Maum.Ai마음AI

Maum.Ai is still loss-making with heavy operating losses, though its share price has recently stabilised after a steep one-year fall.

Maum.Ai, a Korean AI company working in agent AI (contact centre and enterprise chatbot software) and physical AI (autonomous driving, robots and related data), reported trailing revenue of about ₩8.1B and an operating loss of about ₩8.0B for the period to H1 2026. Its operating margin is -98.4% and it has ₩12.7B in cash against ₩3.3B in borrowings, with free cash flow of about -₩6.6B. The share price is ₩9,440, down 55.8% over one year but up 8.5% over three months.

What stands out

• Revenue has moved around ₩8B to ₩10B a year since 2022, while operating losses have stayed large in every year shown, with 2025 revenue up 25.9% but operating margin still at -65.1%.
• Net income was negative in 2022 to 2025 except 2021, when a net profit of about ₩1.5B appeared despite an operating loss, so the data does not explain that one-off year.
• Liabilities are 117% of equity and ROE is -28.3%, so the balance sheet relies on cash on hand while the business burns money.
• Recent filings include a major sales or supply contract (September 11), a short-term borrowing increase, convertible preferred share conversion price adjustments, an extraordinary shareholders' meeting and independent director changes.
• Recent news covers its physical AI products, including a Japan IT expo showing, next-generation robots and a regulatory exemption request for a four-legged patrol robot; the data does not give contract values or revenue impact.

What to watch

• Next results and whether operating losses narrow relative to revenue, given the -98.4% operating margin on a trailing basis.
• Outcome of the proxy and shareholder matters and the 'major management matter' filing from September 23, since the data does not describe them.
• Pace of cash burn against ₩12.7B cash and the rising short-term borrowings, plus the outcome of the robot regulatory exemption request.