CAPTIVISION INC (NASDAQ: CAPT) Company Profile and Update

Introduction

CAPTIVISION INC (Ticker: CAPT) is the inventor and manufacturer of G-Glass, which is an architectural media glass that integrates IT building materials with architectural glass. G-Glass converts glass façades into transparent media screens for digital out-of-home advertising, entertainment, marketing, and public information.

Corporate Structure

• Headquarters: Miami, FL, and Seoul, South Korea
• Chief Executive Officer: Gary Garrabrant
• Former European Affiliate: G-SMATT Europe (disposed in H1 2024 as part of a sales-function internalization)
• Audit Firm: UHY LLP
• Capital Markets: Listed on NASDAQ; market cap approximately $32.8 million (intraday)

Developments and News

September 30, 2024

• Half-Year 2024 Results
  • Revenue: $15.3 million (22% increase compared to H1 2023)
  • Gross margin: 56% (compared to 50% in H1 2023)
  • Net loss: $9.3 million (compared to net profit of $0.5 million in H1 2023)
• Financing and Balance-Sheet Actions
  • Raised approximately $8.3 million through equity and debt financings
  • Converted approximately $4.2 million of debt into equity at $3.00 per share
• Notable Installations
  • Mohegan INSPIRE Entertainment Resort (U.S.)
  • Coex Magok Convention Center (Seoul)
  • UE Garden Hotel & Resort (Japan)

March 28, 2025

• Announced new corporate branding and launched redesigned website: www.captivision.com

April 15, 2025

• Form 6-K disclosed
  • Material misstatements identified in audited financial statements for 2023, 2022, and interim H1 2024
  • Anticipates material weaknesses in internal control over financial reporting
  • Plans to restate prior financial statements and enhance disclosure controls

May 1, 2025

• Form NT 20-F filed, notifying inability to timely file the annual Form 20-F for the period ended December 31, 2024

Financial and Strategic Analysis

Key Financial Metrics (Trailing Twelve Months)

• Valuation: EV/Revenue of 2.78 indicates a revenue multiple in the architectural media sector.
• Profitability: Negative net income and absence of P/E ratio due to losses; H1 2024 gross margin improved but selling, general, and administrative (S,G&A) costs increased post-listing.
• Liquidity: Limited cash buffer at $0.67 million; significant receivables at $9.4 million.

Strategic Position

• Product Implementation: Over 460 G-Glass installations completed since 2014, including a 43,000 sq ft façade in Qatar and a 15,000 sq ft screen at the 2018 Pyeongchang Winter Olympics.
• Market Applications: Serves retail, entertainment venues, service companies, broadcasting, and public services.
• Partnerships: Collaborations with firms in hospitality and gaming sectors, including Activision’s Call of Duty: Mobile event.
• Regulatory & Operational Risks: Includes building-code compliance, supply-chain pricing, and internal control enhancements following the Form 6-K disclosures.

Market Context

• Price Range (52-Week): $0.37–$4.89
• Average Daily Volume: 866,672 (Yahoo Finance)
• Current Volume (May 30, 2025): 3,201,297

tl;dr

• On May 30, 2025, CAPTIVISION stock increased by 30.69% to $1.0050 on high trading volume.
• April 15 6-K indicated misstatements in the 2022–2023 audits; restatements and internal control improvements are being undertaken.
• H1 2024 revenue grew by 22% to $15.3 million, while net loss widened to $9.3 million due to higher administrative costs.
• May 1 NT 20-F filing delays annual report; investors await restated Form 20-F for year-end 2024.
• Ongoing G-Glass installations and strategic partnerships are being developed ahead of the revised FY 2024 filings.