S2W에스투더블유

S2W is loss-making and its shares have fallen sharply over the past year, with no news headlines in the data to explain recent moves.

S2W, a Korean AI big data and cyber threat intelligence software company listed on KOSDAQ in September 2025, reported trailing twelve-month revenue of about ₩10.1B against an operating loss of about ₩5.6B for the period to H1 2026. The share price is ₩10,610, down about 50% over one year and about 27% over one month, and the company pays no dividend.

What stands out

• Revenue of ₩10.1B for 2025 and the trailing period is matched by an operating margin of -55.9% and a net margin of -52.4%, so losses are large relative to sales.
• Free cash flow is about -₩4.8B and cash is about ₩3.9B against borrowings of about ₩0.3B, so the balance sheet has a modest debt load but a cash burn to watch.
• Liabilities are 69.8% of equity and the price-to-book ratio is 6.2, while price-to-earnings is not meaningful because the company is loss-making.
• Foreign ownership rose from 2.2% to 3.1% over 60 days, while institutions were net sellers over the last 20 days and retail buyers were net buyers.
• Recent filings include the half-year report for June 2026, an investor relations event, shareholder meeting results and several insider and 5%+ holding reports, but the data contains no news headlines.

What to watch

• The next periodic results and whether the operating loss narrows from the current level of about -56% margin.
• Further insider shareholding and 5%+ holding reports, along with the outcome of the extraordinary shareholders' meeting, for any change in ownership.
• Cash runway, since free cash flow is negative and the data does not include a forecast or management guidance.