Saltlux is a leading domestic AI specialist that, on a hybrid AI platform combining natural-language processing and machine learning, supplies software and build projects - AI search, chatbots, data analytics and the like - to companies and public institutions. Q1 2026 revenue rose 55% year on year, a signal it is emerging from a slowdown, but the operating margin of -19.3% means it is not yet leaving profit behind; it holds a balance-sheet base with a debt ratio of 46% and a current ratio of 2x, and the share price has fallen 78% from its high. What stands out most recently is that if the revenue recovery continues quarter by quarter and the loss narrows, the depressed price becomes an attractive zone; but if top-line growth stays buried in costs and the loss drags on, or frequent financing swells the share count, the burden relative to asset value can come back into focus.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 9.4% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 55.1% higher than a year earlier.
- ROE is -15.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -19.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Kyung-il 10.45% (individual)
Controlling bloc incl. related parties 12.09%
With the controlling bloc holding 12%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Saltlux, rooted in Sysmeta founded in 2000 and renamed Saltlux in 2006, is a leading domestic AI specialist that has dug one well in artificial intelligence (AI) and big-data technology.
- Its core technologies are natural-language processing (technology that lets computers understand and generate human speech and text) and machine learning, and it treats the hybrid AI platform that ties these together as the company's central asset.
- By industry classification the business is grouped under games and software, but actual revenue arises from supplying software and build projects - AI search, chatbot and conversational services, and data analytics - to companies and public institutions.
- As a small-to-mid-cap with a market capitalization of around ₩148.2 billion, it is worth watching, alongside the business itself, the effect a single disclosure that changes financing or share count has on the balance sheet.
- The latest close is ₩11,180 and market capitalization is ₩140.8 billion.
- The price sits below the 20-day line (₩13,519) and below the 60-day line (₩18,397).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward force over the last 14 days on a 0-100 scale) is 31.6, a neutral level.
- The one-month change is -29.5%, the three-month change is -46.4%, and the position versus the 52-week high is -76.1%.
- Relative strength against the KOSDAQ is 8 (on a 1-99 scale, converted from the past year's return versus the index with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 93% of all stocks by strength.
- Over the past three months it lagged the index by 28.5%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Latest full-year (2025) revenue was ₩41.6 billion, with an operating loss of ₩8.0 billion and a net loss of ₩10.8 billion.
- With an operating margin of -19.3% and ROE (how much is earned on equity in a year) of -15.4%, profitability is still in a loss phase, while the debt ratio (borrowings versus equity) of 46.4% is low, so the balance-sheet structure itself is stable.
- The current ratio (assets that can be turned into cash versus debt due within a year) is 2.02x, giving room in short-term solvency.
- Because it is loss-making, the P/E ratio (how many times a year's earnings the share price is) is not calculated, and P/B (how many times book value the share price is) is 2.00x.
- A P/B of 2.1x is above average on asset value alone, but for a company like an AI firm whose intangible technology and software value is large, book value often fails to capture actual value, so it is hard to declare it expensive on this one metric.
- At an inflection point where earnings turn from loss to profit, the direction of revenue and the loss matters more than the current P/E or P/B.
- Revenue rose sharply from ₩30.8 billion in 2023 to ₩45.9 billion in 2024, then fell 9.4% to ₩41.6 billion in 2025, so the three-year trend is mixed.
- What stands out, however, is that in the most recent quarter, Q1 2026, revenue jumped 55.1% year on year to ₩8.9 billion.
- This is a signal that, after a one-off slowdown, the top line is reviving, and it dovetails with generative-AI demand spreading into the corporate and public sectors.
- The annual revenue estimate is about ₩67.5 billion, derived by reflecting the confirmed Q1 2026 result and the past quarterly distribution of revenue.
- As an estimate it is not a figure to take as settled, but if the +55% Q1 growth continues, a picture in which the top line steps up a level from last year is entirely plausible.
- The crux is operating profit.
- Q1 operating profit is still a loss of ₩4.9 billion, so confirming quarter by quarter whether the added revenue is left as profit beyond costs is key to judging the quality of the growth.
- Recent disclosures center on financing and changes in share count.
- A warrant exercise on September 30, 2025, and, on August 21, 2025, a decision to dispose of treasury bonds-with-warrants and a decision to dispose of treasury convertible bonds (conversion price ₩12,120) followed in succession.
- Such disclosures have two sides: cash comes into the company while the share count rises, potentially diluting existing shareholders' stakes.
- Reading them alongside whether the incoming funds are used for operations and investment and actually connect to revenue and profit, and where the current share price stands versus the conversion price, makes the meaning of the disclosures clear.
- Saltlux is a name with two faces at once: 'a still loss-making AI company' and 'a company whose top line is reviving.' The strong conditions are clear.
- Q1 2026 revenue rose 55% year on year, a signal it is emerging from a slowdown; the industry backdrop of spreading generative-AI demand supports it; the balance sheet can hold up with a debt ratio of 46% and a current ratio of 2x; and the share price has fallen 78% from its high, a position where expectations have cooled considerably.
- On the other hand, the weak condition is profitability.
- With an operating margin of -19.3%, even as revenue grows it is not yet left as profit, so whether the added top line leads to a narrower loss and a swing to profit is the fork in the road.
- The frequent financing disclosures that can swell the share count are also something to watch.
- In sum, if the revenue recovery continues quarter by quarter and the loss narrows, the depressed price becomes an attractive zone; conversely, if top-line growth stays buried in costs and the loss drags on, the burden relative to asset value can come back into focus.
🔎 Valuation vs peers Overvalued
Peers near it by market capitalization within games and software.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SKAI | — | 9.68x | -119.86% |
| Devsisters | 20.08x | 1.27x | 6.31% |
| Korea Information Certificate Authority | 6.28x | 0.81x | 12.83% |
We looked first at public-data peers close by market capitalization within games and software. The current P/E ratio (how many times a year's earnings the share price is) is not available, and P/B (how many times book value the share price is) is 2.00x. That said, for lower-cap names, earnings swings and financing disclosures have a large impact, so we did not draw firm conclusions from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩67.5 billion | — | — |
| Next quarter | Q2 2026 | ₩12.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩11,180 and the market capitalization is ₩140.8 billion. The price sits below its 20-day moving average (₩13,519) and below its 60-day moving average (₩18,397). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 31.6, a neutral level. The one-month change is -29.5%, the three-month change is -46.4%, and the position relative to the 52-week high is -76.1%. Relative strength versus the KOSDAQ is 8 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 7% of all stocks. Over the past three months it lagged the index by 28.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -28.46% / 6M -50.87% / 12M -74.58%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.00x is above the sector median (1.58x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -15.4%, below the sector average (5.0%). The operating margin is -19.3%. The debt ratio is 46.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $20.4M | $30.5M | $27.6M | -9.38% ↓ slower |
| Operating profit | -$6.2M | -$4.4M | -$5.3M | — |
| Net profit | -$5.8M | -$3.2M | -$7.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.7M | $20.1M | $20.4M | $30.5M | $27.6M |
| Operating profit | -$2.6M | -$1.3M | -$6.2M | -$4.4M | -$5.3M |
| Net profit | -$3.4M | -$6.2M | -$5.8M | -$3.2M | -$7.2M |
| Revenue CAGR | 4-yr avg 11.68% | ||||
Revenue fell 9.4% year over year (2023 ₩30.8 billion → 2024 ₩45.9 billion → 2025 ₩41.6 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.7%. The two-year revenue CAGR is 16.2%. In the most recent quarter (Q1 2026), revenue was 55.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 9.4% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2025-09-30UpdateWarrant exercise: confirm the detailed terms in the original textA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When a facility or operating purpose is stated, whether the investment is actually executed and connects to revenue is key. Source
- 2025-08-21UpdateMajor-matters report (decision to dispose of treasury bonds-with-warrants): operating funds ₩11A disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When a facility or operating purpose is stated, whether the investment is actually executed and connects to revenue is key. Source
- 2025-08-21UpdateMajor-matters report (decision to dispose of treasury convertible bonds): conversion price ₩12,120, operating funds ₩11A disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When a facility or operating purpose is stated, whether the investment is actually executed and connects to revenue is key. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩11,180 | ₩11,180 | Confirmed | link |
| Latest quarterly results | revenue ₩8.9 billion, operating profit -₩4.9 billion | revenue ₩8.9 billion, operating profit -₩4.9 billion | Confirmed | link |
| Annual results | revenue ₩41.6 billion, operating profit -₩8.0 billion | revenue ₩41.6 billion, operating profit -₩8.0 billion | Confirmed | link |
| Financing disclosure (original text) | : | : | Confirmed | link |
| Financing disclosure (original text) | : ₩11 | : ₩11 | Confirmed | link |
| Financing disclosure (original text) | : ₩12,120 · ₩11 | : ₩12,120 · ₩11 | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Shareholders' meeting notice
- 2026-05-14PeriodicQuarterly report
- 2026-05-12Amended filing
- 2026-05-12Amended filing
- 2026-04-30Disclosure
- 2026-04-30Shareholders' meeting notice
- 2026-04-15Disclosure
- 2026-04-15Shareholders' meeting notice
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.