KOSDAQMachinery455900

Angel Robotics

₩21,850▲ 1.16%2026-10-02 close

Market Cap

₩334B

Turnover

₩600M

Volume

30,000 shares

Shares out.

15.4M

PER

—

PBR

10.0×

EPS

-₩590

Dividend Yield

0.00%

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

Report overview

Wearable Robot Global Expansion Advances, Profitability Remains the Test

Angel Robotics continues its growth narrative through expanded Southeast Asian certifications and product diversification, yet four consecutive years of operating losses and persistent cash burn remain unresolved.

1
Annual revenue fluctuated between roughly KRW 2.18 billion and KRW 5.15 billion from 2022 to 2025, while operating losses stayed in the KRW 6.5–10.8 billion range every year.
2
Second-quarter 2026 operating loss reached KRW 3.49 billion, the widest in the period shown, yet net loss narrowed to KRW 1.14 billion, suggesting non-operating items offset the operating deterioration.
3
Having completed medical device certifications in Thailand, Vietnam, and Malaysia, the company is preparing phased entry into Singapore and Indonesia along with European CE-MDR and US FDA approvals.
4
In August 2026 the company was selected for a government-funded R&D project on a real-time linked implantable brain-AI robot system, extending its research scope beyond its core wearable robot business.
5
The debt ratio remains very low at single digits to the mid-teens percent, but total equity fell from KRW 40.3 billion in 2024 to KRW 32.6 billion in 2025 as losses accumulated.

Business structure

Angel Robotics is a wearable robot specialist founded in 2017 by CEO Nammin Cho (formerly Kyoungchul Kong, a KAIST mechanical engineering professor), which received early-stage investment from LG Electronics and listed on KOSDAQ in March 2024.

Its product lineup consists of angel MEDI for rehabilitation, angel SUIT for daily assistance, angel GEAR for industrial safety, and angel KIT robot components.

In 2025, the rehabilitation walking robot angel MEDI accounted for the vast majority of revenue at 68%, followed by angel SUIT at 19%, wearable robot development services and other items at 8%, and angel GEAR at 4%.

Its flagship product, the ANGEL LEGS M20, has been sold to more than 70 medical institutions including major tertiary hospitals such as Severance Hospital, Seoul National University Bundang Hospital, and Samsung Changwon Hospital.

In 2025 the company expanded its portfolio with the lightweight hip-assist robot ANGEL SUIT H10.

In industrial safety it has collaborated with LG Electronics and CJ Logistics, and in May 2025 it signed a technology development cooperation agreement with LIG Nex1 for defense-use wearable robots, extending its business scope into the defense sector.

On the competitive front, domestic rival Cosmo Robotics, which holds both US FDA and European CE approvals across 42 countries, is preparing a KOSDAQ listing, while Hyundai Motor-Kia and Samsung Electronics are also developing industrial and medical wearable robots respectively, intensifying competition.

Earnings trend

Quarterly revenue · Operating profit

₩1.5B-₩2.2B25Q2₩800M-₩2.8B25Q3₩1.3B-₩2.8B25Q4₩500M-₩2.7B26Q1₩800M-₩3.5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩2.2B-₩7.1B2022₩5.1B-₩6.5B2023₩4.2B-₩10.8B2024₩4.6B-₩10.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩1.5B	-₩2.2B	−146.1%
2025Q3	₩800M	-₩2.8B	−352.4%
2025Q4	₩1.3B	-₩2.8B	−217.5%
2026Q1	₩500M	-₩2.7B	−528.0%
2026Q2	₩800M	-₩3.5B	−442.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩2.2B	-₩7.1B	-₩6.8B	−325.1%	—	−183.2%
2023	₩5.1B	-₩6.5B	-₩9.2B	−126.2%	−106.5%	145.7%
2024	₩4.2B	-₩10.8B	-₩10B	−257.5%	−24.8%	8.8%
2025	₩4.6B	-₩10.3B	-₩9.7B	−221.4%	−29.8%	13.5%

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

Earnings analysis

Annual revenue jumped from KRW 2.18 billion in 2022 to KRW 5.15 billion in 2023, then declined to KRW 4.21 billion in 2024 before recovering modestly to KRW 4.64 billion in 2025.

Operating losses widened from KRW 7.10 billion in 2022 to KRW 6.50 billion in 2023 and KRW 10.84 billion in 2024, before narrowing slightly to KRW 10.28 billion in 2025. Net losses similarly built up, from KRW 6.80 billion in 2022 to KRW 9.24 billion in 2023, KRW 10.01 billion in 2024, and KRW 9.72 billion in 2025.

On a quarterly basis, revenue fell from KRW 1.49 billion in Q2 2025 to KRW 0.806 billion in Q3 and to as low as KRW 0.507 billion in Q1 2026, before partially recovering to KRW 0.788 billion in Q2 2026, underscoring the project-based, seasonal nature of demand.

The Q2 2026 operating loss of KRW 3.49 billion was the widest in the disclosed five-quarter window, yet the same quarter's net loss of KRW 1.14 billion actually narrowed from KRW 2.53 billion in the prior quarter, revealing a notable gap between operating and net results.

This gap may reflect non-operating items such as asset revaluation, government subsidy income, or tax effects, though the specific cause requires confirmation from subsequent disclosures.

Total equity swung from negative KRW 19.79 billion (capital impairment) in 2022 to KRW 8.68 billion in 2023 and KRW 40.33 billion in 2024 following listing-related capital increases, before declining to KRW 32.63 billion in 2025 as losses accumulated.

On the cash flow side, operating cash flow remained negative every year from 2022 through 2025, in a range of roughly negative KRW 4.3–7.2 billion, indicating a persistent cash-consuming structure regardless of top-line efforts.

Industry analysis

The wearable robot market remains in an early growth phase; in November 2024, Leading Investment & Securities analyst Seongman Yoo stated that the domestic and global wearable robot market was growing at a compound annual rate exceeding 40%, with the market expected to expand more than tenfold from 2023 to 2030.

Domestically, Angel Robotics was the first KOSDAQ-listed wearable robot company and, in 2025, its rehabilitation robot technology was designated a 'next-generation world-class product' by the Ministry of Trade, Industry and Energy, recognizing it as a strategic export industry.

Competition is nonetheless intensifying, as Cosmo Robotics, which holds both US FDA and European CE approvals across 42 countries, prepares its own KOSDAQ listing, while Werobotics has entered the market with a consumer-oriented gait-assist robot.

Large conglomerates have also shown interest, with Hyundai Motor-Kia unveiling an industrial wearable robot and Samsung Electronics preparing a medical-use product.

While Korea's domestic medical market operates within a national health insurance reimbursement framework that slows new technology adoption, certain overseas markets in Southeast Asia have comparatively more flexible public reimbursement structures, allowing faster market opening through cooperation with hospitals, insurers, and distribution partners—a key rationale behind the company's overseas-first strategy.

Demand for rehabilitation and gait-assist solutions continues to expand across rapidly aging Asian populations, a growth opportunity commonly cited across wearable robot companies.

Outlook

Angel Robotics completed its entry into three ASEAN countries in 2025 by sequentially securing medical device approvals for the ANGEL LEGS M20 in Thailand (TFDA), Vietnam (Ministry of Health), and Malaysia (MDA), followed by an official product launch in Malaysia in January 2026.

In August 2026 the company completed Vietnam medical device registration for its second product, the ANGEL SUIT H10, signaling a shift from single-product dependence toward a portfolio-based overseas expansion model.

The company has stated plans to enter additional ASEAN markets such as Singapore and Indonesia while pursuing European CE-MDR and US FDA approvals in phases.

In March 2026 it became the first Korean wearable robot company to be included in the Financial Times and Statista's jointly published 'High-Growth Companies Asia-Pacific 500' list, ranking first in the mechanical and plant engineering category.

CEO Nammin Cho has outlined a long-term vision of a 'connected care' platform linking hospital rehabilitation to home management, and has described exploratory discussions with France's Secretariat General for Investment on collaboration extending beyond simple exports into joint research and clinical partnerships in Europe.

In August 2026 the company disclosed its selection for a government-funded project to develop a real-time linked implantable brain-AI robot system, indicating a move to expand its research scope from wearable robots into neural interface technology.

The defense-use wearable robot development cooperation signed with LIG Nex1 in May 2025 also leaves open the possibility of additional demand generation in the defense segment.

Valuation

PER

—

PBR

10.0×

ROE

-26.3%

EPS

-₩590

BPS

₩2,047

Dividend per share

₩0

Angel Robotics has posted net losses for four consecutive years, making traditional earnings-based valuation metrics difficult to apply.

As of 2024, Shinhan Investment & Securities assessed the price-to-sales ratio at around 65 times, a substantial premium to the KOSDAQ market average of 1.75 times, interpreting this as reflecting growth expectations shortly after listing.

Relative to book value, the shares tend to trade at a meaningful premium to net asset value, indicating that the market is assigning value to the future growth narrative built around overseas certification expansion and product diversification rather than to current results.

The company does not pay a dividend, making dividend-based comparisons largely inapplicable. Ultimately, the current valuation appears to depend heavily on expectations for future revenue growth and the pace of margin improvement rather than on historical performance.

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

Bull factors

Expanding Overseas Certification Network

Having completed certifications in Thailand, Vietnam, and Malaysia and expanded registration to the ANGEL SUIT H10, the company has built a portfolio-based overseas expansion structure. Its 2026 selection to the Financial Times Asia-Pacific High-Growth 500 list reflects external recognition of this progress.

If additional markets such as Singapore and Indonesia, along with European and US certifications, follow in phases, the revenue base has potential to become more geographically diversified.

Product and Technology Diversification

The launch of the ANGEL SUIT H10 is broadening the product portfolio beyond the MEDI-centric revenue structure.

The defense-use wearable robot collaboration with LIG Nex1 and selection for a government-funded implantable brain-AI robot project point to potential expansion into new application areas beyond the existing rehabilitation and industrial safety segments. Such diversification could reduce dependence on any single product or customer group.

Financial Flexibility from a Low Debt Ratio

The debt ratio has remained very low, in the single digits to low teens percent range in 2024–2025, marking a substantial improvement in the balance sheet compared to the capital-impaired state of 2022 prior to listing.

This means the company faces limited near-term debt repayment burden despite ongoing net losses, providing some capacity to fund R&D and overseas expansion costs.

Bear factors

Persistent Structural Losses

The company has posted operating losses for four consecutive years from 2022 through 2025, with loss magnitudes consistently exceeding revenue by a wide margin.

The Q2 2026 operating loss of KRW 3.49 billion was the largest in the disclosed quarterly window, and revenue recovery has not yet clearly translated into margin improvement. Operating cash flow has also remained persistently negative every year, indicating an ongoing cash-consuming structure.

Revenue Volatility and Small Scale

Quarterly revenue swung sharply, falling from KRW 1.49 billion in Q2 2025 to KRW 0.507 billion in Q1 2026, reflecting demand instability inherent in project-based sales to hospitals and institutions.

Annual revenue also failed to show a consistent growth trajectory, declining from KRW 5.15 billion in 2023 to KRW 4.21 billion in 2024. Given the small absolute scale of the business, individual contracts or certification delays can have an outsized impact on results.

History of Capital Impairment and Dilution Concerns

Total equity was negative at KRW 19.79 billion in 2022, a state of complete capital impairment, and even after listing, accumulated net losses caused equity to decline from KRW 40.33 billion in 2024 to KRW 32.63 billion in 2025.

If losses continue, additional financing may be required, which could pose a dilution risk for existing shareholders.

Risk factors

Technology and Certification Delay Risk

European CE-MDR and US FDA approvals are being pursued in phases, but specific approval timelines have not yet been finalized.

If overseas certification is delayed, or if follow-up processes such as local distribution setup and clinician training take longer than expected, planned revenue expansion could be pushed back. Country-specific medical device regulatory environments represent a recurring risk factor with each new market entry.

Intensifying Competition Risk

Cosmo Robotics, which holds both US FDA and European CE approvals across 42 countries, is preparing to go public, while large conglomerates such as Hyundai Motor-Kia and Samsung Electronics are also developing wearable robots in adjacent categories.

As competitors with greater capital resources and global networks increase, pricing pressure or market share erosion could intensify.

Financial and Capital-Raising Risk

With ongoing net losses and negative operating cash flow, if the current capital buffer is depleted, additional equity issuance or external borrowing may become necessary. This could result in dilution for existing shareholders or changes to the balance sheet structure.

What to watch next

Around November 2026
The Q3 2026 earnings disclosure should be checked to see whether revenue recovers and whether the gap between operating and net losses observed in Q2 2026 recurs.
Second half of 2026 through 2027
Progress on additional ASEAN certifications such as Singapore and Indonesia, along with concrete advancement of the European CE-MDR and US FDA approval processes, should be monitored.
Ongoing (via disclosures)
Follow-up disclosures should be checked to see whether details, funding scale, and commercialization plans for the implantable brain-AI robot government project selected in August 2026 become more concrete.
Ongoing (via disclosures)
It is worth checking for disclosures of concrete deliverables or follow-on contracts from the defense-use wearable robot collaboration with LIG Nex1.
Ongoing (via disclosures)
Continued monitoring is needed for any changes in major shareholder holdings or additional capital-raising disclosures following the June 2026 large shareholding report.

Overall view

As a listed leader in Korea's wearable robot industry, Angel Robotics continues to build a growth narrative through completed ASEAN certifications, an expanding product lineup, and research extension into defense and new technology areas.

However, operating and net losses have persisted for four consecutive years from 2022 through 2025, and operating losses widened further through the first half of 2026, with no clear sign yet of a turn toward profitability.

Revenue shows significant quarter-to-quarter volatility given its project-based sales to hospitals and institutions, while total equity has gradually declined amid accumulating losses.

On the other hand, the debt ratio remains very low, limiting near-term financial rigidity, and expanding overseas certifications along with new product and technology pipelines are cited as factors supporting medium- to long-term growth potential.

Going forward, the key points to watch are how quickly overseas revenue translates into actual margin improvement, and the nature of the gap observed between operating and net losses. Investors should weigh the growth narrative against the ongoing cash-consuming structure in a balanced manner.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.