HiTech Pharm Q1 swings to operating loss due to one-time costs and production halt

Q1 2026 revenue: 14.13 billion KRW, down 1.13 billion YoY (7.4%↓)
Operating loss of 1.10 billion (swing to loss); YoY operating profit was 2.56 billion
Net loss of 0.27 billion; one-time stock compensation of 2.53 billion drove SG&A increase
Production halted from Dec 2025 to Jan 2026 due to facility maintenance, reducing product shipments
Financial structure: debt ratio 12.8% (total debt 16.54 billion, equity 128.81 billion), debt-free
Sales concentration: 60.9% to largest shareholder ACS DOBFAR (8.59 billion)
100% export (Italy 60.9%, China 39.1%)
R&D expense: 0.15 billion (1.06% of revenue)
Operating cash flow -4.55 billion (inventory +3.83 billion, receivables +4.07 billion)
2025 year-end dividend payable of 1,595 million (approved at AGM)
No share buyback or cancellation in Q1