Asicland Q1 2026: Revenue Surges but Operating Loss Continues; 45B Won CB Issuance Secures Liquidity

Q1 2026 consolidated revenue 53.99B KRW (+242% YoY from 15.77B), operating loss 2.99B (vs loss 8.27B), net loss 2.68B (vs loss 8.27B)
Issued 2nd unsecured private convertible bonds worth 45B KRW in March 2026 (conversion price 31,517 won, maturity 2031). Includes call/put options
Cash & equivalents surged to 57.95B (from 27.18B at year-end 2025), total borrowings 72.16B (from 46.5B)
Net debt decreased to 14.21B (from 19.32B), leverage ratio improved to 16.1% (from 25.9%)
Consolidated accumulated deficit 38.79B, total equity 74.11B (from 55.28B)
Trade receivables 8.15B (from 20.64B), allowance for impairment 0. Overdue receivables 2.15B (1~3 months)
R&D expenses 1.46B (2.7% of revenue), up from 0.63B YoY
Order backlog 87.82B; key customers: A company 24.59B, B company 10.31B
Major subsidiary Asicland Taiwan recorded net loss 0.63B, RBM net profit 0.08B
No dividend plan; 53,998 new shares issued via stock option exercise