CrowdWorks크라우드웍스

CrowdWorks is an AI data firm posting large losses, with its shares down about 75% over the past year and a recent unfaithful-disclosure designation.

CrowdWorks sells AI training and structured data services and its Alpy agentic AI platform. Over the trailing twelve months to H1 2026 it reported revenue of about ₩11.8B against an operating loss of about ₩13.3B and a net loss of about ₩17.8B. Its share price closed at ₩1,257 on 2026-10-23, far below its 52-week high of ₩5,900.

What stands out

• Revenue fell 12.7% in 2025 to about ₩10.5B after a 49.9% drop in 2024, and operating margin was -127.5% in 2025.
• Trailing free cash flow was about -₩10.6B against cash of about ₩2.3B and borrowings of about ₩10.3B, with liabilities at 77.7% of equity.
• The filings list a designation as an unfaithful disclosure company (announced 2026-09-30, reversed 2026-10-21), a shareholders' meeting, rights and third-party allotment offerings, and a conversion price adjustment on the 2nd series.
• Valuation shows price-to-book of 1.0 and price-to-sales of 1.7, with no meaningful earnings-based multiple because earnings are negative.
• Foreign ownership is 1.7% and the 20-day net flows were small, with foreign investors net sellers.
• No recent news headlines were included in the data.

What to watch

• Results of the shareholders' meeting and any further share issuance or conversion-price changes that could dilute existing holders.
• Whether revenue and operating losses narrow in upcoming filings, given the large trailing operating loss.
• Status of the borrowings and cash position, since the data shows free cash flow well below zero.