1. Tirobotics H1 2025 Performance Analysis

Tirobotics recorded KRW 10.9 billion in sales, KRW 1 billion operating loss, and KRW 12.5 billion net loss on a consolidated basis in the first half of 2025. Sales decreased year-over-year, and while the operating loss narrowed, the net loss widened significantly. The sharp decline in sales of autonomous mobile robots and increased financial expenses, including losses on derivative valuations related to convertible bonds, were major factors in the net loss expansion.

2. Reasons for the Sluggish Performance

  • Decline in Mobile Robot Sales: The slump in the autonomous mobile robot business impacted overall performance.
  • Increased Financial Expenses: Increased financial costs, including derivative valuation losses related to convertible bonds, widened the net loss.
  • High Debt-to-Equity Ratio: The high debt-to-equity ratio of 247.1% raises concerns about financial soundness.

3. Investment Strategy for Tirobotics

Tirobotics possesses technological competitiveness in OLED vacuum robots but currently faces financial challenges. Investors should consider the following:

  • Short-term perspective: Focus on the potential for sales growth through recovery of the mobile robot business and new orders in the second half.
  • Long-term perspective: Closely monitor financial restructuring plans to reduce the debt-to-equity ratio, the outcome of the lawsuit with Company D, and the development of new robot technologies.

4. Key Checkpoints for Investors

  • Q3 and Q4 2025 earnings trends
  • Performance of the mobile robot business
  • Financial soundness improvement strategies
  • Progress and outcome of the lawsuit with Company D
  • Impact of macroeconomic variables