AFW Q1 2026: Continued operating loss despite new FSW product shipments, debt ratio rises

Q1 2026 sales 4.27bn won (up 52% QoQ), operating loss 2.02bn won, net loss 2.02bn won, continued deficit
New FSW (Friction Stir Welding) BCCM product began overseas shipments via LG Innotek in March 2026
Debt ratio 50.7% (FY2025 end: 43.2%), net debt ratio 30.8% (FY2025 end: 25.4%), financial health deteriorated
Borrowings 16.04bn won, collateralized assets 17.76bn won (Guji Plants 1&2)
R&D expenses 0.29bn won (6.6% of sales), multiple patents held
No dividends, no share buyback/cancellation plans
Additional shipments of die-casting End Plate products expected via SeAH Mechatronics from April 2026