Net Loss Widens and Debt Increases Despite Slight Revenue Growth

Q1 2026 revenue: KRW 5.50bn (Q1 2025: KRW 5.44bn, +1.1%), net loss: KRW 2.50bn (Q1 2025: KRW 1.74bn, loss widened 43%)
Operating loss: KRW 2.41bn (cost of sales + SG&A: KRW 7.91bn)
Basic EPS: KRW -513 (Q1 2025: KRW -358)
Borrowings: KRW 12.70bn (end-2025: KRW 10.70bn, +18.7%), mostly secured by collateral and CEO guarantees
2025 year-end dividend: KRW 300/share (total KRW 1.46bn) paid
R&D expenses: KRW 2.03bn (36.9% of revenue vs 34.6% in Q1 2025)
Order backlog: KRW 23.14bn (end-2025: KRW 23.74bn, slight decrease)
Equity method loss from associate (Y&N Infra): KRW 16.7mn
New stock options granted: 350,000 shares (exercise price: KRW 3,910); 1st & 2nd tranches unexercised: 172,500 shares remaining
Property, plant & equipment net book value: KRW 17.22bn (end-2025: KRW 18.03bn, decrease)