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JONBUR Research · Initiation

Nota · 486990 · Software

Nota: Loss-Making Software Name Trades Far Below Its 52-Week High After a Sharp Pullback

Why this report

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

Nota, a KOSDAQ software company listed in November 2025, closed at ₩14,620 on 2026-10-27, down 28.2% over one month and near its 52-week low of ₩14,300. Filed statements show revenue of ₩13.1B against an operating loss of ₩15.3B, and no valuation model estimate is available.

Written Oct 28, 2026 · Data as of Oct 27, 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 an early-stage, heavily loss-making company whose share price has fallen sharply: the close is 77.6% below the 52-week high of ₩65,300 and the 3-month return is -25.8%. Market value of ₩312.8B equals about 23.9 times sales and 17.2 times book value, which are high figures given negative earnings. Filings show repeated major sales or supply contracts in 2026 (March, May, August twice), which suggests ongoing commercial activity, but the data gives no contract values, so their size is not available. Foreign investors sold about ₩2.8B net over 20 days while retail investors bought about ₩3.4B. The data does not show a path to profitability, and no news headlines are available.

Business overview

Nota is a software company founded on 2015-04-24 and listed on KOSDAQ on 2025-11-03, with 21,392,430 listed shares. Its market capitalization is ₩312.8B and enterprise value is ₩299.1B. The only annual data point is 2025, with revenue of ₩13.1B, so no growth history is available. Foreign ownership is 0.7%, up from 0.4% sixty days earlier, and the short balance is 1.9%. The company granted stock purchase options in March and June 2026.

Financial analysis

Figures come from filed financial statements. For the period through H1 2026, revenue was ₩13.1B, operating income was -₩15.3B, and net income was -₩16.6B. That gives an operating margin of -116.6% and a net margin of -126.9%. Return on equity was -91.6% on a trailing basis (-60.6% for 2025). Free cash flow was -₩11.8B. Cash was ₩6.4B against borrowings of ₩3.0B, and liabilities were 87.8% of equity. Cash of ₩6.4B compared with a free cash flow burn of ₩11.8B points to a limited funding runway, though the data does not show financing plans. Revenue growth is not available.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 17.2 now, down from 36.1 at the end of 2025, and price-to-sales is 23.9. The dividend yield is 0.0%. Listed peers in the data trade at far lower book multiples: Hyundai Autoever at 4.7, Krafton at 1.2, NC at 1.2, Netmarble at 0.5 and PearlAbyss at 2.0, though these are much larger and profitable companies. The valuation model produced no estimate for Nota (fair_value_model is null), so there is no model figure to compare with the ₩14,620 share price.

Catalysts

  • A shareholders' meeting was called on 2026-10-06, along with a record date notice, which could bring governance decisions.
  • Major sales or supply contract filings on 2026-08-13 and 2026-08-25 show recent commercial activity, though values are not given in the data.
  • The next quarterly report will show whether losses and cash burn are narrowing from the H1 2026 level.
  • Stock purchase option grants in March and June 2026 are visible in filings and may be of interest for dilution and incentives.
  • Net foreign selling of about ₩2.8B over 20 days, against a small rise in foreign ownership over 60 days, makes investor flows worth watching.

Risks

  • Operating losses of ₩15.3B on revenue of ₩13.1B show the business is far from profitable.
  • Cash of ₩6.4B is small relative to a free cash flow outflow of ₩11.8B, which may require new funding.
  • The price is near its 52-week low after a 28.2% one-month fall, showing high volatility.
  • Price-to-book of 17.2 and price-to-sales of 23.9 leave little valuation cushion if results disappoint.
  • Stock option grants could dilute existing shareholders, and the data offers no revenue growth history or contract values.

Closing view

The data shows a young listed software company with sharply negative earnings, a thin cash balance relative to its cash burn, and a share price that has fallen steeply from its high. Frequent contract filings point to business activity, but without contract sizes or a growth record the evidence is incomplete. Multiples remain high compared with peers and no model estimate is available, so the data leaves key questions about profitability and funding unanswered.

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 28, 2026InitiationStart of coverage (reader request)Nota: Loss-Making Software Name Trades Far Below Its 52-Week High After a Sharp Pullback

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