[Edaily Reporter Lee Hye-ra] On the 19th, Kiwoom Securities projected that #Gison’s earnings will begin to improve in earnest starting in the second quarter, and that the company could return to profitability in the first half of the year.

Kim Hak-jun, an analyst at Kiwoom Securities, stated in a report released that day, “One of the biggest issues in the security sector recently is countering wireless backdoors,” adding, “Jison provides security solutions that block wireless backdoors using RF (radio frequency) technology, and as a result of conducting numerous proof-of-concept (PoC) tests, the company is now generating substantial revenue.”
Gison is a security company specializing in solutions for eavesdropping prevention, wireless backdoor hacking, and illegal filming detection. In the first quarter of this year, revenue reached 2.5 billion won, a 12% increase year-over-year, but the company continued to post a loss, recording an operating loss of 1.9 billion won. Analyst Kim explained, “Although the first quarter was a seasonal off-peak period, we should pay attention to the shift in the revenue structure.” He added, “While the existing wireless eavesdropping business has a high proportion of public sector (B2G) clients, with revenue concentrated in the fourth quarter, revenue from wireless backdoor security—centered on the corporate (B2B) sector—has been expanding since the first quarter, and security products for detecting illegal filming are also showing growth.”
He added, “Considering the proof-of-concept (PoC) projects not yet reflected in current earnings, rapid earnings improvement is possible starting in the second quarter, and a return to profitability in the first half of the year is also expected.”
He identified the wireless backdoor security business as a key growth driver. Wireless backdoor hacking involves implanting wireless spy chips into network-segmented servers to remotely steal data; Gison’s “Alpha-H” provides functionality to analyze and block frequencies in data centers and server rooms.
Analyst Kim noted, “Supplies are currently being made to financial institutions such as Welcome Savings Bank and semiconductor companies, and demand is expanding to include the government and the National Assembly as well.” He predicted, “While revenue is currently generated primarily from server rooms, full-scale revenue growth will be possible once orders for entire data centers begin.” He added, “Depending on the size of the data center, orders in the range of 3 billion to 10 billion won can be expected.”
Kiwoom Securities forecasts that Gison’s revenue this year will reach 25.2 billion won, a 123% increase year-over-year, and that the company will return to profitability with an operating profit of 4 billion won.
Analyst Kim noted, “Since the product cost of sales ratio is only around 20–25%, the company’s structure allows for high operating leverage once it surpasses the break-even point.” He added, “Based on its wireless backdoor business, the company is pursuing entry into overseas markets such as Southeast Asia and Eastern Europe, and the expansion into new businesses—including the development of small autonomous patrol robots—will serve as a growth driver in the medium to long term.”