Sands Lab샌즈랩

Sands Lab is loss-making on a trailing basis, with revenue near ₩10.6T... correction: revenue is ₩10.6B, and the shares have swung sharply over the past year.

Sands Lab is a Korean cyber threat intelligence company that sells AI-driven threat data through its CTX platform and related products. On trailing twelve-month figures to H1 2026 it reported revenue of ₩10.6B but an operating loss of ₩795M and a net loss of ₩1.89B, with cash of ₩4.1B and no borrowings listed. The shares closed at ₩6,090 on 23 October 2026, down 32.1% over one year but up 63.3% over three months.

What stands out

• Revenue rose 40% in 2025 to ₩11.6B after falling 29.2% in 2024, but the company has still posted operating losses in each year since 2023.
• Trailing operating margin is -7.5% and net margin is -17.8%, and the 2025 net loss was ₩550M, smaller than the ₩2.3B loss in 2024.
• Trailing free cash flow is positive at ₩685M, while cash of ₩4.1B exceeds the listed borrowings figure, which is blank in the data.
• The DCF model in the data gives a base fair value of ₩973 per share, well below the current ₩6,090 price, though this is a model output rather than a forecast.
• Foreign ownership fell from 2.9% to 2.1% over 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.
• The most recent headline covers an on-device AI forgery and tampering detection technology launch, and filings include a corporate value-up plan from May 2026.

What to watch

• The Q3 2026 quarterly report and whether losses narrow from the trailing figures.
• Whether the value-up plan and new technology announcements translate into revenue, since the data does not give segment or customer detail.
• Price volatility: the shares are down 4.1% over one month and well below their 52-week high of ₩9,820, and the data includes no analyst targets or dividend policy beyond a 0% yield.