K-Weather turns to operating profit in Q1 2026, successfully completes capital increase with Nasdaq-listed VivoPower
Consolidated Q1 2026 revenue 3,937 million KRW (up 15% YoY), operating profit 59 million KRW (vs loss of 1,698 million KRW in Q1 2025), net profit 115 million KRW, turning to profit
Completed third-party allotment capital increase on March 25, 2026: 1,987,922 shares at 3,175 KRW/share to Nasdaq-listed VivoPower International PLC, increasing capital by 994 million KRW and share premium by 5,318 million KRW. VivoPower becomes second-largest shareholder with 16.67%
Separate Q1 2026 revenue 3,882 million KRW, operating profit 173 million KRW, net profit 180 million KRW, turning to profit
Revenue breakdown: Air Measurement Solutions 1,393 million KRW (35.9%), Air Improvement Solutions 1,322 million KRW (34.1%), Data and Services 1,090 million KRW (28.1%)
Capital increase proceeds of 6,312 million KRW credited on April 1, 2026 due to administrative processing; recorded as other receivables at quarter-end
Consolidated equity at end-Q1 2026: 17,979 million KRW (up 56% from 11,519 million KRW at end-2025), debt ratio 26.6% improved
R&D expenses 187 million KRW (4.8% of revenue), including government grants 204 million KRW
Cash and cash equivalents 667 million KRW, borrowings 2,471 million KRW, net debt 1,804 million KRW, gearing ratio 9%
Accumulated deficit 16,153 million KRW (consolidated), no dividend paid
Major shareholders: Kim Dong-sik 27.96%, VivoPower 16.67%, Welbian Partners 5.32%
Ongoing litigation (trade secret leakage) but assessed as immaterial to financials