Security company Everspin said on the 16th that last year's sales were 13.2 billion won, up about 54% from a year earlier. Operating profit jumped 841% in the same period to 4.91 billion won, and net profit rose 473% to 7.38 billion won, marking the highest results since its founding.
Everspin supplies security solutions centered on hacking-prevention technology based on Moving Target Defense (MTD) and phishing-prevention technology based on whitelisting. Most sales come from an annual subscription-based license model, ARR (annual recurring revenue). A company representative said, "With overseas sales growing rapidly recently, the operating leverage effect from a fixed-cost-centered structure is emerging, and profitability is improving significantly."
A joint venture (JV) established to protect Japan's digital channels also contributed to Everspin's growth. The JV posted 16.59 billion won in sales and 10.5 billion won in operating profit last year. Everspin holds a 30% equity stake in the JV and is additionally reflecting about 1.99 billion won in equity-method gains in the net profit line.
Everspin said it recorded about 91 on the Rule of 40, a core software-as-a-service (SaaS) metric that sums sales growth and operating margin. An Everspin representative explained, "On the 'Rule of 40,' a score of 40 or higher is considered the standard for an excellent SaaS company globally."
Riding this growth, Everspin is preparing to file for a preliminary review for a KOSDAQ listing, targeting July–August this year.