PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
CowinTech formalized its pivot to robotics and AMR by renaming itself Cowin Robotics in September 2026, but consolidated operating profit remains negative and losses at battery-materials subsidiary Top Materials continue to weigh on the balance sheet.
On September 1, 2026, the company changed its name to Cowin Robotics via an extraordinary shareholders meeting, adding robot sales and service to its business scope
Q2 2026 robot and automation equipment revenue reached KRW 51.3 billion (+18.8% YoY), accounting for 87.8% of total revenue as the robotics mix keeps expanding
Secondary battery and ESS-related robotics orders surpassed KRW 90 billion cumulatively in 2026, with a string of new supply contracts in North America and Europe
Consolidated operating loss reached KRW 25.4 billion in 2025, and losses continued through H1 2026 (Q1: -KRW 1.04 billion, Q2: -KRW 7.41 billion)
Subsidiary Top Materials (LFP cathode) posted a H1 net loss of KRW 12.4 billion, pressuring consolidated results and cash flow, while current liabilities have risen sharply over the past year
Founded in 1998 and listed on KOSDAQ in 2019, CowinTech is a smart-factory process automation specialist that formalized its pivot toward robotics by renaming itself Cowin Robotics on September 1, 2026.
The business is organized around two pillars: automation systems (robots, AMRs, stacker cranes, conveyors) and secondary battery materials (LFP cathode material produced by subsidiary Top Materials).
In Q2 2026, consolidated robot and automation equipment revenue rose 18.8% year over year to KRW 51.3 billion, reaching 87.8% of total revenue.
The company has secured 123 domestic and overseas client companies across 16 end industries including batteries, ESS, automotive, semiconductors, and chemicals, giving it a broad customer base, though the automation systems business had battery customers accounting for over 90% of revenue, making results sensitive to the battery investment cycle as of February 2025.
In response, the company has pursued customer diversification, targeting additional large semiconductor clients beyond SK Hynix and making its first delivery to a domestic automaker.
On the materials side, subsidiary Top Materials completed a plant in the Pyeongtaek Brain City industrial complex in December 2025 with annual capacity of up to 3,000 tons of LFP cathode material, marking its entry into the materials business.
On the robotics side, the company set out at the end of 2025 a plan to commercialize innovative logistics robots such as OHMS, MRS, and MRX during 2026 to raise the robot order share to over half of total orders.
While the company has a long track record in secondary battery pre-process automation, both of its newer businesses—robotics/AMR and LFP cathode materials—are in early stages and face competition from established domestic and global robotics players and large cathode makers such as POSCO Future M and L&F.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩48.1B | -₩200M | −0.4% |
| 2025Q3 | ₩39.3B | -₩2.5B | −6.3% |
| 2025Q4 | ₩40.9B | -₩20.3B | −49.5% |
| 2026Q1 | ₩39.8B | -₩1B | −2.6% |
| 2026Q2 | ₩58.4B | -₩7.4B | −12.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩201.2B | ₩14.8B | ₩2.6B | 7.3% | 2.0% | 79.8% |
| 2023 | ₩336B | ₩22.8B | ₩11.8B | 6.8% | 7.2% | 68.7% |
| 2024 | ₩244.4B | ₩3.6B | ₩16.2B | 1.5% | 9.2% | 56.1% |
| 2025 | ₩154.7B | -₩25.4B | ₩1.7B | −16.4% | 1.0% | 67.2% |
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
Annual revenue fell sharply for two consecutive years, from KRW 335.96 billion in 2023 to KRW 244.39 billion in 2024 and KRW 154.70 billion in 2025, directly reflecting the slowdown in the secondary battery capex cycle.
Operating margin also deteriorated rapidly, from 7.3% in 2022 and 6.8% in 2023 to just 1.5% in 2024 before turning negative at -16.4% in 2025.
Notably, of the full-year 2025 operating loss of KRW 25.45 billion, a single quarter—Q4—accounted for KRW 20.25 billion of that loss, showing a highly uneven, lumpy earnings pattern concentrated late in the year.
Interestingly, despite a consolidated net loss of KRW 17.62 billion in 2025, net income attributable to owners of the parent was actually positive at KRW 1.70 billion, suggesting that a substantial share of the loss was allocated to non-controlling interests.
Quarterly owners' net income swung without clear direction: a profit of KRW 2.94 billion in Q3 2025, a loss of KRW 0.65 billion in Q4 2025, a profit of KRW 4.56 billion in Q1 2026, and a loss of KRW 1.47 billion in Q2 2026.
On the top line, 2026 showed signs of recovery, with quarterly revenue expanding from KRW 39.80 billion in Q1 to KRW 58.38 billion in Q2, though the operating loss actually widened from KRW 1.04 billion to KRW 7.41 billion over the same period.
In H1 2026, subsidiary Top Materials posted revenue of KRW 13.1 billion alongside a net loss of KRW 12.4 billion, attributed to cost changes on ongoing engineering projects and higher bad-debt expenses on receivables and contract assets.
Cumulative owners' net income over the trailing four quarters (Q3 2025 through Q2 2026) stood at KRW 5.39 billion, a level that does not yet indicate a full annualized earnings recovery.
The secondary battery automation equipment market contracted in 2024-2025 as global battery makers delayed capex, but ESS market expansion has recently emerged as a new growth driver.
Rising AI compute demand is accelerating data center buildouts, spreading capex across the AI infrastructure ecosystem including semiconductors, ESS power infrastructure, and batteries, which in turn is expanding demand for robotic automation to unmanned large-scale advanced manufacturing sites and improve operating efficiency. With the government announcing an AI data center buildout plan through 2029 under its "three mega-projects,
For Q3 2026, Eugene Investment & Securities forecast in an August 18, 2026 report revenue of KRW 60.2 billion and operating profit of KRW 4.1 billion, implying 53.1% year-over-year revenue growth and a swing to operating profit.
The company stated that 2026 robot automation system supply contracts have exceeded KRW 100 billion, with plans to secure new large customers beyond its existing semiconductor client to expand robot supply to the semiconductor sector.
On the order front, in August 2026 the company secured an AMR supply contract worth roughly KRW 20 billion covering Europe and North America from a major global battery maker, running through September 2027, and that same month signed an approximately KRW 8.5 billion contract via domestic firm DFS for ESS assembly robots and AMRs, running through February 2027.
The company noted that including these two deals, it has secured roughly KRW 90 billion in cumulative secondary battery and ESS-related robotics orders since early 2026.
On the materials side, the Pyeongtaek LFP cathode plant has entered the operating stage, but the subsidiary's H1 net loss of KRW 12.4 billion suggests monetization will take more time.
However, as of June-end, 14 of 19 major contracts (total value of KRW 490.8 billion) had passed their original delivery dates, with 9 of those showing completion rates of 90% or less, indicating the pace of order-to-revenue conversion warrants continued monitoring.
Alongside the name change, organizational restructuring is under way, including expansion of robot training centers and development of a physical-AI robot platform, making the timing of new-business revenue contribution a key point to watch going forward.
The current share price sits below net asset value attributable to owners of the parent, forming a discount relative to book value.
Compared with the average target multiple Eugene Investment & Securities applied for peer valuation in its May 2025 report (roughly the low-teens on a price-to-earnings basis), the multiple implied by recent market pricing relative to earnings sits in a higher range, warranting attention to the gap between the pace of earnings recovery and market expectations.
On dividends, the company pays a cash dividend, but the yield itself is on the lower end relative to sector averages. On earnings, annual operating results turned negative in 2024-2025 and losses have persisted through H1 2026, meaning valuation must be assessed against a still-incomplete earnings recovery.
That said, net income attributable to owners of the parent was positive for full-year 2025 and Q1 2026, underscoring the need to distinguish between consolidated results and owners' economics.
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
Q2 2026 robot and automation equipment revenue reached KRW 51.3 billion (+18.8% YoY), representing 87.8% of total revenue. Cumulative secondary battery and ESS-related robotics orders surpassed KRW 90 billion in 2026, supporting the business expansion thesis.
With the rename to Cowin Robotics clarifying its robotics-first identity, commercialization of new items (OHMS, MRS, MRX) could further diversify the revenue mix.
The company has secured 123 domestic and overseas clients across 16 end industries including batteries, ESS, automotive, semiconductors, and chemicals.
In August 2026 it signed a roughly KRW 20 billion AMR contract with a major battery maker covering Europe and North America, and that same month signed an approximately KRW 8.5 billion contract with a domestic ESS manufacturer, broadening its geographic and customer reach. The company also stated it is pursuing new large semiconductor customers beyond its existing client base.
Even as consolidated operating results stayed in the red, net income attributable to owners of the parent was positive at KRW 1.70 billion for full-year 2025 and KRW 4.56 billion in Q1 2026.
This relates to a structural feature whereby a significant share of losses is allocated to non-controlling interests, meaning the owners'-side earnings trend has at times appeared relatively more resilient than consolidated results.
The full-year 2025 operating loss reached KRW 25.45 billion, with a single Q4 loss of KRW 20.25 billion accounting for most of it. Losses continued through H1 2026 as well, at -KRW 1.04 billion in Q1 and -KRW 7.41 billion in Q2, indicating revenue recovery has not yet fully translated into earnings improvement.
Subsidiary Top Materials posted H1 2026 revenue of KRW 13.1 billion alongside a net loss of KRW 12.4 billion.
Cost changes on ongoing engineering projects and higher bad-debt expenses on receivables and contract assets were cited as causes, and in the newly entered LFP market, scale competition against large established cathode makers is an additional burden.
Current liabilities rose about 47.2% from KRW 124.9 billion at end-2025 to KRW 183.8 billion at end-June 2026, while short-term borrowings increased from KRW 37.7 billion to KRW 51.2 billion.
As of June-end, 14 of 19 major contracts (totaling KRW 490.8 billion) had passed their original delivery dates, with 9 of those below 90% completion, and delays in converting orders to revenue could affect cash flow.
Rising unbilled construction receivables combined with losses at subsidiary Top Materials pushed operating cash flow negative. With current liabilities and short-term borrowings both increasing while continued investment in new businesses (robotics, LFP materials) is needed, funding pressure could intensify.
Both new businesses—robotics/AMR and LFP cathode materials—are at an early entry stage, and intensifying competition is expected from domestic and global robotics firms as well as large cathode makers such as POSCO Future M and L&F.
There is also a possibility that commercialization timelines for new products (OHMS, MRS, MRX) could slip or that the targeted increase in robot order share may not materialize as planned.
Of the KRW 80.5 billion in H1 2026 robotics and automation revenue excluding maintenance, KRW 44.5 billion—over half—came from the secondary battery industry. Sensitivity to the battery investment cycle remains high, and a recurrence of delayed capex decisions by global battery makers could again affect results.
Q3 2026 earnings release: a point to check whether results align with Eugene Investment & Securities' forecast of KRW 60.2 billion revenue and KRW 4.1 billion operating profit (a swing to profit)
Check whether revenue recognition begins for the roughly KRW 20 billion North America/Europe AMR contract and the KRW 8.5 billion domestic ESS contract signed in August
Check whether losses at subsidiary Top Materials narrow and whether current liabilities and short-term borrowings show signs of improvement
Monitor progress and revenue conversion speed of the 9 overdue contracts that were below 90% completion as of June-end
Monitor progress on commercializing new logistics robots (OHMS, MRS, MRX) and any disclosures on securing new large semiconductor customers
CowinTech formalized its transition from a secondary battery automation equipment maker to a robotics/AMR-focused company by renaming itself Cowin Robotics in September 2026.
Diversification progress is becoming visible, with robot and automation equipment revenue reaching 87.8% of total revenue in Q2 2026 and cumulative secondary battery/ESS-related orders surpassing KRW 90 billion.
However, consolidated operating losses have persisted from KRW 25.45 billion in 2025 through H1 2026, and a H1 net loss of KRW 12.4 billion at LFP cathode subsidiary Top Materials continues to weigh on consolidated results and cash flow.
Simultaneous increases in current liabilities and short-term borrowings, along with delays across a number of contracts, are also points worth watching from a balance-sheet perspective.
That said, it is worth noting that net income attributable to owners of the parent was positive for full-year 2025 and Q1 2026, diverging from the consolidated trend.
Going forward, the Q3 earnings release, the pace at which new orders convert to revenue, and whether losses at Top Materials narrow are likely to be the key variables shaping the earnings trajectory.
Report written 2026-09-05 · Data as of 2026-09-04
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