[Edaily Reporter Kwon Oh-seok] IBK Investment & Securities stated on the 18th regarding #BI Matrix that “discussions are underway regarding the adoption of its solutions by large corporations, and further order growth is expected.” However, the firm did not provide an investment rating or target price. BI Matrix, established in 2005, specializes in enterprise AI and data analytics solutions and was listed on KOSDAQ in November 2023.

Jeong Yi-su, an analyst at IBK Investment & Securities, explained, “Over the past 21 years, the company has provided solutions to approximately 750 companies, public institutions, and financial institutions, accumulating implementation experience and references across various industries. Its business segments consist of AI (Artificial Intelligence), BI (Business Intelligence), and SCM (Supply Chain Management).”
He continued, “The company is generating stable revenue from its BI and SCM businesses and has recently been expanding into the AI solutions sector. In the AI division, the generative AI data analysis solution ‘GMATRIX’ recorded its first revenue in February 2025,” adding, “Subsequently, in September 2025, the company launched ‘Trinity,’ an ontology-based agentic AI solution, further strengthening its product lineup.”
However, first-quarter operating results showed revenue of 8.5 billion won (up 21.7% year-over-year) and an operating loss of 200 million won (continuing losses). Due to seasonal factors—where client budget execution is concentrated in the second half of the year—the first quarter is typically a slow season, and the company posted an operating loss due to increased costs. Analyst Jeong noted, “Nevertheless, it is encouraging that AI segment revenue rose 305.4% to 2.7 billion won, already achieving more than half of the 2025 annual AI revenue target of 5.1 billion won.”
He added, “The order backlog as of the end of March 2026 also increased by 15.5% compared to the end of the previous year, and as discussions are underway regarding solution adoption with large corporations, further growth in orders is expected.”
He predicted, “While demand for AI adoption among domestic companies is growing, concerns remain regarding data security with external cloud-based AI services. Particularly for public institutions, the use of overseas solutions could raise issues regarding the management of sensitive data; therefore, preference for domestic AI solutions that offer both security and data deployment expertise is expected to rise.”
He also noted, “By deploying AI models directly on corporate internal servers, we can reduce the risk of data leaks, and we expect to meet the demand for AI infrastructure expansion, particularly among our existing customer base.”