Secern AI시선AI

Secern AI's revenue is shrinking slightly while losses are deep, and its recent filings are dominated by convertible bond activity.

Secern AI, a Vision AI software company listed on KOSDAQ, reported trailing twelve-month revenue of ₩17.5B through H1 2026 against an operating loss of ₩9.9B, an operating margin of -56.3%. Revenue fell 3.3% in 2025 and losses widened to ₩15.2B net, with liabilities at 111.8% of equity and free cash flow of -₩5.8B. The share price is ₩3,420, down 26.5% over one month but up 37.6% over three months.

What stands out

• Trailing revenue is about ₩17.5B, while operating losses are about ₩9.9B, so the business is far from profitable on these figures.
• Full-year 2025 net loss was ₩15.2B, larger than the 2024 loss of ₩10.7B, even though revenue declined 3.3%.
• Cash of ₩2.3B sits against borrowings of ₩3.1B, and free cash flow is negative at -₩5.8B.
• Recent filings are mostly about convertible bonds, including conversion exercises, a conversion price adjustment, and treasury bond disposals.
• The company announced its document AI engine ranked first on the OCRBench v2 English tasks, though the data does not show any financial effect from this.

What to watch

• Upcoming results and whether losses narrow from the H1 2026 levels, which the data does not forecast.
• Further convertible bond conversions and treasury bond disposals, which could add shares to the market and affect the share count.
• Foreign ownership has risen from 1.2% to 3.6% over 60 days, and the company's cash position relative to its borrowings and negative free cash flow.