Which robotics companies carry going-concern flags?

Substantial-doubt going-concern: cash/ST investments $3.7M at Mar 31 2026, management states only funds operations through Q2 2026 absent new capital; NYSE delisting notice Mar 3 2026, now OTCQB/OTCID: RBOT.

SEC filing →

DISTRESS: original Aescape Inc entity entered insolvency/creditor proceedings Apr 2026 (USD 150M+ debt) after an SVB default notice Dec 2025; assets sold via ~USD 16.625M credit bid to successor Aescape Recovery Inc (~Mar 2026), which continues under restructuring.

WOUND DOWN: Australian ag-robotics startup (University of Sydney ACFR spinout) raised AUD 6.5M in 2019 (Uniseed, BridgeLane, Carthona Capital) but CEASED OPERATIONS around late 2021-2022 with no further activity; IP/robot design carried into successor efforts. Treat as wound down.

Wound down China robotaxi operations; founder pivoted to Tensor (US).

WOUND DOWN: shut down ~Feb 6 2026. Raised only ~USD 3M seed; founder cited inability to raise hardware-scaling capital. Company defunct.

Public (NASDAQ:CYN); FY2025 10-K carries an explicit auditor going-concern doubt. Revenue only about 219K USD (down YoY), net loss 23.5M USD, accumulated deficit 216.8M USD, plus a warrant-accounting restatement.

DENDRA SYSTEMS LTD (UK) entered administration Sep 24 2025 (FRP Advisory); Australian entity faced a winding-up order Feb 2026; FY2023 swung to a post-tax loss over GBP 2.7M with net liabilities ~GBP 2.2M.

Public but DELISTED (was DHAI; trading suspended Nov 7 2025). FY ended Mar 31 2025 revenue 62.9M USD; FY2025 10-K carries explicit going-concern doubt with only 1.9M USD cash, sub-12-month runway, and operations SUSPENDED pending strategic alternatives. Rehab-robotics maker.

Entered French judicial reorganization (redressement judiciaire) Jul 2024 due to inability to finance operations; now under a 10-year continuation plan approved Mar 31 2025 backed by shareholders Alstom, Continental, Bpifrance, Searchlight.

Wound down 2023.

Company laid off most staff and paused development in February 2025 while seeking funding

Zebra subsidiary; AMR business being wound down (2025).

H1 2026 net loss of RMB 4.06-4.57 billion, nearly doubled from prior year; traditional JV profit model collapsing while heavy EV investments not yet profitable

HARD INSOLVENCY: Euronext Growth Paris-listed (ALGAU). Safeguard then receivership (Vesoul Commercial Court, Sept 24, 2024), then JUDICIAL LIQUIDATION ordered Nov 29, 2024 after both takeover bids rejected; ~EUR 140M debt, 235 creditors, ~65 employees affected. Sold subsidiary Metalliance to Corail-SM (2024). Treat as wound down.

Status: filed for insolvency/bankruptcy Nov 2025 (private company).

HP acquired assets Feb 2025; operations wound down.

Auditor going-concern explanatory paragraph in FY2024 10-K (filed Mar 12 2025); substantial doubt reiterated through 2025; filed Chapter 11 bankruptcy Dec 14 2025.

SEC filing →

Defunct; pivoted to Inevitable Tech ~Jun 2023; cessation 2024-06-30.

Defunct (2019).

Defunct (administration Jun 2023; assets sold ~GBP 350k).

Public (NASDAQ:KDK, SPAC Sep 2025); auditor expressed substantial doubt about going concern, under one year of cash runway, Q1 2026 operating loss about 37.9M USD, FY2026 FCF guided negative 160-170M USD; raised 100M USD PIPE May 2026.

Public (NASDAQ:MVST); FY2025 revenue 427.5M USD up 13 pct with a GAAP net loss of 29.2M USD (non-GAAP adjusted profit). Deloitte flagged substantial going-concern doubt in the FY2025 10-K driven by near-term debt maturities (about 93.1M USD due within 12 months plus a 26.5M USD convertible) against about 105M USD cash; refinancing is the key risk.

Defunct; assets/IP acquired by Caterpillar (Apr 2026).

SEC filing →

Failed: entered receivership Feb 1 2023 (Lyon Commercial Court), placed in judicial liquidation; on Apr 18 2023 all assets sold to Gaussin and Macnica for EUR 1.4M and the listed entity was delisted from Euronext Paris.

Ceased operations May 2023; Vorwerk terminated cloud services 2025.

Founder confirmed shutdown in open letter (May 2025)

WOUND DOWN: ceased operating as an independent company. Germanys RobCo acquired Rapid Robotics ASSETS (hardware, customers, local team) Sept 9 2025 as an asset acquisition, not a going-concern equity deal; prior workforce reductions reported. Assets now inside RobCo.

WOUND DOWN. Entered Creditors Voluntary Liquidation Feb 1, 2024 (Companies House no. 10846464; liquidators Kroll) after lead investor pulled out in 2023 and crowdfunding could not sustain scale; ~50+ staff laid off. Company dissolved Apr 30, 2026. ~GBP 14.2M raised (grants + 6 Crowdcube rounds) lost. Asset/IP buyer not confirmed.

Filed for Chapter 11 bankruptcy protection on May 26, 2026. FY2025 net loss USD 546M, negative free cash flow USD 153M.

Only 30.7 million yuan cash as of June 2025; cumulative losses near 8 billion yuan; asset-liability ratio 106.56 percent indicating insolvency; IPO filing to replenish funds.

Defunct (2014).

In liquidation after Innovate UK enforcement; Edinburgh Court of Session granted a sist (May 2026) pausing liquidation, supervised trading under interim managers. Active going-concern doubt.

Wikipedia reports Zotye unable to continue vehicle production due to liquidity problems as of June 2025; 1B RMB loss on 558M RMB revenue in 2024

Public (NYSE:DDD); FY2025 revenue 386.9M USD (down 12 pct). GAAP net income 29.9M USD was driven by about 139.6M USD asset-disposition gains while core adjusted EBITDA stayed negative (about -45.4M USD). 2025 debt equitization cut near-term maturities; cash 97.1M USD vs debt about 90.3M USD; restructuring ongoing.

Public (NASDAQ:AEVA); FY2025 revenue 18.1M USD (up about 99 pct) with net loss 145.4M USD. About 121.9M USD cash/securities against about 115.1M USD operating burn implies roughly 12-month runway absent new financing; pre-commercial lidar.

Indoor-logistics AMR / navigation-OS maker founded 2015 (Shenzhen). Small Series A; reportedly possibly dormant. No confirmed wind-down, but elevated uncertainty on continued operations.

Private, pre-revenue early stage; raised 10.3M EUR seed led by Northzone (Oct 2024) plus a pre-Series A convertible.

Public (NYSE:AMPX); FY2025 revenue 73.0M USD up about 202 pct with a net loss of 44.0M USD (incl. 22.5M USD facility impairment; Q4 non-GAAP adjusted EBITDA positive). About 91.9M USD cash; guiding toward profitability. No going-concern doubt.

Public (SWX:AMS); FY2025 revenue EUR 3,323M with a net loss of EUR 129M (much improved from -785M) and positive free cash flow EUR 144M. High leverage (net debt EUR 1,518M) plus a Feb 2026 Simplify program (about 2,000 job cuts); no going-concern flag found.

Public (NYSE:ASAN). Work-management SaaS firm; FY2025 (ended Jan 2025) revenue about 724M USD, still GAAP-loss-making but with a large cash balance and improving free cash flow. Elevated = persistent GAAP losses; solid liquidity, no going-concern doubt.

Public (NYSE:BKSY); FY2025 revenue 106.6M USD up 4.4 pct with net loss 70.3M USD. Cash 42.4M USD against long-term debt 193.2M USD; levered relative to cash but no insolvency/going-concern signals.

Public (NYSE:BA). Aerospace prime under multi-year financial strain: FY2024 revenue about 66.5B USD with a net loss of about 11.8B USD, heavy debt, and 737/787 program and certification headwinds plus a 2024 labor strike. Solvent and systemically important but distressed earnings/cash profile; raised about 24B USD equity in late 2024 to shore up liquidity.

Public (HK:3931; China Aviation Lithium Battery). EV-battery maker; FY revenue in RMB, low/negative margins amid the battery price war as a smaller-share player. Solvent. Elevated.

Acquired/merged; continuity tied to acquirer per status. Stored verified total funding/raised: ~$160M.

Early-stage private company (seed/Series A per status); limited disclosed capitalization.

Well-funded private maker; PIPE pre-SPAC Feb 2026; ~$113M total raised. No going-concern signal.

Public (SHE:002747); FY2024 (last fully audited) revenue CNY 4.0B with a net loss of about CNY 810M on impairments and weak demand; FY2025 reportedly returned to a small profit (preliminary). High leverage (net debt about CNY 3.05B) and weak interest coverage.

US counter-UAS company (DroneHunter), about USD 69M raised with strategic investors (Lockheed Martin USD 25M Series B Apr 2026, plus Boeing, Hanwha). Watch flag: employee reviews reference past layoffs and a temporary pay cut (prior cash strain); no formal going-concern evidence and now strategically backed.

Public (SZSE:000572; Haima Automobile). Small automaker with a history of losses and going-concern/delisting-risk warnings in past years; thin volumes. FY revenue in RMB. Financially weak. Elevated.

Early-stage private company (seed/Series A per status); limited disclosed capitalization. Stored verified total funding/raised: ~$60M.

Private (Australia); raised AUD 16M (about 10.6M USD) Series A (Nov 2025, led by Regeneration.VC) to scale autonomous hull-cleaning robots.

Early-stage private company (seed/Series A per status); limited disclosed capitalization.

Public (SZSE:002583). Two-way-radio maker hit by a major US Motorola trade-secret judgment and a US import/criminal case; FY revenue in RMB. Litigation/sanctions overhang. Solvent but elevated legal risk.

Early-stage US EV / in-wheel-motor startup (Woburn MA; SmartWheels in-wheel motor; founded by MIT Prof. Ian Hunter). Took a Foxconn/Hon Hai strategic investment (2024). Private, pre/early-revenue with no disclosure; no verified bankruptcy/going-concern evidence. Distinct from Indigo Ag and indiGO auto-group dealerships.

Product line/operations reported discontinued per status.

Public (SZSE:002459). Solar-module maker hit hard by the 2024-25 PV-overcapacity price collapse, swinging to losses. Solvent but financially pressured. Elevated.

Public (NASDAQ:LCID); FY2025 revenue 1.35B USD up 68 pct with a net loss of about 2.7B USD (loss roughly 2x revenue). About 4.6B USD total liquidity, Saudi PIF backed; heavy dilutive burn but no going-concern flag.

Public (SH:688114; MGI Tech). Gene-sequencer maker; FY revenue in RMB, loss-making in recent years amid US litigation/patent disputes and post-COVID normalization. Solvent. Elevated.

SEC filing →

China-based medical-device group (HKEX:0853), USD-native reporter. FY2024 revenue USD 1,031.1M; loss-making (net loss about USD 214.0M, narrowed 59% YoY; EBITDA turned positive). PRIOR going-concern history: KPMG flagged material uncertainty tied to a 2024 convertible-bond redemption, resolved mid-2024 via a USD 150M convertible facility plus USD 300M credit support; pressure has eased but the group remains leveraged.

Well-funded private maker; ~$127M raised; Series E; Zignyl merger announced Feb 2026. No going-concern signal.

Public (NASDAQ:NBIS). AI-cloud/infrastructure firm (former Yandex N.V. successor); rapidly growing AI revenue but heavy capex and operating losses funded by a large post-restructuring cash balance (multi-billion USD). Elevated = early-stage AI buildout burn; well-capitalized, no going-concern doubt.

Public (SZSE:300367; NetPosa Technologies). AI video-surveillance firm with weak/negative profitability and a small cap; FY revenue in RMB. Solvent but financially weak. Elevated.

DISTRESS SIGNALS: FY24 operating revenue collapsed to near-nil from ~INR 103 Cr FY23; loss ~INR 62 Cr; CARE Ratings (Mar 2025) flagged nil operating income across FY24-9MFY25 due to MoD offtake delays. Company remains Active and raised venture debt (INR 115 Cr, Aug 2025); no NCLT/insolvency. going_concern_flag left FALSE absent a formal going-concern/insolvency event.

Public (NYSE:NIO); FY2025 revenue RMB 87.5B up 33 pct with a net loss of RMB 14.9B (narrowed 33 pct; Q4 2025 turned GAAP profitable). Persistent but improving losses, no going-concern disclosed.

Public (TYO:5202; Nippon Sheet Glass). Glass maker carrying high leverage with thin/volatile profitability and preferred-share refinancing needs. Solvent but stretched. Elevated.

Private (New Zealand); autonomous-shuttle maker with deployments in several countries but only minor disclosed grant funding (NZD 150K, 2022) and no verified venture round as of 2025.

Early-stage private company (seed/Series A per status); limited disclosed capitalization.

Public (NYSE:QS); pre-revenue (GAAP revenue about 0; 19.5M USD customer billings) with a FY2025 net loss of 435.1M USD. About 970.8M USD liquidity and a stated runway into about 2028 aided by PowerCo licensing; no going-concern doubt.

Prior substantial-doubt going-concern resolved via 2025 registered offerings (Apr/Jun/Sep, incl. ~$172.5M Sep); cash rose from $9.2M (2024) to $167.9M (end 2025); company states doubt no longer exists.

SEC filing →

Public (NYSE:RDW). Space-infrastructure firm; FY2024 revenue about 310M USD, historically loss-making with modest cash and meaningful execution/financing risk; merged with Edge Autonomy (2025) to scale. Elevated small-cap space risk; no going-concern doubt found.

Public (NASDAQ:PDYN, Palladyne AI); about 57.1M USD cash/securities (Q3 2025), debt-free, stated 12-month-plus runway. FY2025 net income about 10M USD was a non-cash warrant artifact while operations burned about 27.6M USD. Elevated burn is a watch item.

Seed-stage Israeli startup (founded 2017). No verified distress event, but no funding or major news since ~2020-2021; flagged as stale/low-activity. going_concern_flag left FALSE absent an insolvency event.

Public (HK:0020); FY2024 revenue RMB 3.77B with a net loss of RMB 4.3B (loss exceeds revenue, narrowing). Persistent large cash burn funded by equity (about RMB 13.2B cash); near-term runway covered but profitability distant.

Prior going-concern doubt (recurring losses, negative operating cash flow) alleviated by 2025 raises incl. $100M direct offering; cash ~$260M Mar 2026, runway stated through end of 2026.

SEC filing →

Public (TYO:6753; Foxconn-controlled). Electronics maker that posted large losses (FY ended Mar 2024 net loss) driven by its LCD-panel business, prompting display-fab closures and restructuring. Foxconn-backed but financially strained. Elevated.

Public (NASDAQ:SLDP); FY2025 revenue and grant income about 21.7M USD with a net loss of 93.4M USD. About 336.5M USD total liquidity and a multi-year runway (2026 cash-use guide 85-100M USD); no going-concern doubt.

Public (NYSE:SPIR); FY2025 revenue 71.6M USD (down after the Apr 2025 maritime-business sale). Prior 2024 going-concern doubt RESOLVED: now debt-free with 81.8M USD cash/securities. Watch items: ongoing operating burn and a Jul 2025 SEC subpoena.

SEC filing →

Chinese networking-equipment maker (Shenzhen entity after the 2024 split from the international/US TP-Link Systems). No audited public financials; revenue not verifiable (third-party estimates only). Key risk: an Oct 2025 US Commerce interagency review concluded a US home-router ban is warranted on national-security grounds (existential to the US entity if enacted, not a solvency event as of mid-2026). No bankruptcy/default flags.

Early-stage NTU spin-off (founded 2017) with incubator/grant funding (NTUitive, SPRING Singapore, Lion City Angel). Activity appears to have stalled after ~2020 and primary domain is now parked/for-sale, indicating likely wind-down, but no confirmed insolvency filing.

Public (SSE:688599). Solar-module maker hit by the 2024-25 PV price collapse and overcapacity, with sharply lower/negative profit. Solvent but pressured. Elevated.

Product line/operations reported discontinued per status. Stored verified total funding/raised: ~$1.43B.

Public (SIX:UBXN); FY2024 (last fully reported) revenue CHF 262.9M with a net loss of CHF 88.9M (incl. CHF 31.0M impairment). Underwent strategic restructuring (exited Cellular, about 20 pct workforce cut) but holds CHF 101M net cash and is returning to profitability. Not insolvency.

PUBLIC (Unibap Space Solutions AB; Nasdaq First North Growth Market Stockholm, ticker UNIBAP). Loss-making across 2025 outside Q1 (Q2 net loss, Q3 operating loss). No formal going-concern/auditor warning found; management denied capital-raise plans (Q3 2025 call). Third-party analyst flagged negative FCF / short cash runway (model, not a company statement).

Public (NYSE:WHR). Major appliance maker; FY2024 revenue about 16.6B USD. Carries elevated leverage, dividend pressure, and weak housing-driven demand; solvent but financially stretched. Elevated.