Doosan Robotics saw a sharp increase in Q2 revenue, driven by the expansion of its North American robot solutions business and growth in domestic and international orders. However, operating losses persisted as costs burdened the company from the expansion of its U.S. subsidiary and the hiring of AI research and development (R&D) personnel.

Q2 Revenue of 17.6 Billion Won... Up 294% Year-over-Year

According to Chosun Biz, Doosan Robotics recorded consolidated Q2 revenue of 17.6 billion won and an operating loss of 14.4 billion won. Revenue increased 294% compared to the same period last year, while the operating loss narrowed by approximately 7% from 15.6 billion won in the same period last year.

However, compared to the previous quarter (Q1 revenue of 15.3 billion won and an operating loss of 12.1 billion won), revenue increased but the operating loss also widened by about 2.3 billion won.

North American Subsidiary Onexcia Drives Revenue

The key driver of revenue growth was the inclusion of performance from the North American subsidiary Onexcia. Onexcia is an EOL (End of Line) solutions company that automates the final stages of manufacturing processes, such as product packaging and palletizing, using collaborative robots. According to Doosan Robotics, Q2 revenue in the EOL sector increased 130% year-over-year, and the related order backlog was tallied at approximately 18 billion won.

Robot supply both domestically and internationally also contributed to the improved performance. In March, the company signed a business agreement with auto parts company Kwangjin Group to supply over 100 manufacturing robot solutions, and the results of a contract to supply 300 collaborative robots to Thai robot company VRNJ were also partially reflected.

A similar trend appeared in Q1 as well. According to a Chosun Biz report, Q1 revenue increased 189.7% year-over-year, with domestic robot pilot projects, European customer expansion, and the inclusion of Onexcia's performance driving external growth.

Cost Growth Outpaces Revenue Growth

Although revenue increased, the pace of cost growth outpaced it, preventing a turnaround to profitability. Doosan Robotics explained that the increase in selling, general, and administrative (SG&A) expenses—due to the expansion of Onexcia's organization and production capacity, the relocation and expansion of the U.S. subsidiary, and the hiring of AI and R&D personnel—affected the operating loss.

The company is pursuing a strategy to expand the proportion of its integrated solutions business, which includes design, installation, software, and maintenance, moving beyond the simple sale of collaborative robot units. According to ZDNet Korea, the company has set a goal to increase the share of solutions revenue from approximately 18% in 2025 to 46% by 2026.

It is seeking to improve its revenue structure by expanding its business scope in the North American market and launching new intelligent robot solution products, and it also plans to foster physical AI and industrial humanoids as medium- to long-term growth businesses. However, the humanoid business is still in the R&D and investment phase, making it difficult to estimate specific revenue contributions until product launches, mass production, and customer supply are confirmed.

2025 Annual Performance... Revenue of 33 Billion Won, Operating Loss of 59.5 Billion Won

On an annual basis, the burden of losses remains. Doosan Robotics recorded revenue of 33 billion won and an operating loss of 59.5 billion won in 2025. Revenue decreased 29.6% year-over-year, and the operating loss expanded by approximately 44.3%. The company stated that the factors contributing to the expanded loss included sluggish demand in advanced markets, the operation of its R&D center and expansion of research personnel, and one-time costs related to the acquisition of Onexcia.

Future Keys: Digesting Order Backlog, Cost Control, Solutions Proportion

Entering 2026, with quarterly revenue increasing significantly, the possibility of external growth recovery is emerging. However, with operating losses continuing for two consecutive quarters, additional verification is needed to determine whether the revenue growth translates into actual profitability improvements.

Going forward, the key metrics will be the pace of digesting the EOL solutions order backlog, the expansion of the solutions revenue proportion, and whether costs at the U.S. subsidiary stabilize. If AI and humanoid R&D expenses continue to rise, the timeline for reaching profitability may be delayed.

Doosan Robotics is transitioning its business structure from a collaborative robot manufacturer to a North America-focused robotic automation solutions company. While the surge in Q2 revenue demonstrated the results of its business expansion, whether it can control costs and reduce the scale of its losses is expected to be the key variable in its next earnings report.

[This article is provided as reference material for investment decisions and does not recommend the purchase or sale of any specific stock. Responsibility for stock investments lies with the investor. This article was written with AI assistance.]