Skai worldwideSKAI

SKAI remains loss-making with heavy borrowings, even as its share price rallies on AI-related news and it files several capital-raising disclosures.

SKAI, an AI and database software company listed on KOSDAQ, reported trailing twelve-month revenue of about ₩12.7B with an operating loss of about ₩8.1B and a net loss of about ₩19.6B as of H1 2026. Revenue has fallen for two straight years from a 2023 peak, and borrowings of about ₩8.5B sit against only ₩0.16B of cash. The share price is ₩1,851, down 26.5% over three months but well above its 52-week low of ₩1,410.

What stands out

• Revenue fell 21.2% in 2025 to about ₩15.6B after a 28.7% drop in 2024, and operating margin has been negative every year since 2023.
• Liabilities are about 90.8% of equity and free cash flow over the trailing period was about -₩3.5B, so the business is consuming cash.
• Filings from September and October 2026 include a rights offering, a small public offering, a convertible bond issue and a debt-related capital disclosure, pointing to ongoing fundraising.
• News in mid-October linked the company to a government-backed Physical AI alliance and to a white paper with ABB Robotics and NVIDIA, though the data does not show any financial effect from these.
• Institutional investors were net sellers over the past 20 days, while foreign ownership fell from 0.7% to 0.4% over about two months.

What to watch

• Details and final terms of the rights offering, convertible bonds and the October acquisition-of-shares disclosure, including dilution and how the proceeds will be used.
• Next periodic results, to see whether revenue stabilises and whether losses narrow from current levels.
• Debt servicing capacity, since borrowings are far above cash and the data does not include a forecast or guidance.