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
An ESD materials maker has declared entry into AI and robot vision through the Onetouch AI acquisition and corporate renaming, while its most recent quarterly results were heavily shaped by one-off gains from asset disposals.
The company changed its name from Nanocamtec to LSK iRobot in June 2026, declaring a business pivot toward AI application software and robot vision.
Consolidated 2025 revenue was KRW 50.1 billion with an operating loss of KRW 0.26 billion and an owner net loss of KRW 8.76 billion, a wider loss than the prior year.
Q2 2026 owner net income turned positive at KRW 3.47 billion even as operating income remained negative at KRW -1.14 billion for the same quarter.
Using roughly KRW 17.2 billion raised from divesting non-core assets (a China subsidiary and stakes in Canvasen and Hanil Onyx), the company has been sequentially redeeming convertible bonds to adjust its balance sheet.
AI virtual artist projects (Cherina, Chaeyun), built on technology from the Onetouch AI acquisition, are proceeding as a testbed for expansion into industrial AI solutions.
LSK iRobot is a materials company headquartered in Anseong, Gyeonggi Province, established in December 1999 and listed on KOSDAQ in 2007.
Its core technology involves directly developing and manufacturing conductive materials such as organic conductive polymers, ion-complex conductive polymers, ionic liquids, and carbon nanotubes, which are then supplied as conductive raw materials, conductive plastic sheets and resins, functional ESD protective films and tapes, and functional ESD protective coatings.
These electrostatic discharge (ESD) protection materials are used to prevent defects caused by static electricity during packaging, transport, and manufacturing of electronic and semiconductor components, and have long been the company's core revenue source.
In 2025 the company undertook wide-ranging restructuring, winding down a China subsidiary and divesting stakes in Canvasen and Hanil Onyx.
Using the cash liquidity raised from these disposals, the company acquired a controlling stake in AI application software firm Onetouch AI in early 2026, a computer vision and generative AI company led by CEO Choi Jong-won, a former principal researcher at Samsung SDS's AI Research Center now serving as a Chung-Ang University professor.
The company stated it plans to combine Onetouch AI's vision intelligence and generative AI technology with robotics to develop AI-based robot solutions applicable in manufacturing, logistics, and services. Reflecting this business realignment, the company changed its name from Nanocamtec to LSK iRobot in June 2026.
As a result, the company is currently in a transitional phase operating both its established ESD materials business and its new AI and robot vision ventures simultaneously.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.7B | -₩1B | −13.3% |
| 2025Q3 | ₩13.3B | ₩900M | 6.4% |
| 2025Q4 | ₩20.6B | ₩1B | 4.9% |
| 2026Q1 | ₩8.6B | -₩1.4B | −16.2% |
| 2026Q2 | ₩10.2B | -₩1.1B | −11.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩50.2B | -₩2.4B | -₩16.6B | −4.9% | −59.0% | 67.6% |
| 2023 | ₩42.4B | -₩1.8B | -₩6.2B | −4.3% | −19.4% | 71.6% |
| 2024 | ₩55.5B | ₩200M | -₩3.7B | 0.3% | −13.0% | 155.3% |
| 2025 | ₩50.1B | -₩300M | -₩8.8B | −0.5% | −43.3% | 241.6% |
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
Looking at annual results, revenue was KRW 50.16 billion in 2022 with an operating loss of KRW 2.44 billion and an owner net loss of KRW 16.62 billion; in 2023 revenue fell to KRW 42.4 billion but the net loss narrowed to KRW 6.19 billion.
In 2024 revenue recovered to KRW 55.51 billion and the company posted a small operating profit of KRW 0.18 billion, though the owner net loss remained at KRW 3.72 billion.
In 2025 revenue declined again to KRW 50.11 billion, with an operating loss of KRW 0.26 billion and a widened owner net loss of KRW 8.76 billion, which appears to reflect costs tied to the subsidiary and equity restructuring described above.
On a quarterly basis, operating income was positive in both Q3 2025 (revenue KRW 13.34 billion, operating profit KRW 0.86 billion) and Q4 2025 (revenue KRW 20.56 billion, operating profit KRW 1.01 billion), yet the Q4 owner net loss reached KRW 5.48 billion, showing a large gap between operating and net results.
In Q1 2026 revenue fell to KRW 8.56 billion with an operating loss of KRW 1.39 billion and a net loss of KRW 1.27 billion, marking a return to loss territory.
However, in Q2 2026 revenue rose to KRW 10.21 billion and while the operating loss persisted at KRW 1.14 billion, owner net income turned positive at KRW 3.47 billion, a result that appears to reflect one-off items such as gains from non-core asset disposals.
In other words, over the past year net income swings have been driven more by non-operating items tied to asset sales and restructuring than by the underlying operating business.
The debt ratio rose sharply from 67.6% in 2022 to 241.6% in 2025, reflecting increased external financing including convertible bond issuance, with subsequent CB redemptions now underway to ease that burden.
The ESD materials industry is a stable but low-growth market driven by static electricity management needs in semiconductor, display, and electronic component manufacturing, with numerous material suppliers competing amid persistent price pressure.
The company's standalone (parent-only) business reportedly maintained an operating profit through the first half of 2026, suggesting the core operation retains a stable earnings base.
In contrast, the AI and robot vision industry is a fast-growing area driven by expanding demand for manufacturing and logistics automation alongside the commercialization of generative AI, with large IT companies and specialized startups competing on platforms and applications respectively.
As a later entrant, the company is attempting technology validation through external partnerships built on Onetouch AI's computer vision and generative AI capabilities, including collaboration with Amazon Web Services and joint research with the University of Birmingham.
Content businesses such as AI virtual artists face relatively low barriers to entry but also a crowded field of competing IPs, making differentiation difficult.
In industrial vision AI and robot control, numerous established robotics and automation firms with proven track records already exist, meaning new entrants may take time to convert efforts into actual revenue.
Overall, the company sits at the intersection of a stable but low-growth legacy business and a high-growth but still early-stage new business.
In its H1 2026 earnings announcement, the company stated that in the second half it plans to improve profitability while expanding manufacturing-focused vision AI applications and accelerating the commercialization of its AI and robot business to strengthen its growth base.
AI virtual artist 'Chaeyun' was unveiled in September 2026 and began content activity via Instagram and other channels, with plans to also serve as the lead model for a Philippine social media shopping platform, targeted to begin in the second half of 2026.
The company outlined plans to connect its AI content business to actual revenue models through brand collaborations, advertising content production, and IP licensing, and also laid out a strategy to expand the generative AI and vision intelligence experience gained from producing virtual artists into industrial AI fields such as manufacturing automation, logistics automation, and service robots.
On the financial side, the company has been stepping down its mezzanine debt using proceeds of roughly KRW 17.2 billion from non-core asset sales, fully redeeming the 11th CB (KRW 3 billion) and partially redeeming the 8th CB (KRW 1.65 billion), leaving the 8th CB's outstanding balance at KRW 4.35 billion and potential convertible shares reduced to about 1.57 million.
Management described these CB redemptions as measures to strengthen financial stability and enhance shareholder value. Specific guidance on the timing or scale of when new businesses will meaningfully contribute to revenue has not yet been disclosed, warranting confirmation through upcoming quarterly filings.
Because the company has posted net losses in most recent years, price-to-earnings ratio calculations have often been unavailable, and the stock has traded at a modest premium to its net asset value.
No recent dividend payment history has been confirmed, a characteristic commonly seen in small-cap growth-stage companies with volatile earnings.
Over multiple years, the earnings trajectory has moved through large losses in 2022-2023, an operating profit turnaround in 2024, a return to modest losses in 2025, and a net income turnaround in Q2 2026.
Because these net income swings depend heavily on non-operating factors such as asset sales rather than structural improvement in the core business, the value the market assigns appears to reflect a combination of the stability of the legacy materials business and expectations surrounding the new AI and robotics venture.
When and to what scale the new business begins to meaningfully contribute to revenue is likely to be a key variable in future valuation discussions.
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
The standalone business reportedly maintained an operating profit through H1 2026, indicating the ESD materials operation retains its earnings power. This can serve as a base cash flow to support investment in new ventures. However, consolidated operating results remain volatile.
Through the Onetouch AI acquisition, the company secured computer vision and generative AI capabilities, and signed a collaboration with Amazon Web Services and a joint research agreement with the University of Birmingham. Such external partnerships can help with technology validation and credibility. However, a time lag typically exists between signing agreements and generating actual revenue.
Using KRW 17.2 billion in cash from non-core asset sales, the company has been sequentially redeeming convertible bonds, reducing potential conversion volume. The 11th CB has been fully extinguished, and the 8th CB's remaining balance and convertible share count have both been reduced. This may partly ease future dilution pressure.
Consolidated revenue stood at KRW 50.16 billion in 2022 versus KRW 50.11 billion in 2025, essentially flat over the period, while the operating margin ranged between -4.9% and -0.5% during that time. There is not yet clear evidence of structural top-line growth in the materials business itself. This has also been part of the backdrop for the pivot toward new businesses.
AI virtual artists 'Cherina' and 'Chaeyun' are each at an early stage of content commercialization, and specific revenue contributions have not yet been disclosed. Expansion into industrial AI solutions also remains at the planning stage. Uncertainty remains regarding the pace and scale of commercialization.
The large Q4 2025 net loss (-KRW 5.48 billion) and the Q2 2026 net income turnaround (+KRW 3.47 billion) both appear to have been heavily influenced by non-operating factors that moved in a different direction from operating results.
This makes it difficult to conclude that recent net income improvement reflects a structural recovery in the core business. The debt ratio also rose to 241.6% in 2025.
The transition from a materials company to an AI and robotics company has occurred within a short period, and execution—covering technology and organizational integration with Onetouch AI, talent acquisition, and actual industrial deployment—remains the key challenge.
The fact that Onetouch AI's CEO also holds a concurrent university faculty position is worth monitoring in terms of key-person dependency. A gap between plans and execution cannot be ruled out.
With the debt ratio having risen to 241.6% in 2025, the 8th CB still carries an outstanding balance of KRW 4.35 billion and roughly 1.57 million shares of potential conversion volume.
While cash from asset sales and CB redemptions have eased this somewhat, dilution concerns could resurface if further financing becomes necessary.
The company has a history of a trading halt in 2021 due to management's accounting violations, and was designated as an investment-caution stock in February 2025 following a sharp closing-price swing.
Frequent name changes and business realignments are issues characteristic of small-cap stocks, requiring ongoing verification of disclosure reliability and internal controls.
Check the Q3 report filing to confirm whether the standalone materials business continues to be profitable and whether the new AI and robotics business begins to register revenue.
Watch for whether AI virtual artist Chaeyun's Philippine social media shopping platform modeling activity begins as planned, and how concretely brand collaboration and advertising revenue models take shape.
Monitor future disclosures for further redemption or conversion of the remaining 8th CB balance (KRW 4.35 billion) to track changes in potential dilution volume.
Confirm whether the Amazon Web Services collaboration and University of Birmingham joint research progress into concrete outcomes such as prototypes, patents, or commercialization contracts.
LSK iRobot (formerly Nanocamtec) continues to operate its core electrostatic discharge (ESD) materials business while pursuing a pivot toward AI and robot vision, marked by the Onetouch AI acquisition and corporate renaming.
Annual results have fluctuated from large losses in 2022-2023 to an operating profit in 2024 and back to modest losses in 2025, and recent quarters show a notable divergence between operating and net results, largely due to non-operating factors such as non-core asset sales.
The company has been adjusting its balance sheet by sequentially redeeming convertible bonds with cash raised from these disposals, while planning to expand into industrial AI solutions starting with its AI virtual artist business.
However, the new business remains at an early stage with no clear guidance yet on the scale or timing of revenue contribution, and the legacy materials business has not shown clear top-line growth either.
Rising debt ratios and a history of past trading halts and investment-caution designations are factors that warrant continued attention.
Confirming the sustainability of core business profitability and the actual revenue impact of new ventures through upcoming quarterly disclosures will be the key points to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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