Black-to-Red Turnaround in Q1 2026, 58% Revenue Growth, HBM EDS Qualification

• Turnaround in Q1 2026: Revenue KRW 8.65bn (YoY +58%), Operating profit KRW 775mn, Net profit KRW 577mn, EPS KRW 97 (vs 90)
• Secured qualification from a major customer for HBM EDS probe card, entering AI semiconductor test market
• Debt ratio 94% (flat), cash & equivalents KRW 2.26bn, total liquidity (incl. ST financial instruments) KRW 9.26bn
• Convertible bond outstanding KRW 10bn (book value KRW 5.37bn), maturity 2029, conversion price KRW 14,385 (current price KRW 11,200, unlikely conversion)
• R&D expenses KRW 1.43bn (16.5% of revenue), multiple government projects, 40 IP rights
• Major customers: SK Hynix, MINGZHEN (China), Daeyang Electric; top 3 account for 98%
• No dividends or share buybacks planned (retained earnings deficit -KRW 5.35bn)