Ask Warren

JONBUR Research · Initiation

You're reading an earlier report from Oct 14, 2026. See the latest report

Skai worldwide · 357880 · Software

Skai worldwide: Shrinking Revenue, Deepening Losses and a Recent Rights Offering

Why this report

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

Skai worldwide is a small KOSDAQ software company with a market cap of ₩16.5B, and the filed data show falling revenue and sizeable losses since 2023. The share price closed at ₩1,589 on 2026-10-13, down 37.9% over three months and close to its 52-week low of ₩1,413.

Written Oct 14, 2026 · Data as of Oct 13, 2026 · 0 views

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

XfWATGr/in@

Thesis

The data supports a picture of a company under financial strain. Revenue has declined for two straight years and the trailing twelve months to H1 2026 show an operating margin of -63.7% and a net margin of -154.4%. Cash is only ₩157M against free cash flow of -₩3.5B, which helps explain the rights offering filings in September 2026.

On the other side, the price-to-book ratio of 0.8 is below its own year-end history (1.3 to 4.7), and liabilities to equity of 90.8% show leverage that is not extreme. Borrowings are small at ₩350M. However, with equity being eroded by large losses, the low book multiple reflects falling book value as well as the share price. The data does not show investor flows, short balances or news, so market sentiment cannot be assessed.

Business overview

Skai worldwide (SKAI) is a KOSDAQ-listed software company, founded on 2013-10-28 and listed on 2021-11-10, with 10,353,956 listed shares. Market capitalisation is ₩16.5B and enterprise value is ₩16.6B. The data gives no description of products or segments. Revenue was ₩16.4B in 2021, ₩19.2B in 2022, a peak of ₩27.8B in 2023, then ₩19.8B in 2024 and ₩15.6B in 2025.

Every earlier JONBUR Research report and update note on Skai worldwide, with Pro.

Unlock with Pro

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 23, 2026Update noteBig price moveSkai worldwide Shares Jump 27.4% in Five Days on Heavy Volume
  2. Oct 21, 2026Update noteNew shares / dilution · M&A / restructuringSkai worldwide Plans ₩25.4B Related-Party Share Purchase Funded by ₩22.8B Perpetual Convertible Bond
  3. Oct 14, 2026InitiationStart of coverage (reader request)Skai worldwide: Shrinking Revenue, Deepening Losses and a Recent Rights Offering

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