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AI-based cybersecurity company EverSpin announced on the 19th that after undergoing an audit by Samil CPA, designated by the Financial Supervisory Service for its IPO (initial public offering), it recorded revenue of 13.2 billion won and an operating profit of approximately 4.9 billion won last year.
Revenue increased by more than 50% compared to the previous year, while operating profit grew by over nine times. The company explained that this improvement in profitability resulted from a limited increase in costs relative to revenue growth, leading to an operating leverage effect.
The increase in net income was even larger. Net income rose from 1.287 billion won in 2024 to 7.38 billion won last year, more than five times the previous amount, with a net profit margin of approximately 55.9%. The high net profit margin reflected both improved profitability from core operations and equity method earnings from the growth of its Japanese joint venture.
Overseas business has become a key driver of profit growth. Last year, sales in Japan expanded to account for about 37.1% of total revenue, and through a local joint venture with SBI Group, EverSpin secured approximately 70 customers in Japan.
Results were also achieved in Indonesia. After an initial phase of market entry and customer acquisition, the number of local clients increased. This year, the local subsidiary has entered a stage where it generates its own profits, reducing the need for additional funding support from headquarters.
As of the end of last year, total equity stood at 40.927 billion won, an increase of approximately 8.1 billion won (24.6%) from 32.838 billion won in 2024. Additionally, the company held 6.049 billion won in demand deposits and 11.6 billion won in time deposits, totaling 17.649 billion won. With liquid assets of approximately 25.2 billion won against current liabilities of about 6.9 billion won, liquidity indicators also improved, with liquid assets being 3.7 times current liabilities.
Operating cash flow also turned positive. The company further noted that its office building, valued at over 30 billion won in market terms, serves as a significant asset supporting its financial soundness.
Based on these results, EverSpin is accelerating preparations for its IPO. Analysis suggests that the shareholding ratio of major shareholders, including related parties, remains at a stable level, providing a foundation to maintain management stability even after listing.
Jo Byung-hyun, EverSpin's CFO (Chief Financial Officer), stated, "Sustainable growth is not just about increasing revenue; it means that revenue growth leads to even larger profit increases, and investments in overseas markets are returning as profits." He added, "Starting last year, these changes have begun to appear clearly in the numbers."
He further remarked, "This year, with Japan's continued growth and Indonesia also turning profitable, the contribution of global operations to profits will increase even more. High growth performance, strong profitability, expanded profit contribution from overseas business, and solid financial soundness will be key factors in evaluating corporate valuation during the IPO process."
[MoneyToday startup media platform 'Unicorn Factory']
in FUTURE
