MakinaRocks earns money from software that lets industrial artificial intelligence be developed, deployed and operated even in air-gapped closed-network environments such as factories, power plants and defense, with two pillars: licensing its own AI operating platform 'Runway' and AI consulting that solves tasks like equipment anomaly detection and quality inspection. On May 20, 2026 it listed on KOSDAQ under the technology special-listing track, raising about ₩39.5 billion through 2.635 million new shares at an offer price of ₩15,000 (top of the band), and in its first post-listing quarter revenue reached ₩3.03 billion, up 167.6% from a year earlier, while the operating loss narrowed from -₩3.23 billion to -₩2.43 billion. What stands out lately is the strength of first-half orders exceeding ₩20 billion and mounting growth catalysts such as defense and manufacturing orders and a tie-up with AWS, set against the caution that the company is still loss-making at the net level and its market cap exceeds 40 times revenue, a high level where valuation pressure grows if the pace of growth wavers.
At-a-glance assessment financial health · growth · profitability · valuation
- Most recent quarter (Q1 2026) revenue was 167.6% higher than a year earlier.
- Valuation metrics are limited.
🔎 In-depth analysis
- MakinaRocks earns money from software that lets artificial intelligence actually run at industrial sites.
- There are two main revenue sources.
- The first is its self-developed AI operating platform 'Runway.' It is software that lets everything from data collection to AI development, deployment, operation and security be managed at once, even in air-gapped closed networks or on-premises server environments such as factories, power plants and defense.
- It made up about 21% of first-quarter 2026 revenue.
- The second is 'AI consulting' — services that directly solve customer-tailored tasks such as equipment anomaly detection and predictive maintenance, quality-inspection automation, and process optimization; it was about 79% of first-quarter revenue.
- Its customer industries range widely across manufacturing, heavy industry, semiconductors, automotive, defense and energy.
- Because the structure moves technology validated in consulting into repeatable Runway licenses, the two businesses grow each other.
- The latest close is ₩29,650 and the market cap is about ₩526.4 billion.
- After starting its first trading day on May 20 at ₩60,000, it was pushed down to the ₩13,000 range by late June.
- It then rebounded to near ₩30,000 in early July alongside news of orders and partnerships.
- The RSI (a supplementary indicator that weighs the strength of gains against losses over the recent 14 days on a 0-100 scale) is 50.1, neutral.
- It sits 62.0% below the 52-week high.
- As a newly listed stock its daily range is large, so the price is best viewed together with trading volume and the dates disclosures occur.
- A confirmed annual P/E (how many times one year of profit the share price is) and ROE (how much is earned in a year on equity) cannot be formed because the company is still at a net loss.
- For an early-stage growth company, value is hard to gauge from a single year's figures.
- The key is to check, quarter by quarter, whether the direction of rising revenue and narrowing losses continues.
- On a first-quarter 2026 consolidated basis, total equity was ₩12.1 billion and total liabilities ₩6.6 billion, so the debt ratio (debt against equity) is about 54.8%, not heavy.
- However, these financials predate the May listing, so the roughly ₩39.5 billion that came in from the offering is not yet reflected.
- Once that money is in, equity grows to around ₩51.6 billion.
- Equity-based metrics such as P/B (how many times equity the share price is) then fall below their current levels, so the surface figures right after listing can look more expensive than reality.
- That accumulated deficit of ₩67.7 billion has piled up is also something to keep in mind when looking at a loss-making company's equity.
- The top line is growing fast.
- Consolidated revenue rose from about ₩8.2 billion in 2024 to about ₩11.5 billion in 2025.
- In the first quarter of 2026 it reached ₩3.03 billion, up 167.6% from the same quarter a year earlier (₩1.13 billion).
- The loss also narrowed.
- The first-quarter operating loss of -₩2.43 billion improved from -₩3.23 billion a year earlier, and the net loss shrank from -₩3.39 billion to -₩2.37 billion.
- The backdrop to the growth is orders.
- The company officially reported first-quarter orders of ₩7.5 billion, about 2.8 times a year earlier (₩2.7 billion), and cumulative first-half orders exceeded ₩20 billion.
- Consulting makes up a large share of revenue mix, but the degree to which technology refined in consulting shifts into repeatable Runway licenses is the key to a profitability turn.
- Because the company's official numeric profit outlook for the year or next quarter is not confirmed, future net profit is left blank and the explanation rests only on the confirmed direction of rising revenue, narrowing losses and expanding orders.
- The center of recent disclosures and company announcements is the listing and orders.
- On May 20, 2026 it listed on KOSDAQ, issuing 2.635 million new shares at an offer price of ₩15,000 (the top of the ₩12,500-₩15,000 band) to raise about ₩39.5 billion.
- Institutional demand forecasting drew a subscription ratio of 1,196 to 1 and the general subscription ratio was 2,807 to 1, showing strong early interest.
- On May 28 the first post-listing quarterly report was disclosed, confirming the first-quarter results.
- Growth catalysts continued through June and July.
- On June 24 it reported overseas orders had doubled from a year earlier, on July 2 it announced first-half orders topping ₩20 billion, and on July 7 it disclosed a collaboration with AWS to expand its defense AI business.
- As a technology special-listing company, it is best to keep tracking, through disclosures, the trend of revenue and losses and the schedule for lock-up releases (a system that ties up major-shareholder and institutional shares for a set period after listing).
- The strengths are clear.
- In the high-barrier area of the industrial site, it possesses both an AI operating platform supporting even closed networks and on-premises setups and consulting.
- Revenue is growing fast — up 167.6% in a year — and first-half orders topped ₩20 billion.
- Customers widening to defense and manufacturing, and catalysts such as the AWS collaboration, also show the texture of the growth.
- Because the structure expands technology validated in consulting into repeatable Runway licenses, it differs from revenue that is used once and ends.
- The cautions are viewed alongside.
- The company is still at a net loss and the deficit is large.
- Market cap of about ₩526.4 billion is a high level, more than 40 times 2025 revenue (about ₩11.5 billion), so growth must fill that expectation.
- That the financials predate the offering proceeds makes metrics such as P/B look more expensive than reality, and being newly listed, the stock is prone to price swings and to the effect of the lock-up release schedule — points to factor in.
- In sum, the condition for it to strengthen is 'whether technology validated in consulting expands into platform license revenue and orders feed through to results,' while the high valuation pressure comes to the fore and it weakens if revenue growth or order momentum slows.
🔎 Valuation vs peers Inconclusive
Matching the business substance — a maker of industry-specific AI and enterprise software rather than a game company — the reference peer set is domestic AI software (Selvas AI) and enterprise security software (AhnLab), for which metrics are available on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Selvas AI | — | 1.68x | -5.45% |
| AhnLab | 10.99x | 1.60x | 14.53% |
(a) Position versus true peers: the profitable AhnLab trades at a P/E of about 11x, but MakinaRocks is loss-making so it cannot be measured on a profit multiple; comparing on an equity basis with the loss-making software firm Selvas AI (P/B 1.68x) is more realistic. (b) Premium/discount: on the post-offering equity basis (about ₩51.6 billion), the market-cap multiple is about 10x, far above Selvas AI (1.68x) — this can be seen as a premium reflecting rapid revenue and order growth and the barriers to industry-specific AI, but with the company still at a net loss, whether that premium is warranted must be confirmed by a swing to profit. (c) Trailing limits and forward basis: this company is at an inflection from loss toward profit, so value is hard to judge from last year's confirmed metrics alone. Because the company's official future profit figures are not confirmed, without arbitrary estimation the call is left as 'Inconclusive,' grounded only on the confirmed direction of revenue growth (+167.6%), order expansion (₩20 billion+ in the first half) and narrowing losses.
Price history Close · MA20 · MA60
The latest close is ₩29,650 and the market capitalization is ₩526.4 billion. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.1, a neutral level. The one-month change is +47.1%, and the position relative to the 52-week high is -62.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Key metrics vs sector median
Valuation
Profitability & financials
Growth
No financial data.
No 5-year history.
In the most recent quarter (Q1 2026), revenue was 167.6% 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 figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-07-07IRAgreed on a business collaboration with AWS to expand the defense AI businessOver the medium term it is a growth catalyst that provides a springboard for expanding the defense and cloud-based AI business. The timing and scale of it feeding through to actual revenue must be confirmed by later results. Source
- 2026-07-02IRAnnounced first-half orders topping ₩20 billion — an order rally centered on factories and defenseOrders are a leading indicator of future revenue, so this raises medium-term growth visibility. However, there is a time lag before orders are recognized as revenue and profit, so the pace of the swing to profit must be viewed separately. Source
- 2026-06-24IROverseas orders doubled versus the same period a year earlier — expanding global demand for industrial AIA sign that expansion into overseas markets such as Japan is under way. The absolute scale is not yet large, so the trend must be viewed together with domestic orders. Source
- 2026-05-28EarningsFirst post-listing quarterly report (2026.03) — first-quarter revenue of ₩3.03 billion (+167.6%), operating loss of -₩2.43 billion as the loss narrowedConfirmation of revenue growth and a narrowing loss is positive, but the company remains at a net loss, so the timing of a swing to profit remains the key variable. Source
- 2026-05-14FilingPublic offering of 2.635 million new shares (offer price ₩15,000, raising about ₩39.5 billion) completed — securities issuance results reportIn the short term it affects supply-demand as the number of tradable shares and equity rise; over the medium term the secured operating funds support business continuity. As most of the funds are for operations, the pace of the swing to profit must be viewed alongside. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue (consolidated) | ₩3,034,769,432(approx. ₩3.0 billion) | 3,034,769 | Confirmed | link |
| First-quarter 2026 operating loss (consolidated) | -₩2,433,478,229(approx. -₩2.4 billion) | -₩2,433,478,229 | Confirmed | link |
| Debt ratio (first-quarter 2026, consolidated) | approx. 54.8% | 6,628,983,199 / 12,092,987,630 | Confirmed | link |
| Offer price and amount raised | ₩15,000 × 263.5 = approx. ₩39.5 billion | ₩15,000, 2,635,000, ₩39,525,000,000 | Confirmed | link |
| Latest close | ₩29,650 | — | Unverified | link |
Recent filings
- 2026-05-29Disclosure
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28PeriodicQuarterly report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-14Earnings disclosure
- 2026-05-08Amended filing
- 2026-05-08Disclosure
📖 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.
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