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JONBUR Research · Initiation

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XIIlab · 189330 · Software

XIIlab: Loss-making software company with growing contract filings after a sharp one-month share price drop

Why this report

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

XIIlab, a KOSDAQ-listed software company, closed at ₩8,810 on 2026-10-20, down 26.9% over one month but up 81.8% over one year. Filed financials show continued operating losses, a small cash balance and negative free cash flow, while recent filings show several major sales or supply contracts.

Written Oct 21, 2026 · Data as of Oct 20, 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 small company whose revenue has grown from ₩5.8B in 2021 to ₩10.3B in 2025, with losses narrowing in 2025 versus 2024. Several major sales or supply contract filings between August and October 2026 point to commercial activity. However, the contract values are not in the data, so their effect on revenue cannot be judged.

The data does not support a claim of profitability. The company has posted operating losses every year shown, and the trailing twelve months to H1 2026 show a wider loss than 2025. The share price is volatile: the 52-week range is ₩3,400 to ₩19,100, and the stock is 53.9% below its 52-week high. Foreign ownership rose from 1.4% to 2.6% over 60 days, though 20-day foreign flows were a net ₩440M outflow.

Business overview

XIIlab (씨이랩) is a software company listed on KOSDAQ on 2021-02-24 and founded in 2010. It is led by two co-CEOs, 윤세혁 and 채정환. It has 9,382,284 listed shares and a market capitalisation of about ₩82.7B. A news item dated 2026-10-18 from Asia Economy mentions the company's smart construction safety technology at a construction and safety expo. The data gives no further detail on products or customers.

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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