ADforus애드포러스

Adforus is a small mobile ad-tech company that remains loss-making at the net level, with its shares down sharply over the past year and a ₩6B convertible bond issue announced.

Adforus runs mobile advertising platforms that connect advertisers with publishers. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩33.7B and a 4.2% operating margin, but a net loss of about ₩2.3B and negative free cash flow. The shares closed at ₩6,100 on 2026-10-27, roughly 36.5% below a year earlier, though up about 41.5% over three months.

What stands out

• Operating income is positive (about ₩1.4B TTM), but net income is negative (about -₩2.3B), so the business is not profitable after all costs in the period shown.
• Revenue for 2025 was about ₩30.6B with a 7.9% operating margin; the TTM operating margin has fallen to 4.2%, a weaker trend in the reported figures.
• Cash of about ₩17.5B exceeds borrowings of about ₩2.9B, and liabilities are 38.9% of equity; the balance sheet looks modest in these figures.
• Valuation metrics are mixed: price-to-book is about 0.9, price-to-sales 0.9, and a 4.1% dividend yield is shown, but P/E and EV/EBITDA are not meaningful given losses.
• Recent filings and headlines center on a ₩6.0B convertible bond issue (announced 2026-10-21), a buyback trust contract, and insider and 5%+ holding reports; the data does not say how the proceeds will be used beyond a headline about new growth drivers.

What to watch

• Terms and dilution effects of the ₩6.0B convertible bond issue, which the data does not detail.
• Whether operating margins hold up and net income returns to profit in upcoming reporting periods.
• Stock price volatility: the 52-week range is ₩4,000 to ₩11,760, and the internal DCF model range shown (₩4,290 to ₩11,319) is a model output, not a forecast.