Ibase Solution Co., Ltd (6441) AI Stock Analysis

Ibase Solution Co., Ltd

(TPEx:6441)

Select Model

Rating:39Underperform

Price Target:TWD 19.50▼(-5.80% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is low, driven primarily by severe profitability deterioration, negative operating and free cash flow, and weak balance-sheet returns. Technical momentum is also unfavorable, while the negative P/E provides no valuation support.

Positive Factors

Moderate Leverage and Equity BufferModerate leverage and a meaningful equity base provide some financial resilience relative to the company’s weak earnings. This buffer may help Ibase sustain operations and pursue recovery without relying entirely on additional borrowing, although losses remain a constraint.

Negative Factors

Persistent Revenue DeclineRepeated revenue contraction indicates weakening business scale and reduces the operating base available to absorb fixed costs. If the decline persists, Ibase may have less capacity to fund product development, retain operating leverage, and restore sustainable profitability.

Ibase Solution Co., Ltd (6441) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.08B
Dividend Yield: ―
Average Volume (3M): 226.32K
Price to Earnings (P/E): -4.3
Beta (1Y): 0.72
Revenue Growth: -58.51%
EPS Growth: -17.09%
Country: TW
Employees: 96
Sector: General
Sector Strength: 55
Industry: Conglomerates

Ibase Solution Co., Ltd Business Overview & Revenue Model

Company Description

Ibase Gaming Inc. is a global enterprise dedicated to the design, engineering, fabrication, and sale of both gaming solutions and energy storage technologies. Their comprehensive gaming portfolio includes specialized offerings for applications such a...

Ibase Solution Co., Ltd Financial Statement Overview

Summary

Financial performance is severely weak: profitability deteriorated sharply, revenue declined 19.6%, margins turned deeply negative, and operating and free cash flow remained negative. Positive equity and improved leverage provide limited support.

Income Statement

8Very Negative

Balance Sheet

55Neutral

Cash Flow

12Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	131.60M	235.26M	540.29M	682.80M	581.31M	1.53B
Gross Profit	-114.23M	-45.50M	112.66M	108.41M	100.96M	102.80M
EBITDA	-205.24M	-212.33M	-75.10M	-8.14M	76.21M	-60.49M
Net Income	-257.52M	-274.95M	-141.55M	-69.98M	851.00K	-122.49M
Balance Sheet
Total Assets	1.58B	1.65B	1.88B	2.12B	1.83B	2.67B
Cash, Cash Equivalents and Short-Term Investments	173.20M	221.91M	237.66M	243.55M	229.62M	1.57B
Total Debt	595.38M	526.27M	463.72M	367.46M	654.14M	1.23B
Total Liabilities	669.11M	622.78M	588.24M	688.02M	784.21M	1.39B
Stockholders Equity	881.87M	1.02B	1.29B	1.43B	1.04B	1.02B
Cash Flow
Free Cash Flow	-169.10M	-73.17M	-70.71M	-138.66M	-528.85M	-63.51M
Operating Cash Flow	-166.41M	-69.41M	-32.64M	-81.10M	-102.96M	-23.53M
Investing Cash Flow	43.26M	724.00K	78.73M	-89.81M	193.85M	344.63M
Financing Cash Flow	116.99M	58.55M	54.40M	162.46M	-816.72M	29.21M

Ibase Solution Co., Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6441 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6821	60Neutral	TWD 1.25B	20.31	―	3.05%	-11.42%	56.51%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6680	40Underperform	TWD 1.23B	52.20	―	6.02%	11.10%	-7.06%
TW:6441	39Underperform	TWD 1.10B	-4.32	―	―	-58.51%	-17.09%
TW:3541	37Underperform	TWD 1.25B	70.26	―	―	0.16%	―
TW:3419	28Underperform	TWD 1.22B	-6.23	―	―	2.16%	-0.50%

* General Sector Average

Performance Comparison

TW:6441 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6441	Ibase Solution Co., Ltd	20.70	-1.95	-8.61%
TW:3419	Wha Yu Industrial Co., Ltd.	10.10	-3.20	-24.06%
TW:3541	Cypress Technology Co. Ltd.	22.30	-1.25	-5.31%
TW:6638	Goldtek Technology Co., Ltd.	41.00	10.90	36.21%
TW:6680	SINTRONES Technology Corp.	49.20	-22.45	-31.34%
TW:6821	Linkcom Manufacturing Co., Ltd.	35.60	0.75	2.15%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Ibase Solution Co., Ltd AI Stock Analysis