GMI VentureGMI벤처

GMI Venture swung to a trailing operating profit in H1 2026 but still posted a net loss, with heavy borrowings and negative free cash flow.

GMI Venture is a small Korean specialised technology finance firm that invests in and lends to early-stage technology companies, earning much of its income from selling stakes after portfolio companies list. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩17.0B, operating income of ₩1.3B and a net loss of ₩0.3B, with borrowings of ₩21.3B against cash of ₩13.0B. The share price has risen about 15.6% over three months but is down 5.6% over one year, and the data shows a large number of recent securities issuance and share-related filings.

What stands out

• Trailing operating margin is 7.5%, but the net margin is -1.8%, so the business is not yet profitable after all costs in the trailing period.
• FY2025 looks much stronger than the trailing period, with revenue of ₩12.9B, operating income of ₩3.3B and net income of ₩2.9B, though results have been volatile, with losses in 2022 to 2024.
• Free cash flow is -₩14.0B on the trailing figures, and liabilities are 83.6% of equity, so funding needs are a visible feature of the data.
• Recent filings include a corporate value-up plan, a change of largest shareholder, a 5%+ holding report, several small public offerings, and a conversion price adjustment.
• Foreign ownership fell from 0.8% to 0% over 60 days, and the 20-day investor flow data shows net foreign buying with net retail selling. No news headlines were provided.

What to watch

• The next periodic results and whether net income turns positive on a sustained basis, since the trailing figures are still a loss.
• Details of the value-up plan, the change of largest shareholder, and the terms and dilution effects of the recent share offerings and conversion price adjustments in the filings.
• Whether portfolio stake sales continue to generate the gains the profit depends on, and the level of borrowings against cash. Analyst ratings and price targets are not in the data.