Tilon틸론

Tilon is a small loss-making virtualization software company whose shares have fallen sharply over the past year.

Tilon sells desktop virtualization software and a subscription desktop service to Korean public, financial, educational and corporate customers. Its latest full-year data (FY 2024) shows revenue of about ₩7.7B with an operating loss and a much larger net loss, and borrowings of ₩9.3B exceed its ₩0.6B cash. The shares closed at ₩975 on 2026-10-16, down 60.4% over one year and well below the 52-week high of ₩2,595.

What stands out

• FY 2024 revenue was ₩7.7B with an operating loss of ₩0.3B (operating margin -4%) and a net loss of ₩2.9B (net margin -37.7%).
• Liabilities are about 27 times equity (2,740%), and free cash flow was negative ₩2.6B, so the balance sheet is stretched.
• Valuation metrics are high for a loss-maker: price-to-book about 9.2x and price-to-sales about 1.4x, with no meaningful P/E because earnings are negative.
• The company paid no dividend (yield 0%), and the data shows no 2025 or 2026 financial results beyond the FY 2024 figures.
• Recent filings are mostly routine: shareholder meetings in 2026, an annual report for Dec 2025, and two investor relations events in September and October 2026. No news headlines were found in the data.

What to watch

• Whether the company files full-year 2025 and later financial results showing a narrowing of losses and cash burn, since the latest figures in the data are for FY 2024.
• Its ability to service ₩9.3B of borrowings given limited cash of ₩0.6B and negative free cash flow.
• Outcomes from the investor relations events and any further extraordinary shareholder actions noted in the filings.