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JONBUR Research · Initiation

B2En · 307870 · Software

B2En: Shrinking Revenue and Widening Losses, With Frequent Ownership and Convertible Bond Filings

Why this report

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

B2En is a KOSDAQ software company with a market cap of about ₩82.2B. Trailing revenue has fallen sharply and the company is loss-making, while recent filings show changes in the largest shareholder and conversion price adjustments.

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 supports a picture of a company under financial strain. Revenue fell from ₩32.0B in 2023 to ₩14.6B in 2025, and operating losses widened to ₩5.7B in 2025. Trailing figures to H1 2026 show revenue of ₩11.9B, an operating loss of ₩4.9B and a net loss of ₩12.1B.

The share price closed at ₩1,106 on 2026-10-16. It is up 27.6% over 3 months but down 6.6% over 1 month and 24.5% over 1 year, and sits between a 52-week low of ₩521 and a high of ₩1,692. The data does not explain the price moves. No news headlines are available. Filings point to ownership changes and convertible bond adjustments, but the data does not say what they mean for the business.

Business overview

B2En (비투엔) is listed on KOSDAQ in the software sector. It was founded on 2018-09-12 and listed on 2018-12-12. It has two co-CEOs, 이정훈 and 문장민. There are 74,299,285 listed shares, for a market cap of about ₩82.2B. Revenue was ₩25.8B in 2021, peaked at ₩32.0B in 2023, then fell to ₩25.1B in 2024 and ₩14.6B in 2025. The data gives no description of products or segments. Foreign ownership is 0.7%, up from 0.4% sixty days ago.

Financial analysis

These figures come from filed financial statements. Revenue growth was 18.3% in 2023, then -21.6% in 2024 and -41.7% in 2025. The operating margin was 8.7% in 2021 and has been negative since: -8.1% in 2022, -7.7% in 2023, -10.3% in 2024 and -39.1% in 2025. Net losses were ₩12.6B in 2023, ₩6.5B in 2024 and ₩10.7B in 2025.

Over the trailing period to H1 2026 the operating margin was -41.0% and the net margin was -101.5%. ROE was -33.9%. Liabilities to equity were 59.2%. Cash was ₩15.2B, and free cash flow was -₩3.2B. Borrowings data is not available.

Valuation

With losses, the P/E and EV/EBITDA are not available. The P/B is 2.2, the P/S is 6.9 and the enterprise value is about ₩67.0B. No dividend is paid. The year-end P/B was 16.6 in 2021, 8.6 in 2022, 10.6 in 2023, 2.1 in 2024 and 2.2 in 2025, so the current level is in line with the last two years and well below earlier ones.

Peers in the data are far larger: Hyundai Autoever (P/E 47.1, P/B 4.7), Krafton (10.7, 1.2), NC (7.2, 1.3), Netmarble (7.2, 0.5) and PearlAbyss (7.7, 2.0). B2En's P/B is above most of them, but those companies are profitable and much bigger. The valuation model estimate is not available, so there is no model estimate to compare with the share price.

Catalysts

  • Shareholders' meeting called on 2026-10-06, with a record date set, could bring governance or capital decisions.
  • Repeated amended filings on a change of largest shareholder (August and September 2026) point to ongoing ownership changes.
  • Conversion price adjustments for the 3rd, 4th and 6th convertible bond series (August and September 2026) may affect potential share dilution.
  • A share consolidation decision was withdrawn on 2026-08-28, following an extraordinary shareholders' meeting.
  • An acquisition of shares in another company was filed on 2026-09-16, and a 5%+ holding report on 2026-10-13.

Risks

  • Revenue fell 41.7% in 2025 and the trailing figures show a further decline, with no sign of recovery in the data.
  • Operating and net losses have persisted since 2022, with a trailing net margin of -101.5%.
  • Free cash flow is negative at -₩3.2B against cash of ₩15.2B, so continued losses would reduce the cushion.
  • Convertible bond conversion price adjustments could lead to dilution for existing shareholders.
  • Net selling by foreign and retail investors over 20 days, along with changes in the largest shareholder, adds uncertainty.

Closing view

The filed numbers show a company with falling revenue, deepening losses and negative free cash flow, while the balance sheet carries moderate liabilities relative to equity and ₩15.2B in cash. The recent share price rebound over 3 months is not explained by the financial data. Ownership changes, convertible bond adjustments and a withdrawn share consolidation add complexity. With no valuation model estimate and no profit-based multiples, the data gives limited support for judging value, and the key question is whether revenue and losses stabilize.

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)B2En: Shrinking Revenue and Widening Losses, With Frequent Ownership and Convertible Bond Filings

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