Inswave인스웨이브

Inswave's revenue has grown recently but losses have deepened, and the shares have fallen sharply over the past year.

Inswave, a Korean enterprise software maker known for its WebSquare platform and WebTop financial terminal, reported trailing twelve-month revenue of about ₩48.1B through H1 2026 but an operating loss of ₩3.3B. The share price of ₩1,670 sits well below its 52-week high of ₩4,090 and implies a market capitalisation of about ₩24.6B.

What stands out

• Revenue rose 28.1% in 2025 to ₩39.0B, but the operating loss widened to ₩4.9B from ₩3.6B in 2024, with operating margin at -12.5%.
• Trailing figures to H1 2026 show revenue of ₩48.1B, operating margin of -6.9% and net loss of ₩2.2B, so losses are narrower than in 2025 on a trailing basis.
• The company was profitable in 2023, with operating income of ₩5.2B, so profitability has declined over the last two years.
• Cash of ₩2.4B against borrowings of ₩1.0B, and trailing free cash flow of about -₩1.7B.
• Recent filings are mostly major sales or supply contracts, with the half-year report for June 2026 filed on 13 August 2026. No news headlines were included in the data.

What to watch

• The next half-year or quarterly results, to see whether losses keep narrowing on the trailing basis.
• Whether the recent major supply contracts translate into sustained revenue and cash flow, given negative free cash flow.
• Foreign ownership fell from 2.1% to 1.7% over 60 days; the data does not explain the reasons.