New Risk • May 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩5.8b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩5.8b free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩64.2b market cap, or US$42.4m). Announcement • Mar 14
Carriesoft Co., Ltd., Annual General Meeting, Mar 31, 2026 Carriesoft Co., Ltd., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Revenue is less than US$5m (₩5.6b revenue, or US$3.8m). Market cap is less than US$100m (₩78.4b market cap, or US$53.4m). Announcement • Jan 23
Carriesoft Co., Ltd. (KOSDAQ:A317530) agreed to acquire 50.36% stake in STUDIO Episode CO.,LTD. from group of shareholders for KRW 10.1 billion. Carriesoft Co., Ltd. (KOSDAQ:A317530) agreed to acquire 50.36% stake in STUDIO Episode CO.,LTD. from group of shareholders for KRW 10.1 billion on January 22, 2026.
The expected completion of the transaction is January 22, 2026. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Revenue is less than US$5m (₩5.6b revenue, or US$3.8m). Market cap is less than US$100m (₩58.8b market cap, or US$39.9m). New Risk • Jan 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (₩5.6b revenue, or US$3.8m). Market cap is less than US$100m (₩57.1b market cap, or US$38.8m). Announcement • Dec 26
Carriesoft Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.996705 million. Carriesoft Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.996705 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 255,427
Price\Range: KRW 3915 Announcement • Dec 11
Carriesoft Co., Ltd. (KOSDAQ:A317530) agreed to acquire Ace Factory Co., Ltd. from Metaverse Entertainment Inc. for KRW 8 billion. Carriesoft Co., Ltd. (KOSDAQ:A317530) agreed to acquire Ace Factory Co., Ltd. from Metaverse Entertainment Inc. for KRW 8 billion on December 10, 2025. A cash consideration of KRW 8 billion will be paid by Carriesoft Co., Ltd. As part of consideration, KRW 8 billion is paid towards common equity of Ace Factory Co., Ltd.
As of September 30, 2025, Ace Factory Co., Ltd. reported total assets of KRW 19.76 billion and total common equity of KRW 10.59 billion.
The expected completion of the transaction is February 20, 2026. Reported Earnings • Aug 19
Second quarter 2025 earnings released: ₩27.00 loss per share (vs ₩102 loss in 2Q 2024) Second quarter 2025 results: ₩27.00 loss per share (improved from ₩102 loss in 2Q 2024). Revenue: ₩2.36b (up 51% from 2Q 2024). Net loss: ₩251.6m (loss narrowed 64% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 26
Full year 2024 earnings released: ₩654 loss per share (vs ₩793 loss in FY 2023) Full year 2024 results: ₩654 loss per share (improved from ₩793 loss in FY 2023). Revenue: ₩5.68b (down 33% from FY 2023). Net loss: ₩4.69b (loss narrowed 14% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Mar 14
Carriesoft Co., Ltd., Annual General Meeting, Mar 28, 2025 Carriesoft Co., Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea Announcement • Jan 24
Carriesoft Co., Ltd. (KOSDAQ:A317530) agreed to acquire 17.14% stake in Dovetorabbit Co.,Ltd. for approximately KRW 860 million. Carriesoft Co., Ltd. (KOSDAQ:A317530) agreed to acquire 17.14% stake in Dovetorabbit Co.,Ltd. for approximately KRW 860 million on January 23, 2025. A cash consideration of KRW 857.15 million will be paid by Carriesoft Co., Ltd.
The expected completion of the transaction is January 24, 2025. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 46% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (₩6.1b revenue, or US$4.2m). Market cap is less than US$100m (₩48.6b market cap, or US$33.3m). Announcement • Dec 16
Carriesoft Co., Ltd. (KOSDAQ:A317530) announces an Equity Buyback for KRW 3,000 million worth of its shares. Carriesoft Co., Ltd. (KOSDAQ:A317530) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its common stock pursuant to a trust contract with DAISHIN Securities Co., Ltd. The purpose of the program is to stabilize stock price and enhance shareholder value. The program is valid till June 16, 2025. As of December 15, 2024, there are 104,270 shares available within the dividend payable range and no shares from other acquisitions. New Risk • Nov 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Revenue is less than US$5m (₩6.2b revenue, or US$4.5m). Market cap is less than US$100m (₩28.3b market cap, or US$20.3m). New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$5m (₩6.2b revenue, or US$4.4m). Market cap is less than US$100m (₩26.8b market cap, or US$19.2m). Announcement • Oct 25
Carriesoft Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.9966 million. Carriesoft Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.9966 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 263,157
Price\Range: KRW 3800 New Risk • May 25
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩6.8b (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩2.2b free cash flow). Earnings have declined by 10% per year over the past 5 years. Minor Risks Revenue is less than US$5m (₩6.8b revenue, or US$5.0m). Market cap is less than US$100m (₩29.0b market cap, or US$21.3m). New Risk • Nov 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩1.8b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₩1.8b free cash flow). Minor Risk Market cap is less than US$100m (₩31.5b market cap, or US$24.2m). Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues miss analyst expectations Third quarter 2021 results: Revenue: ₩1.29b (down 27% from 3Q 2020). Net loss: ₩723.0m (loss widened 35% from 3Q 2020). Revenue missed analyst estimates by 19%. Reported Earnings • Sep 03
Second quarter 2021 earnings released The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ₩1.74b (up 61% from 2Q 2020). Net loss: ₩563.1m (loss narrowed 34% from 2Q 2020). Is New 90 Day High Low • Feb 18
New 90-day high: ₩5,540 The company is up 24% from its price of ₩4,475 on 20 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: ₩5,450 The company is up 19% from its price of ₩4,585 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: ₩4,880 The company is up 5.0% from its price of ₩4,645 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 5.0% over the same period. 