.90bn to KRW -63.88bn and then KRW -58.60bn over the same period.

The operating margin remained deeply negative but trended less severe, moving from -905.1% (2023) to -553.5% (2024) to -323.6% (2025).

Net loss attributable to owners was KRW -54.41bn in 2023, KRW -65.53bn in 2024, and KRW -62.23bn in 2025, while operating cash flow stayed negative in the range of roughly KRW -44bn to -51bn across all three years.

On a quarterly basis, revenue recognition shows clear seasonality tied to development, acceptance, and mass-production schedules, concentrated in the second half and particularly the fourth quarter.

Revenue fell to just KRW 1.15bn in the third quarter of 2025, widening the operating loss to KRW -19.91bn, before surging to KRW 10.38bn in the fourth quarter, which cut the operating loss sharply to KRW -8.69bn.

In 2026, the company posted first-quarter revenue of KRW 3.57bn with an operating loss of KRW -13.17bn, followed by second-quarter revenue of KRW 6.42bn with an operating loss of KRW -11.15bn.

According to the company's 2026 semi-annual report, first-half revenue reached KRW 9.987bn, up 51.9% from KRW 6.575bn a year earlier, while the operating loss narrowed 20.9% year-on-year to KRW 24.319bn, showing growth and loss reduction occurring simultaneously.

Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners totaled roughly KRW -52.60bn, an amount that still substantially exceeds annualized revenue.

Industry analysis

The global ADAS and autonomous-driving vision software market is expanding alongside the shift toward software-defined vehicles, with Mobileye reportedly holding roughly half of the Level 2+ software market.

Unlike Mobileye, which bundles software with its own chipsets, StradVision pursues a hardware-independent strategy that sells software standalone, allowing customers to choose their own semiconductor platform.

In terms of industry cycle positioning, the company sits at a transition point from an early, NRE-driven commercialization phase toward the ramp-up of recurring mass-production license revenue, with management stating that most ongoing projects are premised on eventual mass production.

India, the world's third-largest vehicle producer and one of the largest commercial-vehicle markets, is seen as a region of regulation-driven demand growth given the government's planned mandate for ADAS on commercial vehicles.

Relationships with strategic investors Aptiv, Hyundai Motor Group, and LG Electronics help secure a stable supply chain but simultaneously raise customer-concentration exposure.

Expanding partnerships with chipmakers including AMD, Texas Instruments, and Renesas illustrate a shift from exhibition demonstrations toward actual integration into vehicle development platforms.

Outlook

The company has set a full-year 2026 revenue target of KRW 30bn, and given first-half growth alongside the pronounced second-half revenue seasonality, second-half results are likely to be the key variable determining whether the annual target is met.

Over the medium term, the company aims for quarterly operating breakeven during 2027, full-year operating profit in 2028, and revenue of KRW 147.9bn by 2029.

Following its listing, StradVision signed a KRW 23.71bn conditional multi-vision perception software supply agreement with top shareholder Aptiv, structured with payments tied to six milestones from July 21, 2026 through September 30, 2027.

During the same period, the company also signed successive front-camera perception supply agreements with Aptiv's India entity (ASUX)—an initial contract worth KRW 1.94bn followed roughly three weeks later by an additional order worth KRW 3.75bn—signaling an expanding supply base in India's commercial-vehicle market.

The company has indicated this project could eventually scale to around 30 vehicle models across two global commercial-vehicle manufacturers and an electric-commercial-vehicle brand supplied by Aptiv.

On the technology front, registration on AMD's automotive AI development platform 'RAVE2' app store marks a progression of the partnership from exhibition demonstrations to actual integration into development platforms.

However, the central precondition for earnings improvement remains that projects currently under development enter mass production on schedule, and any timeline slippage or customer volume changes could affect target achievement.

Valuation

PER

—

PBR

—

ROE

-208.0%

EPS

-₩1,139

BPS

—

Dividend per share

₩0

Because StradVision continues to post net losses, a conventional earnings-based price-to-earnings comparison is not meaningful at this stage.

The price-to-book ratio can vary substantially depending on the calculation basis (self-calculated versus the exchange's official figure), a divergence rooted in changes to the capital structure around listing and differences in how outstanding shares are counted.

The company currently pays no dividend, so dividend-related metrics offer no basis for comparison.

After its debut-day closing price fell sharply below the offering price, the stock has continued to trade below the IPO price, and the low ratio of voluntary lock-up commitments has been cited as a potential overhang on float.

At the same time, the stock has shown large short-term moves around major order announcements, reflecting high sensitivity to individual events at a stage where earnings visibility remains limited.

On balance, the current valuation appears to sit in tension between market expectations for an eventual path to profitability and the ongoing reality of persistent losses and capital-structure strain.

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

High Revenue Growth and Order Momentum

Revenue grew for three straight years through 2025, expanding roughly 2.5x, and continued to grow 51.9% year-on-year in the first half of 2026.

Since listing, a string of large orders—including a KRW 23.7bn contract with top shareholder Aptiv and follow-on India-linked purchase orders—suggests business expansion is translating into contracted revenue. Broadening partnerships with chipmakers and automakers may widen the base for future mass-production projects.

Narrowing Operating Loss and a Path to Breakeven

The operating loss narrowed from KRW -64.9bn in 2023 to KRW -58.6bn in 2025, and shrank a further 20.9% year-on-year in the first half of 2026. The company has laid out a concrete roadmap targeting quarterly operating breakeven by 2027 and full-year operating profit by 2028.

As the revenue mix shifts from NRE toward mass-production license revenue, the pace of profitability improvement could accelerate.

Differentiated Hardware-Independent Business Model

Unlike competitors such as Mobileye that bundle software with proprietary chipsets, StradVision pursues a standalone software model that gives customers freedom in chipset selection. Compatibility across numerous SoC platforms is cited as a factor that improves resilience to semiconductor supply issues.

Plans to extend the business beyond automotive into robotics, defense, and infrastructure are also cited as a long-term growth option.

Bear factors

Losses Still Vastly Exceed Revenue

Against 2025 revenue of KRW 18.11bn, the operating loss of KRW 58.60bn was more than three times larger, and the trailing four-quarter net loss attributable to owners totaled roughly KRW 52.60bn.

Operating cash flow has remained in outflow of more than KRW 40bn annually across all three years, a structure that is difficult to sustain without external funding. If the pace of loss reduction falls short of company guidance, the need for additional capital raising could increase.

Customer/Project Concentration and Earnings Seasonality

The business is heavily reliant on Aptiv, which is both the top shareholder and a core customer, and revenue recognition on large contracts hinges on customer acceptance and milestone approvals.

NRE-driven revenue carries significant quarter-to-quarter volatility tied to project schedules, as illustrated by revenue falling to just KRW 1.15bn in the third quarter of 2025. Any delay in the transition to mass-production revenue could also push back the point at which a recurring revenue base is established.

History of Negative Equity and Post-Listing Share Price Pressure

Total equity was negative in both 2023 (KRW -187.6bn) and 2024 (KRW -245.2bn), reflecting a state of complete capital impairment, before improving to positive KRW 25.29bn in 2025.

After its debut-day closing price fell sharply below the offering price, the stock has remained at depressed levels, and a low voluntary lock-up ratio has also been cited as a burden on free float. This financial and share-supply history could affect the terms of any future capital raising.

Risk factors

Execution Risk

The targets of quarterly breakeven in 2027, full-year profit in 2028, and KRW 147.9bn revenue by 2029 assume that projects currently in development enter mass production on schedule. Changes to customers' new-model launch timelines or delays in acceptance testing could push back the timing of these targets.

With NRE revenue still making up a large share of sales, the success rate of transitioning projects into mass production is the key variable, not simply the number of projects secured.

Competitive Risk

Large competitors including Mobileye—holding roughly half the ADAS Level 2+ software market—and Qualcomm-Arriver compete with integrated software-plus-chipset solutions. The emergence of new entrants pursuing end-to-end autonomous-driving technology could also reshape the competitive landscape over the medium term.

Whether StradVision's hardware-independent model can sustain a price and performance advantage over the long run remains a key point to watch.

Industry and Macro Risk

With roughly 86% of revenue generated overseas, results are exposed to global auto-production cycles, currency fluctuations, and shifts in the timing of ADAS regulations across different countries.

Regulation-driven demand such as India's planned commercial-vehicle ADAS mandate is a positive catalyst, but any delay or softening of implementation could push back the associated revenue contribution.

In a downturn in global auto demand, there is also a risk that OEMs and suppliers could scale back new project awards altogether.

What to watch next

Mid-November 2026
The 2026 third-quarter report is expected to be filed around this time; watch revenue trends, the NRE/MP revenue mix, and whether the operating loss continues to narrow.
During Q4 2026
Track disclosures on whether the KRW 23.7bn Aptiv contract's milestone-based acceptance and payments are progressing, and the actual timing and scale of revenue recognition.
Q4 2026 to early 2027
Monitor follow-on orders and mass-production conversion related to Aptiv's India entity (ASUX), and whether registration on AMD's 'RAVE2' platform translates into actual project wins.
Around March 2027
The 2026 annual business report should reveal whether the KRW 30bn full-year revenue target was met and the extent of annual operating-loss reduction.
During 2027
Track quarterly earnings disclosures throughout 2027 to check progress toward the company's stated goal of quarterly operating breakeven.

Overall view

StradVision has shown business momentum through three consecutive years of revenue growth and a string of large post-listing orders centered on Aptiv, yet its operating loss continues to substantially exceed revenue.

A history of complete capital impairment in 2023-2024 and persistent cash outflows represent financial burdens that cannot rule out the possibility of further capital raising.

The company's stated targets—quarterly operating breakeven in 2027, full-year profit in 2028, and revenue of KRW 147.9bn by 2029—rest on the premise that current projects enter mass production as planned.

Quarterly volatility stemming from an NRE-heavy revenue structure, dependence on a single major customer (Aptiv), and competition from established players such as Mobileye are also factors worth monitoring.

Since listing, the share price has traded well below the offering price, and short-term volatility has repeatedly widened around major order announcements.

Key points to watch going forward include whether the second-half revenue target is met, how quickly the Aptiv and India-linked projects convert into actual revenue, and whether the company's stated path to profitability is executed on schedule.

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.