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Acryl · 0007C0 · Software

Acryl: Loss-Making Newly Listed Software Firm Sees Sharp Share Price Drop Amid New Partnership News

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Acryl, a KOSDAQ-listed software company that listed in December 2025, reported H1 2026 revenue of ₩13.3B with operating and net losses, and its shares fell 23.1% over the past month to ₩14,650. News this week points to a medical AI partnership with KT, while the model estimate of value is not available.

Written Oct 22, 2026 · Data as of Oct 21, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a young, small company with a thin balance sheet burden but ongoing losses and negative free cash flow. Debt is low, with liabilities at 24.2% of equity and borrowings of ₩306M against cash of ₩3.4B, which limits financial stress from leverage. However, the operating margin is -16.9% and free cash flow is -₩5.9B, so cash on hand covers less than seven months of that burn rate if it continued at the same pace. The share price is well below the 52-week high of ₩77,000 and only about 27.4% above the 52-week low of ₩11,500, which shows high volatility since listing. Several filings of major sales or supply contracts in July and a cluster of news items about KT and the Ministry of Science and ICT show business activity, but the data does not give contract values or revenue effects, so their impact cannot be judged. Foreign ownership fell from 5.2% to 2.8% in 60 days, and retail investors were net buyers of ₩6.3B over 20 days while foreigners and institutions were net sellers.

Business overview

Acryl is a software company founded on 2011-03-22 and listed on KOSDAQ on 2025-12-16, with 8,030,324 listed shares and a market capitalization of about ₩117.6B. The CEO is 박외진. The only annual data available is for 2025, with revenue of ₩13.3B, an operating loss of ₩2.3B and a net loss of ₩2.8B. Revenue growth cannot be calculated because no prior year is in the data. The company pays no dividend. Recent news headlines describe a medical AI partnership with KT and a visit by the Ministry of Science and ICT reviewing its physical AI technology and business.

Financial analysis

These figures come from filed financial statements. Trailing revenue as of H1 2026 is ₩13.3B, with an operating loss of ₩2.3B (margin -16.9%) and a net loss of ₩2.8B (margin -21.1%). Return on equity is -6.7% (-6.4% for 2025). Cash is ₩3.4B and borrowings are ₩306M. Liabilities are 24.2% of equity. Free cash flow is -₩5.9B, larger than the operating loss, which suggests spending on investment or working capital beyond the loss itself. The trailing figures are identical to the 2025 annual figures in the data, so the split of results within the half-year is not available.

Valuation

With losses, the price-to-earnings ratio and EV/EBITDA cannot be calculated. Price-to-book is 2.8 (6.8 at the end of 2025) and price-to-sales is 8.8, with an enterprise value of about ₩83.5B. Peers show price-to-book of 0.5 to 4.9: Hyundai Autoever 4.9, Krafton 1.2, NC 1.3, Netmarble 0.5 and PearlAbyss 2.1. Acryl's 2.8 sits within that range, though the peers are far larger and most are profitable, with P/E of 7.2 to 48.3. The valuation model's estimate (fair value) is not available for this company, so there is no model estimate to compare with the ₩14,650 share price.

Catalysts

  • News from October 19-20 reports a partnership with KT to co-commercialize a medical AI data platform and services, though financial terms are not in the data.
  • Three major sales or supply contract filings (July 1, July 22 and July 28) may point to revenue visibility, but the amounts are not in the data.
  • A Ministry of Science and ICT visit on October 13 reviewed the company's physical AI technology and business status.
  • The next quarterly report would show whether losses and cash burn are narrowing after the H1 2026 results filed on August 14.
  • A 5%+ holding report and several insider shareholding reports filed in June and July indicate changes in major ownership.

Risks

  • The company is loss-making, with an operating margin of -16.9% and negative free cash flow of ₩5.9B against ₩3.4B of cash.
  • The share price fell 23.1% in one month and sits far below the 52-week high of ₩77,000, showing high volatility after the December 2025 listing.
  • Foreign ownership dropped from 5.2% to 2.8% in 60 days, and foreign and institutional investors were net sellers over 20 days.
  • Valuation multiples such as price-to-sales of 8.8 rest on revenue that is small and not yet profitable, and no model estimate is available.
  • The data has only one annual period and no revenue growth figure, so the trend in the business cannot be established.

Closing view

The evidence is mixed. Low debt and a stream of partnership and contract news point to commercial activity, while the filed numbers show losses, cash burn that exceeds cash on hand at the current pace, and a share price that has fallen sharply from its peak. With no model estimate and limited history, the data cannot show whether the partnership news will translate into revenue or profit. Future filings will be the clearest way to see whether the losses narrow.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 22, 2026InitiationStart of coverage (reader request)Acryl: Loss-Making Newly Listed Software Firm Sees Sharp Share Price Drop Amid New Partnership News

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information