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JONBUR Research · Update note

XIIlab · 189330 · Software

XIIlab Files ₩1.75B NVIDIA DGX Supply Contract Equal to 17.0% of 2025 Sales

Why this report

Written after:

XIIlab filed a ₩1.75B contract to supply NVIDIA DGX systems to Narrospace Technology, equal to 17.0% of 2025 consolidated revenue. It adds a quantified data point to a contract stream the previous report could not size, but it does not change the loss-making picture.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 0 views

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

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What happened

On 2026-10-27 XIIlab filed a major supply contract for NVIDIA DGX systems with Narrospace Technology (나라스페이스테크놀로지), a Korean aerospace manufacturer with 2025 standalone revenue of ₩13.2B. The confirmed contract value is ₩1.75B, excluding VAT, against 2025 consolidated revenue of ₩10.3B, or 17.0%. The contract is not conditional.

The contract period runs from 2026-10-27 to 2030-06-01. The filing says this end date includes a three-year defect-warranty period after delivery and inspection, and may change with actual delivery dates. There is no down payment. The full amount is paid after delivery and inspection, by the end of the month after the invoice is issued. The filing says the work is outsourced rather than made in-house, and that terms may change as the work progresses. No relationship between the two companies is stated.

This follows other contract filings on 2026-10-16, 2026-10-08, 2026-10-02, 2026-08-26 and 2026-08-20. The values of those are not in the data.

What it changes for the thesis

The previous report said that contract filings pointed to commercial activity but that their values were not available, so the effect on revenue could not be judged. This filing gives one value: ₩1.75B, a meaningful size relative to a company with ₩10.3B of annual sales. Revenue timing is unclear, since payment comes only after delivery and inspection and there is no advance payment.

The filing says the work is outsourced, and the margin on it is not disclosed. The data does not show whether it will help narrow losses. The company still posted an operating loss of ₩5.6B and negative free cash flow of ₩4.7B over the twelve months to H1 2026, with cash of ₩2.5B. A single ₩1.75B contract paid after delivery does not by itself change that picture. The thesis that the evidence is mixed stands.

What it changes for the valuation

The model still has no estimate per share for this company, as in the previous report, so there is no bear, base or bull range to compare with the share price of ₩9,030 on 2026-10-27. The shares have returned -19.7% over one month and 99.8% over one year.

Multiples are price-to-book 4.1 and price-to-sales 7.1, with market capitalization of ₩84.7B and enterprise value of about ₩65.8B. Price-to-earnings and EV/EBITDA are not available because of losses. The previous report showed price-to-book of 4.0 and price-to-sales of 6.9 at a lower price of ₩8,810. Over 20 days, foreign investors were net buyers of about ₩576M, and foreign ownership is 2.8%, up from 1.7% sixty days earlier.

Closing view

The filing is a concrete, fully unconditional contract worth 17.0% of last year's sales, which is more informative than the earlier filings with no values. Against that, payment arrives only after delivery, the work is outsourced, margins are unknown, and the company is still loss-making with limited cash. With no model estimate available, the data does not allow a view on whether the share price reflects the contract. The evidence remains mixed: commercial progress is visible, but profitability is not yet shown.

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 28, 2026Update noteMajor contractXIIlab Files ₩1.75B NVIDIA DGX Supply Contract Equal to 17.0% of 2025 Sales
  2. Oct 21, 2026InitiationStart of coverage (reader request)XIIlab: Loss-making software company with growing contract filings after a sharp one-month share price drop

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