B2En비투엔

B2En is loss-making and shrinking, with revenue down sharply and heavy losses over the last year.

B2En, a Korean data consulting and data management software company listed on KOSDAQ, reported trailing twelve-month revenue of ₩11.9B against an operating loss of ₩4.9B and a net loss of ₩12.1B through H1 2026. The company is moving from consulting toward its own software products, but the filed numbers show revenue falling for two years running. The shares closed at ₩1,056 on 2026-10-22, down 30.1% over the past year but up 31.7% over three months.

What stands out

• Revenue fell 41.7% in 2025 to ₩14.6B after a 21.6% drop in 2024, and the trailing figure of ₩11.9B is lower still.
• Operating margin was -41% on a trailing basis and net margin was -101.5%, so losses are large relative to sales.
• Cash of ₩15.2B exceeds borrowings of ₩6.6B, but free cash flow was negative at ₩3.2B over the trailing period.
• Book value multiple (P/B) of 2.1 is shown, while P/E and EV/EBITDA are not meaningful because earnings are negative; price-to-sales is 6.6.
• Recent filings include several changes to the largest shareholder, convertible bond conversion price adjustments, a share consolidation decision that was withdrawn, and a 5%+ holding report. Foreign ownership rose from 0.3% to 1% over about sixty days.

What to watch

• Next periodic results and whether the operating loss narrows as the company shifts toward its software products.
• Outcome of the shareholders' meeting and the record date notice, and any further change in the largest shareholder.
• Ongoing convertible bond conversion price adjustments, which could add shares outstanding; the data does not give the scale of potential dilution.