TMC Q1 2026 Results: Revenue Slightly Down, Net Income Declines, Credit Rating Improved

Consolidated revenue KRW 93.9B (down 1.2% from KRW 95.1B in Q1 2025), operating profit KRW 0.98B (decline), net income KRW 1.84B (down 30.6% from KRW 2.65B)
Credit rating: Upgraded to BBB- by KED (from BB+), others unchanged
Operating cash flow negative KRW 11.2B (vs -KRW 4.9B in prior quarter); impacted by inventory increase and decrease in trade payables
Total borrowings KRW 58.4B (down from KRW 63.3B year-end)
Subsidiary Glowone (95.97% stake) had net loss KRW 1.05B, TMC TEXAS INC net loss KRW 0.46B
Discontinued operations: LED lighting and display business classified as held for sale (no additional losses this quarter)
Standalone: Revenue KRW 89.6B, operating profit KRW 2.45B, net income KRW 3.47B (increase from prior quarter)
R&D expense KRW 0.86B (0.91% of sales), 33 patents, development of renewable energy and hydrogen ship cables
Key risks: FX fluctuation, copper price (LME), two lawsuits (first trial), financial guarantees KRW 6.3B