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
iRobotics, whose revenue is still dominated by polyethylene film distribution, has renamed itself and is attempting to diversify into robot reducers and AI software, but the new businesses have yet to generate meaningful revenue while governance risks persist.
Q2 2026 revenue reached a record 12.09 billion won, but the operating loss widened sharply to about 750 million won.
The bulk of consolidated revenue still comes from PE film and raw-material distribution, while the robot reducer business remains at the design-order stage with limited actual revenue.
2025 saw a swing to net profit of about 1.7 billion won, but the operating margin remained thin at roughly 0.5%.
A management dispute dating back to 2023 and a 2026 unfaithful-disclosure designation by the exchange have been cited as variables affecting the new-business push.
Beyond robot reducers, the company has further expanded its portfolio by acquiring a stake in an AI application software firm.
iRobotics' core business, inherited from its former identity as YOM, is polyethylene (PE) raw-material distribution and industrial PE film manufacturing.
Its main products are LDPE, HDPE, and LLDPE resins along with anti-corrosion VCI film, used in packaging for home appliances, auto parts, and general industrial goods. The company maintains stable supply relationships with major partners including Hyundai Motor and LG Electronics.
The distribution business sells domestic and imported PE resin in bulk and small lots, while the manufacturing business produces roll-form film to order and cuts it to customer specification.
This film and distribution business still accounts for the vast majority of sales, and as of 2024 the newly added auto-parts processing segment made up only 1.47% of total revenue.
In June 2025 the company held an extraordinary shareholders' meeting to change its name from YOM to iRobotics and added robot reducers, actuators, and power transmission devices to its business scope as it sought new growth engines.
It brought in an executive with a harmonic-drive industry background as CEO to lead the design of precision reducers, the joint components of robots, and signed a cooperation agreement with China's Zhejiang Sling Automobile Bearing for joint development and commercialization of harmonic drives.
More recently it acquired a stake in Onetouch AI, an AI imaging and computer-vision specialist, becoming its largest shareholder and broadening the portfolio from robot components into AI application software.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.2B | ₩63,138,873 | 0.6% |
| 2025Q3 | ₩8.9B | ₩77,729,806 | 0.9% |
| 2025Q4 | ₩8.9B | ₩300M | 2.9% |
| 2026Q1 | ₩10.2B | -₩80,210,575 | −0.8% |
| 2026Q2 | ₩12.1B | -₩700M | −6.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩37.4B | ₩200M | ₩600M | 0.6% | 1.5% | 49.7% |
| 2023 | ₩35.8B | ₩100M | ₩2.8B | 0.4% | 6.5% | 29.2% |
| 2024 | ₩36.1B | ₩900M | -₩500M | 2.6% | −1.1% | 20.3% |
| 2025 | ₩36.4B | ₩200M | ₩1.7B | 0.5% | 3.9% | 15.9% |
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
On a consolidated basis, revenue was largely flat over four years, from 37.41 billion won in 2022 to 35.78 billion in 2023, 36.15 billion in 2024, and 36.43 billion in 2025.
Operating profit, however, swung noticeably: 219 million won in 2022, 126 million in 2023, 935 million in 2024, and 170 million in 2025, with the operating margin bouncing between 0.4% and 2.6% each year.
Net income attributable to owners fell into a loss of 487 million won in 2024 after profits of 576 million in 2022 and 2.80 billion in 2023, before turning profitable again at 1.70 billion won in 2025.
Quarterly, revenue in the third quarter of 2025 (8.88 billion won) and fourth quarter (8.85 billion) came in below the second quarter's 10.2 billion, but net income jumped to 1.396 billion won in the fourth quarter, driving the full-year result.
Revenue recovered to 10.2 billion won in the first quarter of 2026, the operating loss narrowed to 80 million won, and net income stayed positive at 446 million won.
Yet in the second quarter of 2026, even as revenue hit a quarterly record of 12.09 billion won, the operating loss widened sharply to 747 million won and net income swung back to a loss of about 1.05 billion won.
The sharp deterioration in profitability despite rising revenue appears to reflect a combination of R&D spending, litigation-related costs, and pressure on film manufacturing margins.
On the balance-sheet side, the debt ratio fell steadily from 49.7% in 2022 to 15.9% in 2025, and operating cash flow improved from 178 million won in 2024 to 1.41 billion won in 2025, pointing to a relatively stable capital structure overall.
PE film and resin distribution is a mature business tied to packaging demand from downstream industries such as autos and appliances, where raw-material price swings and pricing pressure are chronic drags on profitability.
The robot reducer market, by contrast, is a fast-emerging area drawing attention amid expectations for humanoid and collaborative robot adoption.
Domestically, established competitors already generate real revenue and hold production capability, including Robotis, which has localized harmonic drives; SBB Tech, which has micro-precision tooth-form machining technology; and SPG, which produces reducers and motors.
These companies have secured major domestic auto, electronics, and semiconductor manufacturers as customers and are also accelerating overseas expansion, giving them a comparatively longer track record. iRobotics is attempting to enter this market through a fabless-foundry split, using Haesung Aerorobotics as its domestic production partner and China's Sling as its overseas partner.
However, at the time of the August 2025 name change and new-business announcement, observers noted the absence of dedicated R&D personnel, and views persist that genuine proprietary technology and mass-production capability remain at an early stage.
Industry participants have cautioned that investors should carefully distinguish companies riding the robotics theme without underlying technology from those with a substantive technical foundation.
In June 2026 the company said it had received a design-engineering order worth 150,000 dollars from China's Sling for a small type-8 harmonic reducer with a 100:1 reduction ratio, and stated its intention to sequentially expand design orders across as many as 30 to 40 harmonic-reducer models going forward.
It has also invested in developing reducers using silicon-nitride ceramic bearings for weight reduction and previously stated it was carrying out a 4-to-5-billion-won investment in production equipment for compact harmonic reducers.
However, a planned 14-billion-won third-party rights offering announced in August 2025 was withdrawn in February 2026 after a court accepted a minority-shareholder lawsuit seeking to invalidate the new share issuance, disrupting the funding plan earmarked for the robot business.
This disclosure reversal led the Korea Exchange to designate the company as an unfaithful disclosure entity in 2026. The acquisition of a stake in Onetouch AI, intended to add an AI application software business as a new growth pillar, has not yet shown a confirmed revenue contribution or detailed roadmap.
The management dispute between the minority-shareholder coalition and the incumbent leadership has eased somewhat as some litigation was withdrawn, but reports indicate the contest over shareholding continued into the first half of 2026.
Overall, the pace at which the announced new-business roadmap is executed, and how it is funded, remain the key variables for future earnings visibility.
The current share price trades at a level reflecting a certain premium over net asset value, which can be interpreted as a combination of the 2025 swing to profit and expectations tied to the robotics and AI new businesses.
Because this multiple is built on a still-thin earnings base, however, how that multiple should be read may change depending on future earnings trends. There has been no recent dividend payment, so dividend-related yield sits below the industry average.
The wide swings in profit and loss—from a sharp net-income jump in 2023, to a loss in 2024, to a return to profit in 2025—make it difficult to reduce this stock's valuation to any single period's earnings.
Even widening the lens to the most recent four quarters, the picture includes the widened operating loss of the second quarter of 2026, suggesting this is a stage where future metrics may shift considerably depending on execution of the new businesses rather than on earnings stability.
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
Through cooperation with China's Sling, the company secured its first design order (150,000 dollars) in June 2026 and has laid out a concrete plan to expand orders across 30 to 40 models. It has also separately invested in weight-reduction technology using silicon-nitride ceramic bearings. The fabless-foundry split strategy is aimed at reducing its own production burden.
The debt ratio has steadily declined from 49.7% in 2022 to 15.9% in 2025, and operating cash flow improved from 178 million won in 2024 to 1.41 billion won in 2025. In 2025 the company posted its first net profit in four years (1.70 billion won), showing a relatively more stable financial structure.
By acquiring a stake in AI imaging and computer-vision specialist Onetouch AI and becoming its largest shareholder, the company added a separate growth pillar in AI application software alongside robot components.
That firm is led by an expert with a track record on national projects including a deepfake-detection platform for the Supreme Prosecutors' Office.
As of 2024 the auto-parts processing segment accounted for only 1.47% of total revenue, and reports noted that the robot reducer design and manufacturing segment had not yet generated revenue.
At the time of the August 2025 name change, it was also pointed out that no dedicated R&D personnel existed for the new business.
Amid a management dispute dating back to 2023, a planned 14-billion-won rights offering was withdrawn in February 2026 after a court ruled the new share issuance invalid, and this disclosure reversal led the Korea Exchange to designate the company as an unfaithful disclosure entity.
Reports also indicate the contest for shares between the minority-shareholder coalition and management continued.
Revenue in the second quarter of 2026 reached a quarterly record of 12.09 billion won, but the operating loss widened to 747 million won and net income swung to a loss of about 1.05 billion won.
This appears to reflect the combined effect of R&D spending, litigation-related costs, and pressure on film manufacturing margins.
Under KOSDAQ disclosure rules, a penalty score of 8 points or more can trigger a one-day trading halt, and a cumulative score of 15 points or more within a year can subject a company to an eligibility-for-listing review.
The company was designated an unfaithful disclosure entity in 2026 following a disclosure reversal tied to the withdrawal of a rights offering, so further penalty accumulation warrants monitoring. The dispute between the minority-shareholder coalition and management over control also does not appear fully resolved.
Observers have noted that the company previously announced a biotech venture in anti-aging drug development around 2018 that ended without tangible results.
The robot and AI new businesses are also still at an early stage in terms of proprietary technology and in-house mass-production capability, making the pace at which announced plans translate into actual revenue a key point to watch.
Reports indicated that the withdrawal of a 14-billion-won third-party rights offering, due to litigation, disrupted the funding plan earmarked for the robot new business.
Future external financing such as convertible bond issuance or another rights offering may be needed, which could lead to share dilution or added financial burden.
With the third-quarter report due around this time, it will be worth checking whether the robot reducer and AI software new businesses have begun recognizing revenue and whether the film business margin has recovered.
This is a point to check on progress in expanding harmonic-reducer design orders across 30 to 40 models through the Sling partnership, and whether silicon-nitride-bearing reducers move into actual production and supply.
Around one year after the 2026 unfaithful-disclosure designation, it will be important to confirm whether additional penalty points accrued in the interim and whether any listing-eligibility issues resurfaced.
It will be worth continuing to monitor organizational integration of the AI software business following the Onetouch AI acquisition and whether it begins contributing revenue, as well as ongoing shareholding-change disclosures between the minority-shareholder coalition and management.
iRobotics still derives the majority of its revenue from its legacy PE film and raw-material distribution business, and shows signs of improved financial structure, including a swing to net profit in 2025 and a lower debt ratio.
At the same time, the robot reducer business has shown concrete progress by securing its first design order through cooperation with China's Sling, and the acquisition of an AI application software firm has further broadened the growth narrative.
Yet in the second quarter of 2026, even as revenue hit a quarterly record, both the operating loss and net loss widened simultaneously, reflecting significant volatility in profitability.
Governance and disclosure risks also coexist, including a management dispute dating back to 2023 and an unfaithful-disclosure designation stemming from the withdrawal of a 14-billion-won rights offering.
How quickly the company secures proprietary technology for its new businesses, executes its plans, and finances them remain the key variables for future performance, and investors will want to track both announced business progress and the company's disclosure record.
Report written 2026-09-05 · Data as of 2026-09-04
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