Catis카티스

Catis reported an operating loss over the trailing twelve months, and its shares have fallen sharply over the past year despite a rise over three months.

Catis is a Korean security software and hardware company, with trailing twelve-month revenue of about ₩23.2B and a small operating loss of about ₩0.5B as of H1 2026. Revenue fell about 12% in 2025 and the company posted a large net loss in 2024, while the balance sheet carries ₩17.4B of borrowings against ₩6.4B of cash. The share price is ₩2,200, down 43.9% over one year but up 21.1% over three months, with a market value of about ₩23.5B.

What stands out

• Trailing twelve-month operating margin is -2.2% and net margin is -0.8%, so losses are small relative to revenue but still present.
• Revenue declined from ₩31.7B in 2024 to ₩27.9B in 2025, and the company returned to an operating loss in 2025 after a ₩1.6B operating profit in 2024.
• 2024 net loss of about ₩5.1B was far larger than the operating result, and the filed data does not explain the cause.
• Free cash flow over the trailing twelve months was about -₩1.4B, and liabilities are 58.9% of equity.
• Filings in 2026 include two major sales or supply contracts, a trading halt in late May, and a half-year report for June 2026; the news list is empty, so the reasons for these events are not in the data.
• Foreign ownership fell from 0.3% to 0%, while the 20-day flows show foreign investors net sellers and retail investors net buyers.

What to watch

• The next filings and results, particularly the half-year report details and any follow-up on the contracts listed in 2026.
• Whether the company returns to an operating profit, given the small losses in the trailing twelve months and the 2025 loss.
• Debt levels: borrowings of ₩17.4B exceed cash of ₩6.4B, and the data does not show repayment terms.