New Risk • Jun 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Market cap is less than US$100m (₩120.5b market cap, or US$78.1m). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩6,200, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 12x in the Software industry in South Korea. Total loss to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩8,660, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 13x in the Software industry in South Korea. Total loss to shareholders of 21% over the past three years. New Risk • May 29
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 13% 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. This is currently the only risk that has been identified for the company. New Risk • May 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩148.5b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩9,000, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 9.1% over the past three years. Announcement • Mar 06
FLITTO Inc., Annual General Meeting, Mar 27, 2026 FLITTO Inc., Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 524, bongeunsa-ro, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩10,540, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 3.3% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩18,700, the stock trades at a trailing P/E ratio of 51.2x. Average trailing P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 95% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₩182 (vs ₩72.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩182 (up from ₩72.00 in 3Q 2024). Revenue: ₩11.8b (up 71% from 3Q 2024). Net income: ₩3.01b (up 153% from 3Q 2024). Profit margin: 26% (up from 17% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩17,570, the stock trades at a trailing P/E ratio of 69x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩17,470, the stock trades at a trailing P/E ratio of 68.6x. Average trailing P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 44% over the past three years. New Risk • Oct 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (155% accrual ratio). Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩12,900, the stock trades at a trailing P/E ratio of 50.7x. Average trailing P/E is 15x in the Software industry in South Korea. Negligible returns to shareholders over past three years. New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 155% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (155% accrual ratio). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ₩141 (vs ₩65.00 loss in 2Q 2024) Second quarter 2025 results: EPS: ₩141 (up from ₩65.00 loss in 2Q 2024). Revenue: ₩9.38b (up 156% from 2Q 2024). Net income: ₩2.33b (up ₩3.40b from 2Q 2024). Profit margin: 25% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Jul 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: ₩39.00 (vs ₩41.00 in 1Q 2024) First quarter 2025 results: EPS: ₩39.00 (down from ₩41.00 in 1Q 2024). Revenue: ₩4.61b (up 11% from 1Q 2024). Net income: ₩212.2m (down 4.3% from 1Q 2024). Profit margin: 4.6% (down from 5.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 12
Now 26% overvalued Over the last 90 days, the stock has fallen 8.1% to ₩22,050. The fair value is estimated to be ₩17,544, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Apr 17
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to ₩21,350. The fair value is estimated to be ₩17,726, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Mar 15
FLITTO Inc., Annual General Meeting, Mar 28, 2025 FLITTO Inc., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 524, bongeunsa-ro, gangnam-gu, seoul South Korea Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₩217 (vs ₩170 loss in 3Q 2023) Third quarter 2024 results: EPS: ₩217 (up from ₩170 loss in 3Q 2023). Revenue: ₩6.89b (up 20% from 3Q 2023). Net income: ₩1.19b (up ₩2.08b from 3Q 2023). Profit margin: 17% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Nov 14
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 8.9% 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: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Market cap is less than US$100m (₩70.4b market cap, or US$50.1m). New Risk • Jul 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩134.4b (US$96.8m) This is considered a minor risk. Companies with a small market capitalization 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: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Market cap is less than US$100m (₩134.4b market cap, or US$96.8m). New Risk • Apr 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩136.0b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization 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 Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Shareholders have been diluted in the past year (5.4% increase in shares outstanding). Market cap is less than US$100m (₩136.0b market cap, or US$99.4m). Reported Earnings • Mar 26
Full year 2023 earnings released: ₩1,300 loss per share (vs ₩1,129 loss in FY 2022) Full year 2023 results: ₩1,300 loss per share (further deteriorated from ₩1,129 loss in FY 2022). Revenue: ₩17.8b (up 30% from FY 2022). Net loss: ₩6.79b (loss widened 16% from FY 2022). Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. New Risk • Feb 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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 Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Buy Or Sell Opportunity • Jan 25
Now 21% undervalued Over the last 90 days, the stock has risen 140% to ₩49,800. The fair value is estimated to be ₩62,941, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has declined by 12%. New Risk • Jan 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings have declined by 3.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings have declined by 4.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (₩122.8b market cap, or US$92.0m). New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩130.6b (US$96.5m) This is considered a minor risk. Companies with a small market capitalization 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: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩130.6b market cap, or US$96.5m). Is New 90 Day High Low • Feb 26
New 90-day low: ₩11,100 The company is down 17% from its price of ₩13,300 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 28
New 90-day low: ₩11,850 The company is down 14% from its price of ₩13,700 on 30 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: ₩12,300 The company is down 11% from its price of ₩13,850 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 06
New 90-day low: ₩12,750 The company is down 4.0% from its price of ₩13,250 on 07 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: ₩16,000 The company is up 20% from its price of ₩13,300 on 10 July 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 13% over the same period. 
