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
KRM continues to see its automotive semiconductor design business shrink, while diversifying through Ghost Robotics quadruped robots and Hoverfly drone component supply.
2025 consolidated revenue fell to KRW 9.03bn, a fourth straight annual decline, while the operating loss widened to KRW 10.21bn.
Q1 2026 revenue fell 29.5% year-on-year, while the operating loss narrowed 30.4%.
The company invested in and began supplying components to US drone firm Hoverfly, doubling drone motor capacity via its relocated Gumi plant.
The domestic Ghost Robotics licensing agreement is reportedly set through 2026, making renewal a key variable for the robotics business.
Largest shareholder Ghost Robotics Technology holds roughly 20%, after other major shareholders previously reduced their stakes.
KRM is a technology company organized around a semiconductor division and a robot/drone division.
The semiconductor division designs, manufactures and sells AP ICs and multimedia interface ICs based on SoC design technology, and also provides automotive electronics solutions such as Cluster and IVI systems built on its vehicle semiconductor expertise.
The company operates as a fabless semiconductor firm, meaning it does not build its own production lines and outsources manufacturing entirely to foundry partners.
The robot division handles production, sales, maintenance and related software development for Vision 60, a quadruped robot developed by US-based Ghost Robotics. Largest shareholder Ghost Robotics Technology sources core Vision 60 components from KRM and resells them to its US parent, Ghost Robotics Corp.
More recently, the company has expanded into BLDC drone motor and ESC production in line with the global shift toward non-China supply chains, investing in and signing a supply agreement with Hoverfly Technologies Inc., the leading US tethered defense drone maker, to begin shipping motors and ESCs.
Through the relocation and expansion of its Gumi plant, annual drone motor production capacity doubled from 150,000 to 300,000 units, with a further expansion toward roughly 500,000 units planned once additional equipment arrives.
The company has also signed various partnership agreements spanning automotive Vision ADAS, autonomous driving platforms, NPU IP and cybersecurity.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.1B | -₩2.9B | −139.4% |
| 2025Q3 | ₩2B | -₩2.8B | −138.2% |
| 2025Q4 | ₩2.7B | -₩2B | −71.9% |
| 2026Q1 | ₩1.6B | -₩1.8B | −114.4% |
| 2026Q2 | ₩1.6B | -₩2.4B | −148.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩12.9B | ₩200M | -₩9.1B | 1.4% | −19.6% | 35.0% |
| 2023 | ₩12.4B | -₩5.9B | -₩14.1B | −47.3% | −14.1% | 113.8% |
| 2024 | ₩11.2B | -₩9.9B | -₩25.9B | −88.2% | −31.7% | 79.5% |
| 2025 | ₩9B | -₩10.2B | -₩14.1B | −113.0% | −20.0% | 49.8% |
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
KRM's consolidated revenue declined for four straight years, from KRW 12.88bn in 2022 to KRW 12.41bn in 2023, KRW 11.20bn in 2024 and KRW 9.03bn in 2025.
Operating profit moved from a small gain of KRW 184mn in 2022 into losses of KRW 5.87bn in 2023, KRW 9.88bn in 2024 and KRW 10.21bn in 2025, with the loss widening each year. Net loss temporarily spiked to KRW 25.87bn in 2024 from KRW 14.09bn in 2023 before narrowing to KRW 14.06bn in 2025.
On a quarterly basis, revenue was KRW 2.00bn with an operating loss of KRW 2.77bn in Q3 2025, then revenue rose to KRW 2.72bn in Q4 2025 even as the net loss jumped sharply to KRW 6.52bn, suggesting a one-off item affected results.
In Q1 2026, revenue fell 29.5% year-on-year to KRW 1.56bn while the operating loss narrowed 30.4% to KRW 1.78bn and the net loss shrank 32.6%. However, the operating loss widened again to KRW 2.37bn in Q2 2026, indicating the narrowing trend has not been consistent quarter to quarter.
Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners reached approximately KRW 12.44bn. Operating cash flow was negative every year from 2022 through 2025, while the debt ratio peaked at 113.8% in 2023 before declining to 49.8% in 2025.
In the automotive and multimedia semiconductor design market where KRM's core chip business operates, competition from larger fabless players is intensifying, and the revenue base of smaller fabless firms is being squeezed as automakers and electronics suppliers expand in-house or direct procurement.
By contrast, the defense robotics market where the robot/drone division operates has seen rising demand, driven by manned-unmanned teaming programs addressing shrinking troop numbers and the expanded military use of drones following the Russia-Ukraine war.
In particular, the accelerating shift toward non-China ("Non-PRC") supply chains, as the US and its allies seek to reduce reliance on Chinese-made drone components for security reasons, is boosting demand for non-Chinese motor and ESC suppliers.
KRM has leveraged this trend by building an equity and supply relationship with Hoverfly, and participated as a production partner at the AUVSI XPONENTIAL 2026 exhibition in Detroit in May, engaging with global firms including Lockheed Martin and Amphenol.
Still, the domestic quadruped robot market remains at the pilot-program stage involving the army and police, meaning revenue contribution has yet to scale meaningfully, and competitors are also pursuing entry into similar defense and public-sector markets.
Both the semiconductor and robot/drone businesses appear to be at a transitional stage without a clearly established scale advantage.
The company has stated it plans to expand annual drone motor capacity to roughly 500,000 units once additional equipment, including winding machines, arrives at the newly relocated Gumi plant.
In the US market, it has said it will pursue expanded sales and order intake based on its Hoverfly partnership, and is also considering establishing a US production facility.
The robot division, having supplied Vision 60 units to the Korean Army under a defense service robot pilot program, continues to pursue training and cooperation with police and public agencies to broaden its domestic sales channels.
However, these pilot programs are all premised on the continuation of the domestic Ghost Robotics license, so if that license agreement is indeed set to run through 2026 as reported, its renewal status will be a key variable for the robot business going forward.
The semiconductor division has said it is pursuing an integrated infotainment system combined with vision-based ADAS solutions and an autonomous driving platform business, though no specific order volumes or guidance have been disclosed.
The company has indicated that market feedback gathered in the US will be incorporated into product development direction and business timelines, meaning the specific pace of the drone component business expansion will need to be confirmed through future disclosures.
KRM has posted operating and net losses on a consolidated basis for four consecutive years, and shareholders' equity has declined every year since 2023, warranting caution when interpreting book-value-based valuation metrics.
The price-to-book ratio trades in a range that reflects a premium over net asset value, suggesting that expectations for the robot and drone growth businesses are offsetting much of the weakness in the semiconductor segment's performance.
Because net losses persist, no price-to-earnings ratio can be calculated, and no dividend was paid based on the most recent fiscal year.
Assessing valuation requires weighing the semiconductor segment's continued revenue decline alongside the robot and drone segment's order pipeline, as well as the structural variable of whether the domestic Ghost Robotics license will be renewed.
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
KRM invested roughly KRW 7bn in a Series B round for Hoverfly, the leading US tethered drone maker, and began supplying motors and ESCs. This is a structural equity partnership rather than a simple export deal, aligning with the broader push for non-Chinese component supply in the US.
The doubling of drone motor capacity following the Gumi plant relocation also supports future volume capability.
KRM has supplied Vision 60 quadruped robots to the Korean Army under a pilot program and participated in police chemical-biological response drills, expanding its channels into domestic defense and public-sector agencies.
It has also pursued collaborations with the Air Force on a robotic sentry-dog research project and with KIST, among other institutions. These serve as early references that could form a revenue base if broader adoption follows.
The debt ratio rose to 113.8% in 2023 before declining to 79.5% in 2024 and 49.8% in 2025, suggesting an ongoing improvement in the capital structure, partly related to reductions in convertible-bond-related liabilities. However, it should be noted that this improvement has not been accompanied by an improvement in profitability.
Consolidated revenue fell for four straight years, from KRW 12.88bn in 2022 to KRW 9.03bn in 2025, while the operating loss widened each year. A decline in semiconductor segment sales has been cited as one of the main causes of the deteriorating results.
Even if new businesses grow, it may take time before they offset the shrinkage in the legacy semiconductor business.
KRM's domestic Vision 60 license is reportedly set to run through 2026, and whether it will be renewed following LIG Nex1's acquisition of Ghost Robotics has not been publicly confirmed.
Since this license underpins all of the robot division's domestic pilot programs and supply, a failure to renew could materially affect the business structure. Market observers have previously linked prior stake reductions by major shareholders to this uncertainty.
Operating cash flow was negative every year from 2022 through 2025. With continued investment in new businesses such as drone motors and a potential US production facility, a structure lacking sufficient cash generation could increase the need for further external financing. The company's past history of convertible bond issuance is related to this financing structure.
The robot division's revenue is heavily dependent on largest shareholder Ghost Robotics Technology and its US parent Ghost Robotics Corp, while the drone segment relies on a single partner, Hoverfly. Any change in a key partner's policies or contract terms could directly affect the business.
Changes in US defense procurement rules, tariff policy or export controls could affect the Hoverfly- and Ghost Robotics-related businesses. Domestically, the pace of defense budget allocation and pilot program expansion could determine the growth speed of the robot business.
Former major shareholders such as Zemopia Invest and Petra New Technology Association previously reduced their stakes significantly by selling or exercising early redemption on convertible bonds.
With the largest shareholder's stake at a relatively modest level of around 20%, future changes in the ownership structure or additional equity-linked bond issuance could increase volatility in shareholder composition.
Check whether the Q3 2026 earnings release confirms continued semiconductor revenue decline alongside any continuation of the operating loss narrowing trend.
Watch for disclosures or media reports on whether the domestic Ghost Robotics Vision 60 licensing agreement is renewed upon its reported expiration. This is a core variable for the survival of the robot division.
Monitor progress on the arrival of additional equipment (such as winding machines) at the Gumi plant and the planned expansion of drone motor capacity toward 500,000 units annually.
Watch for concrete decisions or further disclosures on the US production facility under consideration, and whether additional supply agreements with Hoverfly materialize.
KRM's legacy semiconductor design business has seen revenue decline and losses widen for a fourth consecutive year, even as the company pivots toward two new growth pillars: Ghost Robotics quadruped robots and Hoverfly drone components.
The operating loss narrowed 30.4% year-on-year in Q1 2026 but widened again in Q2, so consistent improvement has not yet been confirmed.
Capacity expansion for drone motors via the relocated Gumi plant and entry into the US defense drone market provide a rationale for diversification, but the timing and scale of any resulting revenue remain uncertain.
Meanwhile, renewal of the domestic Ghost Robotics license remains a core variable for the robot division's continuity, and past reductions in major shareholder stakes have been linked in market commentary to this uncertainty.
Shareholders' equity has declined each year and operating cash flow has stayed negative, warranting continued observation of the financing structure supporting new business investment.
Investors will need to track the semiconductor segment's performance trend, the actual conversion of robot/drone orders into revenue, and the license renewal outcome together when forming a view.
Report written 2026-09-05 · Data as of 2026-09-04
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