[Edaily Reporter Kim Ji-wan] #VCS has entered a new phase of growth, driven by its push into the U.S. market and the expansion of its overseas original design manufacturing (ODM) business, according to an analysis. The assessment notes that expectations for improved performance are rising as the company expands its overseas infrastructure, building on its position as the leader in the domestic golf rangefinder market.

In a report released on the 18th, Choi Jae-ho, an analyst at Bryers Insight, noted that V.C. is accelerating its entry into the U.S. market by leveraging its proprietary APL (Auto Pin Location) technology, while simultaneously strengthening its growth momentum through an expansion of overseas ODM orders.

He explained that, building on a stable business foundation as the domestic leader in golf rangefinders and personal launch monitors, the U.S. market and ODM exports are establishing themselves as new growth drivers.

Analyst Choi Jae-ho noted, “V.C., founded in 2005, is a company that develops and sells various golf tech products, such as golf rangefinders and launch monitors,” adding that the company holds the top market share (M/S) in South Korea for golf rangefinders and personal launch monitors.

He noted that the company possesses technological capabilities built up by dedicating approximately 50% of its total workforce to R&D.

As competitors who entered the market during the COVID-19 boom withdraw from the business, the company’s position as the market leader is expected to become even more solid. Furthermore, the report identified △new ODM exports and △entry into the U.S. APL infrastructure market as key growth drivers.

The company cited its proprietary APL technology as its greatest growth driver.

APL is a technology that accurately pinpoints pin positions, which change at least twice a day; it can be integrated with various services—including golf course operations, cart management, and course diagnostics—and is widely recognized as essential information for golf course operations. Based on this, VC is currently the exclusive supplier and operator of this solution at 327 golf courses in South Korea as of the first quarter of this year. Notably, it has achieved a 100% adoption rate at newly opened domestic golf courses.

The company identified its entry into the U.S. market as a key focus area.

The company is currently conducting a proof of concept (PoC) at a golf course in the Los Angeles area. It announced plans to begin full-scale sales and launch services in the second half of this year with North America’s largest golf course management company.

As of 2025, the number of golf courses in the U.S. is estimated to be approximately 16,000, which is 30 times the number in South Korea (approximately 500 courses). Prices in the U.S. market are estimated to be more than three times higher than those in South Korea.

The company aims to install its system at 300 courses by next year and achieve a penetration rate of at least 20% over the next three years. It projects that achieving this target penetration rate will secure annual revenue of over 40 billion won.

The expansion of overseas ODM volumes was also cited as a key factor driving a turnaround in performance.

According to the National Golf Foundation (NGF), the number of on-course golfers in the U.S. is projected to reach 29.1 million in 2025, marking eight consecutive years of growth. Consequently, demand for golf tech continues to expand, leading to an increase in V.C.’s ODM orders.

Revenue from the ODM business is projected to reach 9 billion won in 2026 and 15 billion won in 2027, and it is understood that deliveries of orders secured based on demand forecasts are already underway. Accordingly, the company is expected to surpass the break-even point (BEP) and return to profitability starting in the second quarter of 2026.

Analyst Choi Jae-ho noted, “The export share has risen from 27.6% in 2020 to 48.2% in 2025, and starting this year, exports are expected to account for more than half of total volume,” adding, “The valuation discount caused by the slowdown in the domestic golf industry is expected to be resolved.”

VC’s 2026 performance is projected to be 58.2 billion won in revenue (+24.2% YoY) and 3.5 billion won in operating profit (returning to profitability, OPM 6%), with operating profit expected to exceed 8.0 billion won in 2027.