[국내, AI] Deepnoid (315640): Analysis of Growth Potential Through AI Technology Scalability and Business Diversification & 5-Year Outlook

 

I. Executive Summary

This report provides a comprehensive analysis of DeepNoid Inc. (Ticker: 315640), a KOSDAQ-listed company. Deepnoid started by developing medical artificial intelligence (AI) solutions and is now expanding its business scope into AI development platforms (DEEP:PHI) and industrial AI (security, manufacturing), positioning itself as a technology-driven enterprise.  

Past financial performance reflects the challenges of the early commercialization stage, showing persistent operating losses amidst revenue volatility. However, recent contract achievements in the industrial AI sector and expectations for the launch of new generative AI-based medical solutions (M4CXR) have led securities analysts to forecast high revenue growth in the future. Particularly, diversification into industrial sectors like airport security and manufacturing quality inspection is seen as a key strategy to mitigate risks associated with the long development and approval cycles and uncertain insurance reimbursement issues in the medical AI field, while securing new growth engines.

Key contract statuses demonstrate the applicability of its technology through collaborations with major domestic hospitals, deliveries to public sectors like airports and data centers, and securing industrial clients including large corporations. Furthermore, the strategy to build a user-driven AI development ecosystem through the DEEP:PHI platform could contribute to securing a long-term competitive advantage.  

However, challenges remain, including financial burdens from continuous operating losses, the successful commercialization and market penetration of new solutions, intensifying competition, and regulatory and insurance reimbursement issues in the medical AI field. Notably, the rights offering conducted in 2023 suggests past funding needs, and the possibility of additional fundraising cannot be ruled out if profitability improvements are delayed.  

Over the next five years, Deepnoid's stock price direction is expected to largely depend on: △ the successful launch and market establishment of its generative AI solution (M4CXR), △ securing continuous large-scale contracts in the industrial AI sector, △ substantial revenue contribution from medical AI solutions (especially regarding insurance reimbursement), and △ achieving profitability through the establishment of a stable revenue structure. This report aims to provide an in-depth analysis of these factors, evaluating Deepnoid's long-term growth potential and inherent risk factors, and presenting the key drivers that will influence its future stock price movements.

II. Deepnoid: Corporate Profile and Strategic Positioning

A. Corporate Identity and Market Listing

Deepnoid Inc. is an artificial intelligence (AI) specialized company based in South Korea, established in February 2008. It began by developing medical AI solutions and is now expanding its business scope. Headquartered at Daeryung Post Tower 7, Digital-ro 33-gil, Guro-gu, Seoul, the company is led by CEO Choi Woo-sik. Deepnoid was listed on the KOSDAQ market in August 2021 through the technology growth track (ticker code 315640). While defining itself as a 'first-generation medical AI company,' Deepnoid pursues evolution into a broader AI platform provider under the vision of 'Expert AI for All.'  

B. Core Business Operations

Deepnoid's business portfolio primarily consists of Medical AI Solutions, an AI Development Platform, and Industrial AI Solutions.

1. Medical AI (DEEP:AI Suite): Develops and provides various solutions that assist medical professionals in decision-making, such as disease diagnosis, screening, treatment planning, and monitoring, by analyzing medical images. Key product lineups include:  

   • DEEP:NEURO: A solution that assists diagnosis by detecting suspected cerebral aneurysm areas in brain Magnetic Resonance Angiography (MRA) images. It has been selected as an innovative medical technology by the National Evidence-based Healthcare Collaborating Agency (NECA), allowing for non-reimbursed clinical application.  
   • DEEP:CHEST: A solution that screens for multiple lung diseases, including pulmonary nodules, pneumonia, and pneumothorax, from a single chest X-ray. It has obtained the highest GS Grade 1 certification for software quality.  
   • DEEP:LUNG: Assists diagnosis by detecting and analyzing pulmonary nodules in chest CT images.  
   • DEEP:SPINE: A solution that assists in diagnosing spinal diseases.  
   • Deepnoid has obtained multiple approvals from the Ministry of Food and Drug Safety (MFDS) for these solutions and claims to hold the record for the most approvals for AI image analysis solutions in Korea.  
   • Recently, the company is focusing on developing M4CXR using generative AI technology. This solution automatically generates draft radiology reports by analyzing chest X-ray images, potentially significantly improving the efficiency of medical professionals.  

2. AI Development Platform (DEEP:PHI): A no-code/low-code platform that enables users, especially medical professionals without coding or AI programming experience, to directly develop, validate, and commercialize AI models using medical data. Developed solutions can be shared and sold through a marketplace called DEEP:STORE. This platform strategy showcases Deepnoid's differentiated approach of building a user-based AI ecosystem beyond simple solution sales. Successful platform adoption holds the potential for user lock-in effects and generating new recurring revenue streams like subscription fees or marketplace commissions.  

3. Industrial AI: Provides solutions that solve problems in industrial settings based on image and visual analysis technology accumulated in the medical field.

   • DEEP:SECURITY: An AI-based system that automatically reads X-ray images at security checkpoints in airports, ports, etc., to detect various hazardous items like firearms, knives, and liquid explosives in real-time.  
   • DEEP:FACTORY: A solution that utilizes AI vision technology on manufacturing production lines to detect product defects and manage quality. It can be applied to various industries such as semiconductor wafers, display panels, secondary batteries, textiles, and PCB boards.  

4. Other Services: Also provides Picture Archiving and Communication System (PACS) called DEEP:PACS and AI-related educational services.  

C. Market Environment and Strategic Direction

Deepnoid operates in the AI market, encompassing both medical and industrial AI, which holds high growth potential but is also characterized by intense competition. The company's main strategic directions are as follows:  

1. Business Diversification: Actively expanding into industrial AI (security, manufacturing) to overcome the long development cycles and regulatory uncertainties of the medical AI field and secure a stable growth foundation. Applying medical AI technology, especially image analysis capabilities, to other industries is considered an effective strategy for creating technological synergy and diversifying risks. Indeed, the industrial AI sector offers relatively faster sales cycles and potential for large-scale contracts compared to the medical field, acting as a key driver for Deepnoid's recent revenue growth. Therefore, Deepnoid's corporate value assessment is expected to be increasingly influenced not only by its medical AI performance but also by its success in the industrial AI market.  

2. Platform-Centric Strategy: Aims to build a sustainable platform-based business model beyond simple solution sales by fostering an ecosystem where users develop AI solutions themselves through the DEEP:PHI platform. This is a differentiating factor from competitors, and if the platform becomes active, it can secure high scalability and customer loyalty.  

3. Focus on Generative AI: Aligning with the latest AI trends, the company is concentrating its capabilities on developing M4CXR, a solution for automatically generating draft radiology reports. While existing AI diagnostic aids had limited impact on radiologists' workflow, generative AI that shortens report writing time has great potential to meet the practical needs of the medical field. The successful commercialization of M4CXR could significantly enhance Deepnoid's market competitiveness and attract investor interest.  

4. Overseas Market Expansion: Moving beyond the domestic market, actively targeting overseas markets, focusing on Southeast Asia (Philippines, Thailand, etc.) and the Middle East (Dubai, etc.). This is an essential strategic direction for long-term growth.  

III. Financial Analysis: Past Performance and Future Outlook

A. Past Financial Review (2021-2024)

Deepnoid's financial performance over the past four years shows both growth potential and the difficulties of the early commercialization stage.

• Revenue Trend: Revenue, which was around 0.9 billion KRW in 2021 , grew significantly to about 3.2 billion KRW in 2022 (a 237% increase YoY), driven by new contracts with major medical institutions. However, revenue sharply decreased to approximately 1.9 billion KRW in 2023 (a 39% decrease YoY) , suggesting volatility in project-based income or potential contract fulfillment delays. In 2024, revenue rebounded significantly to 10.8 billion KRW (a 461% increase YoY), fueled by the expansion of industrial AI solution supply. This revenue fluctuation reflects the characteristics of a company in its early stages and highlights the importance of securing stable and predictable revenue streams.  
• Profitability: Despite revenue fluctuations, operating losses persisted. Operating losses were recorded at -7.7 billion KRW in 2021 , -6.2 billion KRW in 2022 , -6.7 billion KRW in 2023 , and -10.1 billion KRW in 2024. This indicates that operating expenses, driven by active R&D and business expansion, significantly exceed the current revenue scale. Net losses also continued each year. Persistent losses underscore the importance of cash flow management and increase the need for external funding (e.g., the rights offering in 2023 ).  
• Growth Drivers and Background: The growth in 2022 was mainly attributed to contracts with institutions like the Health Insurance Review & Assessment Service (HIRA), Pusan National University Hospital, and Kyung Hee University Medical Center. The revenue rebound in 2024 is primarily analyzed to be due to the expanded supply of industrial AI solutions (especially in the secondary battery and display sectors ). This suggests that the industrial AI sector is compensating for the slower commercialization pace of the medical AI sector and driving growth.  

B. Financial Outlook (2025-2028)

Securities analysts generally forecast positive revenue growth for Deepnoid's future financial performance, but views differ slightly on the timing of profitability improvement.

• Revenue Forecast: Many brokerage reports anticipate high revenue growth from 2025 onwards, citing the continued expansion of orders for industrial AI solutions (security, factory automation) and the launch and market penetration of generative AI-based medical solutions (M4CXR) as key growth drivers.
  • SK Securities projected revenue of 22 billion KRW for 2025.  
  • Hana Securities expected revenue of 27 billion KRW in 2025, suggesting a potential turn to profitability.  
  • Kiwoom Securities had anticipated revenue of 19.7 billion KRW and a turn to profit in 2024 , which differs from the actual 2024 result (10.1 billion KRW operating loss).  
  • SangSangIn Investment & Securities projected that industrial AI revenue alone would grow to around 13 billion KRW in 2025.  
  • NH Investment & Securities also expects full-scale growth in medical AI revenue starting in 2025.  
• Profitability Forecast: The timing for achieving profitability remains somewhat uncertain. Deepnoid did not meet its target of turning profitable in 2024, which was presented during its listing. While some securities firms (like Hana Securities) predict profitability in 2025 , others (like SK Securities) forecast continued operating losses in 2025. Profitability improvement will depend on △ the successful market adoption of new solutions (like M4CXR), △ generation of recurring revenue based on the platform (DEEP:PHI), △ profitability assurance in the industrial AI business, and △ company-wide cost efficiency efforts. Particularly, increasing the proportion of revenue from software and platform-based sales could positively impact overall profit margins.  

C. Table: Deepnoid Financial Summary and Forecast (Unit: KRW 100 Million)

Category	2021(A)	2022(A)	2023(A)	2024(A)	2025(E) - Consensus Range
Revenue	9	32	19	108	220 ~ 270
Operating Income (Loss)	(77)	(62)	(67)	(101)	(101) ~ 70
Net Income (Loss)	(89)	(53)	(67)	(91)	N/A

• Note: Figures for 2021-2024 are based on public disclosures and press releases. 2025(E) represents the range of forecasts from securities reports. Net income forecast for 2025 is N/A due to lack of data.  
• This table summarizes Deepnoid's past financial performance and future outlook, providing a clear overview of revenue volatility, persistent operating losses, and differing analyst forecasts regarding the 2025 profitability turnaround, serving as foundational data for investment decisions.

IV. Commercial Performance and Technological Competitiveness

A. Key Contracts and Partnerships

Deepnoid's technological capabilities and marketability are gradually being proven through contracts and partnerships across various industrial sectors.

• Medical Sector: Through AI voucher support programs, Deepnoid has secured contracts to supply AI solutions (DeepChest, DeepNeuro, DeepLung, etc.) to major university hospitals and tertiary general hospitals such as Pusan National University Hospital, Kyung Hee University Medical Center, and Haeundae Paik Hospital. This is a crucial step in exploring the clinical applicability of the solutions and establishing references. Notably, 'DeepNeuro,' the brain aneurysm diagnosis support solution designated as an innovative medical technology, has entered into a strategic alliance for joint research and clinical application with Chung-Ang University Hospital , seeking initial revenue generation through the non-reimbursed market. Additionally, a contract with Catholic St. Mary's Hospital regarding urothelial carcinoma cytopathology diagnosis demonstrates potential expansion into the digital pathology field. Recently, the company has established a foothold for entering the Southeast Asian market by signing MOUs with major hospitals in the Philippines for the supply of medical AI solutions. This indicates that Deepnoid's overseas expansion strategy is materializing in its early stages. Countries like the Philippines may have high demand for remote diagnosis and AI-assisted diagnostics due to geographical characteristics, highlighting their strategic importance.  

• Public/Security Sector: Supplying the AI automatic reading system (DeepSecurity) to security checkpoints at 14 domestic airports, including Gimpo, Gimhae, and Jeju, through cooperation with Korea Airports Corporation (KAC) is one of Deepnoid's major achievements. This signifies recognition of the technology's reliability and stability in the public sector, increasing the potential for further expansion into domestic and international airports and major facilities. Furthermore, a supply contract with the Ministry of the Interior and Safety's data center and a partnership with Smiths Detection, a global leader in security screening , further strengthen its position in the security AI field.  

• Industrial Sector: The DEEP:FACTORY solution is achieving results by securing large corporations (e.g., Company S ) as clients in various manufacturing sectors such as secondary batteries, displays, and chemicals. Particularly, the recent 500 million KRW supply contract for a large plate lamination/delamination vision inspection system and a 7.5 billion KRW supply contract related to secondary batteries demonstrate that the industrial AI segment is driving substantial revenue growth. Additionally, an MOU with liquid biopsy company Gencast suggests the possibility of establishing a new service model combining AI image diagnosis and liquid biopsy diagnosis targeting the health check-up market.  

Thus, contract wins across diversified fields like medical, public, and industrial sectors are positive signs validating the versatility and marketability of Deepnoid's AI technology. However, since the required technology level, sales cycle, and profitability differ for each sector, efficiently allocating company resources and achieving sustained performance in each area will be crucial.

B. Product and Technology Pipeline

Deepnoid's sustained growth depends on the successful development and commercialization of its core technology platform and the product pipeline based on it.

• Core Medical AI Solutions:

  • DEEP:NEURO: A brain aneurysm detection solution that has entered the non-reimbursed market through its designation as an innovative medical technology. Continuous performance improvement through accumulation of real-world clinical usage data and user feedback is expected. Whether it pursues formal insurance reimbursement will be a critical factor. Securities analysts anticipate a significant revenue contribution starting from the second half of 2024 or 2025.  
  • DEEP:CHEST / DEEP:LUNG: Multi-lung disease and pulmonary nodule detection solutions, primarily targeting the health check-up market. If they can meet the needs of health check-up centers requiring high throughput, they could possess considerable market potential.  

• Next-Generation Flagship Product (M4CXR - Generative AI): Deepnoid's most anticipated pipeline product is M4CXR, a generative AI-based solution for automatically generating draft chest X-ray reports. While existing AI solutions focus on lesion detection, M4CXR aims to alleviate the practical workload of medical professionals by reducing report writing time. This offers differentiated value in the medical AI market and has the potential to be a game-changer. An Investigational New Drug (IND) application was submitted to the MFDS in March 2025 , targeting clinical trial result announcements in the second half of the year and commercialization in 2025. The development of M4CXR utilized the 'R1' large language model (LLM) from the Chinese startup DeepSeek. While this may have contributed to faster development and improved performance, reliance on external technology, especially Chinese technology, carries potential risks related to data privacy, security, and geopolitical factors. Deepnoid emphasizes that there is no possibility of user data leakage , but preparedness for future regulatory changes or shifts in market perception is necessary.  

• AI Development Platform (DEEP:PHI): A platform supporting users in developing AI models themselves, which could become Deepnoid's core competitive advantage in the long run. By activating the platform, forming a developer community, and establishing a solution distribution ecosystem through DEEP:STORE, it can drive continuous revenue generation and technological innovation.  

• Industrial AI Solutions (DEEP:FACTORY, DEEP:SECURITY): Currently established as Deepnoid's main revenue source, with high potential for expansion into various fields like smart factories, smart logistics, and public safety. The leading position in the security AI field and experience with large corporate orders in manufacturing are positive factors for future growth.  

V. Corporate Disclosures and Regulatory Environment

A. DART Disclosures and Corporate Activity Analysis

Deepnoid's major disclosures and corporate activities provide important clues for understanding the company's financial status and growth strategy.

• Capital Raising: In July 2023, Deepnoid decided on a rights offering of approximately 17.8 billion KRW (shareholder allocation followed by public offering of forfeited shares) to secure operating funds (12 billion KRW) and facility funds (5.8 billion KRW). This signifies that the company raised necessary funds for continuous R&D investment and business operations externally, indicating the company's cash flow situation and the need for capital expansion at that time. While rights offerings can be a short-term factor diluting share value, they can also be an opportunity to strengthen growth engines and enhance financial stability with the secured funds. Additionally, there is a history of a 1:1 bonus issue in 2020 and conversion of Redeemable Convertible Preferred Stock (RCPS) to common stock. Specific details regarding Convertible Bond (CB) issuance were not confirmed in the provided materials, but considering examples from peers like JLK , the possibility of using it as a future funding method remains open.  
• Recent Disclosures: Within the provided materials, general disclosure contents such as the submission of the 2024 annual report and audit report , signing of single sales supply contracts , hosting of investor relations (IR) meetings , and results of the regular general shareholders' meeting are confirmed. Disclosures regarding specific significant management matters (e.g., large-scale M&A, lawsuits related to core technology) were not identified. Investors need to periodically check the latest disclosures through the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System (DART).  

B. Regulatory and Reimbursement Environment

The medical AI field tends to see slower progress in regulation and insurance reimbursement compared to the pace of technological advancement, significantly impacting Deepnoid's medical business segment.

• MFDS Approvals: Deepnoid has obtained MFDS approvals for multiple DEEP:AI solutions , completing the basic verification of product safety and efficacy. This is a prerequisite for entering the domestic market.  
• Innovative Medical Technology Designation: The designation of the brain aneurysm diagnosis support solution 'DeepNeuro' as an innovative medical technology is a positive signal. This opens a pathway for its use in clinical settings on a non-reimbursed basis even before formal insurance listing, which is advantageous for initial market entry and accumulating Real-World Data.  
• Importance of Insurance Reimbursement: For medical AI solutions to be widely adopted by hospitals and generate sustainable revenue, health insurance coverage is essential. Currently, instances of insurance reimbursement for AI medical devices in Korea are limited, and the process for determining coverage is complex and time-consuming. Whether Deepnoid's flagship products get listed for reimbursement is a critical variable that will determine the future success of its medical AI business.  
• Generative AI Regulatory Environment: The field of generative AI medical devices, where Deepnoid is focusing its efforts, is still in the early stages of regulation. While the MFDS's announcement of the world's first 'Guideline for Generative AI Medical Devices' is positive, unexpected regulatory hurdles may arise during the actual product approval and clinical application process. Whether Deepnoid can successfully complete the clinical and approval procedures for M4CXR and establish a first-mover advantage is noteworthy.  
• Data Privacy and Security: As medical data is sensitive information, strict compliance with relevant laws such as the Personal Information Protection Act is required. Particularly, the use of external AI models (like DeepSeek R1) in M4CXR development necessitates additional management and transparency efforts regarding data security and privacy.  

VI. Analyst Consensus and Market Situation

A. Comprehensive Analysis of Brokerage Reports

Securities firms' assessments of Deepnoid reflect expectations for the company's technological capabilities and growth potential, while also showing caution considering its current financial status and the uncertainties in the commercialization process.

• Major Covering Brokerages: Several securities firms, including SK Securities, IBK Investment & Securities, Kiwoom Securities, Hana Securities, SangSangIn Investment & Securities, KB Securities, Shinhan Investment Corp, and NH Investment & Securities, have published reports on Deepnoid.  
• Overall Market Assessment: Analysts tend to positively evaluate Deepnoid's AI technology, particularly its expertise in the medical field, the potential of the DEEP:PHI platform, and its successful business diversification into the industrial AI market. Many reports express anticipation for a performance turnaround starting from 2024 or 2025, driven by the full-scale realization of industrial AI revenue and the launch of the generative AI solution (M4CXR).  
• Key Investment Points: Common investment points emphasized in brokerage reports include △ the ecosystem building strategy based on the DEEP:PHI platform , △ tangible results and growth potential in the industrial AI market (security, factory) , △ anticipation for the launch of the generative AI solution M4CXR , and △ momentum from overseas market entry, such as Southeast Asia.  
• Target Price and Investment Opinion: According to the provided information, recent reports often maintain a 'Not Rated' opinion rather than presenting a specific target price. This is likely because the company has not yet generated stable profits, and the uncertainty surrounding the speed and success of AI technology commercialization makes quantitative valuation difficult. Target prices mentioned in past reports or some online communities are likely outdated. The 17,200 KRW target price mentioned in a Hana Securities report from January 2025 appears related to HD Hyundai Heavy Industries and is deemed irrelevant to Deepnoid. Therefore, investors should focus more on qualitative aspects, such as the company's achievement of technology development and commercialization milestones and quarterly earnings improvement trends, rather than relying on specific target prices currently being announced.  

B. Industry Trends and Competitive Environment

Deepnoid operates in a rapidly growing yet increasingly competitive AI market environment.

• Market Growth Potential: Both the medical AI market and the industrial AI market (machine vision, security AI, etc.) possess high growth potential. The machine vision market, in particular, is projected to grow to 24 trillion KRW by 2028 , indicating sustained growth driven by trends in industrial automation and smartification.  
• Competitive Landscape: Deepnoid competes with numerous domestic and international AI startups and established IT companies. In the medical AI field, competitors include companies developing similar solutions like Lunit, Vuno, and JLK. In the industrial AI sector, various competitors exist, including specialized solution providers and subsidiaries of large corporations. Furthermore, global tech giants like Nvidia and Google are expanding their investments in healthcare and industrial AI , posing potential competitive threats that need consideration.  
• Differentiation Strategy: Amidst this competition, Deepnoid seeks to secure a competitive edge through ecosystem building via the DEEP:PHI platform and value chain expansion using generative AI (M4CXR) technology. Besides technological prowess, first-mover advantages in specific industrial sectors (e.g., airport security) and partnerships (e.g., Smiths Detection ) can also be significant competitive factors.  
• Key Industry Trends: In healthcare, the scope of AI application is expanding beyond diagnostic assistance to workflow efficiency and prediction/prevention, with the application of generative AI emerging as a key trend. In the industrial sector, demand for AI-based automation and intelligence solutions continues to grow due to the acceleration of smart factory construction and increasing security threats. For the successful proliferation of medical AI, regulatory clarification and insurance reimbursement remain crucial challenges.  

In conclusion, while Deepnoid operates in promising markets, securing and maintaining a competitive advantage in a fiercely competitive environment through continuous technological innovation, successful commercialization strategy execution, and effective partnership building will be the core challenge for its long-term growth.

VII. 5-Year Stock Price Outlook: Key Influencing Factors

Deepnoid's stock price trajectory over the next five years is expected to be influenced by various factors, including technological development achievements, commercialization success, attainment of financial health, and changes in the market environment. Rather than predicting a specific price, it is more important to analyze the positive factors (catalysts) and negative factors (risk elements) that could affect the stock price direction.

A. Potential Catalysts (Positive Factors)

1. Successful Launch and Market Adoption of M4CXR: Obtaining MFDS approval and successfully commercializing the generative AI-based chest X-ray report generation solution, M4CXR, could be the most potent catalyst, proving Deepnoid's technological prowess and providing new growth momentum. Demonstrating practical efficiency improvements in clinical settings and securing market share could lead to a re-evaluation of the company's value.  
2. Achieving Profitability: Moving away from a structure of persistent operating losses and achieving a stable profitable base is crucial for restoring investor confidence and ensuring financial stability. Successfully turning operating profit and net income positive through increased industrial AI revenue and sales expansion of high-margin solutions (like M4CXR) would positively impact the stock price.
3. Large-Scale Industrial AI Contract Wins: Securing large-scale or recurring contracts in the security (airports, major facilities) or manufacturing (secondary batteries, displays, etc.) sectors can contribute to stable revenue growth and improved cash flow, acting as a stock price driver. Particularly, visible results from partnerships with global companies (e.g., Smiths Detection) are important.  
4. Successful Overseas Market Expansion: Achieving tangible sales results and successfully establishing a market presence in targeted overseas markets like Southeast Asia and the Middle East would demonstrate long-term growth potential.  
5. Medical AI Insurance Reimbursement: If key medical AI solutions like DEEP:NEURO and DEEP:CHEST get listed for health insurance reimbursement, the barrier to hospital adoption would lower, enabling full-scale revenue expansion and acting as a strong positive catalyst for the stock price.  
6. DEEP:PHI Platform Activation: If the user base of the AI development platform DEEP:PHI expands and solution transactions through DEEP:STORE become active, successfully building the platform ecosystem could secure long-term growth engines and competitive advantages.  

B. Key Risk Factors (Negative Factors)

1. Delayed Profitability Improvement and Cash Burn: If the turnaround to profitability is delayed longer than expected and continuous operating losses accelerate cash burn, the need for additional funding (e.g., rights offering) could arise, negatively impacting the stock price.  
2. New Product Launch Delays and Commercialization Failure: Delays in the development or approval of key new solutions like M4CXR, or failure to achieve expected market performance after launch, could weaken growth expectations.
3. Intensifying Competition: Increased competition in the medical and industrial AI markets could make it difficult to secure market share or lead to deteriorating profitability due to price competition. Maintaining a continuous technological edge is crucial in the rapidly evolving AI field.  
4. Regulatory and Reimbursement Uncertainty: Changes in regulations (especially concerning generative AI) or delays/failures in obtaining insurance reimbursement for medical AI could significantly hinder business expansion.  
5. Data Security and Privacy Issues: Security incidents or personal information breaches during the processing of sensitive medical data could damage the corporate image and lead to legal liability issues. Managing potential risks associated with using external AI models (like DeepSeek) is particularly important.  
6. Dependence on Specific Contracts/Sectors: Excessive reliance on specific large contracts or industrial sectors (e.g., airport security) in the early stages could increase earnings volatility depending on contract fluctuations or changes in industry conditions.
7. Macroeconomic Environment Changes: Deterioration of macroeconomic factors, such as a global recession or investment contraction, could delay or reduce corporate AI adoption investments, negatively impacting Deepnoid's performance.

C. Overall Outlook (Next 5 Years)

Deepnoid's stock price trend over the next five years will be determined by its ability to translate technological potential into tangible commercial success and financial performance.

• Short-Term (1-2 Years): During this period, the stock price is expected to react sensitively to the development and launch schedule of M4CXR, news of new contract wins in the industrial AI sector, quarterly earnings announcements (especially revenue growth rate and operating loss improvement trends), and the performance of DEEP:NEURO in the non-reimbursed market. Stock price volatility may increase if there is a discrepancy between market expectations and actual results regarding the timing of profitability.
• Mid-to-Long Term (3-5 Years): Establishing a sustainable profitable structure is essential for long-term growth. Securing insurance reimbursement in the medical AI field, strengthening market dominance in industrial AI, achieving visible results in overseas markets, and successfully building the DEEP:PHI platform ecosystem will be key drivers for mid-to-long-term stock price appreciation. The ability to respond to changes in the competitive landscape and maintain continuous technological innovation capabilities will also be critically evaluated.

Comprehensive View: Deepnoid possesses a clear growth strategy involving generative AI adoption and industrial diversification, demonstrating high growth potential through its technological capabilities and early market entry achievements. However, challenges such as achieving profitability, navigating the regulatory environment, and intense competition are also evident. Therefore, Deepnoid stock carries both high growth expectations and significant risk factors, necessitating a cautious approach with continuous monitoring of the company's key milestone achievements from a long-term perspective.

VIII. Conclusion

Deepnoid is laying the groundwork for growth by successfully expanding its business scope from expertise in medical AI to AI development platforms and the industrial AI market. Notably, the delivery of AI-based security screening systems to airports and contract wins in the manufacturing sector are significant achievements proving the commercial value of its technology. Furthermore, the development of the M4CXR solution, incorporating generative AI technology, is garnering attention as a key growth driver with the potential to change the landscape of the medical AI market.

However, persistent operating losses pose a financial burden to the company, making the establishment of a stable revenue model and achieving profitability urgent tasks. The success of the medical AI division heavily depends on regulatory approvals and insurance reimbursement decisions, while the industrial AI division requires maintaining a continuous technological edge and expanding market share amidst fierce competition.

Over the next five years, Deepnoid's corporate value and stock price trajectory will be determined by the achievement of key milestones, including: △ successful commercialization of new solutions like M4CXR, △ sustained growth in the industrial AI sector, △ resolution of regulatory and reimbursement issues in medical AI, △ establishment of a stable profitable structure, and △ successful overseas market entry. As Deepnoid presents both high growth potential and clear risk factors, investors need to closely monitor the company's strategy execution process and financial performance improvement trends, making investment decisions from a long-term perspective.

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