New orders top USD 14.2 million in H1, already exceeding all of last year’s bookings — setting up stronger second-half momentum
Revenue reached USD 5.0 million; operating loss narrowed 28% year-on-year to USD 3.0 million
Defense and manufacturing deployments of AI OS “Runway” set to ramp in H2, with results expected to become more visible
SEOUL, South Korea, August 14, 2026 — MakinaRocks, South Korea’s leading Physical AI company, today disclosed in a regulatory filing with the Korea Exchange (KRX) that its unaudited consolidated revenue for the six months ended June 30, 2026 reached USD 5.0 million (KRW 7.0 billion), up 168% from USD 1.8 million (KRW 2.6 billion) in the same period last year.
The company’s operating loss narrowed to USD 3.0 million (KRW 4.2 billion), a roughly 28% reduction from USD 4.2 million (KRW 5.9 billion) a year earlier. The improvement reflects lower fixed costs relative to the company’s expanding scale, along with ongoing cost-efficiency efforts, pointing to a clearer path toward profitability.
Notably, MakinaRocks secured more than USD 14.2 million (KRW 20 billion) in new orders in H1 2026 alone — more than three times the roughly USD 4.5 million (KRW 6.4 billion) booked in the same period last year, and already ahead of the company’s entire order volume for full-year 2025, which totaled USD 14.5 million (KRW 20.5 billion). The order book spans a diversified portfolio across defense and aerospace (27%), heavy industry (23%), advanced manufacturing (22%), and general manufacturing (21%), with key customers including South Korea’s Agency for Defense Development (ADD), Doosan Enerbility, Samsung Electronics, Yokogawa, and Hyundai Motor.
The company’s financial footing has also strengthened significantly. Its May KOSDAQ listing raised USD 27.2 million (KRW 38.4 billion) in new capital, bringing H1-end cash and cash equivalents to USD 31.2 million (KRW 44.1 billion). MakinaRocks plans to direct this capital toward advancing its core products and expanding into new markets. The company’s debt-to-equity ratio also fell sharply, from 53% pre-IPO to 12%, while accounts receivable dropped from USD 3.0 million (KRW 4.2 billion) at the end of last year to USD 0.9 million (KRW 1.3 billion). Together, these improvements give MakinaRocks a stronger financial base for executing large-scale, long-term projects and reinforce its reliability as a supplier.
The company expects performance to become more visible in the second half. Given the nature of defense and manufacturing AI projects, work performed in H1 typically converts into final acceptance and billing in H2. In particular, the rollout of AI solutions for defense and public-sector clients is expected to expand progressively starting in the second half of this year. MakinaRocks has completed technical feasibility validation of its offerings through key defense-related pilot projects, and plans to actively pursue upcoming defense AI opportunities to secure further growth momentum.
“Our strong order intake in the first half confirms a virtuous cycle of revenue growth alongside narrowing losses,” said Andre S. Yoon, CEO of MakinaRocks. “With orders already secured and a stronger financial foundation, we will actively pursue large-scale project deliveries in the second half and grow into Korea’s leading Physical AI company driving the AI transformation of the defense and manufacturing industries.”
