Shinsung ST Posts Operating Loss in Q1 2026 Despite Revenue Growth
Revenue & Earnings: Q1 2026 consolidated revenue KRW 50.2bn (up 71% YoY from KRW 29.4bn), operating loss KRW 0.5bn (vs operating profit of KRW 3.0bn in Q1 2025), net loss KRW 0.9bn (vs net profit KRW 2.2bn)
Segment Performance: Secondary battery segment revenue KRW 54.9bn (93.4% of total) with operating loss KRW 1.3bn; IT/Auto segment operating profit KRW 0.5bn. Initial costs from US Kentucky subsidiary ramp-up
Investment & Growth: Completed ESS water-cooled thermal management parts production line in US (Dec 2025). Q1 2026 capex KRW 29.1bn for capacity expansion. Capital injection of KRW 29.1bn into US subsidiary
Shareholder Return: Paid cash dividend of KRW 200 per share for FY2025 (total KRW 1.8bn). Outstanding exchangeable bonds (KRW 87.8bn, 0% coupon, exchange price KRW 56,400) exchangeable into treasury shares
Financial Position: Total assets KRW 252.8bn, liabilities KRW 147.8bn, equity KRW 105.0bn. Net debt to total capital ratio 39.7%. Cash and cash equivalents KRW 30.2bn
Other: R&D expenses KRW 1.2bn (2.3% of sales). Audit opinion unqualified (Sunghyun Accounting Corp). Largest shareholder Shinsung Delta Tech (25.5%)