PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Having rebranded from SM Core to MX Robotics, the company is seeking a breakthrough through new semiconductor AMR/OHT robotics businesses and overseas orders even as its traditional logistics automation revenue has declined for three straight years.
At its March 2026 annual general meeting, the company officially changed its name to 'MX Robotics,' formalizing a robotics-centered business identity.
2025 revenue was KRW 149.1 billion with an operating loss of KRW 7.95 billion, reverting to a loss after 2024's profit.
Over the trailing four quarters (Q3 2025-Q2 2026), cumulative net loss attributable to owners was KRW 9.22 billion, indicating continued losses.
The company secured large overseas orders from Petronet LNG (KRW 52.6 billion) and Reliance Group (KRW 19.5 billion) in India.
In August the company decided on a KRW 10 billion third-party rights issue to major shareholder MX On, while its debt ratio rose to 120.2% in 2025.
MX Robotics is a Kosdaq-listed company that began in 1972 as 'Shinheung Machinery' and has supplied logistics and process automation equipment for over half a century, formally adopting a robotics-centered identity when it changed its name from 'SM Core' at its March 2026 annual general meeting.
The company has designed and supplied logistics robots such as RGVs, AGVs, and gantry robots since 2006, and plans to add semiconductor autonomous mobile robots (AMR) to its lineup while expanding into overhead hoist transport (OHT) wafer-handling systems over the longer term.
It currently produces stockers, OHT, AGV, and AMR systems, covering both logistics automation equipment for traditional manufacturing (tires, energy, chemicals, food) and clean logistics equipment for the semiconductor and secondary battery industries.
In 2017 SK Group became the major shareholder and the company was renamed SM Core, entering the semiconductor field in earnest centered on logistics automation for SK Hynix's chip fabs.
Production bases are located in Chungju (North Chungcheong), Jeonju (North Jeolla), and Pyeongtaek (Gyeonggi), and the company recently expanded a clean-room-equipped plant for semiconductor process logistics automation products in Osan.
In September 2025, SK Group transferred its stake to MX On (formerly M2I), changing the controlling shareholder, and the business identity has since been reorganized around robotics.
Overseas revenue expansion is also notable, with supply contracts for robotics and automation equipment signed with India's state-run Petronet LNG and Reliance Group.
In terms of competitive positioning, Samik THK and LS Electric are cited as comparable names in logistics/process automation, while in the semiconductor OHT segment, Japanese firms have reportedly led the market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩37.8B | ₩300M | 0.7% |
| 2025Q3 | ₩33.4B | -₩3.2B | −9.6% |
| 2025Q4 | ₩29.7B | -₩7B | −23.5% |
| 2026Q1 | ₩25.8B | -₩1.1B | −4.4% |
| 2026Q2 | ₩28.7B | -₩1.5B | −5.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩115B | ₩2B | ₩2.5B | 1.7% | 3.5% | 56.4% |
| 2023 | ₩173.8B | -₩18.8B | -₩18.7B | −10.8% | −38.3% | 68.1% |
| 2024 | ₩163.2B | ₩7.1B | ₩11.4B | 4.3% | 19.1% | 83.1% |
| 2025 | ₩149.1B | -₩8B | -₩8.2B | −5.3% | −15.4% | 120.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue in 2025 was KRW 149.09 billion, down from KRW 163.23 billion in 2024, marking a third consecutive year of decline since the 2023 peak of KRW 173.77 billion.
Profitability swung sharply: operating profit of KRW 2.01 billion (operating margin 1.7%) in 2022 deteriorated to an operating loss of KRW 18.81 billion (margin -10.8%) in 2023, then turned to an operating profit of KRW 7.06 billion (margin 4.3%) in 2024, before reverting to an operating loss of KRW 7.95 billion (margin -5.3%) in 2025.
Net income attributable to owners followed a similarly volatile path, from a profit of KRW 2.47 billion in 2022 to a loss of KRW 18.65 billion in 2023, a recovery to a profit of KRW 11.42 billion in 2024, and back to a loss of KRW 8.17 billion in 2025.
On a quarterly basis, revenue fell for four straight quarters from KRW 37.84 billion in Q2 2025 to KRW 33.43 billion in Q3, KRW 29.71 billion in Q4, and KRW 25.81 billion in Q1 2026, before rebounding modestly to KRW 28.73 billion in Q2 2026.
Operating profit/loss went from a KRW 0.27 billion profit in Q2 2025 to losses widening to KRW -3.21 billion in Q3 and KRW -6.99 billion in Q4, before narrowing to KRW -1.14 billion in Q1 2026 and KRW -1.47 billion in Q2 2026.
Net income to owners returned briefly to profit at KRW 0.19 billion in Q1 2026 before swinging back to a loss of KRW 0.85 billion in Q2 2026. The trailing four-quarter (Q3 2025-Q2 2026) cumulative net loss attributable to owners was KRW 9.22 billion, showing that the annual loss trend has persisted.
On the balance sheet side, the debt ratio rose every year from 56.4% in 2022 to 68.1% in 2023, 83.1% in 2024, and 120.2% in 2025, while operating cash flow also posted a net outflow of KRW 16.02 billion in 2025, a backdrop that appears to have increased the need for external financing.
The logistics and process automation market in which MX Robotics operates splits into two tracks.
Demand for traditional logistics/warehouse automation (stacker cranes, AGVs, rack systems) is linked to the capex cycle of legacy manufacturing sectors such as tires, energy, chemicals, and food, and the revenue contraction of the past three years is not unrelated to slower growth in this segment.
By contrast, the semiconductor process logistics automation (OHT/AMR) market the company has positioned as its new growth axis is regarded as a high-value segment in which a single process logistics build-out for a new semiconductor line can require investment in the hundreds of billions of won.
This market has long been led by Japanese and other global firms, and domestic localization efforts are only now gathering pace.
Parent company MX On has stated that it expects the expansion of second-half capital spending by major semiconductor customers such as Samsung Electronics and SK Hynix, alongside rising demand for HMI and control systems, to also support earnings improvement at subsidiary MX Robotics.
The government is also policy-backing AI-agent-based automation on the factory floor through its 2026 AI transformation (AX) initiative, reflecting a shift in the smart factory industry's center of gravity from equipment and data collection toward judgment, control, and execution.
On the competitive front, names such as Samik THK and LS Electric are cited as comparables in logistics automation, while in semiconductor OHT the company remains at an early stage of closing the technology and track-record gap with established overseas leaders.
The company plans to begin supplying AMRs to semiconductor customers from the second half of 2026, with parent MX On and partner Vem Robotics also participating in the business.
In June it signed a memorandum of understanding with AI-based robot control solution firm DAIM Research for an OHT-based process logistics automation business, combining OHT system design capability with AI control technology.
In the fourth quarter, the company plans to build an OHT test line at its Osan semiconductor center for customer technology validation and commercialization.
In its existing automation business, overseas order momentum has continued, with a KRW 52.6 billion robotics/automation systems order from India's state-run Petronet LNG in February and a KRW 19.5 billion solar panel manufacturing process automation equipment order from India's Reliance Group in July (the latter contract equaling 13.08% of 2025 revenue).
On the financing side, in August the company decided on a KRW 10 billion third-party allotment rights issue to major shareholder MX On, with new shares to be issued privately at KRW 3,040 per share and locked up for one year.
The company stated that proceeds will be deployed at KRW 5 billion per year in 2026 and 2027 toward new business investment funds, project working capital, and balance sheet improvement.
As these milestones proceed sequentially, the timing and scale of actual revenue contribution from the new semiconductor robotics business are set to become a key variable for future earnings.
The share price tends to trade at a certain premium to net asset value, which can be read as the market's assessment reflecting a history of significant earnings volatility.
Because losses have persisted over the trailing four quarters, the usual earnings-based valuation multiple cannot be calculated, a result that reflects recent earnings variability.
The company has not paid dividends in recent years, limiting a dividend-yield-based approach, with securing investment funds for the new semiconductor robotics business instead taking priority in capital allocation.
Looking back at past performance, operating profit alternated between losses and gains, turning profitable in 2024 before reverting to a loss in 2025, so rather than a linear reading of valuation, it is worth watching the timing of revenue contribution from the new semiconductor business together with whether the balance sheet improves.
As the major shareholder's participation in the rights issue has strengthened its control, the future absorption of the new share volume and any resulting changes in ownership structure remain factors that could affect share price trends.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Together with parent MX On, the company is expanding its lineup of semiconductor process logistics robots including AMR and OHT, and through its MOU with DAIM Research is combining AI control technology to strengthen localization competitiveness.
The fourth-quarter launch of the Osan test line could serve as the first gateway for customer technology validation.
The company has secured large overseas contracts in succession, including from India's Petronet LNG (KRW 52.6 billion) and Reliance Group (KRW 19.5 billion), demonstrating revenue diversification and order momentum, while also accumulating project execution experience in emerging markets.
After the operating loss widened to KRW -6.99 billion in Q4 2025, it narrowed sharply to KRW -1.14 billion and KRW -1.47 billion in Q1 and Q2 2026, respectively. In Q1, net income to owners briefly turned to a profit of KRW 0.19 billion, hinting at a possible trough.
Revenue has declined for three consecutive years, from a peak of KRW 173.7 billion in 2023 to KRW 163.2 billion in 2024 and KRW 149.1 billion in 2025. Slower growth in the traditional logistics automation business appears to be outpacing the transition to new businesses, which is a source of concern.
The debt ratio has risen every year from 56.4% in 2022 to 120.2% in 2025, and operating cash flow also posted a net outflow of KRW 16.02 billion in 2025. The reliance on external financing through a third-party rights issue to the major shareholder also reflects this balance-sheet burden.
Semiconductor AMR supply is set to begin only from the second half of 2026, and the OHT test line will not launch until the fourth quarter, so the timing and scale of actual revenue contribution remain uncertain.
In particular, the OHT segment has long been led by Japanese firms, and closing the technology and track-record gap may take time.
Amid continued operating cash outflow, a pattern of repeated correction filings has also emerged, drawing investor attention to the transparency of disclosures related to financing and contract execution rates.
The scale and counterparties of collateral, guarantee, and litigation-related disclosures have also been flagged as needing confirmation.
The new semiconductor robotics (AMR/OHT) business is only now entering test validation and initial supply, so a failure in technology validation or delayed customer adoption could push back the payback period on investment.
There is also a possibility that business linkages with outside partners such as DAIM Research may not proceed as planned.
Revenue from the new semiconductor business could be affected by the capex schedules of a small number of large customers such as Samsung Electronics and SK Hynix, and any delay in related capex could push back the expected timing of volume expansion.
The traditional logistics automation business is also linked to the capex cycle of downstream manufacturing, meaning the company could face a double impact if industry conditions slow.
The scheduled listing date for approximately 3.29 million new shares from the third-party rights issue, a point at which to check dilution effects and supply/demand changes from the increase in shares outstanding.
Confirmation is needed on whether the OHT test line at the Osan semiconductor center launches and customer technology validation begins.
It is worth monitoring the progress of initial AMR supply to semiconductor customers and whether actual revenue is recognized.
The tentative timing for the Q3 2026 earnings release, at which to check whether the recent quarterly narrowing of losses continues (the exact schedule is not yet finalized).
A point to check the use of the second tranche (KRW 5 billion) of rights issue proceeds and the results of new business investment.
MX Robotics is passing through a major transition in both governance and business identity, having changed its name from SM Core and shifted its controlling shareholder from the SK group to the MX On structure.
Financially, the burden has grown with revenue declining for three straight years since 2023 and the debt ratio rising annually, though the past two quarters have also shown a narrowing of operating losses.
The company has positioned new semiconductor AMR/OHT businesses and large overseas orders, including from India, as its new growth axis, with the Q4 launch of the Osan test line and initial H2 AMR supply set to serve as the first tests of execution.
The KRW 10 billion rights issue backed by the major shareholder is planned for use in new business investment funds and balance sheet improvement, but the history of operating cash outflow and repeated correction filings remains something investors should continue to watch.
Overall, the company stands at a juncture where structural slowdown in its legacy business intersects with the early stage of its new business, and the future direction of earnings will depend on how quickly the semiconductor robotics business converts into revenue and whether the balance sheet stabilizes.
Report written 2026-09-05 · Data as of 2026-09-04
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