1. What Happened?: Alchera’s 2025 Half-Year Results

Alchera reported Q2 2025 revenue of KRW 2.5 billion, exceeding market forecasts. However, the company also reported an operating loss and net loss of KRW -2.6 billion. Total revenue for the first half of 2025 reached KRW 3.357 billion, a 41.4% decrease year-over-year, primarily due to declining revenue in the ‘Data’ segment. Conversely, the ‘Facial Recognition’ segment saw an increase in revenue contribution.

2. Why These Results?: Analyzing the Performance

Declining revenue coupled with high fixed costs, including R&D and SG&A expenses, are the primary drivers of Alchera’s operating losses. Despite the high growth potential of the AI vision market, the persistent losses raise concerns for investors. While capital was raised through a rights offering and convertible bond issuance, the latter carries the risk of future share dilution.

3. What’s Next?: Investment Strategy

In the short term, the disappointing earnings and financial risks may put downward pressure on Alchera’s stock price. However, the long-term growth of the AI industry and Alchera’s technological competitiveness could provide upside potential. Investors should closely monitor key factors such as profitability improvements, new business performance, and the risks associated with convertible bonds and ongoing litigation.

4. Investor Action Plan

  • Short-term Investment: Proceed with caution and manage risk carefully.
  • Long-term Investment: Monitor key performance indicators and focus on the potential for AI market growth and Alchera’s turnaround.