This article was displayed on the ChosunBiz MoneyMove (MM) site at 1:15 p.m. on Mar. 19, 2026.
NAU Robotics, listed on KOSDAQ, is struggling with financial burdens less than a year after listing due to acquiring a subsidiary. It acquired the unlisted Hanyang Robotics to expand its business, but as funds continue to flow out as lending, investor anxiety is growing.
According to investment banks (IB) and the Financial Supervisory Service's electronic disclosure system on the 19th, NAU Robotics decided on the 17th to provide 8 billion won in monetary lending to support the repayment of short-term borrowings of Hanyang Robotics. Including 5 billion won previously lent as operating funds, total lending reaches 13 billion won. That exceeds half of its equity capital (24 billion won).
NAU Robotics acquired 96.37% equity in Hanyang Robotics for about 7.5 billion won in January. It executed a large-scale investment just six months after listing on KOSDAQ in May last year through a technology-track listing.
Behind the acquisition is a 5,000-pyeong-scale production facility owned by Hanyang Robotics. The aim was to secure a large-scale production base and strengthen order response capacity. In fact, since February, NAU Robotics has established an integrated operating system with Hanyang Robotics across sales, production, and research and development (R&D), moving to expand its business. A merger is also planned later.
But the financial burden continues to be a drag. As of the end of 2024, Hanyang Robotics had an accumulated deficit of 20.4 billion won and total shareholders' equity of minus (-) 18.4 billion won. In acquiring a company in a state of complete capital erosion, it took on massive debt.
What worries shareholders is that NAU Robotics, listed via the technology track, moved first on mergers and acquisitions (M&A) without showing competitiveness. With few corporations that listed through the technology track having delivered solid results, there are concerns it could end up repeatedly raising funds. NAU Robotics posted 12 billion won in sales and an 8 billion won operating loss last year. As of last year, cash and cash equivalents were only 5.2 billion won.
About six months after listing, in January, NAU Robotics raised a large sum of funds. It issued 33 billion won in convertible bonds (CB) to secure facility funds, Hanyang Robotics acquisition payments, and lending, among other needs.
An official in the capital markets industry said, "Because it was a typical 'debt-fueled investment' merger in which the entire acquisition price and lending were financed with CBs, additional lending will burden the company," and added, "If it fails to show results this year, concerns appear to be rising among shareholders that it may again move to raise funds."
Some shareholders suspect the relationship between the two companies. Chief Executive Lee Jong-ju of NAU Robotics previously worked at Hanyang Robotics as an employee for 12 years. Some view that personal ties may have influenced the acquisition decision.
An industry official noted, "As far as I know, NAU Robotics was not in a situation where production capacity was so urgently needed that it had to immediately expand facilities," pointing out, "Since it is preparing to build a second plant in Incheon and is pushing to expand its own production capacity, it is hard to find a specific reason for the rushed acquisition of Hanyang Robotics."
Regarding this, NAU Robotics said, "Creditors of Hanyang Robotics said it would be difficult to extend maturities until the merger with NAU Robotics, so we urgently lent funds," and explained, "Funds needed for company growth were already raised through CBs, and we lent available cash."
The company also says orders are increasing. It signed a 3.7 billion won supply contract with Hankook Fukoku and is preparing a large-scale order contract with a global corporation. At the time of listing, NAU Robotics projected 24.1 billion won in sales and 1.3 billion won in operating profit for this year, signaling a turnaround to the black.