SEERS Q1 2026: Revenue up 700% YoY, turns to net profit of 13.7bn won

Consolidated revenue: 32.5bn won (Q1 2026) vs 4.1bn won (Q1 2025), up 700% YoY.
Operating profit: 13.9bn won (vs loss of 0.6bn won), net profit: 13.7bn won (vs loss of 0.6bn won).
Basic EPS: 361 won (vs -16 won in Q1 2025).
Total equity: 54.2bn won (up from 39.6bn won), debt ratio improved to 35.95% from 36.81%.
Extreme customer concentration: 99.87% of sales from Daewoong Pharmaceutical.
No share buyback, cancellation, or dividends mentioned (no shareholder return items in the filing).
R&D expenses: 2.4bn won (7.30% of sales), up from 1.1bn won in Q1 2025.
Historical sanctions: fine of 149.4m won and FSS warning in Sep 2025 for securities registration violations (past events).
Stock dividend increased total shares from 12,665,880 to 38,059,740 (3x increase).