Cosmo Advanced Materials Q1 Net Loss of 3.6bn Won, Cathode Utilization at 41%

Q1 2026 sales 122.7bn won, operating profit 0.9bn won, net loss 3.6bn won (loss widened vs full-year 2025 net loss of 0.5bn won)
Cathode active material utilization rate low at 41.3%, functional film healthy at 90.5%
Issued 120bn won convertible bonds in Jan (conversion price 44,051 won), completed 703,815 shares third-party allotment in Mar
20.93% of shares held by largest shareholder Cosmo Chemical are pledged as collateral
No dividends paid (no dividends for past 5 years)
Reflected equity method gains/losses from associates, added new business purpose (education infrastructure)