Stage Five Achieves First Quarterly Profitability

Stage Five (CEO Sangwon Seo), which had previously prepared to enter the market as a fourth mobile network operator, announced that it has successfully achieved its first quarterly operating profit turnaround following a rapid shift in management strategy.

Cumulative revenue for the third quarter reached KRW 24.3 billion, supported by subscriber growth in its core businesses—MVNO services and global data roaming—as well as reduced shared costs driven by operational efficiency initiatives. The company recorded operating profit in Q3, marking a clear turnaround. Industry observers note that Stage Five’s swift transition toward business normalization following the government’s final cancellation of spectrum allocation at the end of July played a decisive role.

In the MVNO segment, Stage Five strengthened its technology-driven telecom value chain by operating an in-house billing system, deploying an AI-powered contact center, and integrating networks from Korea’s three major mobile operators. As a result, Stage Five ranked second in MNP market share on the KT network¹ and is on track to surpass 100,000 subscribers by the end of October.

Stage Five’s MVNO services offer a 100% online customer journey, covering subscription, activation, and account management. Its all-in-one telecom app, Pindirect, launched in February last year, provides customer-centric features including: - Mobile plan subscription and activation - Usage monitoring - Device diagnostics and resale price estimation - International data roaming subscription and usage tracking Driven by positive customer feedback and steady subscriber growth, the Pindirect app surpassed 410,000 cumulative subscribers by the end of September.

In the global data roaming business, Stage Five continues to lead market innovation with industry-first offerings such as “truly unlimited data” plans and the Roaming Pass subscription service. Roaming Pass allows users to purchase roaming products at 50% off with unlimited usage for one year for a fee of KRW 9,900. The service has demonstrated strong customer satisfaction, with 52% of subscribers making repeat purchases.

Through its proprietary Pindirect app and distribution partnerships with leading travel platforms Yanolja and Interpark Triple, Stage Five’s roaming services are expected to surpass 1 million cumulative subscribers within the year. Further integration with these platforms will enable travel-schedule–optimized roaming experiences, creating strong revenue growth through platform synergies.

Sangwon Seo, CEO of Stage Five, commented: “Although our plans to become a fourth mobile network operator were ultimately canceled, the preparation process allowed us to secure advanced mobile technologies such as cloud-based core networks and to rigorously develop innovative services and pricing models focused on customer convenience. Building on this foundation, we will concentrate our capabilities on expanding our Full MVNO business. At the same time, we plan to diversify our device portfolio—including affordable foldable smartphones co-developed with global manufacturer Foxconn—to broaden customer choice and sustain our growth momentum.”

¹ As of Q3 2024, excluding MVNO subsidiaries of Korea’s three major mobile network operators.