Doosan Robotics

Doosan Robotics, a Doosan Group affiliate listed on KOSPI under the machinery and equipment sector, designs and manufactures collaborative robots that work alongside people without safety fences.

Its core products form a cobot lineup segmented by payload; the heavy-payload P3020 model can move up to roughly 27 kg per pick at seven cycles per minute. The business model is shifting away from heavy customization toward a plug-and-play approach that can be deployed on site without complex installation.

One growth axis is North American automation solutions: the company invested KRW 35.6 billion to acquire US-based ONExia, internalizing turnkey solutions for end-of-line processes, and subsequently pursued a merger with its North American entity to consolidate its overseas revenue base.

Its customer base centers on automotive, auto parts and logistics manufacturing sites; at the 2Q26 conference call management said it had secured mid- to large-sized deals including continuing cobot deliveries to Hyundai Motor, and cited roughly 100 units supplied to Kwangjin Group and 300 units to Thai robot system integrator VRNJ.

With Kwangjin Group it agreed to progressively supply more than 100 manufacturing robot solutions to domestic and overseas plants through 2027.

On competition, Denmark's Universal Robots leads with roughly 40-50% share, followed by Japan's FANUC and Taiwan's Techman Robot, while Doosan Robotics holds around fourth place globally excluding China and first place in Korea.

On the software side, the plan is to release an intelligent solution called Agentic ROS by 2027, trained via Nvidia's Isaac platform, as part of a stated transition from robot hardware maker to robot AI solutions provider.

No official segment revenue breakdown is available, so the business is best understood as two pillars: cobot hardware and ONExia-based automation solutions.

On an annual basis, revenue was KRW 44.95 billion in 2022, KRW 53.04 billion in 2023, KRW 46.83 billion in 2024 and KRW 32.98 billion in 2025, declining for two consecutive years after peaking in 2023.

Operating losses moved the other way, widening every year from KRW 13.23 billion in 2022 to KRW 19.17 billion in 2023, KRW 41.20 billion in 2024 and KRW 59.47 billion in 2025, leaving a 2025 operating margin of -180.3% - a structure in which the loss exceeds revenue.

Net loss attributable to owners was KRW 55.49 billion in 2025, and equity shrank from KRW 438.81 billion in 2023 to KRW 402.50 billion in 2024 and KRW 348.59 billion in 2025.

That said, total liabilities stood at KRW 50.78 billion in 2025 for a low debt-to-equity ratio of 14.6%, and operating cash outflow narrowed from KRW 43.77 billion in 2024 to KRW 17.32 billion in 2025. The quarterly trend points the other way.

Revenue rose for five straight quarters: KRW 4.53 billion in 2Q25, KRW 10.16 billion in 3Q25, KRW 13.00 billion in 4Q25, KRW 15.29 billion in 1Q26 and KRW 17.67 billion in 2Q26.

Operating loss narrowed from KRW 16.45 billion in 4Q25 to KRW 12.07 billion in 1Q26 but widened again to KRW 14.42 billion in 2Q26, while net loss attributable to owners rose from KRW 9.17 billion to KRW 12.79 billion over the same two quarters.

Management cited revenue recognition from mid- to large-sized orders with key customers and the ONExia acquisition effect, along with 127% year-on-year growth at the US unit, as drivers of the top line, while pointing to US subsidiary relocation and expansion costs and AI-related R&D hiring as the sources of the operating loss.

Over the most recent four quarters (3Q25 through 2Q26), combined revenue of roughly KRW 56.1 billion already far exceeds full-year 2025 revenue, yet the net loss attributable to owners over the same span was about KRW 51.5 billion, showing that top-line expansion has not yet translated into profit improvement.

Collaborative robots are among the fastest-growing segments cited within manufacturing automation.

MarketsandMarkets projects the global cobot market to expand from USD 1.2 billion in 2023 to USD 9.9 billion by 2030, a 35.1% compound annual growth rate, with cobots rising from 4% of the overall manufacturing robot market in 2019 to 28% by 2030.

Industry participants say demand is rising as global companies pursue smart-factory conversion to curb labor costs, favoring cobots that can be deployed directly beside workers. A new policy variable has emerged.

On July 28, 2026, the US Federal Communications Commission designated foreign advanced robots and power inverters as import-prohibited items, a move Reuters interpreted as aimed at Chinese products.

However, fixed industrial robots and cobots - the main products of major Korean robot firms - are excluded from the restriction, so the direct near-term impact is seen as limited, while blocked Chinese access to the US market raises the possibility of medium-term indirect benefits.

Notably, it has not been confirmed that the measure will translate into actual orders or earnings for listed Korean robot companies, and some observers noted that share prices had already priced in expectations of relative gains for non-Chinese supply chains. On competition, pricing is a major variable.

Samsung Securities noted that market share erosion is unavoidable as industrial robot makers and price-competitive Chinese players enter the market, with technology differentiation and solution capability seen as decisive.

Domestically, Samsung Electronics is building humanoid mass-production capability and Hyundai Motor Group is expanding manufacturing and logistics applications via Boston Dynamics, so large-corporate entry is simultaneously enlarging both partnership opportunities and competitive pressure for cobot makers.

Management's stated direction for the second half is clear: strengthening sales primarily in North America and Europe while accelerating AI-centered technology innovation for intelligent robot solutions and industrial humanoids, alongside continued development of next-generation cobot models, a proprietary AI model platform and data infrastructure.

A company official said it continues to review M&A and strategic partnerships to secure additional technology.

On the product roadmap, KB Securities in a May 2026 report flagged as checkpoints the North American expansion via the ONExia acquisition, plus plans to unveil intelligent solutions in 2027 and a humanoid in 2028.

On North American capacity, Korea Investment & Securities reported in May 2026 that the company would more than double production capacity by September and had secured land up to four times larger for future use as an AI solutions sales base.

On the marketing side, the company exhibited at Automate 2026, North America's largest robotics show, held in Chicago in June 2026, showcasing the AI-based palletizing solution Palletize HD+ and the intelligent robot solution Scan&Go 2.0.

Scan&Go won both the AI Best of Innovation award and a robotics innovation award at CES 2026, was co-developed with Canada's Advanced Robotics, and targets revenue conversion within one year.

The key question is how quickly these milestones convert into revenue and profit; given that first-half cumulative results still showed operating losses despite revenue growth, the direction of second-half profitability remains something to verify.