Nexus: Revenue Jumped in 2025, but Operating Loss Persists in H1 2026 Amid Share Exchange and Capital Raising Filings

Thesis

The data supports a sharp change in business scale: revenue grew 386.3% in 2025 after years of roughly ₩5B to ₩8B, and operating margin improved from -118.4% in 2024 to 3.8% in 2025. That improvement has not held in the trailing period, where operating margin is -10.9%.

Trailing net income is positive at ₩3.3B (net margin 8.7%) even though operating income is negative, which suggests the profit comes from items below operating income. The data does not say what those items are, so the quality of the earnings is unclear.

Corporate actions add uncertainty. Filings show a share exchange decision on 2026-09-29, trading halts, a rights offering decision on 2026-09-10 and two 5%+ holding reports in September. The data does not give the terms, so the effect on shareholders cannot be assessed here.

Business overview

Nexus is a software company listed on KOSDAQ since 2014-11-12, founded on 2014-08-27, with CEO 장현국 and 85,911,535 listed shares. The share price closed at ₩1,620 on 2026-10-20, within a 52-week range of ₩1,360 to ₩2,800. Returns were -10.9% over one month, 0.9% over three months and -38.4% over one year.

Revenue was ₩5.6B in 2021, ₩5.8B in 2022, ₩5.5B in 2023 and ₩7.6B in 2024 before reaching ₩36.7B in 2025. The only recent news headline in the data, from Etoday on 2026-10-16, says Korea University Guro Hospital joined 'K-NEXUS' to build a regional cancer care cooperation system using AI. The data gives no revenue breakdown.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 is ₩38.2B, with operating income of -₩4.2B, net income of ₩3.3B and ROE of 5.8%.

For 2025, revenue was ₩36.7B, operating income ₩1.4B and net loss ₩3.3B (ROE -11.9%). Losses were larger in earlier years: 2024 operating loss ₩8.9B, 2023 ₩16.2B, 2022 ₩15.1B and 2021 ₩7.4B.

The balance sheet shows cash of ₩78.1B against borrowings of ₩43.6B, with liabilities at 165% of equity. Trailing free cash flow is -₩3.6B, so the business is still consuming cash.

Valuation

On current data the stock trades at a P/E of 41.8, P/B of 1.6 and P/S of 3.6, with enterprise value of ₩89.7B. EV/EBITDA is not available and the dividend yield is 0.0%. The P/E rests on small, recently positive trailing net income.

P/B of 1.6 is well below its year-end levels of 5.6 in 2025, 9.9 in 2024 and 11.7 in 2021, although earlier P/E values are not available because of losses.

Among the listed peers, P/B ranges from 0.5 (Netmarble) to 4.9 (Hyundai Autoever), and P/E from 7.3 to 48.4. Nexus's P/E is near the top of that range, and its P/B is within it. Peers are far larger, with market caps of ₩2.1T to ₩9.2T.

The valuation model estimate is not available for this company (fair_value_model is null), so no model estimate per share can be compared with the ₩1,620 price.

Catalysts

• The advance notice of earnings results disclosure filed on 2026-10-20 signals that new results are coming.
• The share exchange decision filed on 2026-09-29, with an amended attachment on 2026-09-30, could change the share structure once terms and timing are clear.
• The rights offering decision on 2026-09-10 and the securities issuance results filed on 2026-09-18 relate to capital raising that may affect share count and funding.
• Foreign ownership rose from 0.6% to 1.6% over 60 days, and 20-day net buying was ₩113M for foreigners and ₩332M for retail investors.
• The 'K-NEXUS' AI cancer care cooperation news from 2026-10-16 may be relevant to the business, though the data gives no financial detail.

Risks

• Operating income is negative at -₩4.2B on a trailing basis, so the 2025 move to operating profit has not been sustained.
• Trailing free cash flow is -₩3.6B and borrowings are ₩43.6B, with liabilities at 165% of equity.
• Positive net income appears to come from non-operating items, and the data does not explain their source or whether they will recur.
• The share exchange and rights offering could dilute or reshape ownership, and terms are not in the data.
• The share price is down 38.4% over a year and institutions were net sellers of ₩267M over 20 days, with a short balance of 1.6%.

Closing view

The data shows a company that has grown revenue sharply, holds ₩78.1B in cash and has moved from large losses toward small profits, but whose core operations were still loss-making in the latest trailing period. Valuation multiples are mixed, with a P/E of 41.8 based on thin earnings and a P/B of 1.6 well below past year-end levels, and no model estimate is available. Pending corporate actions, namely the share exchange and rights offering, are the main unknowns, and the upcoming earnings release may clarify how durable the recent improvement is.

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

• Advance Notice of Earnings Results DisclosureOct 20, 2026
• Amended attachment: Share exchange decisionSep 30, 2026
• Trading haltSep 29, 2026
• Determination of Shareholder Register Closure Period or Record DateSep 29, 2026
• Determination of Shareholder Register Closure Period or Record DateSep 29, 2026
• Share exchange decisionSep 29, 2026
• Trading haltSep 29, 2026
• Share exchange decisionSep 29, 2026
• Securities Issuance Results (Voluntary Disclosure)Sep 18, 2026
• 5%+ holding reportSep 15, 2026
• 5%+ holding reportSep 10, 2026
• Rights offering (paid-in capital increase) decisionSep 10, 2026
• Korea University Guro Hospital joins 'K-NEXUS' to build regional cancer care cooperation system using AIOct 16, 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)Nexus: Revenue Jumped in 2025, but Operating Loss Persists in H1 2026 Amid Share Exchange and Capital Raising Filings