Giantstep자이언트스텝

Giantstep remains deeply loss-making, with revenue shrinking and the shares down over 80% in the past year.

Giantstep, a Korean AI-based real-time content and VFX company, reported trailing twelve-month revenue of ₩34.7B but an operating loss of ₩14.7B as of H1 2026. Its 2025 annual revenue fell 26.7% and losses widened, while cash of ₩10.0B sits against borrowings of ₩1.4B. The shares closed at ₩1,021, roughly 82% below their level a year earlier.

What stands out

• Trailing operating margin is -42.4% and net margin is -38.3%, so the business is spending far more than it earns.
• 2025 revenue fell to ₩36.7B from ₩50.1B in 2024, and operating loss was ₩19.0B versus ₩17.3B.
• Free cash flow over the trailing period was negative at about ₩13.4B, a sign that losses are consuming cash.
• Market value is about ₩22.8B, with price-to-book near 0.5 and price-to-sales near 0.7; price-to-earnings is not meaningful because earnings are negative.
• Foreign ownership fell from 4.1% to 2.2% over the last 60 days, and no dividend is paid.
• Recent filings are routine governance items: a shareholders' meeting notice, proxy materials and stock option grant amendments. No news headlines were included in the data.

What to watch

• The next quarterly or annual results, to see whether revenue stabilises and losses narrow from the H1 2026 trend.
• The shareholders' meeting and any proposals in the proxy materials, including stock option grants that could dilute holders.
• Cash runway: the data shows ₩10.0B in cash against a negative free cash flow of about ₩13.4B over the trailing period, so future funding needs are a key risk. The data does not include a going-concern assessment or any analyst forecasts.