i3system 2026 Q1 Results: Revenue Down, Dividend Up, Debt Ratio Increases

Revenue of 32,371 million KRW, down 15.0% YoY (prior quarter: 38,107 million)
Dividend paid of 1,115 million KRW, up from 1,014 million in prior year period
Debt ratio of 40.61%, up from 35.65% at previous year-end
Order backlog of 109,360 million KRW, approximately 88% of annual revenue (based on 2025 revenue of 124,276 million)
R&D expenses of 2,908 million KRW (9.0% of revenue), up from 2,572 million in prior year period
New allowance for doubtful accounts of 202 million KRW (zero at previous year-end)
Convertible bonds face value 2,200 million, conversion price 43,900 won, maturity 2029, derivative valuation gain of 683 million
Property, plant and equipment of 26,069 million pledged as collateral for borrowings
Payment guarantee limit of 55,306 million, drawn amount 44,112 million (no lawsuits)
Defense budget increase: 2027 national defense budget 76 trillion won, force improvement budget 27.5 trillion won