PangSky팡스카이

PangSky, a small KONEX-listed Korean game publisher, returned to a small operating profit in FY2025 but posted a large net loss, and its filings now point to delisting and trading-halt steps.

PangSky runs the Pang Game portal and publishes mobile and online games in Korea and abroad. Revenue fell sharply to about ₩2.0B in FY2025 from ₩8.8B in 2024, with an operating income of about ₩220M but a net loss of about ₩1.16B. Recent filings include multiple delisting entries, a trading halt and a KONEX listing committee notice, and the share price in the data has not moved over 1 month, 3 months or 1 year.

What stands out

• FY2025 revenue was about ₩2.0B, down 77% from 2024, after a 58% fall in 2024 as well.
• Operating income turned positive at about ₩220M (10.8% margin) after a ₩6.2B operating loss in 2024, but the net loss of about ₩1.16B is far larger than operating profit.
• Borrowings were about ₩1.24B against cash of only about ₩10M, and free cash flow was about -₩373M.
• Filings in June 2026 include a trading halt, delisting entries and a KONEX listing committee notice, and an April 2026 notice refers to an improvement plan report.
• The share price was ₩398 on 2026-10-27, equal to its 52-week high and low, with zero returns over 1 month, 3 months and 1 year and no trading flow data shown.

What to watch

• Whether the June 2026 delisting and trading-halt filings lead to a formal delisting decision or a change in trading status.
• Whether the improvement plan report requested by KONEX is accepted and what it contains.
• Whether revenue stabilises after the steep declines, and how the company covers its debt and negative free cash flow; the data does not include a forecast or any analyst view.