SecuLetter시큐레터

SecuLetter is loss-making and under exchange scrutiny, and has just announced a small rights offering.

SecuLetter, a Korean email and file security software firm, reported trailing revenue of about ₩3.7B with an operating loss of about ₩2.3B for the twelve months to H1 2026. Revenue has fallen for two straight years, from ₩2.1B in 2023 to ₩1.2B in 2025. The company is now working through a KOSDAQ improvement period and a listing-eligibility review, and on 22 October 2026 announced a paid-in capital increase.

What stands out

• Trailing operating margin is about -61.6% and net margin about -83.9%, with free cash flow of about -₩2.5B.
• Cash of about ₩1.6B against borrowings of about ₩0.7B, but liabilities are 125% of equity and ROE is -65.3%.
• Annual revenue fell 34.1% in 2024 and 17.2% in 2025, while losses remained large in both years.
• Recent filings include a trading halt, a KOSDAQ committee resolution granting an improvement period, and a material improvement plan tied to listing eligibility.
• News coverage cites a ₩700M rights offering with a third-party allotment, a small amount relative to the company's losses and market value of about ₩47.6B.

What to watch

• Whether the rights offering completes and how it affects the share count and cash runway.
• Progress on the KOSDAQ improvement plan and the outcome of the listing-eligibility review before the improvement period ends.
• The upcoming quarterly report and whether revenue stabilises and losses narrow.