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Photo: LIG Nex1 |
[Alpha Biz= Paul Lee] LIG Nex1’s special purpose vehicle (SPV) established to acquire a U.S. robotics company posted a loss of more than 109 billion won ($82 million) last year, reflecting weaker-than-expected performance from the acquired firm.
According to industry sources on March 4, LNGR LLC, an SPV created by LIG Nex1 to acquire U.S.-based quadruped robotics developer Ghost Robotics, recorded a net loss of 109.2 billion won in 2025. The figure represents a sharp increase from the 12.8 billion won loss recorded in 2024, with losses expanding more than sevenfold. LNGR reported revenue of just 16 billion won during the same period.
LNGR was established in 2023 as part of LIG Nex1’s acquisition of Ghost Robotics. The SPV holds a 65.2 percent stake in the U.S. robotics firm, forming a corporate structure of LIG Nex1 → LNGR → Ghost Robotics. As a result, Ghost Robotics has been identified as the main source of LNGR’s losses.
The company attributed the weak performance primarily to unfavorable business conditions. According to investor relations materials released last month, Ghost Robotics experienced declining results last year due to factors including a change in the U.S. administration, delays in contracts with U.S. government agencies and slower-than-expected expansion into alternative markets.
Following the downturn, LIG Nex1 conducted an impairment test on Ghost Robotics and recognized an impairment loss of 140.3 billion won. The impairment indicates that the value of the asset—acquired for 326 billion won—has declined, reflecting a downward revision in expectations for the company’s profitability and growth.
The impairment was recorded as other expenses in the fourth quarter, resulting in LIG Nex1 posting a net loss of 26 billion won for the quarter.
A breakdown of the impairment shows 112.8 billion won related to technology-based intangible assets and 27.5 billion won related to goodwill.
When LIG Nex1 acquired Ghost Robotics in 2024, the company paid 326 billion won for a business with net assets valued at 99.3 billion won, recognizing a goodwill premium of approximately 276 billion won. Of that amount, 27.5 billion won was written down during the latest impairment review.
The decline in asset value was even more significant. Of the 173.9 billion won in technology assets attributed to Ghost Robotics at the time of acquisition, 112.8 billion won has now been impaired, effectively erasing a large portion of the technology value within about a year of the acquisition.
LIG Nex1 has continued to provide financial support to the robotics company since the acquisition. Last year, the defense firm purchased 29.2 billion won worth of convertible bonds issued by Ghost Robotics, following earlier purchases totaling 17.4 billion won in 2024.
The convertible bonds were issued in July and December of last year, worth $10.5 million and $10 million respectively. LIG Nex1 will receive 4.82 percent interest until maturity in 2029–2030, with the option to convert the bonds into Ghost Robotics shares under the terms of the agreement.
Despite the current losses, LIG Nex1 aims to turn Ghost Robotics profitable by 2027.
A key factor in achieving that goal will be contracts with the U.S. military, as the company is currently negotiating supply agreements for quadruped robots. LIG Nex1 also plans to enter the domestic market after obtaining local certification in April this year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
