Inswave Co. Ltd.

Inswave Co. Ltd.

KKRX:450520
1,670.00
KRW
-28.00
(-1.65%)
-149.61EPS
28.14BMarket Cap
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3,401.56
4,550.4
2,652.17
2,063.47
2,644.57
3,337.75
Basic EPS, GAAP
461.33
562.33
383.96
-133
-236
-149.61
Free Cash Flow per Basic Share
-398.07
-37.92
265.87
-575.13
-627.61
-132.25
Dividend per Share
- -
- -
- -
- -
- -
- -
Book Value per Share
457.87
1,033.39
3,127.57
2,992.08
2,754.84
2,611.39
Tangible Book Value per Share
285.4
864.91
2,951.85
2,751.35
2,510.25
2,364.17
Basic Weighted Avg Shares
10
10
12
15
15
14
Sales/Revenue/Turnover
32,608
43,630
32,604
30,413
38,958
48,058
Operating Margin (%)
13.19
16.13
15.89
-11.82
-12.46
-6.93
Depreciation Expense
352
509
617
1,398
2,085
2,217
Net Income, GAAP
4,422
5,392
4,720
-1,960
-3,477
-2,154
Effective Tax Rate (%)
9.81
14.43
8.1
- -
- -
- -
Profit Margin (%)
13.56
12.36
14.48
-6.45
-8.92
-4.48
Working Capital
3,173
10,840
37,125
36,373
31,118
28,601
LT Debt
118
127
334
3,966
2,910
2,313
Total Equity
6,733
15,195
45,990
43,997
40,509
38,399
Return on Invested Capital (%)
- -
32.41
13.06
- -
- -
- -
Return on Capital (%)
- -
32.5
13.96
- -
- -
- -
Return on Common Equity (%)
- -
49.18
15.43
-4.36
-8.23
-5.46

Capital Structure

KRW

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,574
1,545
2,507
LT Borrowings
- -
- -
- -
LT Finance Leases
2,910
2,617
2,313
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
15
15
15
Market Capitalization
48,893
44,481
28,145

Working Capital

KRW

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
38,305
34,037
36,839
Cash, Cash Equivalents & STI
12,146
15,052
11,313
Accounts Receivable, Net
6,603
3,547
9,272
Inventories
- -
- -
- -
Total Current Liabilities
7,186
5,439
8,238
Payables & Accruals
- -
- -
- -
ST Debt
3,574
1,545
2,507
Deferred Revenue
- -
- -
- -

Growth Rates

KRW

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
-7.93%
Free Cash Flow
- -
- -
9.07%
Net Income, GAAP
- -
- -
77.35%
Sales/Revenue/Turnover
- -
- -
28.1%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,985
4,929
9,073
9,426
30,413
2025
7,112
10,375
11,455
10,015
38,958
2026
11,261
15,326
- -
- -
- -

Quarterly Earnings Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-101
-72
36
3.96
-133
2025
-194
-40
-69.01
65.9
-236
2026
-152.55
10
- -
- -
- -

Quarterly Dividends Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

CEO
Se-Ryong Eo
Full Time Employees
181
Sector
Technology services
Industry
Packaged software
Address
Seoul South Korea
IPO Date
Sep 25, 2023
Business
Inswave Co. Ltd. (KRX: 450520), also known as Inswave Systems, is a South Korea-based enterprise software company that provides web-standard UI/UX development platforms, digital transformation solutions, and artificial intelligence-driven application development software. Founded in 2002 and headquartered in Seoul, South Korea, the company develops and supplies software products to financial institutions, public sector organizations, and large enterprises. The company's core product and service portfolio includes WebSquare (including WebSquare5 and WebSquare AI), an HTML5-based web-standard UI/UX development platform for building multi-device enterprise web and mobile applications; W-Matrix, a cross-platform hybrid mobile application framework; W-Gear, a web-based client peripheral device integration solution that connects browsers directly with local hardware such as financial pin pads, signature pads, scanners, and card readers without proprietary browser plug-ins; W-Sharing, a real-time screen and data sharing solution for non-face-to-face financial consultation and remote customer onboarding; AI Square Suite, a generative artificial intelligence development toolset that automates user interface creation, code generation, and legacy modernization; and comprehensive professional services, including UI/UX architecture design, system integration, cloud migration, and ongoing technical maintenance. Inswave Co. Ltd. primarily serves commercial banks, securities brokers, insurance providers, government agencies, telecommunications operators, and manufacturing conglomerates across South Korea, with international expansion initiatives focused on Japan and other Asia-Pacific markets. In recent corporate developments, the company completed its initial public offering and listed its shares on the KOSDAQ market of the Korea Exchange under ticker 450520; launched AI-powered UI/UX development capabilities that integrate generative large language model workflows to automate screen design and accelerate legacy system modernization; formed strategic alliances with major cloud infrastructure providers to offer SaaS-ready enterprise UI platforms; and expanded its remote financial service offerings to meet increasing demand for digital branch transformations and non-face-to-face customer engagement platforms.