InnoSpace Q1 2026: Revenue Up, First Commercial Launch Failed, Rights Offering for Funding
Consolidated revenue of 1.4 billion KRW (up from 0.24 billion Q1 2025), operating loss of 12.4 billion KRW (improved from 13.9 billion), net loss of 12.5 billion KRW.
First commercial launch (Hanbit-Nano) in Dec 2025 ended prematurely due to anomaly. CENIPA investigation identified combustion chamber reassembly issue; corrective actions underway. Next launch targeted H2 2026.
Cash and equivalents decreased 61% to 8.2 billion KRW from 21.1 billion at year-end 2025. Quarterly operating cash outflow of 11.7 billion KRW. In April 2026, rights offering of 80.8 billion KRW (7M shares at 11,540 won) for working capital, facilities, and debt repayment.
Launch service backlog: ~USD 21.9 million (Quub, MBS, etc.) + LIG Nex1 mock launch vehicle contract of 11.3 billion KRW. New JALUX launch service contract (0.49 billion KRW) signed in April 2026.
R&D expenses of 7.4 billion KRW (down from 9.5 billion Q1 2025). Ongoing government projects including reusable launch vehicle technology.
2.24 million convertible preference shares outstanding (conversion price 12,458 won). After reporting date, 122,777 shares converted into 134,852 common shares.