Stage Five is seeking an initial public offering through an artificial intelligence (AI)-based telecommunications platform and a shift to a full MVNO, a budget carrier that operates its own facilities. It is also simplifying its equity structure, including by reshuffling its shareholder lineup.

On April 8, Stage Five said its digital MVNO service Findairect is sustaining a trend of net subscriber growth in the mobile number portability (MNP) market as subscriptions increase. Stage Five said it applied AI agents to the Findairect service and cut customer acquisition costs (CAC) and customer service (CS) costs by 10 percent. It also said it confirmed gains in platform-based operating efficiency, including improving customer retention by more than 30 percent.

The company said it is also securing new revenue sources by using AI-based telecommunications operations platform technology that covers overall telecom operations. Results are also improving. Stage Five posted 2025 sales of 111.2 billion won, up 282 percent from a year earlier. Operating loss narrowed to about 500 million won. Stage Five will gradually upgrade its telecommunications capabilities and profit structure, centered on a full MVNO, reflecting the government policy environment.

It is also pursuing financial restructuring for the IPO. The company is working to simplify its capital structure, including by pushing to convert existing redeemable convertible preferred shares (RCPS) into common shares. It is also proceeding with liquidity for stakes held by some financial investors (FI). A company official said this was a standard recovery procedure linked to the maturity of a fund invested in 2019 and reflected structural factors such as restrictions on the use of investment money under a shareholders' agreement (SHA).

Stage Five said it is securing profitability and scalability at the same time through advancing an AI-based telecommunications platform and its full MVNO strategy. It said it plans to continue pushing for global market expansion and preparations for an IPO.