SKAI (formerly Bitnine) is a software company that owns 'AgensGraph', a hybrid database combining relational and graph databases, plus its open-source extension 'Apache AGE'. Most of its revenue comes not from pure DB licenses (about 6%) but from systems integration and IT services built on this technology (about 94%), and it has recently broadened into RAG, vector DBs, and AI agents, extending into AI-transformation (AX) projects for public-sector institutions. As public-sector AX orders have kept coming in, Q1 2026 revenue rebounded 57.2%, operating losses narrowed over three years, and in December 2025 the largest shareholder replenished equity through a roughly ₩14.4 billion third-party allotment capital increase. What stands out lately is that if public-sector AX orders lead to stable revenue and a return to profit, the strength of directly owning graph-DB and RAG technology assets comes to the fore, but the 306% debt ratio, the rising share count from convertible bonds and the capital increase, and the earnings swings tied to order flow all need to be watched.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 306.0%).
- The most recent full-year net result was a loss.
- Revenue fell 21.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 57.2% higher than a year earlier.
- ROE is -119.9% (total-net basis). It is below the sector average.
- Operating margin is -28.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Directors Company 28.62% (corporate)
Controlling bloc incl. related parties 34.2%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis
- SKAI (formerly Bitnine) is a software company that makes 'AgensGraph', a hybrid database that adds a graph database on top of a relational database, along with its open-source extension module 'Apache AGE'.
- That said, most of the company's revenue comes not from selling DB licenses themselves but from systems integration services and IT work built on this technology (by the company's own account, the pure DB segment is about 6% of revenue and the remaining 94% is the non-DB segment).
- More recently it has broadened its business into retrieval-augmented generation (RAG), vector DBs, and AI agents, taking part in AI-transformation (AX) projects for public institutions such as the Ministry of Economy and Finance, the National Health Insurance Service, and the Ministry of the Interior and Safety.
- In other words, it is more accurate to understand it not as a company selling packaged products but as one that builds revenue by winning project-based work while wielding data and AI technology.
- The recent close is ₩2,310 and the market cap is ₩122.3 billion.
- The price sits below its 20-day line (₩3,116) and its 60-day line (₩3,804).
- Trading below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that compares upward and downward momentum over the past 14 days on a 0-100 scale) is 30.3, a neutral level.
- The price is down 48.6% over one month and 22.0% over three months, and sits 60.1% below its 52-week high.
- Its relative strength versus the KOSDAQ is 84 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 15% of all stocks by strength.
- Over the past three months it has lagged the index by 17.5%.
- Chart readings are best viewed alongside trading volume and the dates on which disclosures occur.
- Because the company is loss-making, the P/E ratio (how many times one year's earnings the price represents) cannot be computed, so the P/B (how many times accounting net assets the price represents) is used instead.
- The P/B is 9.68x, high on the surface, but this largely reflects the fact that years of losses have sharply eroded shareholders' equity (net assets per share of ₩238.7), shrinking the denominator.
- In other words, rather than declaring the stock 'expensive' on a high P/B alone, one should also account for the fact that it results from thin equity.
- On profitability, the operating margin is -28.1% and ROE (how much shareholders' equity earns in a year) is -119.9%, a large loss, while the debt ratio of 306% means the balance-sheet burden is not small either.
- In short, on valuation, profitability, and the balance sheet, this is a loss-making company that must be viewed on the premise of recovery, and the key is whether the turn to profit is progressing rather than gauging value from the current metrics alone.
- Revenue fell for three straight years, from ₩24.3 billion in 2023 to ₩19.8 billion in 2024 to ₩15.6 billion in 2025 (down 21.2% last year).
- But the inflection point in the trend appears in Q1 2026.
- Quarterly revenue of ₩3.2 billion rebounded 57.2% from the same period a year earlier, which can be read as a signal that public-sector AI-transformation (AX) demand and new orders are starting to be booked as revenue.
- The scale of losses has also narrowed over time, with the operating loss shrinking from -₩12.4 billion in 2023 to -₩12.1 billion in 2024 to -₩4.4 billion in 2025.
- That said, looking at quarterly results, even with the revenue rebound the net loss (-₩5.62 billion) was far larger than the operating loss (-₩1.65 billion), and much of that gap comes from non-operating items such as convertible bonds and stakes acquired in other companies.
- So while the growth signals (the revenue rebound and narrowing losses) can be seen as genuinely under way, this stock is characterized by the fact that earnings-based forward estimates (metrics like a forward P/E) are still hard to construct reliably because of this non-operating volatility.
- Recent disclosures split into two strands.
- One is on the business side: in 2026, public-institution AI-transformation project wins have continued, and in May supply and service contracts were signed one after another, a sign of secured work that underlies the Q1 revenue rebound.
- The other is on the capital side: in December 2025 the largest shareholder, Bit Special K, took part alone in a roughly ₩14.4 billion third-party allotment capital increase to replenish the collapsed equity, and the share count also rose through convertible-bond conversions.
- In other words, this is a recovery period showing both scenes at once — growing revenue through order wins while propping up the balance sheet with outside funds.
- The strengths are clear.
- Riding public-sector AI-transformation (AX) demand, Q1 revenue rebounded 57.2%, the operating loss narrowed over three years, and the largest shareholder's capital increase replenished equity.
- Directly owning technology assets like a graph DB and RAG also sets it apart from a plain services firm.
- The cautions are equally clear.
- Operating and net losses continue, the debt ratio is high at 306%, and the rising share count from convertible bonds and the capital increase is a dilution burden for existing shareholders.
- Also, since a large part of revenue comes from project wins, earnings can swing widely if the order flow dries up.
- In short, if public AX orders lead to stable revenue and the narrowing losses conclude in a turn to profit, the picture becomes strong; conversely, if orders stall or repeated capital raises recur, the picture weakens.
- For now the direction of recovery is right, but this is a phase of confirming its pace and durability through quarterly results.
🔎 Valuation vs peers Inconclusive
The company name and KSIC code classify it as game software, but in substance it is a database and AI software plus systems-integration business. Rather than treating it as a plain game stock, it is viewed as a company in the software and SI space, compared with software firms in the same KSIC code while accounting for differences in profitability stage.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| AhnLab | 10.99x | 1.60x | 14.53% |
| SOOP | 5.34x | 1.16x | 21.81% |
(a) The peers AhnLab and SOOP are profitable, with double-digit ROE and single-digit-to-low-teens P/Es, whereas SKAI is loss-making so it has no P/E and its ROE of -119.9% cannot be lined up on the same yardstick. (b) The P/B of 15.9x looks like a large premium on the surface, but it results from cumulative losses nearly exhausting shareholders' equity and shrinking the denominator, so it is hard to use directly as grounds for 'expensive'. (c) Last year's confirmed results (trailing) are loss-making and thus of limited meaning, and this year's expectations (forward) have no basis for a firm figure because the company has not disclosed an official revenue or profit outlook. Therefore, rather than declaring the stock over- or undervalued, Inconclusive is appropriate until a turn to profit and stability in non-operating items can be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩2,310 and the market capitalization is ₩122.3 billion. The price sits below its 20-day moving average (₩3,116) and below its 60-day moving average (₩3,804). 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 30.3, a neutral level. The one-month change is -48.6%, the three-month change is -22.0%, and the position relative to the 52-week high is -60.1%. Relative strength versus the KOSDAQ is 84 (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 85% of all stocks. Over the past three months it lagged the index by 17.5%. 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 -17.54% / 6M +60.95% / 12M -7.86%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 9.68x 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 -119.9%, below the sector average (5.0%). The operating margin is -28.1%. The debt ratio is 306.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $16.1M | $13.2M | $10.4M | -21.20% ↓ slower |
| Operating profit | -$8.2M | -$8.0M | -$2.9M | — |
| Net profit | -$11.3M | -$16.4M | -$10.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $10.9M | $12.7M | $16.1M | $13.2M | $10.4M |
| Operating profit | $783,953 | $1.1M | -$8.2M | -$8.0M | -$2.9M |
| Net profit | $772,331 | -$291,567 | -$11.3M | -$16.4M | -$10.0M |
| Revenue CAGR | 4-yr avg -1.20% | ||||
Revenue fell 21.2% year over year (2023 ₩24.3 billion → 2024 ₩19.8 billion → 2025 ₩15.6 billion), and the three-year trend is 'falling'. 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 -1.2%. The two-year revenue CAGR is -19.7%. In the most recent quarter (Q1 2026), revenue was 57.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 306.0%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 21.2% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-12-18FilingCompletion of payment for a roughly ₩14.4 billion third-party allotment capital increase subscribed solely by the largest shareholder, Directors Company, to resolve capital impairmentNear term: resolving the risk of capital impairment improves listing stability. Medium term: the new-share issuance dilutes existing shareholders, and the actual use of the raised funds needs to be confirmed. Source
- 2026-05-14UpdateDisclosure (voluntary) on the signing of a single sales and supply contract, part of the flow of AI and data-build project wins for public and corporate clientsNear term: a clue to a revenue recovery. Medium term: whether the project wins translate into actual revenue and profit is the key. Source
- 2026-05-15FilingAmendment (correction) disclosure to a single sales and supply contract and other corrections to supply contracts in progressNear term: possible changes to contract terms. Medium term: an effect on the timing and amount of revenue recognition from the order backlog. Source
- 2026-05-22EarningsFiling of the Q1 2026 quarterly report; revenue of ₩3.2 billion, up 57.2% year on year, though operating and net losses persistNear term: confirmation of the revenue rebound. Medium term: the size of non-operating losses and the timing of a turn to profit are the key variables. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-22PeriodicQuarterly report (amended)
- 2026-05-22Amended filing
- 2026-05-20Disclosure
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Single supply/sales contract (amended)
- 2026-04-17Disclosure
- 2026-04-10Amended filing
- 2026-04-02Disclosure
- 2026-04-01Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
📖 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.