As an expert writer for Daily Stock, I will examine the earnings momentum of KOSDAQ AI software companies, which are the core leading stocks in today's market.
Core Summary
As of March 2026, the KOSDAQ AI software sector has moved beyond mere technological expectations and entered a phase of full-fledged earnings proof.
With rising turnaround expectations centered on medical AI and business-to-business (B2B) large language models (LLMs), a sifting of the wheat from the chaff among growth stocks is in full swing.
As valuation re-ratings are strictly taking place in tandem with the volatility of global tech stocks, a selective approach seems necessary.
Current Situation Summary
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As of March 23, 2026, the KOSDAQ index closed at 1,096.89 and is continuously attempting to settle above the 1,100 mark.
The KOSPI recorded 5,405.75 and the NASDAQ 21,647.61, outwardly maintaining fairly high index levels.
However, according to Daily Stock's own Fear & Greed Index, the KOSPI is currently at 17.7 (Extreme Fear) and the NASDAQ is at 14.6 (Extreme Fear), indicating that extreme anxiety underlies the market.
Considering that the KOSPI was 28.2 (Fear) 1 week ago, 57.3 (Neutral) 1 month ago, and 46.1 (Neutral) 3 months ago, and the NASDAQ was 22.6 (Fear) 1 week ago, 44.4 (Neutral) 1 month ago, and 21.7 (Fear) 3 months ago, alertness has reached a peak.
The KRW/USD exchange rate remains at a very high level of 1,512.70 won, stimulating the volatility of foreign program trading and retail margin balance supply and demand.
Financial Analysis
Ahead of the Q1 2026 earnings season, the key point to watch is whether KOSDAQ AI software companies can achieve a financial structure turnaround.
Noul, a medical AI solution company, is expanding the sales portion of its cervical cancer diagnostic solution 'miLab CER' to the 60% range, making a full-scale transition to a platform-type revenue structure.
A visible acceleration in top-line growth through a diversified product mix is observed, breaking away from the past structure of relying on a single product.
Saltlux, which provides corporate AI solutions, is also attempting to diversify its revenue model based on its large language model 'Lusia' and AI agent 'Goover'.
Going beyond simple one-off implementations, a significant increase in the ratio of recurring subscription-based (SaaS) revenue is necessary to meaningfully reduce the existing operating deficit.
Valuation
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Due to the nature of AI software companies, the Price-to-Sales Ratio (PSR) and EV/EBITDA are utilized as major valuation metrics rather than the immediate Price-to-Earnings Ratio (PER).
KOSDAQ small-cap AI stocks listed under the special technology track are often still in the deficit phase, so a relatively high Price-to-Book Ratio (PBR) is frequently pointed out as a burden factor.
| Category | Key Valuation Metrics | Current Sector Average Characteristics | Investment Judgment Criteria |
|---|---|---|---|
| B2B AI Software | PSR, PBR | Relative overvaluation due to pre-reflection of future growth value | Subscription revenue portion growth rate |
| Medical AI Platform | EV/EBITDA | Pre-reflection of licensing and overseas export momentum | Global network and recurring orders |
| KOSDAQ 150 Inclusion Stocks | PER, Institutional Supply | Premium granted upon visibility of turnaround to surplus | Operating Profit Margin (OPM) improvement speed |
Unlike the leading profitable stocks belonging to the KOSDAQ 150, small and medium-sized AI theme stocks may experience temporarily widened valuation gaps due to liquidity concentration.
Ultimately, only companies that prove a 'Lock-in' effect—making it difficult for customers to leave—through actual earnings are highly likely to justify their current high multiples.
Expert and Institutional Analysis
The Yeouido stock market anticipates that 2026 will be the true inaugural year where the structural growth of the AI industry and earnings commercialization will interlock.
Major institutions, including Hanyang Securities, noted the possibility that medical aesthetics and medical AI businesses will act as new turnaround drivers for small and mid-sized IT companies.
Following the wrap-up of data center investments by global big tech companies, the dominant view is that AI will be introduced as integrated software assisting white-collar work, driving comprehensive productivity innovation.
However, some in the market warn that, similar to the dot-com bubble era, companies that lack actual profit-generating capabilities may suffer severe stock price corrections.
Therefore, advice continues that rather than relying on rapidly surging stocks dependent on short-term policy themes, investors should select platform companies where stable recurring revenue becomes visible after infrastructure construction.
Risk Factors
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The biggest macroeconomic burdens currently facing the market are the high exchange rate reaching 1,512.70 won and a prolonged high-interest-rate environment.
High financing costs can directly have adverse effects on the cash flows of KOSDAQ small and mid-sized AI stocks, for which continuous research and development (R&D) expenditure is essential.
On the supply and demand side, for stocks where retail investors' margin balances are excessively concentrated, there is a high risk of increased gap-down volatility upon minor bad news or the emergence of profit-taking volumes.
In particular, as the Fear & Greed Indexes of the benchmark KOSPI and NASDAQ point to 'Extreme Fear', the possibility of shock contagion to KOSDAQ small-cap stocks should be kept open in the event of worsening global investor sentiment.
Investment Perspective Summary
For AI software growth stocks, market participants' questions are now coldly shifting from 'What are they developing?' to 'How much are they earning?'.
In the first half of 2026, it may be reasonable to narrow the approach to companies possessing concrete and certain momentum, such as overseas expansion achievements or announcements of large-scale B2B orders.
Rather than oversold stocks where short-term moving averages have entered an inverted arrangement, a divided buying perspective seems advantageous for stocks that are firmly consolidating their bottoms and proving their earnings turnaround with numbers.
Since this is a period of extreme overall index volatility, it is recommended to maintain a cash portion within the portfolio above a certain level and parallel a defensive investment propensity.
Frequently Asked Questions by Searchers
1. When will the turnaround to surplus for KOSDAQ AI software companies begin in earnest?
Many companies have been improving their product mix with highly profitable products since the second half of 2025, and it is forecast that they will attempt gradual operating loss reductions and commercial turnarounds to surplus during 2026.
2. What is the direct impact of the high exchange rate situation on KOSDAQ AI stocks?
Software companies have a smaller portion of raw material imports, so they are less hit compared to other industries. However, increased infrastructure costs such as overseas cloud usage fees and concerns over foreign capital outflow can be complexly reflected in the stock price.
3. Is it safe to buy growth stocks under the current extreme fear index situation?
When the Fear & Greed Index indicates the 10s (Extreme Fear), investor sentiment is extremely frozen. Therefore, rather than aggressive buying, it is advisable to take a conservative, divided approach after confirming the company's core business value and earnings.
4. Between medical AI and general B2B AI, which has higher short-term earnings visibility?
Medical AI sees its earnings visibility increase rapidly once stringent licensing procedures are completed and hospital adoption begins in earnest, whereas B2B AI has a high probability of growing step-by-step depending on the acquisition of large-scale B2G/B2B projects.
5. What is the most important metric to check when evaluating AI software valuation?
Since the majority of companies do not yet generate net profit, the core investment point is to check the Price-to-Sales Ratio (PSR) and the growth speed of the subscription-based recurring revenue (SaaS) portion, rather than simple PER.