Cmes Robotics씨메스로보틱스

Cmes Robotics is growing revenue fast but still posts large operating losses, with its share price down about 52% over the past year.

Cmes Robotics is an AI robotics company selling logistics and manufacturing robot systems and 3D inspection tools, with customers such as Coupang, Hyundai Motor and LG Energy Solution. Revenue rose to ₩13.1B in 2025 from ₩6.9B in 2024, but trailing operating losses were ₩19.2B on ₩17.8B of revenue over the period to H1 2026. At ₩15,550 the market cap is about ₩184B, and the data shows no meaningful earnings-based valuation.

What stands out

• Trailing revenue of ₩17.8B against an operating loss of ₩19.2B gives an operating margin of about -108%, and free cash flow was negative ₩17.8B.
• Cash of ₩30.0B exceeds borrowings of ₩2.8B, so the balance sheet looks less strained than the losses alone suggest; liabilities are 23% of equity.
• The share price is well below its 52-week high of ₩46,950, with a 1-year return of -52.1%, though it is near the 52-week low of ₩13,420.
• Recent filings are mostly major sales or supply contracts and amendments, including several in June to September 2026; the contract values and counterparties are not in the data.
• Valuation shows P/B of 3.6 and P/S of 10.3, while P/E is not meaningful because the company is loss-making and pays no dividend.

What to watch

• The H1 2026 half-year report and any update on whether revenue growth continues to narrow the operating loss.
• Cash burn: the data shows negative free cash flow of ₩17.8B on ₩30.0B of cash, so future funding needs matter.
• Details of the amended supply contracts, which the data does not describe; foreign ownership and short-selling figures are also not available in the data.