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
Demand for humanoid actuators has started to show up in reported revenue, while Uzbekistan capacity build-out and one-off costs are amplifying earnings volatility.
In 2Q26 revenue reached KRW 15.37bn with operating profit of KRW 1.98bn, the largest quarterly top line on record, implying an operating margin of roughly 12.9%.
Despite higher revenue, 1Q26 posted an operating loss of KRW 11.84bn, which the company attributes to a one-off cost from treasury-share grants.
Almost all first-half revenue came from actuators, leaving the business concentrated on a single product family.
The Tashkent plant in Uzbekistan is slated for partial start-up in October 2026 and full operation in 2027, so build-out costs land ahead of the related revenue.
Full-year 2025 operating profit turned positive and equity expanded sharply after a rights offering, cutting the liabilities-to-equity ratio to 1.8%.
Founded in 1999 and listed on KOSDAQ in 2018, ROBOTIS makes robot components and finished robots, with its core product being DYNAMIXEL, a smart actuator that packages motor, gearhead, controller and communications into one module.
Per the company's semi-annual report, first-half 2026 actuator revenue was KRW 26.665bn, or 97.99% of consolidated revenue, while autonomous mobile robot revenue was KRW 548mn, or 2.01%.
In practice the revenue mix is close to a single segment, and finished products such as delivery robots and the dual-arm AI WORKER still contribute little.
Within the lineup, the compact X series accounts for 70-80% of total shipments, and the company is adding DYNAMIXEL-Q, a quasi-direct-drive line dedicated to humanoids. Management has said it expects the Q series to sell at roughly a one-to-one ratio with the X series once launched.
The customer base began in research and education and is now extending into humanoid and defense makers; Shinhan Investment noted in a May 2026 piece that ROBOTIS supplies actuators to some 70 global customers.
On ownership, LG Electronics was the second-largest shareholder with 6.56% as of end-1Q26, and for the Uzbekistan plant a structure is under discussion in which LG Electronics supplies motors while ROBOTIS adds gearing and control technology.
The competitive field mixes price-led Chinese actuator suppliers, domestic gear and drive-part makers, and large appliance and auto groups pursuing in-house actuators.
Kyobo Securities argued in a June 2026 report that, in an environment where component suppliers risk being reduced to plain vendors, ROBOTIS can diversify revenue through accumulated motion data and integration capability.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.9B | ₩200M | 3.1% |
| 2025Q3 | ₩9.2B | ₩200M | 2.4% |
| 2025Q4 | ₩11.6B | ₩2.1B | 17.7% |
| 2026Q1 | ₩11.8B | -₩11.8B | −100.0% |
| 2026Q2 | ₩15.4B | ₩2B | 12.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩25.9B | -₩2.2B | -₩300M | −8.4% | −0.3% | 45.0% |
| 2023 | ₩29.1B | -₩5.3B | -₩1.4B | −18.2% | −1.4% | 20.0% |
| 2024 | ₩30B | -₩3B | -₩3.1B | −9.9% | −3.3% | 4.4% |
| 2025 | ₩38.9B | ₩3.3B | ₩5.1B | 8.6% | 1.6% | 1.8% |
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
On an annual basis, revenue moved from KRW 25.86bn in 2022 to KRW 29.13bn in 2023, KRW 30.04bn in 2024 and KRW 38.94bn in 2025, shifting from slow gains to double-digit growth.
Profitability went from operating losses of KRW 2.16bn in 2022, KRW 5.30bn in 2023 (operating margin -18.2%) and KRW 2.97bn in 2024 to an operating profit of KRW 3.35bn in 2025 (margin 8.6%), with owners' net profit of KRW 5.07bn.
Operating cash flow improved from negative KRW 4.75bn in 2023 to KRW 5.36bn in 2024 and KRW 7.08bn in 2025, so the earnings recovery came with cash inflow.
On the balance sheet, equity rose from KRW 96.01bn at end-2024 to KRW 314.08bn at end-2025 while total liabilities stayed at KRW 5.63bn, taking the liabilities-to-equity ratio down to 1.8%; the drivers cited include a KRW 100bn rights offering in August 2025 and additional funding secured through a treasury-share sale in January 2026.
Quarterly, the trend accelerated from KRW 7.88bn revenue and KRW 0.24bn operating profit in 2Q25 to KRW 9.24bn and KRW 0.22bn in 3Q25, then KRW 11.60bn and KRW 2.06bn in 4Q25 (margin about 17.7%).
In 1Q26 revenue rose to KRW 11.84bn but the company posted an operating loss of KRW 11.84bn and an owners' net loss of KRW 10.06bn; management explained that actuator revenue grew on a higher China mix but operating profit fell sharply because of a one-off cost tied to treasury-share grants.
In 2Q26 revenue was KRW 15.37bn, up about 95% year on year, with operating profit of KRW 1.98bn and owners' net profit of KRW 2.50bn, implying a margin of roughly 12.9%.
By region, second-quarter shipments rose 142.4% year on year in North America and 154% in China, and China revenue tripled to KRW 1.5bn from a two-year average of around KRW 0.5bn, lifting its share of total revenue to 9.7%.
Because the first-quarter one-off was large, however, the sum of the last four quarters still leaves owners' earnings in negative territory.
The humanoid industry is moving from R&D toward mass production and supply-chain qualification, and drivetrain components sit early in that cycle. Shinhan Investment wrote in May 2026 that actuators can account for up to 60% of humanoid production cost and determine a robot's force, speed and precision.
On the demand side China is driving volume: KB Securities estimated on September 4, 2026 that shipments by small and mid-sized Chinese humanoid makers rose 333%, from 600 units in the first half of 2025 to 2,600 units in the first half of 2026. Policy is a simultaneous variable.
The US Federal Communications Commission has restricted certification and imports of new China-made robot models, including humanoids and quadrupeds, citing cybersecurity and network interference concerns.
ROBOTIS has said it is targeting substitution demand for Chinese components in North America on the back of FCC certification. Competitively, both price and manufacturability are required: the company presented DYNAMIXEL-Q as matching Chinese pricing while delivering high-precision control and durability.
Domestically, adjacent suppliers in gearing, die casting and metal injection molding target the same end market, and large players such as LG Electronics are moving into in-house actuator production, blending partnership with rivalry.
The cycle position is therefore a transition from expectation to actual production volume, and the speed at which orders convert into reported results is what separates suppliers at this stage.
The volume roadmap the company has disclosed is clear. Management has said actuator unit sales were 220,000 in 2025, with 400,000-500,000 expected in 2026 and more than 1 million projected for 2027.
On the revenue goal, reporting on July 1, 2026 cited a target of KRW 50bn in sales this year through actuator share gains. Production capacity centers on Uzbekistan.
The company held a groundbreaking ceremony on June 15, 2026 in the Yangi Avlod special industrial zone in Tashkent for a humanoid robot and component plant; the project involves USD 70mn on roughly 10 hectares and is planned to create more than 2,000 jobs.
The plan is to secure initial annual capacity of 300,000 units and expand beyond 5 million units by 2031. On timing, the company said some equipment starts up in October 2026, with full operation from 2027.
For new products, DYNAMIXEL-Q was slated for official launch between late August and early September 2026, and the AI Sapiens humanoid platform is to be formally released at the end of 2026.
As a new business line, a data factory using local staff to collect human task and motion data for sale to developers of humanoid vision-language-action models is under way, with local headcount planned to grow from about 100 now to around 2,000 by 2028.
The company has projected that capacity expansion and revenue from mass-production systems for finished humanoids and DYNAMIXEL-Q will show up in earnest from early 2027.
On an earnings basis, full-year 2025 swung from loss to profit, but the one-off cost in 1Q26 leaves the sum of the last four quarters negative for owners' earnings, so a price-to-earnings multiple cannot be computed.
That leaves the market leaning on the multiple against net assets and on forward profit expectations, and the premium to net assets sits well above the average for the KOSDAQ machinery and equipment sector.
There is no declared cash dividend per share in confirmed filings, so a dividend-yield comparison is not available, and surplus funds are being directed to the Uzbekistan build-out and automation investment.
Broker views have been revised often: Kyobo Securities in a June 2026 report set a Buy rating and a target price of KRW 460,000, naming the stock its sector top pick.
Samsung Securities was reported on August 19, 2026 to have raised its target price to KRW 350,000, citing China-led revenue growth and the new Uzbekistan plant, while KB Securities said on September 4, 2026 that it was focusing on rising China revenue but did not present a rating or target price.
With such a wide spread of stated levels for the same business plan, the valuation question rests on when added capacity is confirmed in recognized revenue and margins.
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
Second-quarter 2026 revenue of KRW 15.37bn and operating profit of KRW 1.98bn compare with KRW 7.88bn and KRW 0.24bn in 2Q25, showing simultaneous expansion in scale and profit. Analysts estimate that first-half 2026 actuator shipments already exceeded the roughly 220,000 units estimated for full-year 2025. The bull case starts from the fact that this is visible in quarterly results, not only in expectations.
With the US Federal Communications Commission restricting certification and imports of new China-made robot models, North American robot makers face pressure to find alternative supply.
Second-quarter 2026 North American shipments rose 142.4% year on year, and analysts attributed growth to shipments to humanoid and defense customers. That setup can raise the strategic value of component suppliers with non-China references.
With equity of KRW 314.08bn against total liabilities of KRW 5.63bn at end-2025, the liabilities-to-equity ratio of 1.8% means the build-out is not reliant on borrowing. On June 22, 2026 the company signed a memorandum of understanding with LG Electronics on a potential equity investment in the Uzbekistan plant.
In July 2026 it also disclosed a KRW 18.1bn commitment to a new-technology investment partnership aimed at production automation synergies.
The 1Q26 operating loss of KRW 11.84bn was almost identical in size to that quarter's revenue of KRW 11.84bn, showing how much quarterly profit can swing on cost recognition. The company said operating profit fell sharply because of a one-off cost from treasury-share grants. As a result, the point at which cumulative annual profit recovers can be pushed back.
The company is investing KRW 60bn in Uzbekistan to build a plant with total capacity equivalent to 5 million actuators, with partial start-up in October 2026. In January 2026 it injected KRW 29.4bn into the local entity to take 100% ownership.
Depreciation and early operating costs come first, so if utilization does not ramp as planned, room for operating-margin improvement can be limited.
In the first half of 2026 actuators made up 97.99% of consolidated revenue while autonomous mobile robots were just 2.01%. With finished products and the data business not yet established as revenue, alternative sources are thin if actuator demand slows.
In addition, with the China revenue share up to 9.7% in the second quarter, changes in the ordering pace of Chinese humanoid makers can feed straight into quarterly results.
The Uzbekistan plant is the first overseas production base, and local operations are handled by ROBOTIS FE LLC, a wholly owned subsidiary.
Early mass production of a new lineup can take time to stabilize yields and costs, and Daol Investment & Securities noted in a May 2026 report that profitability could decline in the near term during the DYNAMIXEL-Q ramp. Any delay in the shift from partial start-up to full production will drive earnings visibility.
Much of the current demand expansion is tied to two policy variables: the mass-production preparations of Chinese humanoid makers and US restrictions on Chinese robots. If the regulatory direction eases, or conversely widens to components, both demand and the competitive structure could shift at once.
Also, the company resumed operations at its China branch from February 2026, which is both a growth opportunity and greater geopolitical exposure.
Investment funds were secured via a KRW 100bn rights offering in August 2025 and a treasury-share sale in January 2026, so if further financing becomes necessary, the potential for dilution of existing shareholders should be monitored.
In addition, reporting on August 7, 2026 said CEO Kim Byoung-soo sold shares worth KRW 88.7bn and put personal funds into the subsidiary ROBOTIS AI. These are factual items, and changes in major-shareholder stakes and the use of proceeds should be verified in filings.
With the official launch of DYNAMIXEL-Q guided for late August to early September 2026, the actual launch and initial customers and pricing terms need checking. The key question is whether the Q series changes an X-series-centered revenue mix.
Partial equipment start-up at the Uzbekistan plant was guided for October 2026. Watch the start date, initial capacity, and how fixed costs such as depreciation flow into fourth-quarter earnings.
An overseas data provider lists the next earnings release date as November 18, 2026. The third-quarter report should show actuator shipments, the China and North America revenue mix, and whether the operating margin holds near the roughly 12.9% level of the second quarter.
Formal release of the AI Sapiens humanoid platform was guided for the end of 2026. The items to verify are how finished-product revenue is recognized and whether the ecosystem strategy of fully opening the robot control code translates into actual actuator sales.
The company projected that capacity expansion and revenue results would appear in earnest from early 2027. Key items are full operation in Uzbekistan, first revenue recognition from the data factory, and whether LG Electronics' review of an equity investment in the Uzbekistan plant becomes a definitive agreement.
ROBOTIS swung from loss to profit in 2025 with revenue of KRW 38.94bn and operating profit of KRW 3.35bn (8.6% margin), then expanded its quarterly top line again in 2Q26 with revenue of KRW 15.37bn and operating profit of KRW 1.98bn.
However, a large one-off cost produced an operating loss of KRW 11.84bn in 1Q26, so the sum of the last four quarters still leaves owners' earnings negative, which complicates the reading of headline metrics.
The business remains concentrated on one product family, with actuators at 97.99% of first-half revenue, while the growth axis shifts toward humanoid and defense customers in China and North America.
The pivot for future results is whether the Uzbekistan plant, guided for partial start-up in October 2026 and full operation in 2027, and DYNAMIXEL-Q mass production convert into the planned volumes and margins.
The balance sheet has room after capital raising brought the liabilities-to-equity ratio down to 1.8%, but this is also a phase in which capacity spending precedes revenue.
On valuation, an earnings-based multiple is not computable and the premium to net assets sits well above the sector average, so the pace at which added capacity is confirmed in recognized revenue is the center of debate. This report is for information purposes only and does not contain buy or sell opinions or a target price.
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.