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JONBUR Research · Initiation

Saltlux · 304100 · Software

Saltlux: Loss-making software firm with shares down 59.9% over one year and no model estimate available

Why this report

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

Saltlux, a KOSDAQ-listed software company, closed at ₩12,600 on 2026-10-16 with a market value of about ₩158.7B, down 15.9% in one month and 59.9% in one year. Filed numbers show continued operating and net losses, while the valuation model produced no estimate.

Written Oct 18, 2026 · Data as of Oct 16, 2026 · 0 views

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

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Thesis

The data shows a company that has not yet turned a profit. Operating losses appear in every year from 2021 to 2025 and in the trailing twelve months to H1 2026. Revenue rose 49.0% in 2024 to ₩45.9B but fell 9.4% in 2025 to ₩41.6B, so the growth is not consistent. Trailing revenue of ₩49.3B suggests some recovery, though the data does not explain why.

On the supportive side, the balance sheet looks modest in leverage: liabilities are 61.9% of equity and borrowings are ₩1.6B against cash of ₩26.8B. The share price is up 15.0% over three months, and foreign investors were small net buyers over 20 days. Against that, free cash flow is negative, and the shares have fallen sharply from a 52-week high of ₩34,950. The price is only about 26.5% above the 52-week low of ₩9,960. News headlines are not available, so the data cannot show what drove the moves.

Business overview

Saltlux is a software company listed on KOSDAQ since 2020-07-23 and founded in 1981. The CEO is listed as 이경일. It has 12,593,855 listed shares and a market capitalisation of ₩158.7B, with an enterprise value of ₩133.5B. Revenue was ₩30.3B in 2022, ₩30.8B in 2023, ₩45.9B in 2024 and ₩41.6B in 2025. Revenue for 2021 is not available. Foreign ownership is 1.8%, up from 1.7% sixty days ago. The data gives no description of products or customers.

Financial analysis

These figures come from filed financial statements. Trailing twelve months to H1 2026: revenue ₩49.3B, operating loss ₩7.2B (margin -14.6%), net loss ₩9.9B (margin -20.0%), ROE -14.7%.

Annual operating results: 2025 operating loss ₩8.0B (margin -19.3%) and net loss ₩10.8B; 2024 operating loss ₩6.6B (-14.4%) and net loss ₩5.9B; 2023 operating loss ₩9.3B (-30.1%) and net loss ₩10.7B; 2022 operating loss ₩2.0B (-6.5%) and net loss ₩9.4B; 2021 operating loss ₩3.9B and net loss ₩5.1B. ROE has been negative each year, between -8.2% and -19.5%.

Balance sheet and cash: cash ₩26.8B, borrowings ₩1.6B, liabilities to equity 61.9%. Trailing free cash flow is -₩5.9B, so the company is still consuming cash.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 2.5 and price-to-sales is 3.2. Year-end price-to-book was 4.8 in 2025, 3.9 in 2024, 4.7 in 2023, 4.3 in 2022 and 3.9 in 2021, so the current 2.5 is below its own history. The dividend yield is 0.0%.

The listed peers are larger companies. Their price-to-book ratios are Hyundai Autoever 4.7, Krafton 1.2, NC 1.3, Netmarble 0.5 and PearlAbyss 2.0, and their price-to-earnings ratios range from 7.2 to 47.1. Saltlux's 2.5 sits within that range, but those peers are profitable and much bigger by market value, so the comparison is limited.

The valuation model returned no estimate (fair_value_model is null), so there is no model estimate to compare with the ₩12,600 share price.

Catalysts

  • The half-year report filed on 2026-08-14 supplies the latest trailing figures, and the next periodic filing will show whether losses are narrowing.
  • Several insider shareholding reports were filed between 2026-10-01 and 2026-10-13, which may show changes in insider holdings.
  • A 5%+ holding report was filed on 2026-10-13, indicating a change in a large shareholder position.
  • The Extraordinary Shareholders' Meeting results were filed on 2026-06-01, following shareholder meeting notices in April and May.
  • Foreign investors were net buyers of about ₩1.5B over 20 days while institutions and retail investors were net sellers.

Risks

  • The company has reported operating and net losses every year from 2021 to 2025 and in the latest trailing period.
  • Free cash flow is negative at -₩5.9B, so cash of ₩26.8B could be drawn down if losses continue.
  • Revenue fell 9.4% in 2025 after rising 49.0% in 2024, which shows uneven demand.
  • The share price fell 59.9% over one year and 15.9% over one month, indicating high volatility.
  • With no earnings-based multiples, no model estimate and no news headlines in the data, there is limited information to judge value.

Closing view

The data shows a small, loss-making software company with low borrowings and a reasonable cash balance, but no profit history and negative free cash flow. Price-to-book is lower than at recent year-ends, yet the shares remain far below their 52-week high, and the valuation model could not produce an estimate. Whether losses narrow in upcoming filings will be central to how the numbers read, and the data alone does not settle that.

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 18, 2026InitiationStart of coverage (reader request)Saltlux: Loss-making software firm with shares down 59.9% over one year and no model estimate available

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