Clas­si­fi­ca­ti­on of GBC AG to Ygg­dra­sil SPAC 1 AG (to be ren­a­med In­nok Ro­bo­tics Group AG)

Com­pa­ny Name:	Ygg­dra­sil SPAC 1 AG (to be ren­a­med In­nok Ro­bo­tics Group AG)
ISIN:	DE000A3EVV13
Re­ason for the re­se­arch:	Re­se­arch Re­port (In­iti­al Co­vera­ge)
Re­com­men­da­ti­on:	BUY
Tar­get pri­ce:	€15.00
Tar­get pri­ce on sight of:	31.12.2027
Last ra­ting ch­an­ge:
Ana­lyst:	Cos­min Fil­ker; Mat­thi­as Greif­fen­ber­ger

Lea­ding Phy­si­cal AI and Ro­bo­tics sca­le-up (out­door-ca­pa­ble AMRs) in a strong growth pha­se

In­nok Ro­bo­tics GmbH, ba­sed in Re­gen­stauf, de­ve­lo­ps and mar­kets au­to­no­mous mo­bi­le ro­bot sys­tems (AMRs) for in­door and out­door use. On 21 Oc­to­ber 2026, as part of their plan­ned re­ver­se IPO, the An­nu­al Ge­ne­ral Mee­ting of the al­re­a­dy-lis­ted Ygg­dra­sil SPAC 1 AG re­sol­ved to in­cor­po­ra­te the ope­ra­ting en­ti­ty In­nok Ro­bo­tics GmbH and sub­se­quent­ly ch­an­ge the com​pany’s name to In­nok Ro­bo­tics Group AG. The le­gal com­ple­ti­on of the tran­sac­tion is ex­pec­ted in late No­vem­ber 2026, fol­lo­wing ent­ry in the com­mer­cial re­gis­ter. The fol­lo­wing ope­ra­tio­nal ana­ly­sis, in­clu­ding his­to­ri­cal fi­nan­cial fi­gu­res, the­r­e­fo­re re­la­tes pri­ma­ri­ly to In­nok Ro­bo­tics GmbH, whilst the va­lua­ti­on is ba­sed on the struc­tu­re of the lis­ted In­nok Ro­bo­tics Group AG ex­pec­ted fol­lo­wing com­ple­ti­on of the tran­sac­tion.

The tech­no­lo­gi­cal foun­da­ti­on of their busi­ness mo­del is for­med by the mo­du­lar hard­ware plat­form HEROS and their in-house de­ve­lo­ped au­to­no­my soft­ware INNOK COCKPIT^®, which is in­cre­asing­ly ba­sed on phy­si­cal AI. With the pro­duct fa­mi­lies INDUROS, RAINOS and INSPECTOS, the com­pa­ny fo­cu­ses in par­ti­cu­lar on the sec­tors of in­tra­lo­gi­stics, ir­ri­ga­ti­on, and in­spec­tion and mo­ni­to­ring. A key dif­fe­ren­tia­ting fac­tor is the abili­ty to im­ple­ment au­to­no­mous trans­port pro­ces­ses even in exis­ting in­dus­tri­al en­vi­ron­ments (brown­field sites) and across com­bi­ned in­door and out­door rou­tes. Sa­les are hand­led via the com​pany’s own gro­wing sa­les or­ga­ni­sa­ti­on (now com­pri­sing ten sa­les staff) and, sin­ce 2025, via a ra­pidly ex­pan­ding net­work of sys­tem part­ners. In ad­di­ti­on to di­rect sa­les, In­nok Ro­bo­tics of­fers a Ro­bo­tics-as-a-Ser­vice (RaaS) mo­del, ty­pi­cal­ly with a four-year con­tract term and re­cur­ring usa­ge fees.

The mar­ket is be­ne­fiting from struc­tu­ral growth dri­vers such as the in­cre­asing la­bour shorta­ge, ri­sing la­bour cos­ts and the on­go­ing au­to­ma­ti­on of in­dus­tri­al pro­ces­ses. In par­ti­cu­lar, the de­ve­lo­p­ment of high-per­for­mance phy­si­cal AI sys­tems is ope­ning up new ap­pli­ca­ti­ons for au­to­no­mous ro­bots bey­ond the pre­vious­ly pre­do­mi­nant­ly stan­dar­di­sed pro­duc­tion and warehouse en­vi­ron­ments. With its tech­no­lo­gy for brown­field, out­door and com­bi­ned indoor/outdoor ap­pli­ca­ti­ons, In­nok Ro­bo­tics spe­ci­fi­cal­ly tar­gets trans­port pro­ces­ses in exis­ting in­dus­tri­al sites that have been less au­to­ma­ted. Fur­ther­mo­re, ad­di­tio­nal growth po­ten­ti­al ari­ses from the in­cre­asing use of au­to­no­mous ro­bo­tic sys­tems for in­spec­tion, mo­ni­to­ring and ir­ri­ga­ti­on tasks, as well as, in the lon­ger term, from mo­bi­le ma­ni­pu­la­ti­on ap­pli­ca­ti­ons.

Ac­cor­ding to esti­ma­tes by Mordor In­tel­li­gence, the glo­bal AMR mar­ket vo­lu­me is ex­pec­ted to rise from USD 5.18 bil­li­on in 2026 to USD 10.56 bil­li­on in 2031. This cor­re­sponds to an avera­ge an­nu­al growth rate of 15.3%. For In­nok Ro­bo­tics, ad­di­tio­nal mar­ket po­ten­ti­al ari­ses in par­ti­cu­lar from the au­to­ma­ti­on of ma­te­ri­al trans­port ope­ra­ti­ons wi­thin exis­ting in­dus­tri­al sites, which have been car­ri­ed out pre­do­mi­nant­ly by hand. The po­ten­ti­al ap­pli­ca­ti­ons of mo­du­lar tech­no­lo­gy in other sec­tors, such as agri­cul­tu­re, in­spec­tion and se­cu­ri­ty, fur­ther ex­pand the ad­dressa­ble mar­ket. The strong growth mo­men­tum in the still-na­s­cent out­door AMR seg­ment is also il­lus­tra­ted by data from the In­ter­na­tio­nal Fe­de­ra­ti­on of Ro­bo­tics (IFR), ac­cor­ding to which glo­bal sa­les of trans­port ro­bots for non-pu­blic out­door are­as rose by around 296% year-on-year in 2025.

Sin­ce the start of com­mer­cial sa­les of its se­ries pro­ducts in FY 2022, In­nok Ro­bo­tics has in­creased its re­ve­nue from €1.03 mil­li­on to €2.40 mil­li­on in the 2025 fi­nan­cial year. In the past fi­nan­cial year alo­ne, re­ve­nue growth of 60.0% was achie­ved. At the same time, or­der in­ta­ke rose to around €3.1 mil­li­on (pre­vious year: €1.6 mil­li­on), an in­crease of around 100%, in­di­ca­ting gro­wing com­mer­cial de­mand for the ro­bot sys­tems. Fol­lo­wing suc­cessful pi­lot and test pha­ses, the sys­tems are now also be­ing used by lar­ger in­dus­tri­al cus­to­mers in on­go­ing pro­duc­tion ope­ra­ti­ons. This opens up po­ten­ti­al for fol­low-up or­ders as well as na­tio­nal and in­ter­na­tio­nal roll-outs. One ex­am­p­le of this, ac­cor­ding to the com­pa­ny, is the frame­work agree­ment con­cluded with one of the th­ree au­to­mo­ti­ve sup­pli­ers head­quar­te­red in Stutt­gart, which forms the ba­sis for sim­pli­fied de­li­veries to other group sites. In­nok Ro­bo­tics’ cus­to­mers in­clude num­e­rous in­ter­na­tio­nal­ly-ac­ti­ve in­dus­tri­al groups, among­st them Bosch, ZF, Volks­wa­gen, Sie­mens and BASF. In ad­di­ti­on, the com­pa­ny sup­pli­es me­di­um-si­zed en­ter­pri­ses such as Zwick­Ro­ell, Rig­don and HORSCH. Their broad cus­to­mer base of­fers the po­ten­ti­al for fol­low-up or­ders and a gra­du­al ex­pan­si­on of ro­bot de­ploy­ment to fur­ther com­pa­ny sites. Ho­we­ver, due to their still com­pa­ra­tively low ab­so­lu­te le­vel of tur­no­ver and their up­front in­vest­ments in staff ex­pan­si­on and tech­no­lo­gi­cal de­ve­lo­p­ment, the com­pa­ny con­ti­nues to ope­ra­te at a loss as plan­ned. The EBITDA im­pro­ved slight­ly in the 2025 fi­nan­cial year to €-0.98 mil­li­on (pre­vious year: €-1.09 mil­li­on).

In­nok Ro­bo­tics’ growth stra­tegy is ba­sed in par­ti­cu­lar on fur­ther deepe­ning exis­ting cus­to­mer re­la­ti­onships, ex­pan­ding sa­les ac­ti­vi­ties, tap­ping into ad­di­tio­nal fields of ap­pli­ca­ti­on and pur­suing in­ter­na­tio­nal ex­pan­si­on. In ad­di­ti­on to ex­pan­ding di­rect sa­les, the in­ter­na­tio­nal net­work of sys­tem part­ners is to be gra­du­al­ly ex­ten­ded. Ent­ry into the North Ame­ri­can mar­ket is plan­ned from 2027, with fur­ther Asia-Pa­ci­fic mar­kets to be tap­ped from 2028. At the same time, by in­cre­asing its re­li­ance on ex­ter­nal pro­duc­tion and ser­vice part­ners, In­nok Ro­bo­tics is pur­suing an ‘as­set-light’ ap­proach, which is in­ten­ded to enable the sca­ling up of busi­ness vo­lu­me wi­t­hout a pro­por­tio­nal ex­pan­si­on of its own ma­nu­fac­tu­ring and staf­fing ca­pa­ci­ties. The con­ti­nuous fur­ther de­ve­lo­p­ment of the mo­du­lar tech­no­lo­gy plat­form forms a fur­ther ba­sis for the plan­ned busi­ness ex­pan­si­on.

Ba­sed on their busi­ness per­for­mance to date and the plan­ned im­ple­men­ta­ti­on of their growth stra­tegy, we ex­pect a si­gni­fi­cant in­crease in tur­no­ver in the co­ming fi­nan­cial ye­ars. For the cur­rent fi­nan­cial year 2026, we fo­re­cast tur­no­ver of €5.42 mil­li­on, which is ex­pec­ted to rise to €94.19 mil­li­on by the fi­nan­cial year 2030. Key dri­vers in­clude the ex­pec­ted ramp-up in ro­bot sys­tem sa­les, the in­cre­asing con­tri­bu­ti­on from re­cur­ring ser­vice and RaaS re­ve­nue, geo­gra­phi­cal ex­pan­si­on and the de­ve­lo­p­ment of new ap­pli­ca­ti­on are­as. Due to the ex­pec­ted eco­no­mies of sca­le and the be­low-avera­ge growth in staff cos­ts and other ope­ra­ting ex­pen­ses, we ex­pect to reach the ope­ra­ting break-even point from the 2028 fi­nan­cial year on­wards. For the fi­nan­cial year 2028, we fo­re­cast an EBITDA of €5.38 mil­li­on, which is ex­pec­ted to rise to €40.32 mil­li­on by the fi­nan­cial year 2030.

Ba­sed on our th­ree-stage DCF va­lua­ti­on mo­del, we have de­ter­mi­ned a fair equi­ty va­lue (31 De­cem­ber 2027) of €154.12 mil­li­on for In­nok Ro­bo­tics Group AG. Ta­king into ac­count the 10.27 mil­li­on shares used in the va­lua­ti­on mo­del, this cor­re­sponds to a fair va­lue of €15.00 per share. Key fac­tors un­der­pin­ning our va­lua­ti­on are the ex­pec­ted si­gni­fi­cant in­crease in tur­no­ver, as well as the eco­no­mies of sca­le re­sul­ting from the as­set-light busi­ness mo­del and the as­so­cia­ted im­pro­ve­ment in ope­ra­ting pro­fi­ta­bi­li­ty.

You can down­load the re­se­arch here: 20261026_Innok_IC_engl

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Dis­clo­sure of Po­ten­ti­al Con­flicts of In­te­rest pur­su­ant to Sec­tion 85 WpHG and Ar­tic­le 20 MAR. The fol­lo­wing po­ten­ti­al con­flicts of in­te­rest exist with re­gard to the com­pa­ny ana­ly­sed abo­ve: (5a, 7, 11). A list of po­ten­ti­al con­flicts of in­te­rest is available at: https://​www​.gbc​-ag​.de/de​/Offenlegung.htm

Note on Is­suer-Spon­so­red Re­se­arch: This re­se­arch re­port con­sti­tu­tes is­suer-spon­so­red re­se­arch and has been pre­pared in ac­cordance with the EU Code of Con­duct for Is­suer-Spon­so­red Re­se­arch.
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Com­ple­ti­on (ger­man): 23.10.2026 (09:50am)
First dis­tri­bu­ti­on (ger­man): 23.10.2026 (11.00 am)
Com­ple­ti­on (engl.): 26.10.2026 (08:13am)
First dis­tri­bu­ti­on (engl.): 26.10.2026 (11.00 am)