Sangshin Electronics Q1 2026: Operating Loss and Deteriorating Cash Flow

Consolidated Q1 2026 revenue: KRW 35.5B (vs KRW 34.5B in Q1 2025, +2.8%), operating loss of KRW 0.62B (vs profit in prior year; FY2025 operating profit KRW 2.56B)
Net profit of KRW 0.23B (vs KRW 0.64B in Q1 2025, -64%), supported by non-operating gains including FX gain of KRW 1.04B
Operating cash flow: -KRW 3.35B (vs +KRW 3.16B in Q1 2025), short-term borrowings increased from KRW 12.7B to KRW 15.6B
No shareholder return announcements (no dividends or share buybacks), credit rating maintained at BBB- (Nice D&B)
R&D expenses: KRW 0.36B (1.01% of sales); continued investment in new energy and automotive reactors