MakinaRocks (477850) investor relations material

Executive summary

• 9M 2026 revenue was KRW14.26bn; operating loss was KRW8.63bn and net loss KRW8.25bn. Cash and cash equivalents reached KRW33.09bn at quarter-end.

• Strategy centers on Runway, an enterprise AI operating platform, and expansion into industry-specific Physical AI for manufacturing and defense.

Financial highlights

• Q3 revenue was KRW7.23bn vs KRW2.30bn in Q3 2025; Q3 operating loss was KRW4.39bn vs KRW2.57bn.

• 9M revenue was KRW14.26bn vs KRW4.92bn; operating loss was KRW8.63bn vs KRW8.50bn.

• 9M net loss was KRW8.25bn vs KRW14.04bn; prior-year results included a KRW4.82bn preferred-share derivative valuation loss.

• 9M operating cash outflow was KRW8.61bn; financing cash inflow was KRW39.77bn, including KRW40.52bn from share issuance.

Outlook and guidance

• Plans include expanding Runway licensing and product-led revenue, packaging recurring industrial use cases as AI applications and agents, and adding ontology and multi-agent capabilities.

• On-device AI development is intended to extend the platform to industrial equipment, robots and defense systems, with model optimization, hardware compatibility and real-time control as development priorities.

• 2026 IPO prospectus estimates were KRW22.49bn revenue, KRW2.26bn operating loss and KRW2.20bn net loss; actual results and variance were deferred to the FY2026 report.