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
Core interior-construction revenue has collapsed and losses have widened, while the company pursues a business pivot through robotics and biopharma affiliates, all against a backdrop of coin-stock administrative-designation risk.
2025 revenue fell to KRW 4.77bn from KRW 25.30bn a year earlier, while net loss widened to KRW 24.03bn
After a profitable 2025Q2, the company posted losses in every quarter from 2025Q3 through 2026Q2, with owner net loss of KRW 14.75bn over the latest four quarters
Reported revenue is still dominated by the wallpaper and exterior-shading interior-construction segment, while robotics affiliate Human in Motion Robotics and biopharma affiliate Beno Bio remain pre-commercialization
The controlling shareholder changed in July 2026 (from Lamicus to Acro New Technology Investment Association No.241) alongside a new third-party share placement, while an earlier July 2025 rights offering and CB plan was withdrawn in February 2026 due to counterparty default
An August 2026 disclosure flagged risk of administrative-issue designation after the closing price stayed below KRW 1,000 for 25 consecutive trading days, coinciding with tightened KOSDAQ delisting rules for coin stocks
BENO T&R listed on KOSDAQ in 2014 and originally operated a mobile game business, but it halted that segment in May 2022 amid intensifying competition.
The company then pivoted its core operations toward interior-construction and finishing work, supplying wallpaper, exterior shading products (motorized curtains and blinds), and raised flooring, with roughly half of recent-year revenue coming from the wallpaper segment and about a third from exterior shading.
At the same time, the company has pursued diversification into robotics, biopharma, and software through a series of acquisitions aimed at securing new growth drivers.
In 2023 it acquired a 45.10% stake in Canadian wearable-robot maker Human in Motion Robotics, whose rehabilitation exoskeleton "XoMotion-R" has received Health Canada approval.
In 2024 it acquired software firm Altocast to bolster robotics software capability, while affiliate Beno Bio is developing drug candidates including macular-degeneration treatment "BBRP11001" and osteoarthritis treatment "BBRP11041." The company thus maintains its traditional interior-construction business as its core while running robotics, biopharma, and software ventures in parallel through affiliates.
However, these newer affiliates do not yet appear to contribute meaningfully to consolidated revenue, which remains driven mainly by the core interior-construction business.
In the wearable-robot space, competitors such as Cosmo Robotics have also pursued KOSDAQ technology-special listings, indicating a forming competitive landscape.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.7B | ₩200M | 10.6% |
| 2025Q3 | ₩800M | -₩1.7B | −206.1% |
| 2025Q4 | ₩1B | -₩1.5B | −151.8% |
| 2026Q1 | ₩700M | -₩1.9B | −254.9% |
| 2026Q2 | ₩700M | -₩900M | −135.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩21.8B | -₩1.9B | -₩21.9B | −8.8% | −31.3% | 44.7% |
| 2023 | ₩9.9B | -₩7B | -₩7.9B | −70.7% | −9.9% | 53.3% |
| 2024 | ₩25.3B | -₩9.7B | -₩3.4B | −38.4% | −3.6% | 10.0% |
| 2025 | ₩4.8B | -₩5.4B | -₩23.8B | −112.3% | −33.1% | 9.9% |
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
Consolidated revenue in 2025 fell to KRW 4.77bn from KRW 25.30bn in 2024, a drop of more than 81%, while the operating loss narrowed to KRW 5.36bn from KRW 9.70bn even as the operating margin deteriorated sharply to -112.3% from -38.4%.
Net loss ballooned to KRW 24.03bn (owner-attributable KRW 23.82bn) from KRW 3.59bn (owner-attributable KRW 3.41bn) in 2024, creating a striking divergence between the narrower operating loss and the much larger bottom-line loss.
On a quarterly basis, 2025Q2 was profitable, with revenue of KRW 1.72bn, operating profit of KRW 0.18bn, and owner net income of KRW 0.68bn, but the company then posted losses for four consecutive quarters: 2025Q3 (revenue KRW 0.83bn, operating loss KRW 1.71bn, net loss KRW 2.55bn), 2025Q4 (revenue KRW 1.02bn, operating loss KRW 1.55bn, net loss KRW 6.00bn), 2026Q1 (revenue KRW 0.74bn, operating loss KRW 1.88bn, net loss KRW 3.80bn), and 2026Q2 (revenue KRW 0.70bn, operating loss KRW 0.95bn, net loss KRW 2.40bn).
As a result, owner net loss over the latest four quarters (2025Q3 through 2026Q2) totaled KRW 14.75bn, a loss figure far larger than the quarterly revenue base of roughly KRW 0.7-1.0bn.
Looking at a longer annual trend, net losses had been narrowing from KRW 21.86bn in 2022 to KRW 7.92bn in 2023 and KRW 3.59bn in 2024, before re-widening sharply to KRW 24.03bn in 2025. Total equity declined by KRW 23.4bn, from KRW 95.26bn in 2024 to KRW 71.85bn in 2025, broadly tracking the annual net loss.
The debt ratio, however, remained stable at 9.9% in 2025 versus 10.0% in 2024, well below the 44.7% and 53.3% levels seen in 2022 and 2023.
The much larger net loss relative to the operating loss suggests non-operating factors such as equity-method losses or investment impairments may have played a significant role, though the detailed breakdown would require further confirmation from footnotes in the business report.
The company's core interior-finishing market (wallpaper and exterior shading) is closely tied to construction activity and housing renovation demand, and the recent sharp revenue decline is likely linked to a slowdown in front-end construction and remodeling orders.
By contrast, the wearable rehabilitation robot market that the company is cultivating as a new business is expected to benefit from aging populations and rising rehabilitation demand; Human in Motion Robotics has already obtained Health Canada approval and is now pursuing approvals from the U.S.
FDA and Korea's Ministry of Food and Drug Safety.
In the same wearable-robot space, competitor Cosmo Robotics pursued a KOSDAQ technology-special listing in the first half of 2026, forming a competitive landscape in which both companies remain in an early growth stage, still posting operating losses while competing on regulatory approvals and commercialization progress.
In biopharma, affiliate Beno Bio is advancing preclinical and early-stage clinical work on candidates for macular degeneration and osteoarthritis, an area inherently subject to long development timelines and clinical-trial uncertainty.
Software affiliate Altocast has a long track record supplying solutions across mobility, e-commerce, and telecom, but appears to have recorded net losses exceeding its revenue scale in recent years.
Overall, the company faces the structural challenge of a shrinking core cash-generating business alongside continued capital needs for newer segments that carry growth potential but have not yet become profitable.
Human in Motion Robotics is targeting approval from the U.S. FDA and Korea's Ministry of Food and Drug Safety for its rehabilitation wearable robot "XoMotion-R" within the second half of 2026, with plans for an official global launch following approval.
In parallel, it has selected Yuanta Securities (Eugene Investment) as lead underwriter for a KOSDAQ technology-special listing and completed due diligence in October 2025, with subsequent steps such as a preliminary listing review application to be watched going forward.
On the governance side, a July 2026 agreement changed the controlling shareholder from Lamicus and a related party to Acro New Technology Investment Association No.241, alongside a roughly KRW 10bn third-party share placement; whether this capital raise is completed and how strategy evolves under the new controlling shareholder are points to confirm.
However, a similar rights offering and 11th-series convertible bond decided in July 2025 was previously scrapped in February 2026 after the counterparty withdrew, so the new financing plan also warrants tracking through to completion.
No clear public guidance on new order intake for the core interior-construction segment has been confirmed, so the timing and scale of any revenue recovery remain to be observed through future disclosures.
With the closing price still below KRW 1,000 and an administrative-designation concern already disclosed, meeting liquidity and listing-maintenance requirements is also a near-term variable to watch.
The current share price trades at a discount to net asset value, placing the price-to-book ratio below 1x. However, it should be noted that book value itself contracted from 2024 to 2025 as the net loss widened and reduced total equity.
On the earnings side, four consecutive quarters of losses make it difficult to compute a price-to-earnings multiple, and the historically large swings between profit and loss make it hard to establish a stable valuation benchmark.
No recent dividend payment has been confirmed, limiting the appeal from a yield perspective.
Ultimately, where this valuation moves from here is likely to depend on whether the core business recovers, how the robotics and biopharma ventures progress toward commercialization and listing, and whether the administrative-designation risk is resolved.
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
Human in Motion Robotics' XoMotion-R has already received Health Canada approval, and the company is targeting FDA and Korean MFDS approval in the second half of 2026. The robot's self-balancing technology has been featured in international technical media such as IEEE Spectrum. Completed approvals could serve as a springboard for entry into the global rehabilitation robotics market.
The debt ratio stood at 9.9% in 2025, sharply down from 44.7% and 53.3% in 2022 and 2023, respectively. Even amid ongoing net losses, a lack of heavy borrowing eases near-term financial pressure. That said, this coincides with a decline in absolute equity, which should be considered alongside the low leverage figure.
In July 2026, an agreement was signed to change the controlling shareholder to Acro New Technology Investment Association No.241, alongside a decision for a roughly KRW 10bn third-party share placement.
Given the earlier withdrawal of a rights offering and CB plan, completion of this new financing needs to be confirmed, but if completed it could bolster liquidity and mark a turning point for business realignment.
2025 revenue fell more than 81% year-over-year to KRW 4.77bn from KRW 25.30bn, and the operating margin worsened sharply to -112.3%. Net loss expanded significantly to KRW 24.03bn from KRW 3.59bn the prior year. No concrete, publicly confirmed catalyst for a core-business recovery has yet emerged.
After a profitable 2025Q2, the company posted operating and net losses for four consecutive quarters from 2025Q3 through 2026Q2. Owner net loss over the latest four quarters totaled KRW 14.75bn, a very large loss relative to quarterly revenue scale. A clear inflection point toward improved profitability has not yet appeared.
A disclosure noted that as of August 12, 2026, the closing price had stayed below KRW 1,000 for 25 consecutive trading days, and under KOSDAQ listing rules, 30 consecutive trading days below that level can trigger administrative-issue designation.
Numerous KOSDAQ companies have issued similar concern disclosures under the tightened delisting rules that took effect in July 2026. This is an issue that could directly affect liquidity and continued listing status.
Under tightened KOSDAQ delisting rules effective July 2026, 30 consecutive trading days with a closing price below KRW 1,000 triggers administrative-issue designation, and failure to recover the threshold for at least 45 of the following 90 trading days leads to delisting procedures.
The company had already disclosed a concern notice after 25 consecutive trading days below the threshold. Price recovery and the designation/removal status need to be monitored continuously.
A rights offering and 11th-series convertible bond decided in July 2025 were withdrawn in February 2026 due to counterparty default, and subsequent multiple CB-related disclosure corrections have reportedly recurred.
Media reports have pointed to a pattern in which parties linked to the company's de facto controlling shareholder have realized short-term gains in past M&A deals, warranting close attention to how new financing and governance changes are completed. The possibility of share overhang from financial investors disposing of their stakes cannot be ruled out.
The robotics affiliate's pursuit of FDA and Korean MFDS approval and a KOSDAQ listing, along with the biopharma affiliate's clinical-stage drug candidates, all carry uncertainty tied to regulatory review outcomes and timelines.
With these new ventures not yet contributing meaningfully to revenue, delays in approval or listing could require continued capital injection.
Non-operating factors such as equity-method gains or losses from affiliates appear to have contributed to the widening consolidated net loss, and related risks warrant confirmation through future disclosures.
Check whether the closing price remains below KRW 1,000 and monitor further disclosures on administrative-issue designation or removal to assess listing-maintenance status.
The 2026Q3 earnings disclosure should be checked for revenue trends, profitability changes, and details on non-operating factors such as equity-method gains or losses.
Confirm the outcome of U.S. FDA and Korean MFDS sales approval for Human in Motion Robotics' XoMotion-R.
Check whether Human in Motion Robotics proceeds with a preliminary listing review application as part of its KOSDAQ technology-special listing process.
Confirm through disclosures whether the July 2026 controlling-shareholder change and roughly KRW 10bn third-party share placement are completed, including final payment.
BENO T&R's traditional core interior-construction business saw both revenue and profitability contract sharply in 2025, while the company is in a transitional phase of cultivating new ventures in robotics (Human in Motion Robotics), biopharma (Beno Bio), and software (Altocast) through affiliates.
Quarterly results have shown four consecutive quarters of losses following a profitable 2025Q2, with owner net loss over the latest four quarters reaching KRW 14.75bn, indicating profitability has not yet stabilized.
On the balance sheet, the debt ratio remains stable in the single digits, though this has coincided with a decline in total equity due to continued net losses.
While a controlling-shareholder change and a share placement were decided in July 2026, an earlier financing plan was withdrawn due to counterparty default, so completion of the new plan needs to be watched.
In addition, an August 2026 disclosure flagged administrative-issue designation risk after the closing price stayed below KRW 1,000, making liquidity and listing-maintenance risk under the tightened KOSDAQ delisting rules a significant near-term variable.
Before forming any investment judgment, it is necessary to comprehensively review signals of core-business recovery, the progress of regulatory approvals and listings for new ventures, and disclosures related to administrative-issue designation.
Report written 2026-09-05 · Data as of 2026-09-04
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