Vuno뷰노

Vuno is growing revenue fast but still deeply loss-making, and its share price has fallen sharply over the past year.

Vuno, a Korean medical AI software company listed on KOSDAQ, reported trailing twelve-month revenue of about ₩30.2B through H1 2026, with an operating loss of about ₩9.7B and a net loss of about ₩11.0B. Revenue has grown strongly over recent years, from about ₩2.2B in 2021 to ₩34.8B in 2025, but losses have persisted every year. The share price closed at ₩6,120 on 15 October 2026, with a market value of about ₩85.7B, down 75.1% over one year though up 33% over one month.

What stands out

• Revenue rose 34.7% in 2025 to about ₩34.8B, after 94.9% growth in 2024, but operating losses still exceed the sales base in recent periods.
• Operating margin improved from -118.1% in 2023 and -48.1% in 2024 to -14.2% in 2025, though the trailing twelve-month margin was -31.9% through H1 2026, so the recent trend is not a clean improvement.
• Cash of about ₩5.3B sits against borrowings of about ₩5.4B, and free cash flow over the trailing twelve months was about -₩10.4B.
• The company has filed several documents in September and October 2026 related to a rights offering (paid-in capital increase) and securities registration statements, which are amended repeatedly.
• The company trades at about 2.4 times book value and 2.8 times sales, with no earnings-based valuation because it is loss-making, and pays no dividend. No recent news headlines were included in the data.

What to watch

• Terms and completion of the rights offering and related securities registration filings, which could affect the share count and the company's cash position.
• Whether the trailing losses narrow in upcoming filed results, given the negative free cash flow and limited cash relative to borrowings.
• Executive and major shareholder trading plan filings, which were submitted and withdrawn in October 2026.