Knorex (KNRX)
Market Price (5/30/2026): $0.5726 | Market Cap: $-Sector: Information Technology | Industry: Application Software
Knorex (KNRX)
Market Price (5/30/2026): $0.5726Market Cap: $-Sector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Social Media & Creator Economy, and Digital Advertising. Themes include Ad-Tech Platforms. | Weak multi-year price returns2Y Excs Rtn is -125%, 3Y Excs Rtn is -164% | Penny stockMkt Price is 0.6 High stock price volatilityVol 12M is 238% Key risksKNRX key risks include [1] high cash burn with negative profitability and [2] significant short-term liquidity challenges. |
| Megatrend and thematic driversMegatrends include Social Media & Creator Economy, and Digital Advertising. Themes include Ad-Tech Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -125%, 3Y Excs Rtn is -164% |
| Penny stockMkt Price is 0.6 |
| High stock price volatilityVol 12M is 238% |
| Key risksKNRX key risks include [1] high cash burn with negative profitability and [2] significant short-term liquidity challenges. |
Qualitative Assessment
AI Analysis | Feedback
Knorex (KNRX) stock has lost about 50% since 1/31/2026 because of the following key factors:
1. Regulatory Non-Compliance and Delisting Risk due to Delayed Annual Report Filing.
Knorex received a notification from NYSE American on May 18, 2026, indicating non-compliance with listing standards for failing to file its 2025 Form 20-F annual report by the extended May 15, 2026 deadline. This initiated a formal cure period until November 15, 2026, with the potential for delisting if compliance is not regained, creating significant investor uncertainty.
2. Persistent Unprofitability and Ongoing Liquidity Concerns.
The company has a history of weak financial performance, including significant net losses of $5.88 million on revenues of $10.82 million in fiscal year 2024, alongside negative operating margins of -50.91%. Furthermore, Knorex secured $3 million in notes and up to a $50 million share purchase deal in early April 2026 to enhance liquidity, signaling ongoing financial pressures and reliance on external capital.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
1/31/2026 to 5/29/2026| Return | Correlation | |
|---|---|---|
| KNRX | -50.7% | |
| Market (SPY) | 9.6% | -0.2% |
| Sector (XLK) | 32.9% | 0.1% |
Fundamental Drivers
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Market Drivers
10/31/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| KNRX | -71.0% | |
| Market (SPY) | 11.5% | -0.8% |
| Sector (XLK) | 27.4% | 0.0% |
Fundamental Drivers
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Market Drivers
4/30/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| KNRX | ||
| Market (SPY) | 38.0% | 1.7% |
| Sector (XLK) | 83.0% | 1.9% |
Fundamental Drivers
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Market Drivers
4/30/2023 to 5/29/2026| Return | Correlation | |
|---|---|---|
| KNRX | ||
| Market (SPY) | 89.0% | 1.7% |
| Sector (XLK) | 158.6% | 1.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KNRX Return | - | - | - | - | -51% | -60% | -80% |
| Peers Return | -1% | -53% | 20% | 11% | 19% | 4% | -24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| KNRX Win Rate | - | - | - | - | 0% | 20% | |
| Peers Win Rate | 42% | 35% | 55% | 47% | 48% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| KNRX Max Drawdown | - | - | - | - | - | -74% | |
| Peers Max Drawdown | -51% | -63% | -44% | -41% | -57% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TTD, PUBM, MGNI, APPS, VNT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)
How Low Can It Go
KNRX has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.0% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 92 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.0% | -9.5% |
| % Gain to Breakeven | 11.2% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
KNRX has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 797 days | 1085 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Knorex (KNRX)
AI Analysis | Feedback
Knorex is like:
- Salesforce for digital advertising campaigns, providing a unified, AI-powered platform to manage and optimize ads across Google, Meta, and the broader internet.
- HubSpot for paid digital advertising, simplifying and automating omni-channel ad management and execution for marketers from a single platform.
AI Analysis | Feedback
- Knorex XPO™: A self-service enterprise-grade cloud platform offering a comprehensive suite of AI/ML-powered advertising management and execution applications for omni-channel programmatic advertising.
- Managed Activations: Services that support marketers in launching and monitoring advertising campaigns using XPO, or fully manage end-to-end campaigns for customers.
- Professional Services: Add-on services including technical and business consultation, staff training, and technical support to assist customers with their advertising challenges.
AI Analysis | Feedback
Knorex (KNRX) is a B2B technology company. Based on the provided description, specific names of its major customer companies are not disclosed.
However, the company's customer base can be described by the following categories:
- Advertising Agencies: Knorex explicitly states that its "customers primarily comprising marketers from the advertising agencies." These agencies utilize the Knorex XPO™ platform to manage and optimize advertising campaigns for their own clients.
- Direct Marketers and Businesses: While advertising agencies are the primary customers, the Knorex XPO™ platform is described as a "self-service enterprise-grade cloud platform" for "marketers," implying that businesses with in-house marketing teams may also directly use the platform to streamline and automate their advertising workflows.
- Diverse Advertiser Accounts across Various Verticals: Knorex XPO™ is used to automate and optimize outcomes for over 7,997 advertiser accounts. These advertisers span diverse industry verticals, including automotive, healthcare, e-commerce, business-to-business, retail, consumer packaged goods, travel and hospitality. These represent the end-advertisers whose campaigns are managed through the platform, either directly by their in-house marketers or by advertising agencies.
AI Analysis | Feedback
KNRX is a B2B technology company specializing in programmatic advertising products and solutions. The company's management team includes:Justin Choo, Ph.D., Founder, Chairman and Chief Executive Officer
Justin Choo is the founder of Knorex and provides the strategic leadership and vision for the company's growth and innovation. He has over 15 years of experience in the digital marketing industry, possessing deep knowledge of advertising and marketing technologies. His experience includes working with advertising agencies, brands, and media publishers, from small and medium enterprises to multinational corporations, and he plays a key role in driving the company's global commercial expansion.
Ning (Michael) Sun, Chief Financial Officer
Michael Sun was appointed Chief Financial Officer effective January 22, 2026. Before his appointment, he served as Head of Capital Markets at Knorex, where he was responsible for capital markets planning, investor engagement, and pre-IPO initiatives. Prior to joining Knorex, Mr. Sun held senior roles at Jiayin Group (NASDAQ: JFIN) and Fang Holdings (NYSE: SFUN), both U.S.-listed companies, serving as Vice President of Capital Markets at Jiayin Group and Director of Investor Relations at Fang Holdings. He brings deep capital markets and public-company experience to Knorex.
Wilson Chandra, Director and President
Wilson Chandra serves as the President and Board Member of Knorex, bringing over 25 years of experience in sales, marketing, and business acceleration. As a co-founder and managing director of Knorex Inc., a subsidiary of the company, he was instrumental in expanding the Group's presence in the U.S. market since 2019.
Abhishek Kumar, Vice President of Product and Engineering
Abhishek Kumar serves as the Vice President of Product and Technology and is also one of the founders and the managing director of Knorex India Private Limited, one of the company's global research and development innovation centers. He leads the cross-country technical development teams and has over 16 years of experience in product design, technical development, and architecting large-scale and real-time systems, charting the Knorex XPO products and solutions roadmap.
Phu le Truong Vinh, Vice President of Operations
Phu le Truong Vinh serves as the Vice President of Operations. As one of the founding members and the founder of Knorex Vietnam Company Limited, another of Knorex's global research and development innovation centers, he oversees the Group's operations and the daily activities of the Vietnam office. He contributes over 14 years of commercial and research experience and expertise to the company.
AI Analysis | Feedback
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Dependence on Major Advertising Platforms (Walled Gardens)
Knorex's core offering and value proposition are deeply intertwined with its ability to orchestrate omni-channel advertising across both the Open Internet and major "Walled Gardens" or "Native Platforms owned by the big tech giants." The company explicitly highlights its status as a Meta Business Partner and Google Premier Partner (among the top 3% exclusive tier). This strong reliance on a few dominant platforms means that adverse changes in their policies, algorithms, data access terms, or business relationships could significantly impact Knorex's service delivery, platform functionality, and competitive standing. Any decision by these key partners to restrict third-party access or alter partnership benefits could directly impede Knorex's operational capabilities and reduce the effectiveness of its platform.
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Data Privacy Regulations and Access to Data
Knorex's AI/ML-powered platform relies heavily on "ingesting vast amounts of real-time data" and gleaning insights from "diverse data points consolidated across various ad channels" and "global advertisement and data marketplaces" to optimize advertising performance. The evolving landscape of global data privacy regulations (e.g., GDPR, CCPA, and similar upcoming legislation) poses a significant risk. Stricter regulations, changes in consumer consent mechanisms, or shifts in industry practices like the deprecation of third-party cookies, could restrict Knorex's access to critical data, increase compliance costs, or diminish the accuracy and effectiveness of its data-driven optimization capabilities, thereby impacting its core product offering.
AI Analysis | Feedback
The clear emerging threat for Knorex is the potential for major "Walled Garden" platforms (such as Google, Meta, Amazon, or TikTok), or a consortium of them, to develop and offer their own highly integrated, AI-driven, and truly omni-channel advertising management platforms. These platforms would aim to seamlessly manage campaigns not just across their own properties but also across a broad range of other ad channels, including competitors and the Open Internet. Such a development would directly compete with Knorex’s core mission of simplifying the increasingly complex digital marketing landscape by consolidating disparate and siloed ad channels into a singular unified platform (Knorex XPO™). This strategic shift by powerful tech giants could diminish the need for third-party orchestrators like Knorex by providing a direct, comprehensive solution from the source platforms themselves, effectively eliminating the "siloed" problem that Knorex is built to solve.
AI Analysis | Feedback
Addressable Markets for Knorex (KNRX)
Knorex's primary products and services address the programmatic advertising market and the marketing automation software market. The company specializes in providing a cloud-based platform for programmatic advertising, particularly for omni-channel orchestration, and offers related managed and professional services.
Programmatic Advertising Market
The global programmatic advertising market was valued at approximately US$833.16 billion in 2024 and is projected to grow to about US$4397.68 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.21% from 2025 to 2032.
In the United States, the programmatic advertising market was valued at approximately US$197.22 billion in 2024 and is expected to reach around US$1027.79 billion by 2032, with a CAGR of 22.92% over the period of 2025 to 2032.
Marketing Automation Software Market
The global marketing automation software market size was valued at US$11.42 billion in 2024 and is anticipated to reach US$28.48 billion by 2032, growing at a CAGR of 12.10% during the forecast period of 2025 to 2032.
The U.S. marketing automation software market reached approximately US$2.83 billion in 2025.
AI Analysis | Feedback
Knorex (KNRX) is anticipated to drive future revenue growth over the next 2-3 years through a combination of increased platform adoption, strategic market expansion, continuous product innovation, and the growth of its complementary services. Here are 3-5 expected drivers of future revenue growth: * Accelerated Adoption and Scaling of the Knorex XPO™ Platform: Knorex expects accelerated growth as new pipeline opportunities convert and existing customers scale their advertising spend on its AI-driven XPO platform. The company's revenue growth in 2024 was primarily attributed to increased platform adoption, indicating a continued trend of customers seeking automation and scaling efficiency. Successful case studies, such as the 10% increase in revenue for a Canadian dental network and a 29% reduction in cost per acquisition for a nationwide legal marketing campaign, demonstrate the platform's ability to deliver measurable results, which is likely to drive further adoption and expansion of campaign budgets across verticals. * Expansion into New Verticals and Market Segments, including White-Label Solutions: Knorex is actively pursuing initiatives to expand its customer base beyond advertising agencies and into new market verticals. The company's goal is to foster wider adoption of XPO and extend its benefits to a broader array of customers. This includes strategic expansion into new verticals, such as the launch of white-label solutions for a live commerce platform, allowing Knorex to embed its AI-powered automation into third-party ecosystems and extend its market reach. Knorex is also reinforcing its presence in specific industries like the automotive and legal verticals. * Enhanced AI-Powered Product Offerings, particularly the Agentic AI-Ready Ads API and KAIROS™ Upgrades: Significant investments in research and development and proprietary AI/ML technology are expected to fuel future growth. The recent launch of the agentic AI-ready Knorex Ads API, designed to automate advertising workflows across major digital channels (e.g., Meta Ads, Google Ads, LinkedIn Ads, and TikTok Ads), positions Knorex for the evolving AI-native advertising landscape. Furthermore, the full-scale commercial deployment of major enhancements to KNOREX KAIROS™, the company's proprietary AI engine, has already demonstrated substantial improvements in conversion quality and cost efficiency for advertisers, which is expected to drive long-term revenue scalability and strengthen advertiser retention. * Growth in Managed Activations and Professional Services: Beyond its core platform, Knorex offers add-on services like managed activations and professional services, including technical and business consultation, staff training, and technical support. These services cater to customers seeking campaign-driven engagements or extensive support without long-term platform commitments. As the complexity of digital marketing increases and more marketers seek end-to-end solutions or specialized assistance, the demand for these supplementary services is anticipated to contribute to revenue growth.AI Analysis | Feedback
Share Issuance
- Knorex completed an initial public offering (IPO) on the NYSE American in September 2025, raising $12 million in gross proceeds.
- The IPO involved the offering of 3 million Class A ordinary shares at $4.00 per share.
- Underwriters were granted a 45-day option to purchase up to 450,000 additional shares at the offering price.
Capital Expenditures
- Proceeds from the $12 million IPO in September 2025 were earmarked to fund geographic expansion.
- A portion of the IPO proceeds was also allocated to accelerate research and development (R&D) of its AI/ML-powered advertising platform.
- The company has a history of consistently making substantial investments in research and development.
Trade Ideas
Select ideas related to KNRX.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.00 |
| Mkt Cap | 2.1 |
| Rev LTM | 723 |
| Op Inc LTM | 107 |
| FCF LTM | 50 |
| FCF 3Y Avg | 140 |
| CFO LTM | 113 |
| CFO 3Y Avg | 199 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.1% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 5.5% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 32.8% |
| Op Inc Chg 3Y Avg | -0.4% |
| Op Mgn LTM | 14.8% |
| Op Mgn 3Y Avg | 4.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 15.6% |
| CFO/Rev 3Y Avg | 28.4% |
| FCF/Rev LTM | 12.1% |
| FCF/Rev 3Y Avg | 16.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.1 |
| P/S | 2.0 |
| P/Op Inc | 17.0 |
| P/EBIT | 16.7 |
| P/E | 9.8 |
| P/CFO | 9.4 |
| Total Yield | 4.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.9% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.3% |
| 3M Rtn | -2.1% |
| 6M Rtn | -12.1% |
| 12M Rtn | -16.4% |
| 3Y Rtn | -19.3% |
| 1M Excs Rtn | -6.5% |
| 3M Excs Rtn | -12.3% |
| 6M Excs Rtn | -24.0% |
| 12M Excs Rtn | -45.5% |
| 3Y Excs Rtn | -118.0% |
Earnings Returns History
Updated 5/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
External Quote Links
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