NBR Motion Q1 2026 Operating Loss Widens: Continued Deficit and Related Party Risks
Consolidated Q1 2026: revenue ₩15.1B (down 3.8% YoY), operating loss ₩1.23B (vs ₩3M profit in Q1 2025), net loss ₩1.99B (vs ₩631M loss).
Separate: revenue ₩15.1B, operating loss ₩1.2B, net loss ₩1.96B.
Related party risks: Daemon Industry under court rehabilitation; Nano Automotive S.L. in liquidation in Spain. Full impairment already recognized on equity and loans.
Total bonds (including CB, BW) ₩10.6B, derivative liabilities ₩0.93B, borrowings ₩14.4B; total financial liabilities ₩37.5B.
Not technically insolvent, but retained earnings deficit of -₩22.2B (consolidated) and -₩22.1B (separate).
Listed on KOSDAQ in Jan 2026 via SPAC merger; largest shareholder Nano (21.3%); 56.77% of shares under lock-up.
No dividends for past 5 years; no share buyback or cancellation plans.