Envioneer Q1 2026: Revenue Up 55%, Loss Narrows, But Cash Flow Deteriorates

Consolidated revenue KRW 5.1B (YoY +55%), operating loss KRW 0.66B (loss narrowing trend)
Net loss KRW 0.34B (improved from KRW 1.35B in prior year Q1)
Subsidiary Sepratek revenue KRW 1.2B (YoY +350%, new customer effect)
Debt ratio 102.8% (improved from 110.9% at year-end), net debt ratio 102.8%
Operating cash flow -KRW 1.78B (vs -KRW 0.016B in prior year, due to increase in receivables and inventory)
Construction in progress KRW 27.3B (meta-aramid paper facility, etc.)
R&D expenses KRW 0.6B (11.9% of sales), ongoing investment in new businesses
Post-report: sold 8.62% stake in Sepratek for KRW 5B (securing funds)
No share buyback/cancellation or dividend plan (lack of shareholder return)
9th CB conversion price KRW 13,874, 3rd BW fully exercised