KOSDAQMachinery094940

PULOON Robotics

₩6,220▲ 1.14%2026-10-02 close
Market Cap
₩52.2B
Turnover
₩200M
Volume
30,000 shares
Shares out.
8.4M
PER
—
PBR
1.5×
EPS
-₩235
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

01

Report overview

Cobot Pivot Underway, Earnings Still in the Red

Pureun Robotics is shifting from its legacy financial- and transit-automation business toward a robotics company centered on the Symphony collaborative robot series, while revenue has declined and operating losses have persisted through 2025 and the first half of 2026.

  1. 1

    2025 revenue fell 32.5% year over year to KRW 23.48 billion from KRW 34.77 billion, and operating profit swung to a loss of KRW 1.01 billion.

  2. 2

    Net losses attributable to owners continued into 2026 with a KRW 839.99 million loss in Q1 and a KRW 140.55 million loss in Q2, delaying a return to profitability.

  3. 3

    In April 2026 the company changed its name from Pureun Tech to Pureun Robotics, formalizing a business realignment around the Symphony collaborative robot lineup.

  4. 4

    The company is preparing mass production of Symphony 40, billed as the world's first 40kg-payload collaborative robot, to be unveiled at Robot World 2026 (November 4-7).

  5. 5

    New-business diversification is underway through subsidiary DI Robotics' dental implant surgical assist robot and participation in the K-Humanoid Alliance, though the timing of revenue contribution remains uncertain.

02

Business structure

Founded in 1997, Pureun Robotics built a long track record in financial automation, transit automation, and specialized terminal systems.

In financial automation the company supplies ATM banknote recognition and dispensing modules, while in transit automation it manufactures subway gates and parking barriers, also running system-integration projects that use these modules, with public institutions and financial firms as core customers.

The company began developing collaborative robots in 2013 and in 2016 became the first in Korea to develop a 7-axis cobot and robot controller, later expanding its payload lineup to 5, 10, 15, 20 and 40 kg models including the Symphony 15 co-developed with Hyundai Wia.

In April 2026 an extraordinary shareholders' meeting approved a name change from Pureun Tech to Pureun Robotics, formalizing its shift toward becoming a cobot-centered robotics specialist.

The Symphony series has secured European CE certification and international functional-safety certification, and the company is broadening applications into manufacturing, logistics, food tech, and healthcare.

Through subsidiary DI Robotics, it is working with the dental colleges of Seoul National University and Yonsei University, Asan Medical Center, and the Korea Institute of Machinery and Materials to commercialize a dental implant surgical-assist robot.

In the competitive landscape, larger domestic cobot players such as Rainbow Robotics and Doosan Robotics operate in the same space, and Pureun Robotics is pursuing a strategy of extending its mass-production design and quality-management capabilities, honed in financial and transit automation, into robot hardware supply.

03

Earnings trend

Quarterly revenue · Operating profit
RevenueOperating profit
Annual revenue · Operating profit
RevenueOperating profit
Quarterly results · Last 5 quarters
QuarterRevenueOperating profitOp. margin
2025Q2₩6.5B-₩50,884,190−0.8%
2025Q3₩5.1B-₩500M−10.0%
2025Q4₩8.5B₩400M4.6%
2026Q1₩4.3B-₩500M−12.4%
2026Q2₩6B-₩60,325,894−1.0%
Annual results
YearRevenueOperating profitNet income (parent)Op. marginROEDebt-to-equity
2022₩34.1B₩1B₩200M3.0%0.6%30.2%
2023₩32.3B₩1.9B₩2.6B5.7%6.8%31.7%
2024₩34.8B₩2.3B₩2.1B6.6%5.4%24.0%
2025₩23.5B-₩1B-₩600M−4.3%−1.6%22.3%

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

04

Earnings analysis

Annual revenue moved from KRW 34.08 billion in 2022 to KRW 32.29 billion in 2023 and KRW 34.77 billion in 2024, before falling 32.5% to KRW 23.48 billion in 2025.

Operating profit improved from KRW 1.02 billion (3.0% margin) in 2022 to KRW 1.85 billion (5.7%) in 2023 and KRW 2.28 billion (6.6%) in 2024, then swung to a loss of KRW 1.01 billion (-4.3% margin) in 2025.

Net income attributable to owners followed a similar pattern, posting KRW 192 million in 2022, KRW 2.59 billion in 2023 and KRW 2.06 billion in 2024, before turning to a loss of KRW 600 million in 2025.

On a quarterly basis, Q2 2025 revenue was KRW 6.52 billion with an operating loss of KRW 50.9 million, yet net income attributable to owners was a positive KRW 666.9 million, a divergence that suggests a non-operating or one-off item.

In Q3 2025 revenue fell to KRW 5.13 billion and the operating loss widened to KRW 511.3 million, pushing the net loss to KRW 838.2 million.

Q4 2025 revenue rose to KRW 8.51 billion, the highest in the recent four-quarter window, and operating profit turned positive at KRW 391.3 million, though net income remained slightly negative at KRW 71.9 million.

In Q1 2026 revenue dropped to KRW 4.30 billion with the operating loss widening to KRW 531.7 million and net loss reaching KRW 839.99 million, before revenue recovered to KRW 6.01 billion in Q2 2026, although the operating loss of KRW 60.3 million and net loss of KRW 140.6 million show the loss-making pattern persisting.

Summing the four quarters from Q3 2025 through Q2 2026, the net loss attributable to owners totals KRW 1.89 billion, larger than the full-year 2025 net loss of KRW 600 million, reflecting the exclusion of the one-off gain seen in Q2 2025 and the heavier losses recorded in Q3 2025 and Q1 2026.

05

Industry analysis

Korea's robotics industry in 2026 is seen as benefiting from a combination of government policy support and market fund flows.

Cumulative net inflows into robotics-themed ETFs are estimated at roughly KRW 1.3 trillion since the start of the year, alongside government measures such as the KOSDAQ market trust and innovation enhancement plan and venture-capital supply initiatives including the National Growth Fund.

Industry observers characterize the current period as an early mass-production phase for humanoid robots, in which component and hardware suppliers are expected to see initial benefits.

In the collaborative robot segment, larger players such as Rainbow Robotics and Doosan Robotics have greater scale and overseas distribution networks, while Pureun Robotics has accumulated technology through participation in a 15kg-payload national research project and joint development with Hyundai Wia, but with comparatively smaller revenue scale.

Under the government's Fourth Basic Plan for Intelligent Robots, joint public-private investment is scheduled to continue through 2030, suggesting sustained industry-wide investment momentum.

However, meaningful revenue contribution from the new cobot lineup will require time for certification, production stabilization, and sales-channel buildout, while the company's legacy financial and transit automation businesses operate in mature markets with limited growth potential.

06

Outlook

The company is preparing mass production of Symphony 40 and Symphony 20, with Symphony 40 -- billed as the world's first 40kg-payload cobot -- set to be unveiled at Robot World 2026, running November 4-7.

Symphony 40 has a body weight of 89kg, and the company frames balancing lightweight design against higher payload as a key engineering challenge.

Since 2025 the company has participated in an on-device AI semiconductor development project, working on sVLM-based AI chips for manufacturing automation robots through 2028, and it also joined the Ministry of Science and ICT's virtual-convergence-based physical AI core technology project as a co-research institution, aiming to develop an XR-based physical AI data platform through 2029.

Commercialization of the dental implant surgical-assist robot through subsidiary DI Robotics is also progressing, and the company has joined the K-Humanoid Alliance as a robot manufacturer to help build out the humanoid ecosystem. At SIMTOS 2026 it pursued joint intelligent automation solutions with SMEC.

Over the medium to long term, the company has outlined a three-pronged strategy: building out its cobot lineup, becoming a leader in system businesses such as palletizing and welding, and upgrading hardware-based technology for physical AI companies.

No official guidance has yet been given on the timing or scale at which these new initiatives will translate into revenue and profit, so future disclosures and order announcements will need to be monitored.

07

Valuation

PER
—
PBR
1.5×
ROE
-5.1%
EPS
-₩235
BPS
₩4,524
Dividend per share
₩0

The company has posted consecutive net losses through 2025 and the first half of 2026, making a price-to-earnings comparison difficult in the current period.

Its price-to-book ratio trades at a level that carries a premium over net asset value, and given the swings between profit and loss in recent years, a key question is how much of the company's prospective cobot business performance the market may already be factoring in.

The company does not currently pay dividends, limiting its appeal from an income perspective. Compared with the profitable years of 2022-2024, the current period represents a period of impaired earnings power, and when that earnings base recovers is likely to remain central to any valuation discussion.

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

08

Bull factors

Expanding Cobot Lineup and World-First 40kg Payload Product

The company has built a cobot payload lineup spanning 5, 10, 15, 20 and 40 kg, and plans to unveil the world-first 40kg-payload Symphony 40 at Robot World 2026. All products have secured European CE certification and international functional-safety certification, meeting baseline requirements for overseas expansion.

Technology accumulated through national research projects, including joint development with Hyundai Wia, is also cited as a strength.

Growth Optionality Through New-Business Diversification

The company holds multiple new-business options, including subsidiary DI Robotics' dental implant surgical-assist robot, participation in the K-Humanoid Alliance, and involvement in government-backed on-device AI semiconductor and XR-based physical AI data platform projects.

Because these initiatives are linked to government-supported programs, some of the early development cost burden may be eased. With several growth tracks progressing simultaneously, a delay in any single initiative need not undermine the overall growth narrative.

Favorable Industry Tailwinds -- Policy and Fund Inflows

Net inflows into robotics-themed ETFs have continued, and the government is advancing measures such as the KOSDAQ market trust and innovation enhancement plan and venture-capital supply initiatives including the National Growth Fund.

Under the government's Fourth Basic Plan for Intelligent Robots, joint public-private investment is scheduled through 2030, creating a broadly favorable investment environment for the sector. As the industry enters an early mass-production phase for humanoid robots, interest in hardware supply companies has persisted.

09

Bear factors

Earnings Deterioration and Loss-Making Since 2025

2025 revenue fell 32.5% year over year, with both operating profit and net income turning negative. Net losses attributable to owners continued in both Q1 and Q2 2026, delaying a return to profitability.

The four-quarter net loss of KRW 1.89 billion exceeds the full-year 2025 net loss of KRW 600 million, indicating the recent earnings trend has not improved.

Stagnant Growth in Legacy Businesses

The financial and transit automation segments operate in mature markets with limited scope for new demand. Revenue was largely stuck in the KRW 32-35 billion range from 2022 to 2024 and then fell sharply to KRW 23.48 billion in 2025. It will take time for the new cobot business to fill this gap.

Uncertain Timing of Cobot Revenue Contribution

Mass production of Symphony 20 and 40 is still in preparation, with no official revenue guidance provided. The cobot market includes relatively larger competitors such as Rainbow Robotics and Doosan Robotics, implying potential intense competition in distribution and brand. DI Robotics' medical robot is also pre-commercialization, requiring further certification and clinical steps.

10

Risk factors

Earnings

The company has posted consecutive losses through 2025 and the first half of 2026, with the timing of an earnings recovery uncertain. Quarterly volatility is also significant, as an operating profit turnaround in Q4 2025 was followed by a widened loss in Q1 2026.

If legacy-business revenue continues to decline while investment in the new cobot business persists, a profitability recovery could be further delayed.

Competitive

The cobot market includes several relatively well-capitalized competitors with larger distribution networks, such as Rainbow Robotics and Doosan Robotics. Expanding entry by large corporations into the robotics market could intensify price competition. The commercial success of the new Symphony 40 product has not yet been proven.

Execution

Government projects such as on-device AI semiconductor development (through 2028) and the XR-based physical AI platform (through 2029) are long-term initiatives that may take time to reach actual commercialization.

Subsidiary DI Robotics' medical robot also requires further clinical trials and regulatory approval, which could delay its commercialization timeline. Pursuing multiple new businesses simultaneously could strain resource allocation and execution capacity.

11

What to watch next

  1. November 4-7, 2026

    Check the unveiling of Symphony 40 at Robot World 2026, along with market reaction and any early inquiries or orders.

  2. Mid-November 2026

    The Q3 2026 quarterly report disclosure should be checked for whether revenue and operating profit trends improve, particularly whether the cobot segment begins contributing to revenue.

  3. From Q4 2026

    The actual start of mass production for Symphony 20 and 40, along with initial sales performance and any contract disclosures, should be monitored.

  4. H2 2026 through 2027

    Progress on certification and clinical steps for DI Robotics' dental implant surgical-assist robot, and whether a concrete commercialization timeline emerges, should be tracked.

  5. Ongoing

    Any disclosures on new partnerships or orders arising from participation in the K-Humanoid Alliance should be monitored on an ongoing basis.

12

Overall view

Pureun Robotics is in the process of restructuring its business, layering the Symphony collaborative robot series and new initiatives in medical and physical AI on top of its stable but growth-limited legacy financial and transit automation businesses.

Revenue and profit clearly deteriorated in 2025, and losses have continued through the first half of 2026, meaning the financial burden of this transition is currently visible in the numbers.

The company holds several growth options -- unveiling what is billed as the world's first 40kg-payload cobot, developing AI semiconductors and a physical AI platform through government projects, and pursuing commercialization of a medical robot through its subsidiary -- but no official guidance has yet been given on when these will translate into actual revenue and profit.

While the broader industry benefits from a favorable environment of policy support and fund inflows, the cobot market also includes relatively larger competitors, so competitive intensity should be weighed alongside these tailwinds.

For observers, it will be important to continuously track the upcoming Q3 earnings disclosure, the start of mass production for Symphony 20 and 40, and any disclosures related to the new businesses to gauge the real progress of this transition.

Overall, the company is at an early stage of business realignment, in a phase where both its growth narrative and earnings recovery still need to be verified.

13

Sources

  1. Korea Exchange (KRX) — Prices · Market Cap · Volume
  2. FSS electronic disclosure system (DART) — Financial statements · Dividend filings
Show 18 more articles and sources
  1. investing.com
  2. comp.wisereport.co.kr
  3. thevc.kr
  4. investing.com
  5. alphasquare.co.kr
  6. news.infostock.co.kr
  7. file.alphasquare.co.kr
  8. comp.wisereport.co.kr
  9. dart.fss.or.kr
  10. alphasquare.co.kr
  11. socialvalue.kr
  12. kidd.co.kr
  13. rainbow-robotics.com
  14. irobotnews.com
  15. etoday.co.kr
  16. public.38.co.kr
  17. sedaily.com
  18. jwcorporation.kr

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.