KOSDAQMachinery475400

CMES Robotics

₩19,170▲ 1.27%2026-10-02 close

Market Cap

₩225.9B

Turnover

₩1.2B

Volume

60,000 shares

Shares out.

11.8M

PER

—

PBR

4.1×

EPS

-₩1,502

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

Fast Revenue Growth, Persistent Losses

Revenue is expanding quickly on repeat orders from large customers, but the 2026 breakeven target set at IPO is becoming uncertain.

1
2025 consolidated revenue rose sharply to KRW 13.06 billion, but the operating loss also widened to KRW 18.41 billion.
2
Between May and July 2026 the company secured a combined KRW 10.05 billion in repeat orders from a global sports brand manufacturer over three months.
3
It signed a KRW 6.91 billion logistics robot automation solution contract with Coupang Fulfillment Services, broadening its large-customer base.
4
Reported progress is running well behind the 2026 guidance of KRW 42.5 billion in revenue and KRW 10.7 billion in operating profit presented at IPO.
5
The company has struck partnership agreements with NC AI and Rainbow Robotics, expanding cooperation into physical AI and humanoid robotics.

Business structure

CMES Robotics is an intelligent robot solutions company founded in 2014 based on 3D vision, AI, and robot control technology, having changed its corporate name from CMES to CMES Robotics at its March 2026 shareholders meeting.

Its core business consists of two segments, intelligent robot solutions and 3D inspection solutions, and one brokerage report presented the 2024 revenue mix as 73% intelligent robot solutions, 16% 3D inspection solutions, and 11% distribution and other.

The logistics solution automates handling of irregularly shaped boxes such as depalletizing, palletizing, and piece picking, the manufacturing solution automates factory-floor tasks such as dispensing, assembly, and loading/unloading, and the inspection solution performs 3D shape inspection for secondary battery and automotive parts.

Major customers are reported to include logistics majors such as Coupang and CJ Logistics, as well as auto-parts makers such as Hyundai-Kia and Mando. CEO Lee Seong-ho is the largest shareholder with a 26.83% stake, while strategic investor SK Telecom holds 6.53%.

In terms of competitive positioning, the company is distinguished as a listed firm that has secured all three core technology pillars of perception (vision), judgment (AI), and control (robotics) in-house, though one assessment notes accelerating competition from global players pushing low-cost solutions.

In response, the company is prioritizing high-performance automation for top-tier customers while also pursuing cost competitiveness through measures such as reducing robot-cell unit costs via its Vietnam subsidiary.

More recently it has expanded into a subscription-based robot rental service (RaaS) to lower the upfront cost barrier for automation adoption.

Earnings trend

Quarterly revenue · Operating profit

₩3.9B-₩3.8B25Q2₩3.9B-₩3.8B25Q3₩4.4B-₩5.5B25Q4₩5.8B-₩5.1B26Q1₩3.7B-₩4.8B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩7.6B-₩10B2023₩6.9B-₩14.3B2024₩13.1B-₩18.4B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩3.9B	-₩3.8B	−98.1%
2025Q3	₩3.9B	-₩3.8B	−97.7%
2025Q4	₩4.4B	-₩5.5B	−124.3%
2026Q1	₩5.8B	-₩5.1B	−89.0%
2026Q2	₩3.7B	-₩4.8B	−127.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩7.6B	-₩10B	-₩15.7B	−130.7%	−81.4%	23.9%
2024	₩6.9B	-₩14.3B	-₩13.5B	−207.4%	−18.1%	9.1%
2025	₩13.1B	-₩18.4B	-₩16.8B	−141.0%	−28.4%	16.9%

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 reached KRW 13.06 billion in 2025, up markedly from KRW 6.89 billion in 2024 and KRW 7.64 billion in 2023, yet the operating loss also widened every year, from KRW 9.99 billion in 2023 to KRW 14.29 billion in 2024 and KRW 18.41 billion in 2025, leaving the 2025 operating margin at -141.0%.

Net loss attributable to owners likewise increased again to KRW 16.78 billion in 2025 from KRW 15.69 billion in 2023 and KRW 13.46 billion in 2024.

On a quarterly basis, revenue rose sequentially from KRW 3.86 billion in 2025Q2 to KRW 3.89 billion in 2025Q3, KRW 4.44 billion in 2025Q4, and KRW 5.77 billion in 2026Q1, before slipping back to KRW 3.74 billion in 2026Q2, reflecting the lumpy, project-based nature of revenue recognition.

The operating loss over the same span persisted from -KRW 3.79 billion in 2025Q2 to -KRW 4.77 billion in 2026Q2, and the sum of owner net losses over the most recent four quarters (2025Q3-2026Q2) reached KRW 17.61 billion.

Operating cash flow deteriorated further each year, from -KRW 8.16 billion in 2023 to -KRW 12.65 billion in 2024 and -KRW 14.45 billion in 2025, indicating continued cash burn despite revenue growth.

Total equity rose from KRW 19.26 billion in 2023 to KRW 74.25 billion in 2024 on IPO proceeds, but fell back to KRW 58.97 billion in 2025 as accumulated losses eroded the capital base.

Separately, a report published on August 19, 2026 by ZDNet Korea cited standalone (non-consolidated) first-half 2026 revenue of KRW 8.5 billion and an operating loss of KRW 9.2 billion, an operating margin of -108% that improved from -192% a year earlier, cited as evidence that the loss structure is gradually normalizing as revenue scales up; note this standalone figure is on a different accounting basis from the consolidated financials above.

Industry analysis

The logistics and manufacturing automation robot market is in a phase of growing demand for vision-and-AI-integrated solutions capable of handling irregular tasks, supported by government AI factory diffusion policy and expanding robot capex from large e-commerce and manufacturing firms.

One brokerage report assessed the company as the only listed domestic intelligent robot solutions firm to have secured all stages of perception, judgment, and control technology in-house, while noting that competition from global players pushing low-cost solutions is intensifying.

In response, the company has reportedly weighted its strategy toward high-performance automation targeting top-tier customers.

Competitively, the firm shares a robotics/AI theme with domestic collaborative-robot and humanoid names such as Doosan Robotics and Rainbow Robotics, but its business model centers on integrated robot-cell supply built on vision-AI software rather than finished hardware sales.

Recurring delays in customer automation infrastructure build-out schedules versus plan have been cited repeatedly, an industry-wide risk that pushes back revenue recognition timing.

The company has recently signed a humanoid development partnership with Rainbow Robotics and a collaboration with NC AI to advance world models and vision foundation models, broadening its positioning within the physical AI ecosystem.

Outlook

At the time of its IPO the company presented standalone 2026 guidance of KRW 42.5 billion in revenue and KRW 10.7 billion in operating profit, but an August 2026 report indicated standalone first-half revenue of only KRW 8.5 billion and an operating loss of KRW 9.2 billion, raising uncertainty over reaching the breakeven target.

The company attributed the gap to delays in key customers' automation infrastructure build-out schedules relative to plan.

Order momentum nonetheless firmed in the second half, as the company signed three separate robot automation equipment contracts with a global sports brand manufacturer between May and July 2026 totaling KRW 10.05 billion, equivalent to roughly 77% of full-year 2025 revenue.

Combined with a KRW 6.91 billion logistics robot automation solution contract with Coupang Fulfillment Services, the order backlog as of the second quarter of 2026 was reported at KRW 22.5 billion, roughly 2.4 times the year-earlier level.

The company said it expects operating leverage to emerge as business scale expands alongside cost-structure improvement.

On the technology partnership front, following earlier cooperation with Robotis, the company signed a humanoid development partnership with Rainbow Robotics in June 2026 and a collaboration with NC AI in July 2026 to advance world models and robot foundation models.

In the inspection solutions area, it also signed a three-way memorandum of understanding with Sysin Biomaterials and Revoskech to jointly develop an AI robotics-based early cancer detection platform.

How quickly this expanding order book and partnership activity translates into actual revenue and profitability improvement remains the key point to monitor.

Valuation

PER

—

PBR

4.1×

ROE

-29.9%

EPS

-₩1,502

BPS

₩4,329

Dividend per share

₩0

The company remains in a net-loss position, making conventional profit-based multiple valuation inapplicable, and the market appears to price the shares at a premium to net asset value that reflects growth expectations.

Viewed against the price-to-book band that has formed since listing, the current level appears to sit in the upper-middle portion of that band.

Total equity rose sharply on 2024 IPO proceeds before declining again as losses accumulated, meaning the capital base underlying net-asset-value calculations itself has fluctuated year to year. The company currently pays no dividend, so dividend-related metrics are not applicable.

When assessing valuation, revenue growth rate, the pace of order backlog expansion, and the trajectory of operating loss narrowing are indicators that warrant joint monitoring.

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 Repeat Orders from Large Customers

First-half 2026 revenue rose about 101% year over year to a record half-year high. Over three months from May to July the company signed a combined KRW 10.05 billion in contracts with a global sports brand manufacturer, and also secured a KRW 6.91 billion contract with Coupang Fulfillment Services.

As a result, the order backlog as of the second quarter of 2026 reached KRW 22.5 billion, about 2.4 times the year-earlier level. If a repeat-order structure becomes established, revenue visibility could improve.

Integrated Perception-Judgment-Control Technology

The company is assessed to have secured 3D vision (perception), AI (judgment), and robotics control all through in-house technology. This translates into a differentiator of being able to automate irregular processes, unlike conventional industrial robots that depend on fixed, pre-defined motions.

Accumulated collaboration references with large logistics and manufacturing firms such as Coupang and CJ Logistics could also function as an entry barrier.

Physical AI and New Business Expansion

Partnerships such as the humanoid development MOU with Rainbow Robotics and the world-model/foundation-model collaboration with NC AI are broadening the company's positioning within the physical AI ecosystem.

The business model is also diversifying through a subscription-based rental service (RaaS) that lowers the upfront cost of robot adoption. In the inspection solutions area, a three-way MOU for co-developing an early cancer detection platform signals an attempt to extend application scope into the bio sector.

Bear factors

Continued Large Losses and Cash Burn

The operating loss widened every year from 2023 to 2025, reaching KRW 18.41 billion in 2025, and operating cash outflow also grew larger each year over the same period. The 2026 breakeven guidance presented at IPO has become uncertain to achieve based on an August 2026 report.

Total equity has been declining again from accumulated losses after the initial boost from IPO proceeds, raising the possibility that additional capital-raising needs could come into focus.

Revenue Volatility from Customer Capex Delays

The company has cited delays in key customers' automation infrastructure build-out schedules as the reason for the earnings gap.

Given project-based revenue recognition, quarterly figures show wide swings, with revenue falling back to KRW 3.74 billion in the second quarter of 2026 from KRW 5.77 billion in the first quarter.

If revenue dependence on specific large customers increases, changes in that customer's investment plans could directly affect results.

Intensifying Low-Cost Global Competition

One brokerage report noted that competition from global robotics players pushing low-cost solutions is accelerating. If downward pricing pressure intensifies, the pace of profitability improvement for a company that has yet to reach breakeven could slow further. Maintaining differentiated technology amid intensifying market competition remains an ongoing challenge.

Risk factors

Financial and Capital Risk

Both the operating loss and operating cash outflow widened every year from 2023 through 2025. Total equity rose in 2024 on IPO proceeds but declined again in 2025. If the loss-making structure persists, the need for additional external capital-raising could increase.

Customer Concentration and Revenue Recognition Risk

Quarterly results show substantial volatility due to project-based revenue recognition. Revenue dependence on specific large customers, such as a global sports brand and Coupang, appears to be increasing.

If a customer's automation investment schedule is delayed, revenue recognition timing could be deferred accordingly.

Competition and Technology Change Risk

Assessments suggest that global players offering low-cost solutions are accelerating their market entry. Amid rapidly shifting technology trends such as humanoid robotics and physical AI, the pace of commercialization from partnership agreements may fall short of expectations.

There is also a risk that existing entry barriers could erode if 3D vision and AI technology standardization progresses.

What to watch next

Around November 2026
Check whether the revenue growth trend and narrowing of the operating loss continue when the 2026 third-quarter report is disclosed.
During the fourth quarter of 2026
Watch for whether additional order disclosures continue from existing large customers such as the global sports brand and Coupang, and whether new large customers are added.
Around March 2027
Check the actual achievement rate against the annual revenue and operating profit guidance presented at IPO, and whether breakeven was reached, when the 2026 annual business report is disclosed.
In the second half of 2026
Monitor whether the partnership agreements signed with NC AI and Rainbow Robotics progress to actual joint products or commercialization stages.

Overall view

CMES Robotics is an intelligent robot solutions company combining 3D vision, AI, and robot control technology, whose 2025 revenue grew to KRW 13.06 billion even as the operating loss simultaneously widened to KRW 18.41 billion, a structure that has persisted.

Entering 2026, repeat orders from large customers such as a global sports brand manufacturer and Coupang Fulfillment Services have lifted both the order backlog and first-half revenue, but reports indicate the 2026 breakeven guidance presented at IPO remains uncertain to achieve.

Operating cash outflow has grown larger each year, and total equity has declined again from accumulated losses after the initial boost from IPO proceeds.

The company sits at a juncture where a technological strength of having secured perception, judgment, and control capabilities in-house coexists with competitive pressure from low-cost global rivals.

Partnerships with NC AI, Rainbow Robotics, and others are broadening its responsiveness to physical AI trends, but how quickly these collaborations convert into actual revenue and profitability still needs to be confirmed.

Ultimately, whether the revenue growth trend continues and whether the operating loss actually narrows in coming quarters will likely be the key points to watch.

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.