Innodep이노뎁

Innodep's trailing revenue is shrinking and it is still loss-making, though its share price has risen over the past three months.

Innodep, a Korean maker of AI video analytics software sold mainly to public agencies, reported trailing twelve-month revenue of ₩69.4B and an operating loss of ₩3.9B through H1 2026. Revenue fell 18.5% in 2025 after a small rise in 2024, and borrowings of ₩20.8B exceed cash of ₩13.7B. The share price closed at ₩3,000 on 2026-10-21, well below its 52-week high of ₩6,420, and the company pays no dividend.

What stands out

• Trailing operating margin is -5.6% and net margin is -4.7%, so losses have continued after the profitable years of 2022 and 2023.
• Trailing free cash flow is negative at about -₩2.3B, and liabilities are 135.5% of equity.
• The stock is down 52% over one year but up 21% over three months, with a price-to-book ratio of 0.7 and no earnings-based multiple since earnings are negative.
• Filings in recent months were mostly holding and insider shareholding reports, plus a half-year report for June 2026 and a major sales or supply contract filed on 2026-06-01.
• A 2026-10-16 news item reports a tie-up with Robotis AI to enter physical AI monitoring with autonomous patrol robots; the data does not show any financial impact from it.

What to watch

• The next half-year or annual results, to see whether revenue recovers and losses narrow from the trailing figures.
• Whether the company's debt of ₩20.8B can be covered by cash flow, given negative free cash flow and cash of ₩13.7B.
• Foreign ownership has slipped from 2.9% to 2.7% over 60 days, and the data does not give a reason; further ownership changes are worth monitoring.