Wavice Q1 Operating Loss, Net Profit from Financial Gains

Q1 2026 revenue 5.19 billion KRW (down 20% YoY), operating loss 3.36 billion KRW.
Net profit before tax of 1.76 billion KRW due to financial gains of 8.54 billion KRW from fair value gains and disposal gains.
Credit rating upgraded to BB- from B+ (Korea Rating Data, Apr 24, 2026).
Major defense contracts ongoing: L-SAM MFR initial production (26.5 billion KRW) and Ulsan-class Batch-IV (13 billion KRW) with Hanwha Systems.
Inventory increased to 23.19 billion KRW (from 17.02 billion), recognizing 0.99 billion KRW valuation loss.
Net debt ratio 40.07% (prior year-end 34.19%), with outstanding bond with warrant of 33.5 billion KRW and derivative liabilities of 8.97 billion KRW.
R&D expenses 1.5 billion KRW (28.9% of sales), basic EPS 135 KRW (vs -182 KRW in prior quarter).
No dividend plan.