Hyulim Robot: Growing Revenue, Widening Losses and Repeated Share Issuance

Why this report

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Hyulim Robot's revenue has grown every year since 2021, but operating losses have widened and the shares are down 18.9% over one year to ₩4,900. The company completed two small public rights offerings in 2026 and has trailing cash flow of -₩51.1B.

Written Oct 31, 2026 · Data as of Oct 30, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a fast-growing but unprofitable machinery company. Revenue rose from ₩30.7B in 2021 to ₩168.3B in 2025, yet operating income was negative in every year shown, and the operating margin worsened from -3.7% in 2024 to -10.3% in 2025 and -24.0% over the trailing twelve months to H1 2026.

The data does not show a path to profitability, and no guidance is available. The share price is 81.6% below its 52-week high of ₩26,600 and only slightly above the low of ₩4,727. A recent news item reports an equipment order of ₩9.3B (about $7M) won by a subsidiary, but the data does not show how much it would add to earnings.

Funding is a recurring theme: filings show small-scale public rights offerings in May-June and again in September-October 2026. Retail investors were net buyers over the last 20 days (₩66.0M), while foreign investors and institutions were net sellers (₩40.4M and ₩36.5M). Foreign ownership nonetheless rose from 6.4% to 8.1% over 60 days.

Business overview

Hyulim Robot is listed on KOSDAQ in the machinery sector. It was founded in 1998 and listed in December 2006, and it has 119,945,131 listed shares. The market capitalization is about ₩587.7B and enterprise value is about ₩599.1B. Annual revenue growth was 80.9% in 2022, 49.0% in 2023, 61.0% in 2024 and 26.5% in 2025, so growth has slowed in the latest full year. Trailing revenue to H1 2026 is ₩120.5B. The news flow mentions a subsidiary, Ecell, that makes solar cell equipment; the data gives no segment breakdown.

Financial analysis

These figures come from filed financial statements. Revenue was ₩168.3B in 2025, up from ₩133.1B in 2024. Operating loss widened from ₩4.9B in 2024 to ₩17.3B in 2025, and net loss was ₩16.9B versus ₩5.2B. Return on equity was -13.4% in 2025.

Trailing twelve months to H1 2026: revenue ₩120.5B, operating loss ₩28.9B (margin -24.0%), net loss ₩21.5B (margin -17.9%), and ROE of -17.1%. Free cash flow was -₩51.1B.

The balance sheet looks moderate on leverage, with liabilities to equity at 29.5%. Cash is ₩13.0B against borrowings of ₩24.4B, so borrowings exceed cash. The short balance is 3.4% of shares.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 4.6 and price-to-sales is 4.9; the dividend yield is 0.0%. The year-end price-to-book was 7.0 in 2025, 1.4 in 2024, 6.4 in 2023 and 9.1 in 2022, so the current level sits in the middle of its own range.

Among the listed peers, price-to-book ranges from 4.3 (Doosan Enerbility) to 53.0 (Rainbow Robotics), with EO Technics at 6.4, Jusung Engineering at 13.0 and Hanmi Semiconductor at 23.3. Hyulim Robot's 4.6 is at the low end of that group, although the peers are much larger and mostly profitable.

The valuation model estimate is not available (null), so there is no per-share model estimate to compare with the ₩4,900 share price.

Catalysts

The rights offering completed in early October 2026 (results filed on October 2) adds capital, and the filings do not state how the proceeds will be used.
The ₩9.3B (about $7M) solar cell equipment order won by subsidiary Ecell on October 20 was reported by The Financial News and Money Today.
The next periodic filing will show whether the trailing operating loss of ₩28.9B is narrowing or widening.
Foreign ownership rising from 6.4% to 8.1% over 60 days is a flow change worth watching, even as foreign net selling continued over the last 20 days.

Risks

Operating losses have occurred in every year shown and the trailing operating margin of -24.0% is the weakest in the period.
Free cash flow of -₩51.1B against cash of ₩13.0B suggests continued reliance on outside funding.
Repeated rights offerings in 2026 may dilute existing shareholders.
The share price has fallen 19.1% in one month and sits near its 52-week low, which indicates high volatility.
Loss-making earnings make standard multiples unusable, and no model estimate is available to anchor valuation.

Closing view

The data shows a company with strong multi-year revenue growth but widening losses, negative cash flow and repeated capital raising. The price-to-book of 4.6 is below most listed peers, but those peers differ in size and profitability, and the company's own earnings give no valuation support. Recent order news and rising foreign ownership are positives, while net selling by foreign investors and institutions and the sharp price decline point the other way. The evidence is mixed and leans on whether losses begin to narrow, which the available data does not yet show.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

Oct 31, 2026InitiationStart of coverage (reader request)Hyulim Robot: Growing Revenue, Widening Losses and Repeated Share Issuance

Source: KRX statistical information