Photon Co., Ltd. Reports Net Profit Turnaround but Operating Loss Persists and Issues Convertible Bonds

Consolidated Q1 2026 revenue KRW 26.7B, operating loss KRW 0.27B, net profit KRW 0.47B (turnaround from net loss of KRW 2.35B in prior year period).
Consolidated operating loss persists; accumulated deficit KRW 17.26B.
Issued KRW 40B unsecured private convertible bonds (6th series) in March 2026 (conversion price KRW 1,959, convertible into 2,041,858 shares).
Recognized additional impairment loss of KRW 85.7M on held-for-sale subsidiary BLD ELECTRONICS PHILS. INC.
Largest shareholder (DSNurim) holds 42.01%; treasury shares 4,435 (0.03%).
Credit rating BB0 (NICE D&B) maintained; short-term trade credit stable but limited ability to cope with environmental changes.
Previously designated as unfaithful disclosure entity and fined KRW 25.6M.
No dividends; R&D institute dissolved and no R&D expenses.