Passu AI turned profitable in the second quarter of this year, driven by expansion of its AI business and increased demand for data and software supply chain security.
On the 31st, Passu AI disclosed that it recorded consolidated revenue of 13.13 billion won and an operating profit of 1.01 billion won in the second quarter of this year. Revenue increased by 22.7% compared to the same period last year, while the operating profit turned from a loss of 940 million won into a profit.
Net income also reached 1.05 billion won, turning profitable from a net loss of 1.24 billion won in the same period last year. The second-quarter operating profit margin was approximately 7.7%.
Passu AI explained that performance improvements were driven by expansion of its AI business, including the establishment of an AI transformation (AX) platform for enterprises. Increased demand for data protection due to a rise in cyber attacks using AI also had an impact. In particular, related revenue increased in industries with high security demands such as semiconductors, defense, and shipbuilding.
As the importance of software supply chain security, including Software Bill of Materials (SBOM), has grown, the business of Sparrow, a subsidiary focused on application security, also showed strong performance.
Cumulative revenue for the first half reached 22.13 billion won, up 15.7% from the same period last year. Operating loss was 1.01 billion won, reducing the deficit by 2.64 billion won compared to a 3.65 billion won loss in the same period last year. Net loss also shrank from 3.9 billion won to 820 million won.
Passu AI forecast that the growth trend of the first half would continue into the second half, as order backlogs increased significantly compared to the same period last year and revenue in the security software sector tends to concentrate in the second half due to industry characteristics.
A Passu AI official stated, "Performance improved due to expansion of the AI business, increased demand for data protection driven by escalating cyber threats, and growth in the software supply chain security business," adding, "Based on revenue concentration in the second half and an increase in orders, we expect annual revenue this year to grow by double digits."
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