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JONBUR Research · Initiation

Vuno · 338220 · Software

Vuno: Revenue Has Grown Sharply, but Losses Persist and a Rights Offering Is Under Way

Why this report

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

Vuno's revenue has risen every year since 2021, reaching ₩34.8B in 2025, but the company remains loss-making, with a trailing operating margin of -31.9%. The share price is down 74.9% over one year, and recent filings show repeated amendments to a rights offering.

Written Oct 26, 2026 · Data as of Oct 23, 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 fast top-line growth and narrowing losses over several years. Operating margin improved from -792.4% in 2021 to -14.2% in 2025. The data does not show a clear path to profit: trailing results through H1 2026 moved backward, with operating loss of ₩9.7B versus ₩4.9B in 2025.

Funding is a central issue. Cash of ₩5.3B is small against trailing free cash flow of -₩10.4B and borrowings of ₩6.0B. Filings show a rights offering decision and securities registration statement amended several times from September to October 2026, which suggests capital is being raised. Details such as size and price are not in the data provided.

The share price is ₩5,910, near the lower end of its 52-week range of ₩4,235 to ₩28,350. It rose 6.1% over one month after falling 22.0% over three months.

Business overview

Vuno is a software company listed on KOSDAQ since 2026-02-26's predecessor date of 2021-02-26, founded in 2014. The CEO is listed as 이예하. Market capitalisation is about ₩82.8B on 14,001,823 listed shares. That is far smaller than the listed peers in the data, which range from ₩2.2T to ₩8.9T. Revenue grew from ₩2.2B in 2021 to ₩34.8B in 2025. The data does not describe products or customers.

Financial analysis

These figures come from filed financial statements. Annual revenue was ₩2.2B (2021), ₩8.3B (2022), ₩13.3B (2023), ₩25.9B (2024) and ₩34.8B (2025), with growth of 34.7% in 2025. Net loss narrowed from ₩19.6B in 2021 to ₩5.8B in 2025.

Trailing twelve months to H1 2026: revenue ₩30.2B, operating loss ₩9.7B, net loss ₩11.0B, operating margin -31.9%, net margin -36.6% and return on equity -33.3%. Trailing revenue is below the 2025 full-year figure, and losses are wider.

Liabilities to equity are 34.4%. Cash is ₩5.3B, borrowings ₩6.0B and trailing free cash flow -₩10.4B.

Valuation

The price-to-earnings ratio and EV/EBITDA are not available because earnings are negative. Price-to-book is 2.3, down from 8.7 at end-2025, 11.0 at end-2024 and 117.2 at end-2023. Price-to-sales is 2.7. Enterprise value is about ₩83.0B. Dividend yield is 0.0%.

Peers in the data show price-to-book of 0.5 to 4.7 (Krafton 1.2, NC 1.2, Netmarble 0.5, PearlAbyss 2.1, Hyundai Autoever 4.7), but they are profitable, so the comparison is limited.

The valuation model estimate is not available for Vuno, so no comparison with the share price can be made.

Catalysts

  • The rights offering decision and securities registration statement were amended on 2026-09-29 and 2026-10-15, so completion terms could affect the share count and funding.
  • Executives and major shareholders filed and withdrew trading plan reports in September and October 2026, with the latest withdrawal on 2026-10-22.
  • A 5%+ holding report was filed on 2026-09-04, pointing to changes in major shareholder positions.
  • Foreign ownership rose from 2.4% to 3.9% over 60 days, though 20-day foreign flows were slightly negative at -₩273M.
  • Next filed results will show whether trailing losses narrow again.

Risks

  • Cash of ₩5.3B against trailing free cash flow of -₩10.4B creates dependence on outside funding.
  • A rights offering could dilute existing shareholders depending on terms, which are not in the data.
  • Trailing operating loss widened to ₩9.7B from ₩4.9B in 2025, and trailing revenue is below the 2025 level.
  • The share price fell 74.9% over one year, showing high volatility.
  • Repeated trading plan filings and withdrawals by insiders add uncertainty about shareholder intentions.

Closing view

The data shows a small, fast-growing software company that has cut losses markedly since listing but has seen results slip in the latest trailing period. Its thin cash position and an ongoing rights offering are the main items to watch, and a valuation model estimate is not available. The evidence is mixed: growth is clear, profitability is not, and funding terms are not yet visible in the data.

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 26, 2026InitiationStart of coverage (reader request)Vuno: Revenue Has Grown Sharply, but Losses Persist and a Rights Offering Is Under Way

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