PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Nota is expanding semiconductor and big-tech references through its NetsPresso optimization platform and NVA vision solution, but operating losses have widened alongside revenue growth.
2025 consolidated revenue rose over 55% year over year to KRW 13.1 billion, but the operating loss widened to KRW 15.28 billion.
Revenue reached KRW 3.58 billion and KRW 3.82 billion in 1Q26 and 2Q26, while operating losses also widened to KRW 4.19 billion and KRW 6.19 billion.
Nota is expanding collaboration references with semiconductor and fabless firms including Samsung Exynos, Qualcomm, Arm, Nvidia, FuriosaAI, and Mobilint.
IPO proceeds turned total equity positive at end-2025, but operating cash flow remains negative.
BNK Investment & Securities issued a buy rating with a target price of KRW 38,000 in June 2026.
Founded in 2015, Nota is a specialist in AI model lightweighting and optimization, positioned as a representative on-device and edge AI software-layer company on KOSDAQ.
Its business is split into two segments: the NetsPresso platform, which optimizes AI models for specific semiconductor and hardware environments, and NVA (Nota Vision Agent), a vision-language-model-based video surveillance and analytics solution.
As of 1Q26, the NetsPresso platform accounted for about 24% of revenue and the solution segment, including NVA, accounted for roughly 76%.
The platform segment counts global fabless and semiconductor firms such as Samsung Exynos 2400/2500, Qualcomm, Arm, and Nvidia as customers, and it has recently signed a formal FuriosaAI NPU technology cooperation agreement (disclosed February 2026) as well as a licensing deal with Mobilint, expanding its footprint across the domestic AI semiconductor ecosystem.
The NVA solution segment began commercial deployment with Kolon Benit and has since expanded into construction, shipbuilding, transportation, security, and media, with intelligent transportation system (ITS) and security projects also deployed in the Middle East, the United States, and Kenya.
Nota has also begun an AI agent operations optimization project with contact-center company MetaM, extending its scope toward data-center and enterprise AI-infrastructure use cases.
There is no directly comparable listed peer with an identical business model, though unlisted firms such as SqueezeBits and Acryl operate in adjacent AI optimization niches, and NPU fabless companies including DeepX, Mobilint, FuriosaAI, and Rebellions could potentially internalize similar optimization capabilities.
Since late 2025, the company has formally extended its strategy beyond on-device AI into physical AI applications such as robotics and mobility.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩9.5B | -₩2.7B | −28.8% |
| 2026Q1 | ₩3.6B | -₩4.2B | −117.1% |
| 2026Q2 | ₩3.8B | -₩6.2B | −161.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩8.4B | -₩12B | -₩24.9B | −142.4% | — | −138.9% |
| 2025 | ₩13.1B | -₩15.3B | -₩16.6B | −116.6% | −60.6% | 54.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue rose to KRW 13.1 billion in 2025 from KRW 8.44 billion in 2024, an increase of more than 55%, but the operating loss widened to KRW 15.28 billion from KRW 12.02 billion. The operating margin improved somewhat from -142.4% in 2024 to -116.6% in 2025, though it remains deeply negative.
Net loss narrowed markedly from KRW 24.85 billion in 2024 to KRW 16.63 billion in 2025, a change that reflects one-off IPO-related items and a shift in capital structure.
Total equity flipped from a fully impaired position of negative KRW 70.52 billion at end-2024 to a positive KRW 27.46 billion at end-2025, while total liabilities fell sharply from KRW 97.94 billion to KRW 14.83 billion.
On a quarterly basis, 4Q25 revenue of KRW 9.5 billion shows a clear seasonal concentration late in the year, with an operating loss of KRW 2.74 billion in that quarter.
Moving into 2026, revenue came in at KRW 3.58 billion in 1Q with an operating loss of KRW 4.20 billion, then KRW 3.82 billion in 2Q with an operating loss of KRW 6.19 billion — revenue grew modestly while the operating loss widened each quarter.
This pattern suggests that spending on headcount, R&D, and new initiatives such as data-center and physical-AI expansion has been outpacing revenue growth.
Operating cash flow stayed negative in both years, at negative KRW 10.79 billion in 2024 and negative KRW 11.79 billion in 2025, confirming that cash burn has continued even as the top line has expanded.
As the center of gravity in AI shifts from large-scale model training toward real-world service operation and inference efficiency, industry observers note growing importance for lightweighting and optimization technologies that let AI run within limited power and memory budgets.
Generative AI is increasingly moving beyond data centers into mobile devices, robots, autonomous vehicles, smart factories, and CCTV, changing the basis of competition across the industry.
In Korea, NPU-based AI semiconductor firms including DeepX, Mobilint, FuriosaAI, and Rebellions are intensifying their push into power-efficient inference markets, and the government is channeling substantial funding into robotics, home appliances, and defense applications through the 'K-On-Device AI Semiconductor' national project, finalized in late August 2026 with a total budget of roughly KRW 800.2 billion.
Within that project, Mobilint reportedly secured the largest share among participating companies, winning four tasks including robotics projects from LG Electronics, Doosan Robotics, and Daedong, illustrating that government support has so far concentrated on the hardware (NPU) side.
Software optimization-layer companies like Nota tend to collaborate with, rather than directly compete against, this hardware ecosystem, though competition also exists from similar-niche startups such as SqueezeBits and Acryl, as well as the possibility that hardware vendors internalize their own optimization capabilities.
From a cycle standpoint, mass commercialization of on-device and physical AI is still viewed as an early stage, and a key point of interest is whether recurring revenue tied to semiconductor generation roadmaps, such as Exynos or Snapdragon cycles, can take hold.
The company has said it set 2026 as the year to expand its business beyond on-device AI into physical AI, such as robotics and mobility, and has announced a strategy to establish vision-language-action (VLA) model optimization technology in these fields.
Orders reportedly totaled roughly KRW 11.3 billion in 1Q and KRW 6.1 billion in 2Q, for a cumulative first-half figure of about KRW 17.4 billion, with the company stating that platform-segment orders grew substantially year over year.
The order backlog at the end of the first half was reported at over KRW 11.6 billion, a modest decline from KRW 12.1 billion at the end of 1Q, which reflects contracted work being converted into recognized revenue.
The company has stated that existing customers account for about 60% of revenue, which it presents as evidence that technical validation is translating into repeat contracts.
Nota also continues to participate in government projects: in June 2026 it announced participation as a core technology partner in the Cheonan-Asan consortium, selected as the final Chungcheong-region site for the Ministry of Land, Infrastructure and Transport's 'AI-specialized demonstration city' program, a five-year initiative from 2026 to 2030 with a total budget of KRW 610.9 billion.
The company is also expanding into data-center and AI-agent operations optimization, and a key point to watch for this new business line is whether actual GPU cost savings, paying customer counts, and contract renewal rates materialize in its ongoing project with MetaM.
NH Investment & Securities projected in a March 2026 report that 2026 revenue would reach KRW 25.4 billion (up 93.9% year over year) with an operating loss of KRW 3.9 billion, forecasting a swing to profit in 2027; as this is a point-in-time estimate, it should be reassessed against subsequent quarterly results.
Because Nota continues to post both operating and net losses, conventional earnings-based valuation metrics are difficult to apply.
Even after total equity turned positive at the end of 2025, the stock has traded at a level reflecting a substantial premium to net asset value, consistent with growth-stock-style valuation since listing.
The company pays no dividend, so there is limited appeal from a yield perspective, and the key investment consideration centers less on current earnings and more on the pace of revenue growth and the timing of any narrowing in losses.
BNK Investment & Securities stated in a June 2026 report that valuation pressure could ease if revenue growth and loss reduction are confirmed simultaneously, though this remains a scenario contingent on future results being verified.
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 2026-09-04
Nota has expanded its licensing and technology cooperation deals beyond Samsung Exynos 2400/2500, Qualcomm, Arm, and Nvidia to include FuriosaAI and Mobilint, broadening its semiconductor ecosystem partnerships. If contracts tied to generation-by-generation chip roadmaps take hold, they could support recurring revenue. This is cited as evidence of a shift from one-off projects toward a license-based repeat revenue structure.
Cumulative orders in the first half of 2026 reached about KRW 17.4 billion, with both the platform and solution segments growing together.
The NVA solution is expanding into manufacturing, industrial safety, transportation, and public safety, while the AI agent operations optimization project with MetaM extends the business into data-center and enterprise AI-infrastructure areas.
Total equity, which was fully impaired at end-2024, turned positive to KRW 27.46 billion at end-2025, while total liabilities fell sharply from KRW 97.94 billion to KRW 14.83 billion.
This shows that IPO-related fundraising significantly improved the balance sheet, potentially providing a foundation for future investment in new business lines.
Revenue grew modestly in 1Q and 2Q 2026, but operating losses actually widened to KRW 4.20 billion and KRW 6.19 billion, respectively. This suggests spending on headcount, R&D, and new initiatives is outpacing revenue growth, leaving uncertainty around the timing of any break-even point.
Operating cash flow stayed negative in both 2024 and 2025, at negative KRW 10.79 billion and negative KRW 11.79 billion, respectively. Despite top-line growth, cash-generating capability has not yet been established, and with no dividend being paid, the need for additional financing persists.
4Q25 revenue of KRW 9.5 billion represented a large share of full-year revenue, while 1Q and 2Q 2026 each came in only in the KRW 3-billion range, indicating meaningful seasonality and project-based revenue volatility.
The order backlog also declined modestly from KRW 12.1 billion at end-1Q to KRW 11.6 billion at mid-year, leaving the balance between revenue recognition speed and new order intake as an important variable.
Because the platform business is tied to the design roadmaps of a small number of large semiconductor and fabless companies, delays or strategy changes at a given customer's chip development schedule could directly affect revenue.
The high share of revenue from existing customers is a source of stability but also increases reliance on the pace of new customer acquisition.
Similar startups such as SqueezeBits and Acryl exist in the AI lightweighting and optimization space, and NPU fabless firms including DeepX, Mobilint, FuriosaAI, and Rebellions could potentially internalize their own optimization capabilities.
If government support under the K-On-Device AI Semiconductor project continues to concentrate on the hardware side, the relative position of software-layer companies could shift.
With operating losses and negative operating cash flow persisting, the possibility of equity dilution from future fundraising cannot be ruled out. Supply-demand factors related to the expiration of post-IPO lock-up periods also warrant ongoing monitoring as time passes since listing.
At the 3Q26 earnings release, check whether revenue growth continues and whether the trend of widening operating losses shows any reversal.
Track detailed contracting and procurement progress under the 'AI-specialized demonstration city' national project (2026-2030, total budget KRW 610.9 billion) involving the Cheonan-Asan consortium.
Check whether the order backlog re-expands faster than revenue recognition, and whether growth remains balanced between the platform and solution segments.
Confirm whether quantitative metrics such as actual GPU cost savings, paying customer counts, and contract renewal rates are disclosed for the AI agent operations optimization business.
Monitor supply-demand effects from the release of institutional or related-party lock-up shares.
Nota is expanding its collaboration references with global semiconductor companies on the strength of a clear technological focus in on-device and edge AI lightweighting, with 2025 revenue growing more than 55% year over year and orders continuing to expand through the first half of 2026.
However, operating losses widened over the same period, meaning the company has not yet reached a stage where top-line growth and profitability improvement occur simultaneously.
IPO-related capital inflows helped the balance sheet emerge from a fully impaired equity position, but operating cash flow has remained negative, warranting continued monitoring of cash burn.
Licensing contracts tied to semiconductor generation roadmaps, participation in national projects, and expansion into data-center and AI-agent operations optimization support a longer-term growth narrative, but customer concentration, competitive and in-house-technology risks, and earnings seasonality remain variables to weigh.
Some brokerage reports note the possibility of valuation reassessment if loss reduction and revenue growth are confirmed together, but this remains a scenario that needs to be reverified through subsequent quarterly results.
Investors should watch upcoming quarters for both improvement in the operating loss and the pace at which the order backlog converts into recognized revenue.
Report written 2026-09-05 · Data as of 2026-09-04
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