Itcenpns아이티센피엔에스

Itcenpns reports widening losses on a much larger revenue base, and its shares have swung sharply over the past year.

Trailing twelve-month revenue reached ₩255B for the period to H1 2026, but the company posted an operating loss of ₩2.5B and a net loss of ₩3.8B, with negative free cash flow of ₩6.2B. Revenue has grown rapidly since 2023 while profitability has not followed, and liabilities are high relative to equity at 540%.

What stands out

• Revenue rose from ₩16.2B in 2023 to ₩269.6B in 2025, but the 2025 net loss was ₩4.5B, larger than the prior year.
• Trailing operating margin is about -1% and ROE is -29.1%, so the business is not yet generating profit on its current revenue.
• Liabilities are 540% of equity and borrowings are ₩2.5B against cash of ₩5.2B; the filings show a convertible bond issued in 2026 and a conversion price adjustment in August.
• The share price is ₩2,120, down 27.6% over one month but up 49.8% over three months, with a 52-week range of ₩1,211 to ₩5,590.
• Foreign ownership fell from 1.8% to 1.1% over the past 60 days, and the 20-day flows show foreign net selling while retail was a net buyer.

What to watch

• The next quarterly and annual results, to see whether operating losses narrow and free cash flow improves.
• Effects of the convertible bond and its conversion price adjustment on share count and dilution.
• Progress of the recently announced share acquisition in another company and the MOU news from October 2026, which the data does not give further detail on.