HEM Pharma's Q1 2026 Revenue Up but Losses Continue, Debt Ratio Soars to 2,947%

Q1 2026 consolidated revenue of 4.94 billion KRW (up 40.8% YoY from 3.51 billion), operating loss of 3.84 billion, net loss of 4.04 billion.
Debt ratio surged to 2,947% from 894% at end of previous year, with liabilities of 51.08 billion against equity of 1.73 billion.
Established Japan subsidiary and secured 70,000 pre-orders, marking full-scale entry into Japanese market.
Cosmetic brand Laboreve recorded 0.80 billion KRW in sales, expanding global channels including Amazon.
High customer concentration: 82.7% of sales from top customer (Amway).
Derivative liabilities of 20.52 billion related to convertible bonds (159 billion), posing potential dilution risk.
R&D spending of 1.28 billion (25.9% of sales), own pipeline HEMP-001/002 in phase 2a clinical trials.
No share buyback, cancellation, or dividends mentioned.