NBT엔비티

NBT's trailing results remain loss-making, though the share price has rebounded from its 52-week low.

NBT runs a mobile reward platform (Addison Offerwall for businesses, plus consumer apps such as CashSlide) and is expanding into several overseas markets. Over the trailing twelve months to H1 2026 it booked revenue of about ₩96.4B but an operating loss of about ₩3.5B and a net loss of about ₩1.3B. The shares closed at ₩1,504 on 2026-10-22, still down about 49% over one year, though up about 35% over three months.

What stands out

• Revenue has drifted down from about ₩108B in 2022 to about ₩92B in 2025, and the company has reported operating losses in each year since 2023.
• 2025 was the weakest year in the data, with an operating loss of about ₩6.5B and a net loss of about ₩4.5B.
• Trailing free cash flow is about -₩10.5B, while cash is about ₩8.7B and borrowings are not reported in the data.
• The stock trades at about 1.3 times book value, with no meaningful earnings multiple because earnings are negative.
• Foreign ownership fell from 2.6% to 1.7% over the last 60 days, and 20-day net flows were negative for both foreign and retail investors.

What to watch

• Whether the Addison Offerwall 'Multi-Mission' launch and the overseas expansion improve margins in upcoming half-year and annual results.
• Further filings, including the amended corporate value-up plan and the shareholders' meeting matters that were filed in August 2026.
• Cash burn: the data shows negative free cash flow, so the next results will show whether the company's cash position holds up.