Sangbo Q1 sales plunge, operating loss widens; fire costs, lawsuit risks

Consolidated Q1 2026 sales KRW 8.89bn (down 27% YoY from KRW 12.14bn), operating loss KRW 3.39bn (vs KRW 1.67bn loss in Q1 2025), net loss KRW 2.73bn
Fire incident incurred KRW 650m in costs; insurance proceeds not yet received
Debt ratio rose to 123.7% (from 117.7% at year-end 2025), retained earnings deficit KRW 20.5bn
Cash and cash equivalents decreased to KRW 4.31bn (from KRW 5.52bn)
Ongoing patent infringement lawsuit (claim KRW 200m), outcome uncertain
Share consolidation executed (face value from KRW 500 to 2,500; outstanding shares reduced to 11,836,255)
Credit rating downgrade trend (Korea Data BBB→BB-, NICE D&B BB0→BB-)