KOYJ Q1 2026 Consolidated Operating Profit of 1 Million KRW, Turns to Black, Going Concern Uncertainty Remains

Consolidated Q1 2026: Revenue 5,046 million KRW, Operating profit 1 million KRW, Net profit 838 million KRW (vs net loss of 1,560 million in Q1 2025)
Total equity surged from 1,198 million (2025 end) to 7,391 million (2026 Q1) due to capital increase and surplus
Debt dependency: Total borrowings 13,382 million, net debt 7,771 million, debt-to-total capital ratio 51.25% (improved from 89.72%)
Material uncertainty regarding going concern (negligible operating profit, need for new customers and overseas expansion)
Chinese subsidiary Nanjing Koyj Co., Ltd. liquidated (March 9, 2026)
High customer concentration: Customer A 62%, Customer B 12% of consolidated revenue
New business in nano metal oxide for secondary battery cathode materials (no revenue yet, sample testing stage)
Treasury shares: Fully disposed on April 29, 2026 for employee stock ownership plan
R&D expenses: 253 million KRW (5.0% of revenue)