ITCEN PNS Reports 20.3 Billion Won in Cumulative Revenue Through Q3, Up 17.2% Year-on-Year

[Financial News] ITCEN PNS said on the 13th that it recorded cumulative consolidated revenue of 239.5 billion won and cumulative standalone revenue of 20.3 billion won for the first three quarters.
Consolidated revenue rose 14.9% from 208.3 billion won in the same period a year earlier, while standalone revenue increased 17.2% from 17.3 billion won. The company continued to post operating losses, with a consolidated loss of about 100 million won and a standalone loss of 1.1 billion won. However, net income reached 1.1 billion won on a consolidated basis and 2.9 billion won on a standalone basis, with both swinging to profit from losses in the same period a year earlier.
The increase in consolidated revenue largely reflected higher revenue from GPU servers and memory-related products at its subsidiary C Platform. The company said that demand for GPU servers, driven by increased investment in AI infrastructure, and growth in the related infrastructure market contributed to the improvement in consolidated results.
On a standalone basis, the company also continued to grow revenue, supported by its existing security business. With costs such as hiring to expand the business and personnel expenses continuing to weigh on selling, general and administrative expenses, the company plans to focus on improving operating profit by managing profitability by business and optimizing fixed costs. Net income swung to a profit, partly due to gains from the valuation of convertible bonds.
Alongside improving its financial performance, ITCEN PNS is developing AI security and post-quantum cryptography (PQC) as next-generation growth pillars. In AI security, in particular, it is combining global security technologies with its own expertise to expand beyond a business centered on supplying existing security solutions into AI-based vulnerability assessments, security consulting, implementation and operations.
ITCEN PNS is expanding its business in AI-based vulnerability analysis, assessing security risks across customers’ externally exposed assets, applications, servers, networks and cloud environments, and identifying vulnerabilities that should be addressed first based on the likelihood of an actual attack and business criticality. The company plans to strengthen its end-to-end security business, from customer assessments through implementation and operations, by integrating global security technologies that analyze security events across networks, endpoints and cloud environments and automate threat detection and blocking, as well as incident response.
The company is also expanding its business base for the transition to PQC in the quantum security field. ITCEN PNS is pursuing a business model that spans the identification of cryptographic assets—including cryptographic algorithms, libraries and certificates actually used by companies and institutions—and the creation of a CBOM (Cryptography Bill of Materials), through to the transition to a PQC-based cryptographic system.
In particular, the company plans to build a phased quantum-safe transition framework based on its own technology, spanning the identification of cryptographic assets, risk analysis, setting transition priorities and applying PQC. It plans to expand its business in markets such as finance, the public sector, defense and telecommunications, where high levels of security and long-term data protection are required.
Going forward, ITCEN PNS plans to expand its AI security and PQC businesses beyond the supply of individual solutions into service-based offerings covering assessment, consulting, implementation, operations and maintenance, thereby strengthening its recurring revenue base.
ITCEN PNS CEO Park Won-gyu stressed, “Building on the stable growth of our existing security business, we will develop AI-based proactive security and PQC transition capabilities into new growth pillars and create ongoing business opportunities in the next-generation security market.”

[email protected] Yeon Ji-an Reporter