Philenergy Q1 2026: Sales Plunge, Losses Continue, Credit Downgrade

Q1 2026 consolidated sales fell sharply to KRW 1.7bn (vs KRW 9.6bn in Q1 2025), operating loss KRW 3.9bn, net loss KRW 4.1bn
Debt ratio 63.4%, net debt ratio 15.5% (switched from net cash at end of 2025)
Cash and cash equivalents dropped to KRW 17.6bn from KRW 88.2bn
Credit rating downgraded to BB (from BBB-)
90% of sales dependent on a single customer (Samsung SDI); order backlog of KRW 81.8bn (large contracts 90% complete)
R&D expenses KRW 1.5bn (84% of sales), high R&D burden continues
No share buyback, cancellation, or dividend