JNB Q1 2026 Operating Loss, Continued Weak Performance
Consolidated Q1 2026 revenue: KRW 3.54 billion (down 19.5% YoY), operating loss of KRW 0.37 billion (vs profit in Q1 2025), net loss of KRW 0.63 billion.
Significant shortfall vs 2025 forecasts: revenue KRW 14.9 billion (forecast 23.1 billion), operating profit KRW 0.18 billion (forecast 8.16 billion). Downturn in front-end industry and fixed cost burden.
Very high customer concentration: 92.5% of sales to single customer (Company E).
Declared cash dividend of KRW 0.96 billion for FY2025 (KRW 100 per share) despite consolidated net loss.
Subsidiary Nexthitech posted Q1 net loss of KRW 0.5 billion, capital erosion risk.
KRW 8 billion convertible bonds issued in May 2025 (conversion price KRW 5,222) remain outstanding, potential dilution.
Credit rating maintained at BB+ (Nice D&B), below investment grade.
Key R&D: Stacker development for Samsung's S6 line in Texas ongoing.