New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.7b (US$97.4m) 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 17
Full year 2025 earnings released: ₩398 loss per share (vs ₩125 loss in FY 2024) Full year 2025 results: ₩398 loss per share (further deteriorated from ₩125 loss in FY 2024). Revenue: ₩58.9b (up 2.6% from FY 2024). Net loss: ₩8.32b (loss widened 284% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Mar 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩144.2b (US$98.6m) 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 (13% average weekly change). Market cap is less than US$100m (₩144.2b market cap, or US$98.6m). Announcement • Mar 04
LS THiRA-UTECH Co., Ltd., Annual General Meeting, Mar 19, 2026 LS THiRA-UTECH Co., Ltd., Annual General Meeting, Mar 19, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 406, teheran-ro, gangnam-gu, seoul South Korea New Risk • Nov 03
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 10% 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 (10% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). New Risk • Mar 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% 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 Risk Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (₩124.2b market cap, or US$85.0m). New Risk • Mar 17
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 8.7% 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 (8.7% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₩127.5b market cap, or US$88.1m). Reported Earnings • Mar 15
Full year 2024 earnings released: ₩125 loss per share (vs ₩379 loss in FY 2023) Full year 2024 results: ₩125 loss per share (improved from ₩379 loss in FY 2023). Revenue: ₩57.5b (up 5.7% from FY 2023). Net loss: ₩2.17b (loss narrowed 65% from FY 2023). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Announcement • Feb 20
THiRA-UTECH CO., LTD., Annual General Meeting, Mar 20, 2025 THiRA-UTECH CO., LTD., Annual General Meeting, Mar 20, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 406, teheran-ro, gangnam-gu, seoul South Korea New Risk • Jan 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% 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: Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₩115.0b market cap, or US$78.9m). Announcement • Nov 09
THiRA-UTECH CO., LTD. announced that it has received KRW 24.999997792 billion in funding from LS ELECTRIC Co., Ltd., JKL ESG Future Mobility Value Chain Private Equity Fund Co., Ltd On November 7, 2024, THiRA-UTECH CO., LTD. closed the transaction. New Risk • Jul 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 10% 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. Announcement • Sep 27
THiRA-UTECH CO., LTD. announced that it has received KRW 2.000017335 billion in funding from Innopolis Partners LLC On September 26, 2023, THiRA-UTECH CO., LTD. closed the transaction. New Risk • Aug 15
New major 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 11% 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 Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩126.9b market cap, or US$95.0m). Is New 90 Day High Low • Feb 17
New 90-day high: ₩20,000 The company is up 51% from its price of ₩13,250 on 19 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 Software industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: ₩19,200 The company is up 52% from its price of ₩12,600 on 27 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 18% share price gain to ₩15,450, the stock is trading at a trailing P/E ratio of 41.6x, up from the previous P/E ratio of 35.2x. This compares to an average P/E of 23x in the Software industry in South Korea. Total returns to shareholders over the past year are 2.3%. Is New 90 Day High Low • Jan 06
New 90-day high: ₩14,500 The company is up 5.0% from its price of ₩13,750 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 Software industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: ₩12,350 The company is down 20% from its price of ₩15,500 on 31 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 4.0% over the same period.