TS Trillion Swings to Profit in Q1 2026, Consolidated Revenue Exceeds W10 Billion
Consolidated revenue: W10.07B (+42% YoY), operating profit: W1.11B (swing to profit vs W25.7M loss in FY2025), net income: W0.92B (vs W2.01B loss in FY2025)
Separate revenue: W8.00B, operating profit: W0.66B, net income: W0.50B, basic EPS: W3 (vs W0.15 in prior-year quarter)
Jan 2026: Issued 3rd unsecured private CB of W4.9B (conversion price W244, 20,081,967 shares) to fund acquisition of TS Core (electrical construction), generating W3.34B goodwill
May 2026: Decided to issue 4th CB of W1.0B
Feb 2026: Completed third-party allotment of 4,694,835 shares (approx. W0.99B)
Apr 2026: Stock split (par value from W100 to W500), reducing outstanding shares from 145,883,557 to 29,176,711
Discontinued operations: Planned liquidation of China subsidiary (TS Trillion Shanghai) recognized loss of W28.5M
Debt-to-equity ratio 103%, short-term borrowings W16.2B (secured by investment property W35.7B)
Ongoing management dispute (shareholder Jang Ki-young) but current management maintains stable control
R&D expenses W51M (0.64% of revenue), holds 8 patents