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
Yuil Robotics posted a much wider net loss in 2025 as plant relocation costs and convertible bond valuation losses piled up, even as it seeks a recovery path through its SK On tie-up and a string of large automation orders.
2025 revenue rose 5.0% year on year to KRW 36.9 billion, but the operating loss widened to KRW 12.6 billion and net loss to KRW 24.7 billion.
Quarterly operating losses narrowed through 2026, from KRW 4.1 billion in 2025Q2 to KRW 1.5 billion in 2026Q2.
SK On's US subsidiary SK Battery America is the second-largest shareholder, underpinning potential collaboration in battery process automation.
Large orders have continued, including a KRW 5.93 billion contract with HD Hyundai Power Transformers in February 2026 and a KRW 5.2 billion new-plant automation contract in June 2026.
The timing of the tail-off in one-off costs tied to the Cheongna plant relocation is a key variable for future margin recovery.
Yuil Robotics develops, manufactures, and sells automation solutions for the injection-molding industry and manufacturing sector broadly, operating around two pillars: automation systems and industrial robots.
Its recent revenue mix showed industrial robots (products) at 51.79%, other goods at 25.61%, and automation systems (products) at 22.60%.
The product lineup spans injection-peripheral equipment, auto-feeding and cooling systems within automation systems, alongside a full industrial-robot range of Cartesian, collaborative, and articulated robots.
The company is positioned as the only domestic manufacturer offering a full robot lineup together with automation-system technology, which it markets as enabling turnkey, one-stop supply.
End-market exposure historically leaned heavily on automotive and secondary-battery clients at around 75% of the base, but this has since diversified into food, cosmetics, and medical-device applications as customers broadened.
In 2024, SK On's US subsidiary SK Battery America participated in a third-party share allocation and became the second-largest shareholder with a 13.47% stake, a link often cited as raising the odds of tie-ins with SK Group's battery-plant automation needs.
The company built a roughly 8,000-pyeong new plant in Incheon's Cheongna International City, targeting production capacity supporting over KRW 200 billion in annual revenue once fully operational.
In 2026 it also completed development of its in-house 'YURA' actuator, a core robot component, and added agricultural robots to its stated business scope as part of parallel product and market diversification.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.1B | -₩4.1B | −58.3% |
| 2025Q3 | ₩9.3B | -₩4B | −42.6% |
| 2025Q4 | ₩10.5B | -₩5B | −47.5% |
| 2026Q1 | ₩4.6B | -₩4.1B | −90.2% |
| 2026Q2 | ₩10B | -₩1.5B | −14.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩38.4B | -₩3.1B | -₩2.3B | −8.0% | −5.8% | 36.9% |
| 2023 | ₩29.5B | -₩7B | -₩6.6B | −23.8% | −18.8% | 146.0% |
| 2024 | ₩35.2B | ₩400M | -₩9.1B | 1.1% | −9.5% | 23.6% |
| 2025 | ₩36.9B | -₩12.6B | -₩24.7B | −34.2% | −27.5% | 20.6% |
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
Annual results have swung sharply. In 2022 revenue was KRW 38.4 billion with an operating loss of KRW 3.1 billion and a net loss of KRW 2.3 billion; in 2023 revenue fell to KRW 29.5 billion while the operating loss widened to KRW 7.0 billion.
In 2024 revenue recovered to KRW 35.2 billion and the company turned a small operating profit of KRW 0.4 billion, yet the net loss widened to KRW 9.1 billion.
In 2025, revenue rose 5.0% year on year to KRW 36.9 billion, but the operating loss deepened to KRW 12.6 billion and the net loss expanded sharply to KRW 24.7 billion.
The deterioration has been attributed to one-off costs from the Cheongna plant relocation and higher selling and administrative expenses tied to expanded manufacturing and R&D headcount.
In addition, rising valuation losses on convertible-bond derivatives and financial assets linked to the higher share price drove the net loss well beyond the operating loss, though the company describes these as non-cash accounting valuation items.
On a quarterly basis, losses peaked in 2025Q2 with revenue of KRW 7.1 billion, an operating loss of KRW 4.1 billion, and a net loss of KRW 17.8 billion, before easing in 2025Q3 (net loss of KRW 0.9 billion), widening again in 2025Q4 (net loss of KRW 5.7 billion) and 2026Q1 (revenue of KRW 4.6 billion, net loss of KRW 8.0 billion).
In 2026Q2, however, revenue recovered to KRW 10.0 billion while the operating loss narrowed to KRW 1.5 billion and the net loss to KRW 1.3 billion, signaling some easing in the loss trend.
The global collaborative-robot market continues to expand, with MarketsandMarkets projecting growth from roughly $1.4 billion in 2025 to about $3.38 billion by 2030, a compound annual growth rate near 18.9%.
Yet the competitive landscape by brand is already diversified and intense: Denmark's Universal Robots leads with roughly 15% global share, while China's Dobot, AUBO, and JAKA occupy several of the other top positions.
Domestically, Yuil Robotics competes with a mix of large conglomerates and smaller specialists including Doosan Robotics, Hyundai Wia, Neuromeka, and Hanwha in the collaborative-robot and automation-system space.
Yuil Robotics is credited with strong technology and fast market adaptation, but its relatively low market share is cited as a weakness. Its main product lines cover smart injection-peripheral equipment along with articulated and collaborative industrial robots, plus injection-molding automation systems.
End markets such as automotive, secondary batteries, and electronics are sensitive to business cycles and shifts in capital-expenditure plans, meaning Yuil's results are structurally exposed to these swings. Still, its equity linkage to SK On, a major battery customer, is seen as a distinguishing feature versus peers.
The company has targeted production capacity supporting more than KRW 200 billion in annual revenue once its roughly 8,000-pyeong new Cheongna plant is fully operational, making the pace of ramp-up and cost improvement a key watch item.
Large contracts have continued into 2026: in February the company signed a KRW 5.93 billion supply agreement with HD Hyundai Power Transformers for vacuum-phase drying furnaces, equal to 16.85% of 2025 revenue and running through April 2027.
In June it added a KRW 5.2 billion new-plant automation contract, covering logistics automation and an MES system, with a domestic small-motor maker for vehicles.
In January 2026 the company completed development of its in-house 'YURA' actuator, a core robot component, aimed at strengthening cost and technology competitiveness through parts internalization, and at its March annual meeting it outlined plans for radar- and mmWave-sensor-based safety technology and cloud-data-driven smart-factory and AI robot upgrades.
The same meeting added agricultural robots to its business scope and signaled intent to enter foodtech, extending its diversification push.
Its equity ties to SK On and SK Battery America continue to be cited as a potential source of battery-plant automation orders, though the company has stated no specific contract or additional investment has been finalized.
Ultimately, the pace of new-plant utilization, the timing of revenue recognition on large orders, and whether SK Group-related projects materialize remain the key swing factors for future results.
The current share price trades at a substantial premium to net asset value, which, given the repeated net losses and shrinking equity base of recent years, suggests the market is weighting future growth prospects such as the new plant ramp-up and SK synergy rather than trailing profitability.
Because net losses have persisted over the most recent four quarters, earnings-based valuation multiples cannot be calculated, and the price-to-book ratio sits near the upper end of its post-listing trading range.
No dividend is currently paid, limiting the appeal from a yield perspective, a situation likely to persist until earnings stabilize.
Looking at the multi-year pattern, the company achieved a brief operating-profit turnaround in 2024 before swinging back to loss in 2025, and quarterly losses have shown a narrowing trend through the first half of 2026, meaning future valuation assessments will likely hinge heavily on whether this incipient earnings recovery proves durable.
Investors will want to watch whether the new-plant ramp-up translates into actual margin improvement and whether volatility from convertible-bond valuation gains and losses subsides.
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
SK On's US subsidiary SK Battery America became the second-largest shareholder with a 13.47% stake through a 2024 third-party allocation.
This has fueled ongoing speculation about links to SK Group battery-plant automation demand, and the relationship has been institutionalized with SK-affiliated executives joining the board. However, the company has stated that no specific project order or additional investment has been finalized.
Sizable orders relative to revenue have continued into 2026, including a KRW 5.93 billion contract with HD Hyundai Power Transformers and a KRW 5.2 billion new-plant automation contract with a domestic vehicle-motor maker.
This run of large contracts demonstrates the company's turnkey supply capability and diversified customer base. The timing of revenue recognition as these contracts are executed will be a variable to watch.
The roughly 8,000-pyeong new plant in Cheongna International City targets production capacity supporting over KRW 200 billion in annual revenue and was built to handle large-scale robot assembly and bulk orders.
Once operations stabilize, there is room for cost-structure improvement through manufacturing efficiency and stronger purchasing power. However, since one-off relocation costs were a major driver of the 2025 earnings deterioration, confirmation of the stabilization timeline is a prerequisite.
Net losses were recorded in all four years from 2022 through 2025, with the 2025 loss widening to KRW 24.7 billion. The fact that the net loss actually grew even in 2024, when the company briefly posted an operating profit, raises questions about earnings quality. When and at what level losses stabilize remains a key point to monitor.
Valuation gains and losses on convertible-bond derivatives and fair-value financial assets are tied to share-price movements and have a large effect on net income, adding volatility unrelated to operating performance.
The company describes these as non-cash accounting items, but investors relying on net-income-to-owners figures should interpret them carefully. Depending on future share-price movements, this line item could sway results again.
The global collaborative-robot market is already highly competitive, with Universal Robots and Chinese makers occupying top positions, while domestically Yuil competes against Doosan Robotics, Hyundai Wia, Neuromeka, and others.
Yuil Robotics is credited with strong technology and market adaptability, but its relatively low market share is flagged as a weakness. Delays in capital spending by automotive and battery-sector customers pose a risk of reduced order flow.
The debt ratio surged from 36.9% in 2022 to 146.0% in 2023 before falling back to 20.6% in 2025 following the SK-related capital raise, indicating that the balance sheet is heavily influenced by financing events.
Operating cash flow was also negative at KRW -11.3 billion in 2025, suggesting cash generation is not yet stable. The possibility of needing to absorb convertible-bond-related share supply or raise additional capital again cannot be ruled out.
Demand for the company's robots and automation systems is closely tied to capital spending in manufacturing sectors such as automotive, secondary batteries, and electronics. A structural risk noted is that orders and revenue can swing significantly with business cycles or shifts in these industries' capex plans.
While customer diversification has been progressing, concentration in a few large customers or sectors may still remain.
The Cheongna plant relocation and production stabilization process has already generated one-off costs and higher SG&A, leaving room for further delays or costs in similar relocation or expansion efforts.
As disclosed for contracts such as the one with HD Hyundai Power Transformers, terms for large, multi-year projects can change through negotiation with the client during execution. Such changes could affect the timing of revenue recognition and margins.
When the Q3 report is filed, check whether the loss-narrowing trend seen in Q2 2026 continued into Q3 revenue and operating results.
Through IR materials or disclosures, monitor whether Cheongna plant stabilization and cost improvements are actually reflected in cost of goods sold and SG&A.
Continue tracking the progress and any condition changes on the vacuum-phase drying furnace contract with HD Hyundai Power Transformers.
Keep monitoring for any disclosure of new orders from or additional investment by SK Group/SK On affiliates.
Each quarter, check the impact of convertible-bond conversion requests, remaining outstanding balances, and related valuation gains or losses on net income.
Yuil Robotics endured a year in which net losses widened sharply despite modest revenue growth in 2025, driven by Cheongna plant relocation costs and convertible-bond valuation losses.
Still, quarterly operating losses have gradually narrowed through 2026, and the continuation of sizable orders relative to revenue—such as the HD Hyundai Power Transformers and new-plant automation contracts—reads as a positive signal.
The equity link to SK On's US subsidiary as second-largest shareholder raises hopes for potential synergy in battery-plant automation, though no specific project or additional investment has yet been finalized.
On the financial side, the debt ratio has swung widely around financing events, and operating cash flow has remained negative through the most recent period, leaving stable earnings power as an unresolved challenge.
Three variables—the timing of new-plant stabilization, the revenue-recognition timing of large contracts, and the volatility of convertible-bond-related valuation gains and losses—stand out as the key points to watch for gauging future earnings direction. Investors should weigh these bullish and bearish factors together in forming their own judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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