KOSDAQIT & Software466100

Clobot

₩23,750▲ 1.93%2026-10-02 close

Market Cap

₩735.2B

Turnover

₩5.4B

Volume

230,000 shares

Shares out.

31M

PER

—

PBR

—

EPS

—

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Robot Platform Bets on Logistics SI Buildout

Clobot is attempting to transform itself from a robot control software company into an integrated logistics automation platform through its acquisition of Doosan Logistics Solutions (DLS) and a large-scale rights offering.

1
Clobot closed its acquisition of 100% of DLS in August 2026, consolidating it as a subsidiary from September and gaining a logistics SI value chain.
2
The 113.2 billion won rights offering to fund the acquisition drew a 2,703% subscription rate, but sharply increased the share count.
3
Revenue grew steadily from 2023 to 2025 and the company posted two consecutive quarters of operating profit in late 2025, but slipped back into operating losses in the first half of 2026.
4
The Spot quadruped robot business, built on the Boston Dynamics partnership, is expanding into the semiconductor and automotive industries as a distinct growth pillar.
5
The gap between IPO-era revenue projections and actual results, equity dilution, and DLS's complete capital impairment are variables that warrant continued attention.

Business structure

Clobot supplies robot operation platforms on a license basis for patrol, transport, logistics, and manufacturing sites, built around its in-house autonomous driving solution CHAMELEON and heterogeneous robot control system CROMS.

Its revenue structure centers on robot solution licenses and services, with the mix shifting toward higher value-added software and control revenue.

The Spot quadruped robot business, run under a strategic partnership with Boston Dynamics signed in 2024, handles official domestic distribution and solution supply, and has recently expanded into the semiconductor and automotive industries, including a contract worth more than 200 million won with a domestic semiconductor plant.

The industrial cleaning robot R3 and its dedicated control solution Charamel are expanding operations into schools and public facilities. In August 2026, Clobot closed its acquisition of 100% of Doosan Logistics Solutions (DLS) and consolidated it as a subsidiary from September.

DLS is a system integration company with warehouse management system (WMS) and warehouse control system (WCS) capabilities for designing, building, and operating logistics centers, with large-scale automation project references for clients including Nike and Daiso.

Through this acquisition, Clobot is attempting to expand from robot control software (RCS) into a turnkey solutions provider covering design, construction, operation, and maintenance. In May 2026, the company established Clobot America in Delaware to prepare for entry into the North American market.

The company states it holds 88 patent applications and 43 registrations, and has applied its robot control technology across more than 10 industries and 130 client accounts.

Earnings trend

Quarterly revenue · Operating profit

₩7.8B-₩1.9B25Q2₩10.7B₩800M25Q3₩17.9B₩1.3B25Q4₩8.1B-₩2.5B26Q1₩8.9B-₩2.8B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩24.2B-₩5.8B2023₩33.4B-₩7.5B2024₩41.4B-₩3.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩7.8B	-₩1.9B	−23.9%
2025Q3	₩10.7B	₩800M	7.2%
2025Q4	₩17.9B	₩1.3B	7.3%
2026Q1	₩8.1B	-₩2.5B	−30.8%
2026Q2	₩8.9B	-₩2.8B	−32.1%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩24.2B	-₩5.8B	-₩22.4B	−23.8%	−87.2%	32.5%
2024	₩33.4B	-₩7.5B	-₩6.7B	−22.4%	−11.2%	15.9%
2025	₩41.4B	-₩3.2B	—	−7.7%	—	20.8%

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

Consolidated revenue rose for three consecutive years, from 24.2 billion won in 2023 to 33.4 billion won in 2024 and 41.4 billion won in 2025.

Operating losses narrowed from -5.8 billion won in 2023 and -7.5 billion won in 2024 to -3.2 billion won in 2025, with the operating margin improving from -23.8% to -22.4% to -7.7%.

On a quarterly basis, the company posted two consecutive quarters of operating profit in the third quarter of 2025 (revenue of 10.7 billion won, operating profit of 0.8 billion won) and the fourth quarter (revenue of 17.9 billion won, operating profit of 1.3 billion won), signaling a possible turnaround.

However, it swung back to losses in the first quarter of 2026 (revenue of 8.1 billion won, operating loss of 2.5 billion won) and the second quarter (revenue of 8.9 billion won, operating loss of 2.8 billion won), showing that profitability has not yet stabilized.

Net income attributable to owners followed a similar pattern, turning positive at +1.1 billion won in the third quarter of 2025 from -1.4 billion won in the second quarter, before reverting to losses of -2.2 billion won and -2.6 billion won in the first and second quarters of 2026.

The company stated that gross profit in the first half of 2026 rose 89.6% year over year to 3.3 billion won and that the cost of revenue ratio improved by 5.8 percentage points to 80.6%.

First-half revenue increased 32.9% year over year to 16.98 billion won, gross profit rose 89.6% to 3.29 billion won, and the cost of revenue ratio improved 5.8 percentage points to 80.6%.

Based on preliminary figures disclosed in February 2026, the annual 2025 net loss narrowed to about 2.06 billion won, though this preliminary figure predates the finalized audit report and should be treated with that caveat.

Equity attributable to owners grew from 26.1 billion won in 2023 to 60.4 billion won in 2025, while the debt ratio declined from 32.5% to 20.8%. Still, the widening gap each year between IPO-era revenue projections and actual results is a factor worth continued monitoring for earnings credibility.

Industry analysis

The domestic robot industry is in a phase where the autonomous mobile robot (AMR) market and heterogeneous robot control (RCS) software market are expanding together, driven by manufacturing labor shortages and logistics center automation demand.

In the logistics automation segment, system integration (SI) companies with warehouse management system (WMS) and warehouse control system (WCS) capabilities compete for turnkey projects from large retail and logistics clients, and Clobot newly entered this segment through its DLS acquisition.

In the quadruped robot market, Clobot, as the official domestic partner of Boston Dynamics, is building references by expanding Spot into inspection use cases at high-risk, high-precision industrial sites in the semiconductor and automotive sectors.

Clobot signed a strategic partnership with Boston Dynamics in 2024, taking charge of Spot's official distribution and solution supply, and built a rapid customer response system through on-site repair services.

Motion control and component companies are also expanding cooperation in the robotics hardware space; Clobot has signed a memorandum of understanding with motion control specialist Samhyun for joint development of heavy-duty outdoor autonomous robots for logistics and manufacturing.

That said, some assessments note that as core autonomous driving technologies such as SLAM and obstacle avoidance have become largely commoditized, the room for technology-based differentiation is gradually narrowing.

Amid macroeconomic uncertainty, some clients have also been observed internalizing robot services or delaying decisions, introducing variability in how quickly order backlogs convert into revenue.

Outlook

Clobot stated that in the initial period after consolidating DLS, it will focus on post-merger integration (PMI) to retain existing clients, key personnel, and partnerships, and will pursue joint sales, integrated solution proposals, cost efficiencies, and recurring revenue expansion on that basis.

DLS results are scheduled to be reflected in the consolidated financial statements starting in the fourth quarter of 2026, with the company projecting that full synergy effects will become visible from 2027 and new order synergies from 2028 onward.

Over the medium to long term, Clobot has set a target of growing group revenue more than fivefold within three years from current levels.

The Spot business unit is projecting growth of about 70% versus 2025, expanding its pipeline based on Boston Dynamics-certified SI qualifications and large semiconductor order references.

In the US market, the company plans to supply automation packages combining DLS's logistics engineering capabilities with Clobot's robot operation software through its Clobot America subsidiary.

On the funding side, the August 2026 rights offering (issue price of 20,600 won, total size of 113.1 billion won) was completed with a 2,703% subscription rate, securing funds for the DLS acquisition and follow-on investment.

However, price-adjustment items such as litigation-related provisions tied to the transaction have not been fully finalized, so the timing of related cash flow and cost recognition warrants further confirmation.

Valuation

PER

—

PBR

—

ROE

-4.5%

EPS

—

BPS

—

Dividend per share

₩0

Clobot remains a technology-exception-listed company still recording operating losses, and it tends to trade at a significant premium to net asset value. Following the large rights offering in August 2026, the sharp increase in shares outstanding has a dilutive effect on per-share metrics.

Recent quarterly results have alternated between profit and loss, meaning earnings stability has not yet been established, which adds considerable variability to valuation judgments. The company does not pay dividends, so dividend-related metrics are not available for comparison.

Once DLS consolidation effects are fully reflected in consolidated results, a reassessment of valuation metrics may be warranted.

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

Vertical Integration into Logistics SI

The DLS acquisition allows Clobot to expand into a turnkey solutions provider combining robot control software (RCS) with logistics center design, construction, and operation capabilities (WMS/WCS).

DLS possesses capabilities in logistics center design, automation facility construction, warehouse management system (WMS) and warehouse control system (WCS)-based system integration, and logistics automation project execution, with large client references including Nike and Daiso.

The company has set a target of growing group revenue more than fivefold within three years through this acquisition.

Spot Business Expansion into Industrial Sites

Built on the Boston Dynamics partnership, the Spot business is emerging as a new growth pillar as it expands into high-risk industrial sites in the semiconductor and automotive sectors. The Spot business unit recently closed a large contract worth more than 2 billion won with a domestic semiconductor plant. The company stated the Spot business unit is projecting growth of about 70% compared to 2025.

Revenue Growth and Margin Improvement Trend

Consolidated revenue grew from 24.2 billion won in 2023 to 41.4 billion won in 2025, and the operating margin improved from -23.8% to -7.7%.

The company posted two consecutive quarters of operating profit in the third and fourth quarters of 2025, and first-half gross profit rose 89.6% to 3.29 billion won, with the cost of revenue ratio improving 5.8 percentage points to 80.6%. The company attributes this to a growing mix of software- and control-centered revenue.

Bear factors

Gap Versus Earnings Guidance

The gap between IPO-era earnings projections and actual results has widened each year. The 2025 revenue estimate at listing was 65.4 billion won, but actual revenue was only 41.4 billion won, and first-quarter 2026 revenue of 8.1 billion won missed the projection by 63.1%. This is a factor to consider when evaluating the credibility of the company's medium- to long-term targets.

Equity Dilution and Governance Concerns

The 2026 rights offering resulted in significant dilution, as new shares equal to 21.98% of shares outstanding before the offering were issued, and the projected post-offering ownership stake of the largest shareholder was 13.02%, a 2.52 percentage point decline from before.

The largest shareholder indicated participation of only about 3% of the allotted quota, raising market trust concerns.

Acquisition Risk from Fully Capital-Impaired DLS

DLS had total assets of 86.4 billion won and total liabilities of 133.4 billion won at the end of last year, resulting in negative equity of 47 billion won, with accumulated deficit reaching 136.2 billion won and a net loss of 55 billion won.

Given that a fully capital-impaired company has been consolidated, the possibility of unexpected costs arising during integration cannot be ruled out.

Risk factors

Funding and Disclosure Risk

The Financial Supervisory Service issued a correction order on Clobot's securities registration statement, requesting supplementation of risks related to the acquisition of another company.

Subsequently, the primary issue price was lowered 43.4% from 36,400 won to 20,600 won, shrinking the offering size from an initial 200 billion won to 113.19 billion won. This history of schedule and condition changes is a variable that could recur in future capital raises.

Post-Merger Integration (PMI) Risk

The company stated that it will prioritize business continuity and organizational stability at DLS, focusing on maintaining client projects, key personnel, and partnerships rather than pursuing abrupt organizational changes, but if key clients or personnel depart, expected synergies could be delayed. Contingent liabilities such as litigation-related costs also remain unresolved.

Technology Competition and Demand Slowdown Risk

Core autonomous driving technologies such as SLAM and obstacle avoidance have already become largely commoditized with limited technology gaps, while macroeconomic uncertainty has led major clients to internalize robot services or delay decisions, reducing revenue opportunities. This could negatively affect the speed and scale at which new orders convert into revenue.

What to watch next

Mid-November 2026
The third-quarter earnings release should be checked to see whether the operating profit-loss swing continues and whether the partial DLS consolidation effect begins to show up.
Mid-February 2027
The fourth-quarter and full-year 2026 earnings release should be checked for the scale of DLS's first full consolidation and whether the synergies the company flagged for 2027 begin to materialize.
Fourth quarter of 2026
It should be confirmed whether the planned 30.8 billion won third-party placement targeting DLS proceeds and how much additional equity dilution results.
Second half of 2026 through early 2027
Progress toward the Spot business unit's roughly 70% growth target versus 2025 and the emergence of North American revenue through Clobot America should be monitored.

Overall view

Clobot is attempting to transition from a robot control software-centered business into an integrated logistics automation platform company through its DLS acquisition, while the Spot business's expansion into industrial sites is emerging as an additional growth pillar.

Annual revenue has grown for three consecutive years and operating margins have improved, but the operating profits recorded in the third and fourth quarters of 2025 reverted to losses in the first and second quarters of 2026, indicating that earnings stability has not yet been established.

The large rights offering drew a 2,703% subscription rate, but the process involved a lowered issue price, a correction order from financial regulators, and low participation from the largest shareholder, and dilution from the expanded share count is unavoidable.

DLS was consolidated while in a state of complete capital impairment, leaving cost and risk management during post-merger integration as an important task, and time will be needed before the synergies the company has flagged for 2027-2028 materialize.

The widening gap each year between IPO-era projections and actual results is another factor to weigh when assessing the credibility of future guidance.

Ultimately, this stock sits at a transition point where business expansion through logistics SI consolidation coexists with financial burdens from continued losses, equity dilution, and acquisition risk.

Sources

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

Show 18 more articles and sources

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.