T-Robotics is a company that layers a new growth axis, automated guided vehicles (AGVs) and autonomous mobile logistics robots (AMRs) that carry materials in battery plants, on top of its core business of vacuum robots that move wafers and substrates inside the vacuum chambers of semiconductor and display fabs. On June 4 it signed a new roughly ₩15 billion AGV supply agreement (34.16% of annual revenue) with a Ford-affiliated battery subsidiary, to be delivered in stages through 2028 for a U.S. BESS plant; meanwhile, a roughly ₩12.2 billion contract signed in 2024 had its delivery deadline extended to the end of 2026, showing that revenue recognition may be pushed back. What stands out is that if the accumulated U.S. orders are realized as revenue and profit without a hitch, its low asset value (P/B of 6.05x, low versus peers) and financial room (debt ratio in the 80s%) add to its strengths; on the other side, revenue has declined for three years and operating losses have continued, so if order recognition is delayed, quarterly results can waver, and some room for BW dilution remains.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 27.8% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 35.7% lower than a year earlier.
- ROE is -85.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -27.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Ahn Seung-wook 16.89% (individual)
Controlling bloc incl. related parties 18.98%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- T-Robotics earns money along two broad paths.
- The first is its long-standing core business of vacuum robots, supplying transfer robots and modules that move wafers or glass substrates inside the vacuum chambers of semiconductor and display (especially OLED) fabs to equipment makers.
- The second, which it has been growing recently, is logistics automation: it supplies automated guided vehicles (AGVs) that travel factory floors on their own to carry materials and autonomous mobile logistics robots (AMRs) to secondary-battery (battery) plants.
- In particular, electric-vehicle battery and energy-storage-system (BESS) plants being built in the U.S. are large customers, and logistics-automation orders for U.S. battery plants that have continued since 2024 are the key revenue variable.
- It also holds rehabilitation and wearable robots, but their revenue share is still small.
- In sum, the business structure layers a new growth axis, logistics automation for U.S. battery plants, on top of the stable core of vacuum robots.
- The latest closing price is ₩11,470 and market capitalization is ₩258.7 billion.
- The price sits below both its 20-day line (₩14,159) and its 60-day line (₩17,546).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 31.7, a neutral level.
- The one-month change is -26.5%, the three-month change is -33.1%, and the price stands 60.2% below its 52-week high.
- Relative strength versus the KOSDAQ is 64 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 36% of all stocks by strength.
- Over the past three months it lagged the index by 14.8%.
- When reading the chart, it is best to view it alongside trading volume and disclosure dates.
- Because confirmed annual (2025) net profit was a loss, the P/E ratio (how many times a year's earnings the price trades at) is not calculable.
- The P/B (how many times net asset value the price trades at) is 5.14x, below the robotics industry median (10.98x) and even below peers Doosan Robotics, Robotis, and Rainbow Robotics.
- In other words, the share price relative to asset value is on the cheap side versus peers, which is a clear undervaluation signal on the surface.
- ROE (how much is earned in a year on shareholders' equity) is -85.2% and the operating margin is -27.2%, so it is currently loss-making, but the debt ratio (debt relative to equity) is 80.6%, not excessive, and the current ratio (assets convertible to cash against debt due within a year) is 147%, so it has short-term payment capacity.
- One point to note is that both the P/B and ROE are trailing figures based on last year's results.
- For a company at an inflection where earnings are turning from losses to recovering orders, it is hard to judge value from trailing metrics alone; the picture is completed only by watching how this year's orders are realized as revenue and profit.
- The top line has been shrinking recently.
- Annual revenue fell from ₩66.7 billion in 2023 to ₩60.7 billion in 2024 and ₩43.8 billion in 2025, and in the most recent quarter, Q1 2026, revenue of ₩8.2 billion was 35.7% lower year over year, with an operating loss of ₩3 billion.
- This largely reflects a slowdown in demand for the core vacuum-robot business as it rides the display and semiconductor investment cycle.
- That said, this company's quarterly results are uneven because revenue clusters in particular quarters depending on when large orders are recognized.
- The core of the forward picture is logistics automation for U.S. battery and energy-storage-system plants.
- The roughly ₩15 billion AGV supply agreement for a U.S.
- BESS plant newly won in June 2026 amounts to 34% of annual revenue and will be recognized in stages through 2028.
- Adding the U.S. secondary-battery plant orders that have continued since 2024, the new growth axis fills the shrunken core and sets a foundation for the top line to rise again.
- As this is a transition where the figures of the shrunken core and newly accumulated order backlog coexist, the key is the pace at which these orders are realized as revenue without a hitch.
- The central axis of recent disclosures is logistics-automation orders for U.S. battery plants.
- On June 4, 2026, the company newly signed a roughly ₩15 billion AGV equipment supply agreement (34.16% of annual revenue) with a Ford-affiliated battery subsidiary (Ford Energy Battery LLC), to be delivered and recognized in stages through June 2028 for a U.S.
- BESS (energy-storage-system) plant.
- This is the most direct material for revenue recovery at a loss-making company.
- Meanwhile, a roughly ₩12.2 billion contract signed in 2024 for a U.S. secondary-battery plant had its deadline and amount amended in March-April 2026, with the period extended to the end of 2026, showing together that the timing at which orders are booked as actual revenue may be pushed back.
- Also, on May 26 the exercise price of the warrant (BW) was adjusted down from ₩16,762 to ₩14,182, leaving a partial dilution factor that increases the share count, though the scale is small (about ₩2.1 billion).
- On May 15 the quarterly report disclosed the confirmed Q1 results.
- The crux for this company is whether the new growth axis of 'logistics automation for U.S. battery plants' can fill the shrunken core (vacuum robots) and turn around the top line and profitability.
- The strengths are clear.
- The share price relative to assets (P/B of 6.05x) is lower than the industry median and any of the peers, so it is in an attractive value range; the June new order amounts to 34% of annual revenue, a clear catalyst for top-line recovery; and with a debt ratio in the 80s% and a current ratio of 147%, it has the financial room to endure the transition.
- Being candid about the cautions: revenue has declined for the past three years and operating losses still continue, so a profitability recovery must be confirmed in results; if the recognition timing of large orders is pushed back as in the amended disclosure, quarterly results can waver, and some room for BW dilution remains.
- In sum, in a phase where the accumulated U.S. orders are realized as revenue and profit without a hitch, the low asset value adds to its strength, whereas in a phase where order recognition is delayed, it is weak.
- Value is already priced cheaply, so the remaining variable is the point at which that potential is proven in results.
🔎 Valuation vs peers Inconclusive
Among domestic listed robotics firms whose core business overlaps, we used those that also run autonomous mobile logistics robot (AMR) and industrial robot businesses as the peer set. That said, they vary in scale and profitability stage, so simple multiple comparison has its limits.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Doosan Robotics | 0.00x | 13.09x | -15.92% |
| Robotis | 589.25x | 9.56x | 1.62% |
| Rainbow Robotics | 5845.84x | 62.11x | 1.06% |
On an asset basis (P/B), T-Robotics sits below the peer set and the industry median, so it looks like a discount on the surface. However, this may be an illusion arising from the fact that, with earnings in a loss, there is little suitable yardstick to compare against besides the asset multiple. On last year's confirmed (trailing) results it was a loss, so a P/E does not hold, and the forward basis rests only on the June new order (34% of annual revenue) and a DART seasonality approximation. In other words, to flatly call it 'cheap' presupposes that shrunken revenue and losses turn around via the new orders. Until that turn is confirmed, it is more reasonable to leave judgment inconclusive than to fix it as undervalued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩6.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩11,470 and the market capitalization is ₩258.7 billion. The price sits below its 20-day moving average (₩14,159) and below its 60-day moving average (₩17,546). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 31.7, a neutral level. The one-month change is -26.5%, the three-month change is -33.1%, and the position relative to the 52-week high is -60.2%. Relative strength versus the KOSDAQ is 64 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 64% of all stocks. Over the past three months it lagged the index by 14.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -14.81% / 6M -28.45% / 12M -4.66%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.14x is below the sector median (6.92x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is -27.2%. The debt ratio is 80.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $44.2M | $40.2M | $29.0M | -27.83% ↓ slower |
| Operating profit | -$5.4M | -$4.6M | -$7.9M | — |
| Net profit | -$33.1M | -$374,759 | -$28.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $29.2M | $37.6M | $44.2M | $40.2M | $29.0M |
| Operating profit | -$4.4M | -$1.6M | -$5.4M | -$4.6M | -$7.9M |
| Net profit | -$7.3M | -$665,647 | -$33.1M | -$374,759 | -$28.4M |
| Revenue CAGR | 4-yr avg -0.18% | ||||
Revenue fell 27.8% year over year (2023 ₩66.7 billion → 2024 ₩60.7 billion → 2025 ₩43.8 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.2%. The two-year revenue CAGR is -19.0%. In the most recent quarter (Q1 2026), revenue was 35.7% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 27.8% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-04UpdateSigned an AGV logistics equipment supply agreement of about ₩14.97 billion (34.16% of annual revenue) with a U.S. Ford-affiliated battery company (Ford Energy Battery LLC), for a U.S. BESS plant, 2026.06-2028.06A key material for top-line recovery in both the short and medium term. That said, payment comes in stages (30% at signing, at start of production/SOP, and so on), so revenue recognition is spread out through 2028. Source
- 2026-04-01UpdateAmended disclosure of a U.S. secondary-battery plant logistics-automation system supply agreement (about ₩12.26 billion) — contract period extended to the end of 2026The deadline and amount of an existing large order were amended, showing that the timing of revenue recognition may be pushed back. The actual timing of revenue reflection needs to be confirmed. Source
- 2026-05-26UpdateWarrant (BW) exercise price adjusted down from ₩16,762 to ₩14,182 (exercisable amount about ₩2.1 billion)An exercise-price adjustment due to the falling share price; the scale is small, but it leaves a partial dilution factor that increases the share count going forward. Source
- 2026-05-15UpdateDisclosure of the Q1 2026 quarterly report (revenue of ₩8.2 billion, operating loss of ₩3 billion)An official document confirming the Q1 results. It shows in figures the decline in core revenue and continued losses, suggesting that whether orders are recognized in the second half is the key to recovery. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Latest closing price | ₩11,470 | — | Unverified | link |
| June 2026 new supply agreement amount and ratio | approx. ₩15.0 billion / revenue 34.16% | ₩14,967,768,542 / 34.16% | Confirmed | link |
| 2025 annual revenue | ₩43.8 billion | ₩43,812,661,900 | Confirmed | link |
| 2026 annual revenue (seasonality approximation) | approx. ₩36.3 billion | — | Unverified | link |
Recent filings
- 2026-06-04Single supply/sales contract
- 2026-05-26Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-14OwnershipOwnership-change filing
- 2026-04-14Disclosure
- 2026-04-02OwnershipOwnership-change filing
- 2026-04-01Single supply/sales contract (amended)
- 2026-04-01Single supply/sales contract (amended)
- 2026-03-31Single supply/sales contract (amended)
- 2026-03-31Single supply/sales contract (amended)
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.