Bucket Studio버킷스튜디오

Bucket Studio is loss-making and under exchange scrutiny, with a large shareholder change and a planned rights offering in the filings.

Bucket Studio, a KOSDAQ-listed digital content, mobile messaging and kiosk company, reported trailing twelve-month revenue of about ₩19.1B but an operating loss of about ₩5.6B and a net loss of about ₩39.9B for the period to H1 2026. Its filings show a change of largest shareholder, a rights offering decision and a substantive review of its listing eligibility, and a news report says a US financial firm that acquired the company is considering a large capital increase.

What stands out

• Revenue has been shrinking: 2025 revenue was about ₩17.3B, down 1.1%, and 2024 fell 7.6%, while the operating margin was -35.8% in 2025.
• Net losses are large relative to sales: trailing net loss of about ₩39.9B against revenue of about ₩19.1B, with a net margin of -208.9%.
• Cash of about ₩5.4B is set against borrowings of about ₩6.5B, and free cash flow is about -₩3.5B on a trailing basis.
• The company is valued at about ₩160B market cap at ₩1,153 a share, with a P/B of 1.4 and a P/S of 8.4; P/E is not meaningful because earnings are negative, and no dividend is paid.
• Filings in August to October 2026 include a trading halt, a material improvement plan tied to listing-eligibility review, and several 5%+ holding and largest-shareholder reports.

What to watch

• Outcome of the KOSDAQ substantive review of listing eligibility and the improvement period granted in August 2026, since the filings name delisting as a risk.
• Details and timing of the rights offering (paid-in capital increase) and the reported large-scale capital increase by the new controlling investor, which could dilute existing holders.
• Next periodic results, to see whether the operating loss and negative free cash flow narrow; the data does not include any forecasts.