Mobase Electronics Q1 2026: Revenue Growth Slows, Debt Ratio Rises, Subsidiary Bankruptcy

Consolidated Q1 revenue: KRW 265.3B, operating profit: KRW 7.4B, net profit: KRW 6.0B (operating margin 2.8% vs 3.5% in FY2025)
Debt ratio: 220.85% (up from 208.56% at end-2025), total borrowings: KRW 226.8B (vs KRW 215.3B)
Credit rating: BBB- (from KED, NICE, etc.) – low investment grade
Subsidiary Woochang Conexta filed for bankruptcy, removed from equity investments (book value: KRW 0)
Treasury stock acquisition trust contracts terminated, no further buyback plans
Cash and cash equivalents only KRW 2.6B, indicating liquidity risk
High customer concentration: Hyundai/Kia account for over 68% of sales
R&D expense as a percentage of revenue: 0.89% – low investment