Cowintech 2026 Q1: Consolidated operating loss narrows, orders up 21%, dividend maintained

Consolidated revenue 39,795 (previous year 26,385, +51%), operating loss 1,040 (prev. -2,535, narrowed), net profit 4,214 (prev. 863, surged)
Separate revenue 29,009 (+20.8%), operating profit 1,637 (no separate Q1 2025 comparison)
Order backlog 296,373 (from 243,857, +21.5%)
Robotics/automation segment profit 1,783 (revenue 29,230), secondary battery segment loss 2,898 (revenue 7,906) → continued loss
Debt ratio 69.88% (prev. 67.22%)
R&D expenses 1,897 (4.77% of revenue)
Dividend: 200 won cash, 0.02 stock per share (approved at AGM, paid in April)
Treasury shares 156,420 held (85,728 sold for employee bonuses)
Convertible bonds balance 42,056 (consolidated)
Customer concentration: top 5 customers 66% of revenue
FX risk: USD 10% change impacts after-tax profit ±9,052
Trade receivables allowance 32,839 (12-month overdue >90% rate)