KOSDAQMachinery090710

Hyulim ROBOT

₩6,480▲ 1.89%2026-10-02 close

Market Cap

₩771.2B

Turnover

₩8.3B

Volume

1.3M

Shares out.

120M

PER

—

PBR

5.8×

EPS

-₩187

Dividend Yield

0.00%

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

Report overview

Robot Pivot Ambitions Meet Widening Losses

Hyulim Robot has declared a 2026 pivot toward becoming a comprehensive robot company centered on autonomous driving, AMR, and TR platforms, yet its confirmed financials show revenue growth accompanied by continuously widening operating and net losses.

1
Consolidated revenue rose to about KRW 168.3 billion in 2025 from the prior year, yet the operating loss widened to roughly KRW 17.3 billion.
2
The fourth-quarter 2025 operating loss alone reached about KRW 15.9 billion, accounting for most of the annual loss, and losses continued through the first half of 2026.
3
The company has formalized a shift toward autonomous driving, AMR, and TR-centered robotics starting in 2026, saying it will commercialize outcomes from its participation in the K-Humanoid Alliance.
4
Largest shareholder Hyulim Holdings sold shares in two rounds this year, realizing a large gain, and its stake fell to 0.87% as a result.
5
According to FnGuide, no brokerage currently maintains active official coverage of the stock, leaving the market without a consensus valuation benchmark.

Business structure

Hyulim Robot originally built its business around industrial Cartesian robots, servo and motion controllers, and intelligent service robots. More recently it entered the service robot market with its smart personal robot 'Temi' and has been expanding into autonomous mobile robots (AMR) and industrial transporters (TR).

Starting in 2026, Hyulim Robot plans to expand its AMR and TR product lineup, applicable to logistics, process, inspection, and security use cases, centered on its autonomous robot platform 'TETRA-DSV'. However, a substantial portion of consolidated revenue comes from subsidiaries unrelated to robotics.

Hyulim Robot's current consolidated subsidiaries number six: EQCELL, Hyulim ATEC, Hyulim KSD, Hyulim Investment Daebu, Hyulim Infra Investment Association, and Hyulim AMC.

Among these, Hyulim ATEC makes automotive interior and exterior parts, EQCELL makes secondary battery and semiconductor equipment, and Paratech, held under the Hyulim Infra Investment Association, handles fire-safety construction and manufacturing.

On a standalone basis, one disclosure noted that the standalone operating loss came in at about KRW 4.7 billion, underscoring how thin the profitability of the core robot business remains on its own.

The EQCELL acquisition process itself was marked by repeated withdrawals and re-attempts: Hyulim Robot completed its EQCELL acquisition on October 29, 2024 despite delisting risk, only for the Korea Exchange to decide on February 3, 2025 to delist and begin liquidating trading of EQCELL, putting hundreds of billions of won in investment at risk.

Subsequently, the KOSDAQ Market Committee's delisting decision on EQCELL was expected to trigger contract cancellation and fund recovery, but EQCELL secured a suspension of the delisting through an injunction, and Hyulim Robot again decided to proceed with the acquisition.

From 2026, the KOSDAQ-listed Hyulim Robot announced it would move decisively away from its Cartesian-robot-centered business structure toward becoming a comprehensive robot company with autonomous driving, AMR, and TR manufacturing capabilities.

Compared with flagship names in cobots and humanoid robotics, the company is still seen as having a gap in revenue scale and technological specialization.

Earnings trend

Quarterly revenue · Operating profit

₩52.6B₩1B25Q2₩40.5B-₩3.2B25Q3₩24.6B-₩15.9B25Q4₩30B-₩4.6B26Q1₩25.4B-₩5.3B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩55.5B-₩7.5B2022₩82.7B-₩1.9B2023₩133.1B-₩4.9B2024₩168.3B-₩17.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩52.6B	₩1B	1.8%
2025Q3	₩40.5B	-₩3.2B	−7.9%
2025Q4	₩24.6B	-₩15.9B	−64.5%
2026Q1	₩30B	-₩4.6B	−15.2%
2026Q2	₩25.4B	-₩5.3B	−20.8%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩55.5B	-₩7.5B	-₩16.6B	−13.5%	−29.3%	41.4%
2023	₩82.7B	-₩1.9B	-₩3.8B	−2.3%	−6.1%	26.8%
2024	₩133.1B	-₩4.9B	-₩5.2B	−3.7%	−4.2%	57.7%
2025	₩168.3B	-₩17.3B	-₩16.9B	−10.3%	−13.3%	36.1%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

Consolidated revenue rose for four consecutive years: about KRW 55.5 billion in 2022, KRW 82.7 billion in 2023, KRW 133.1 billion in 2024, and KRW 168.3 billion in 2025.

Operating losses widened over the same period, from about KRW 7.5 billion in 2022 to KRW 1.9 billion in 2023, KRW 4.9 billion in 2024, and KRW 17.3 billion in 2025. The operating margin deteriorated from -2.3% in 2023 to -3.7% in 2024 and -10.3% in 2025.

Net loss attributable to owners grew more than threefold, from about KRW 5.2 billion in 2024 to KRW 16.9 billion in 2025.

On a quarterly basis, the company posted a rare profitable quarter in Q2 2025 with an operating profit of about KRW 0.95 billion and owners' net profit of KRW 1.2 billion, before losses widened again in Q3 (operating loss of about KRW 3.2 billion) and Q4 (operating loss of about KRW 15.9 billion).

The Q4 2025 operating loss of KRW 15.9 billion and owners' net loss of KRW 13.6 billion accounted for most of the full-year loss; while affiliate-related impairment factors have been speculated as a contributor, the specific line items would need separate confirmation once the finalized audit report details are reviewed.

Losses continued into 2026, with operating losses of about KRW 4.6 billion in Q1 and KRW 5.3 billion in Q2, bringing the trailing four-quarter (Q3 2025 through Q2 2026) sum of owners' net loss to roughly KRW 21.5 billion.

Operating cash flow, which had turned positive at about KRW 7.6 billion in 2023, has stayed negative since, at about -KRW 30.8 billion in 2024 and -KRW 23.0 billion in 2025.

Industry analysis

The global service robot market is estimated at USD 31.1 billion in 2026 and is projected to grow at a compound annual rate of 19.8% to USD 131.9 billion by 2034. Large corporations have been expanding investment in the sector.

Samsung Electronics brought Rainbow Robotics, developer of Korea's first humanoid robot 'HUBO,' under its umbrella as a subsidiary in December 2024. Hyundai Motor plans to build a dedicated robot factory with annual capacity of about 30,000 units by 2028, centered on Boston Dynamics.

Hyundai Motor Group announced KRW 125 trillion in domestic investment over five years from 2026 to 2030, allocating about 40%, or KRW 50.5 trillion, to AI, robotics and other future businesses.

On the government side, the Ministry of Trade, Industry and Energy launched the K-Humanoid Alliance and committed to investing more than KRW 1 trillion by 2030. However, such funding and attention tend to concentrate relatively more on large, finished-robot makers.

Industry observers note that while government policy support and corporate investment are expanding the overall market pie, smaller companies lacking proprietary technology and fixed client bases risk being left behind even during this growth phase.

There is also a broader industry diagnosis that upfront investment aimed at market expansion has outpaced revenue growth across finished-robot and service-robot makers generally, entrenching a structure where costs rise faster than sales.

Outlook

The company said it will move decisively away from its Cartesian-robot-centered business model starting in 2026 toward becoming a comprehensive robot company with autonomous driving, AMR, and TR manufacturing capabilities.

To that end, it has participated in the K-Humanoid Alliance, overseen by the Ministry of Trade, Industry and Energy and operated by the Korea Institute for Advancement of Technology (KEIT), completing technical verification of core components, autonomous driving platforms, and robot module design capabilities, which it plans to use as the technical foundation for its 2026 business transformation.

TETRA-DSV is a modular platform capable of combining robot arms, conveyors, and specialized equipment, and has already been demonstrated in applications such as an unmanned fire-response robot.

The company also plans to strengthen its multipurpose vision platform business for humanoid and intelligent robots using its proprietary HERKULEX smart servo-based pan-tilt module, which integrates motor, reducer, control circuitry, and communication functions.

Through this, the company has set a goal of diversifying its revenue base into component supply, not just finished robots. That said, no clear guidance has yet been provided on the specific order volumes or timing of revenue contribution from this transition.

At the same time, unresolved issues remain, including the legal proceedings tied to affiliate EQCELL's delisting and governance questions around the largest shareholder, making the execution of this new-business pivot a key point to watch relative to future results.

Valuation

PER

—

PBR

5.8×

ROE

-17.0%

EPS

-₩187

BPS

₩1,073

Dividend per share

₩0

The current share price trades at a level that reflects a significant premium to net asset value, which can be interpreted as reflecting market expectations tied to the robotics industry theme more than earnings fundamentals.

Because the company has continued to post operating and net losses, a price-to-earnings ratio remains unavailable. With no dividend being paid, a dividend yield likewise has not formed.

There are zero officially registered brokerage reports on the stock in the FnGuide database, and the last identifiable report dates to November of last year, when a Eugene Investment analyst mentioned the company briefly within a broader robotics-industry report.

With no formal consensus valuation benchmark available, the share price tends to react more sensitively to robotics-industry news flow and supply-demand events than to earnings releases themselves.

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 2026-09-04

Bull factors

Policy and Corporate Investment Tailwinds

Expanded robotics investment from the government-led K-Humanoid Alliance and large corporations such as Samsung Electronics and Hyundai Motor Group could create business opportunities for related component and platform suppliers.

Hyulim Robot said it completed technical verification of its autonomous driving platform and robot module design capabilities through participation in the K-Humanoid Alliance.

This suggests potential for future pilot projects or orders, though specific contracts or the timing of revenue contribution have not yet been confirmed.

Revenue Scale Expansion and Capital Buffer

Through the incorporation of subsidiaries, consolidated revenue grew from about KRW 55.5 billion in 2022 to KRW 168.3 billion in 2025. Beyond finished robots, the group diversified into automotive parts and fire-safety equipment, expanding its overall scale.

According to the audit report, the capital impairment ratio registered a negative figure, indicating the company is not currently facing capital impairment concerns.

New Platform and Component Business Expansion Attempts

From 2026, the company plans to expand its AMR and TR product lineup applicable to logistics, process, inspection, and security use cases, centered on its autonomous robot platform 'TETRA-DSV'. It has set a goal of diversifying its revenue base into core component supply as well as finished robots. However, the timing at which these plans translate into actual orders or revenue has not yet been confirmed.

Bear factors

Core Robot Business Revenue Remains Minimal

In Q1 2026, standalone robot-segment revenue was about KRW 3.7 billion, up from KRW 2.9 billion a year earlier, though the absolute scale remains small. Revenue from the core manufacturing-robot business has declined for several years, contributing to ongoing weak overall results.

Observers note that much of the consolidated revenue growth has come from subsidiaries unrelated to robotics, such as auto parts, battery equipment, and fire-safety equipment.

Governance Instability

Largest shareholder Hyulim Holdings realized a gain of about KRW 72 billion, roughly 18 times its original investment, through two rounds of share disposals this year, causing its stake in Hyulim Robot to fall to 0.87%.

It has not submitted an audit report for fiscal year 2025, which is pointed to as a violation of the requirement for three consecutive years of audits, with some suggesting it may not have even appointed an external auditor.

Despite holding less than a 1% stake, it continues to be listed as the largest shareholder, raising concerns about a governance vacuum.

Deteriorating Profitability and Cash Flow

The operating loss widened from about KRW 4.9 billion in 2024 to KRW 17.3 billion in 2025, and net loss attributable to owners more than tripled over the same period. Operating cash flow also remained negative, at about -KRW 30.8 billion in 2024 and -KRW 23.0 billion in 2025.

Among subsidiaries, Hyulim KSD, the Hyulim Infra Investment Association, and Hyulim AMC each recorded net losses, adding to group-wide financial strain.

Risk factors

Governance and Controlling Shareholder Risk

With the largest shareholder's stake having fallen below 1%, control stability has weakened. Hyulim Holdings' failure to submit its fiscal year 2025 audit report has drawn scrutiny as a possible violation of external audit obligations.

Any future change in control through M&A could significantly affect both business direction and the share price.

Subsidiary and M&A-Related Risk

EQCELL's delisting-related liquidation trading remains suspended following an injunction after the KOSDAQ Market Committee's delisting decision, and the related process has not been fully concluded.

Continued financial support extended to subsidiaries in which the company holds weak control could limit capacity for core-business investment.

The company was previously designated as a company with unfaithful disclosure after reversing an acquisition decision, which has weakened market confidence in the consistency of its decision-making.

Financial and Liquidity Risk

Operating and net losses have persisted, and operating cash flow has remained negative. Additional rights offerings or convertible bond issuances to fund new businesses or support subsidiaries could dilute existing shareholders.

That said, the capital impairment ratio remains in negative territory, suggesting the company is not currently facing capital impairment concerns.

What to watch next

Around November 2026
The Q3 2026 report filing date, when it should become clearer whether the robot segment's revenue share has expanded and to what extent new AMR/TR products have contributed to sales.
During the fourth quarter of 2026
The progress of the injunction litigation related to EQCELL's delisting, and whether any further impairment losses are recognized, warrant monitoring.
Second half of 2026 through early 2027
Whether largest shareholder Hyulim Holdings submits its audit report and whether the governance structure stabilizes should be checked.
Around March 2027
The filing date of the fiscal year 2026 audit report and business report, at which point annual profitability and capital-related metrics should be reassessed.

Overall view

Hyulim Robot has declared a pivot toward becoming a comprehensive robot company centered on autonomous driving, AMR, and TR platforms starting in 2026, positioned atop a macro trend of expanding government and corporate investment in robotics.

However, confirmed financials show that while consolidated revenue has grown for four consecutive years, operating and net losses have also clearly widened over the same period.

Losses were particularly concentrated in the fourth quarter of 2025, sharply increasing the annual deficit, and the loss trend continued through the first half of 2026.

It is also worth noting that the core robot business's revenue scale remains modest, with a substantial portion of consolidated results coming from subsidiaries unrelated to robotics.

Governance uncertainties tied to the collapse of the largest shareholder's stake and its unsubmitted audit report, along with unresolved procedures around affiliate EQCELL's delisting, remain unaddressed sources of uncertainty.

With no formal brokerage coverage currently in place, ongoing monitoring of earnings releases, governance-related disclosures, and any new-business order guidance appears warranted.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.