Com2uS Holdings컴투스홀딩스

Com2uS Holdings returned to a trailing-twelve-month net profit on the back of one-off style gains, but operating losses and cash burn persist.

Com2uS Holdings, a Seoul-listed game developer and holding company, reported trailing-twelve-month revenue of ₩80.2B to H1 2026, with an operating loss of ₩16.4B and a net profit of ₩18.9B. The share price closed at ₩11,400 on 16 October 2026, down 44.1% over one year and sitting near its 52-week low of ₩10,100. The data does not explain the gap between operating loss and net profit.

What stands out

• Revenue has fallen sharply, from ₩149.3B in 2024 to ₩99.2B in 2025 and ₩80.2B on a trailing basis, with 2025 revenue down 33.5%.
• Operating income is negative on a trailing basis (-20.5% margin), yet net income is positive, so non-operating items appear to be doing much of the work; the data does not break these down.
• Free cash flow is about -₩25.7B on a trailing basis, while cash is ₩13.2B and the data shows no borrowings; liabilities are 116.2% of equity.
• The share price trades at a low multiple of trailing earnings (about 4x P/E and 0.3x P/B in the data), but the company pays no dividend.
• Recent filings include a sale of shares in another company (May 2026) and the half-year report (August 2026); no news headlines were provided.

What to watch

• The next full-year and quarterly results, to see whether operating income turns positive and whether the net profit is repeated.
• Any further disposals of stakes in affiliated companies, which may be behind the recent profit.
• Foreign ownership has eased from 2.0% to 1.8% over 60 days, and the company's cash burn is a risk to monitor.