Ankey AX: Revenue Has Scaled Up and Operating Profit Turned Positive, but Net Income Is Still Negative and the Share Price Is Volatile

Thesis

The data supports a clear operating turnaround. Revenue rose 108.2% in 2025 to ₩48.6B, and operating income moved from a loss of ₩3.7B in 2024 to a profit of ₩3.7B in 2025. Trailing operating income reached ₩6.6B.

The data does not yet show profits reaching shareholders. Net income was -₩2.3B in 2025 and -₩0.7B on a trailing basis, and return on equity is -2.1%. Gains from operations are not yet converting to earnings.

Price action is very unstable: a 50.6% drop in one month follows a 68.9% rise over three months. Filings show repeated exchange right exercises in August and September, a company name change notice, and an extraordinary shareholders' meeting. The data does not explain the reasons behind these events, and no news headlines are available.

Foreign investors were net buyers of about ₩2.0B over 20 days, while institutions and retail investors were net sellers. Foreign ownership rose from 1.5% to 4.6% in 60 days.

Business overview

Ankey AX (Korean name 엔키AX) is listed on KOSDAQ in the Internet sector. It was founded on 2007-02-06 and listed on 2013-11-26, with 49,294,149 listed shares. The CEO is listed as 유정석.

The revenue history is uneven: ₩22.3B in 2021, ₩22.6B in 2022, ₩19.2B in 2023, ₩23.3B in 2024 and ₩48.6B in 2025. The company has therefore more than doubled its revenue base in the latest full year. The data does not describe products or business lines, so the sources of this growth are not available here.

Financial analysis

These figures come from filed financial statements.

On a trailing basis to H1 2026, revenue was ₩55.5B, operating income ₩6.6B (margin 11.8%), and net income -₩0.7B (margin -1.3%). Return on equity was -2.1%, compared with -7.2% in 2025, -13.6% in 2024 and -32.8% in 2023.

Operating margins have improved from -16.0% in 2024 and -21.7% in 2021 to 7.6% in 2025 and 11.8% trailing. Net losses have persisted every year shown, with the largest at -₩11.9B in 2023.

The balance sheet shows liabilities to equity of 74.5%, cash of ₩21.3B and borrowings of ₩11.6B, so cash exceeds borrowings. Free cash flow on a trailing basis was ₩15.2B, well above reported net income.

Valuation

Current multiples are a price-to-book ratio of 2.5, a price-to-sales ratio of 1.6 and an enterprise value of ₩81.3B. Price-to-earnings and EV/EBITDA are not available because of negative earnings or missing data. The dividend yield is 0.0%.

The company's own year-end price-to-book was 18.9 in 2021, 6.9 in 2022, 4.6 in 2023, 2.4 in 2024 and 3.0 in 2025, so the current 2.5 sits at the lower end of that range.

Among the listed peers, price-to-book is 0.9 for NAVER, 1.2 for Kakao, 0.4 for Daou Technology, 2.1 for NICE Information Service and 3.2 for Kinx. Ankey AX is above most of them on this measure, and these peers are far larger by market value. Peer price-to-earnings ranges from 1.9 to 40.3, with no comparable figure for Ankey AX.

The valuation model estimate is not available (null), so no comparison of a model estimate with the ₩1,846 share price can be made.

Catalysts

• Repeated exchange right exercise filings between August 25 and September 3 may point to changes in the share count and are worth watching.
• A notice of company name change and the results of an extraordinary shareholders' meeting were filed on September 10.
• A trading plan report for executives and major shareholders was filed on September 30, which could signal share transactions by insiders.
• A 5%+ holding report and an insider shareholding report were filed on September 3, showing changes in ownership.
• Foreign ownership rose to 4.6% from 1.5% over 60 days, with net foreign buying over the last 20 days.

Risks

• Net income has been negative in every year shown, and the trailing net margin is still -1.3%.
• The share price fell 50.6% in one month, showing very high volatility, and the 1-year return is -17.6%.
• Exchange right exercises could change the share count, and their effect on existing shareholders is not detailed in the data.
• The revenue jump of 108.2% in 2025 may not be repeated, and the data does not explain its source.
• The reported 52-week low of ₩0 looks unreliable, so the price range data should be treated with caution, and no news headlines or model estimate are available.

Closing view

The data shows a company whose operations have improved sharply: revenue has more than doubled, operating margin is positive, and trailing free cash flow of ₩15.2B is strong. Against this, net income is still negative, the share price has been very volatile, and filings show active changes in share-related matters whose impact is not described. The price-to-book of 2.5 is below the company's recent history but above most listed peers, and no model estimate is available. The evidence is mixed and leaves open whether operating gains will carry through to earnings.

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

• Trading Plan Report for Executives and Major Shareholders' Specific SecuritiesSep 30, 2026
• Notice of Company Name ChangeSep 10, 2026
• Results of Extraordinary Shareholders' MeetingSep 10, 2026
• Exercise of Exchange RightSep 3, 2026
• 5%+ holding reportSep 3, 2026
• Insider shareholding reportSep 3, 2026
• Exercise of Exchange RightSep 1, 2026
• Exercise of Exchange RightAug 28, 2026
• Exercise of Exchange RightAug 26, 2026
• Notice of shareholders' meetingAug 26, 2026
• Exercise of Exchange RightAug 25, 2026
• Amended attachment: Shareholders' meeting calledAug 25, 2026
• Daily prices up to 2026-10-20
• Financial statements, trailing 12 months as of H1 2026

Report history

1. Oct 21, 2026InitiationStart of coverage (reader request)Ankey AX: Revenue Has Scaled Up and Operating Profit Turned Positive, but Net Income Is Still Negative and the Share Price Is Volatile