PIE makes and sells 'AI manufacturing intelligence' solutions that gather and analyze inspection, process, and equipment data from factory floors to catch defects and improve production. As a small-cap, its supply-contract and financing disclosures weigh heavily on both earnings and share count. In April 2026 it signed a supply contract worth ₩9.3 billion (14.3% of recent revenue), and earlier, in August 2025, it decided to issue convertible bonds to raise ₩21.0 billion in working capital, while Q1 revenue grew +35.7% year over year. The notable point right now is that the Q1 revenue rebound, the new supply contract, and a price sitting -67.3% below its 52-week high mark the strengths of an early recovery, but the company swung from profit to loss in 2025 and remained loss-making at the operating and net level in Q1, so it still needs to be confirmed whether the revenue recovery carries through to a return to profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 267.5%).
- The most recent full-year net result was a loss.
- Revenue fell 47.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 35.7% higher than a year earlier.
- ROE is -39.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -32.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Jeong-il 38.1% (individual)
Controlling bloc incl. related parties 48.2%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis
- PIE earns money from 'AI manufacturing intelligence' solutions that collect and analyze the inspection, process, and equipment data generated on factory floors to improve quality control and operating efficiency.
- The core architecture takes in data (Input), processes it (Process), stores it (Storage), and outputs results (Output), with algorithms and deep learning layered onto the processing stage to catch defects or refine the production process.
- Put simply, the company builds and sells software that reads a manufacturing line's data and pinpoints 'where the problem is and how to fix it.' Because its market cap is not large, it is worth watching not only the business itself but also how each individual disclosure, such as a supply contract or a financing event, can have a relatively large effect on earnings and share count.
- The latest close is ₩3,055 and the market cap is ₩110.1 billion.
- The price sits below the 20-day line (₩3,894) and below the 60-day line (₩5,382).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 24.5, close to depressed territory.
- The one-month change is -30.7%, the three-month change is -37.4%, and the position versus the 52-week high is -69.5%.
- Relative strength against the KOSDAQ is 16 (1-99, converting the past year's return versus the index while weighting recent periods more heavily; higher means stronger than the market).
- That places it in roughly the top 85% by strength among all stocks.
- Over the past three months it lagged the index by 17.6%.
- Chart reading is best done alongside trading volume and the dates on which disclosures occurred.
- Full-year 2025 results were a loss: revenue of ₩65.1 billion, an operating loss of ₩21.2 billion, and a net loss of ₩22.3 billion.
- The operating margin was -32.6%, ROE (how much is earned in a year on equity) was -39.7%, and the debt ratio (debt relative to equity) was 267.5%.
- That said, the current ratio (assets readily available versus debt due within a year) was 188.5%, leaving some room for short-term payment ability.
- The P/E ratio (how many times a year's earnings the price is) cannot be computed because of the loss, while the P/B (how many times book value the price is) is 1.96x.
- For a company that has swung into loss, P/B and the pace of recovery matter more than P/E, so rather than declaring it cheap or expensive on any single metric, the right standard is whether an actual move out of losses is materializing.
- Revenue rose to ₩85.8 billion in 2023 and ₩124.0 billion in 2024, then fell to ₩65.1 billion in 2025, a -47.5% drop from the prior year.
- Over the same span, operating profit swung from a ₩9.4 billion profit in 2024 to a ₩21.2 billion loss in 2025.
- In other words, this is an inflection stretch where both scale and earnings buckled sharply within a single year.
- By contrast, the most recent figure, Q1 2026 revenue of ₩9.8 billion, was up +35.7% from the same period a year earlier, an early sign of a bottom being set and a turn back up.
- However, Q1 operating profit and net profit remained a loss of ₩3.1 billion, so the key question is whether the revenue recovery carries through to earnings recovery.
- The blank annual revenue approximation (₩38.5 billion) and profit outlook in this year's forecast box reflect the same context, since the pace of the move out of losses has not yet been pinned down in figures.
- The start of a revenue turn is a clear positive signal, but a return to profit is still in the confirmation stage, to be accurate.
- On April 27, 2026, the company signed a single supply contract worth ₩9.3 billion.
- Equivalent to 14.3% of recent revenue, the contract term, the timing of revenue recognition, and whether this is a one-off or a repeatable order will determine how much weight the recovery carries.
- Earlier, in August 2025, it decided to issue convertible bonds (conversion price ₩8,944) to raise ₩21.0 billion in working capital (decided August 4, with a filing correction on August 7).
- Because this brings in funds in exchange for securities that may later convert into shares, it is worth watching together whether the incoming funds actually feed through into business investment and revenue, and how much the share count may change on conversion.
- PIE is most accurately read as an 'early-recovery' name that has just turned off the bottom of losses.
- The strong conditions are clear.
- It is positioned in AI manufacturing intelligence, an area where demand is alive; Q1 2026 revenue rose +35.7% year over year, delivering the first figure of a rebound off the bottom; and the April supply contract (14.3% of revenue) adds an order-book clue.
- The price, at -67.3% below the 52-week high, also sits where expectations have been fully drained.
- On the other side, the cautions are equally clear.
- It swung from profit to loss in 2025 and remained loss-making at the operating and net level in Q1, so it must be confirmed whether the revenue recovery carries through to a return to profit.
- Whether the convertible-bond proceeds actually translate into revenue, and how much the share count shifts on conversion, are also variables.
- In sum, this is a name that is in a strong stretch if the Q1 revenue rebound and supply contract are confirmed by earnings improvement in the next quarter, and in a weak stretch if the revenue recovery proves one-off or the losses drag on.
🔎 Valuation vs peers Overvalued
A market-cap-adjacent peer set within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Keyang Electric Machinery | — | 5.51x | -177.21% |
| FNS Tech | 12.74x | 1.32x | 10.37% |
| BMT | 7.61x | 0.97x | 12.73% |
We looked first at a public-data peer set with a comparable market cap within machinery and equipment. The current P/E cannot be confirmed, and the P/B is 1.96x. Because lower-cap names are heavily affected by earnings swings and financing disclosures, we did not draw a firm conclusion from last year's confirmed-results metrics alone. The basis for the forecast box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩38.5 billion | — | — |
| Next quarter | Q2 2026 | ₩10.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,055 and the market capitalization is ₩110.1 billion. The price sits below its 20-day moving average (₩3,894) and below its 60-day moving average (₩5,382). 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 24.5, near oversold territory. The one-month change is -30.7%, the three-month change is -37.4%, and the position relative to the 52-week high is -69.5%. Relative strength versus the KOSDAQ is 16 (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 15% of all stocks. Over the past three months it lagged the index by 17.6%. 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 -17.62% / 6M -48.77% / 12M -69.35%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.96x is above the sector median (1.44x).
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 -39.7%, below the sector average (5.0%). The operating margin is -32.6%. The debt ratio is 267.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $56.9M | $82.2M | $43.1M | -47.53% ↓ slower |
| Operating profit | $2.6M | $6.3M | -$14.1M | -324.94% ↓ slower |
| Net profit | $4.8M | $6.9M | -$14.8M | -313.09% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $56.9M | $82.2M | $43.1M |
| Operating profit | — | — | $2.6M | $6.3M | -$14.1M |
| Net profit | — | — | $4.8M | $6.9M | -$14.8M |
| Revenue CAGR | 2-yr avg -12.92% | ||||
Revenue fell 47.5% year over year (2023 ₩85.8 billion → 2024 ₩124.0 billion → 2025 ₩65.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 324.9% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -12.9%. The two-year revenue CAGR is -12.9%. In the most recent quarter (Q1 2026), revenue was 35.7% 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 47.5% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-27ContractSingle supply contract signed: contract value ₩9.3 billion, 14.3% of recent revenueThe contract value and term are key to future revenue recognition. Whether it is a one-off or a repeatable transaction determines the mid-term reading. Source
- 2025-08-07Update[Corrected filing] Material report (convertible bond issuance decision): conversion price ₩8,944, ₩21.0 billion in working capitalThis is a disclosure where the purpose of the incoming funds and the change in share count must be weighed together. When a facility or operating purpose is specified, whether the investment is actually executed and connects to revenue is the key point. Source
- 2025-08-04UpdateMaterial report (convertible bond issuance decision): conversion price ₩8,944, ₩21.0 billion in working capitalThis is a disclosure where the purpose of the incoming funds and the change in share count must be weighed together. When a facility or operating purpose is specified, whether the investment is actually executed and connects to revenue is the key point. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,055 | ₩3,055 | Confirmed | link |
| Latest quarterly results | revenue ₩9.8 billion, operating profit -₩3.1 billion | revenue ₩9.8 billion, operating profit -₩3.1 billion | Confirmed | link |
| Annual results | revenue ₩65.1 billion, operating profit -₩21.2 billion | revenue ₩65.1 billion, operating profit -₩21.2 billion | Confirmed | link |
| Contract disclosure (original text) | ㆍapprox. : approx. ₩9.3 billion · revenue 14.3% | ㆍapprox. : approx. ₩9.3 billion · revenue 14.3% | Confirmed | link |
| Financing disclosure (original text) | []: ₩8,944 · ₩21.0 billion | []: ₩8,944 · ₩21.0 billion | Confirmed | link |
| Financing disclosure (original text) | : ₩8,944 · ₩21.0 billion | : ₩8,944 · ₩21.0 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-04-29OwnershipOwnership-change filing
- 2026-04-29OwnershipAmended filing
- 2026-04-27Single supply/sales contract
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit 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.