DaewonNexview Q1 Earnings Improve, Parent Company Risk Emerges

Q1 2026 revenue: 3.16 billion KRW (vs 2.74 billion in Q1 2025, +15%), operating profit 0.63 billion, net income 0.85 billion (vs 0.10 billion)
Cash and cash equivalents: 22.04 billion, borrowings: 4.0 billion, net cash: 18.04 billion
Largest shareholder DaewonSys is undergoing rehabilitation proceedings. Company claims independent management but governance risk remains
Capital surplus: 37.8 billion, retained earnings: -18.9 billion (accumulated deficit)
Signed pLSMB HSB equipment supply contract (4.168 billion KRW, 50% advance payment)
Trade receivables: 0.75 billion (allowance 0.01 billion), inventories: 4.83 billion (valuation loss 3.32 billion)
R&D expenses: 1.0 billion (3.2% of sales), 32 registered patents, 7 pending
No dividend or share buyback disclosed