S.Net Systems Q1 2026: Weak earnings, operating profit plummets to 51M won, net loss

Consolidated sales 77.8B won (-2% YoY), operating profit 0.05B won (0.07% margin), net loss 0.56B won (swing to loss)
Standalone sales 40.6B won, operating profit 0.22B won, net profit 0.61B won (profitable standalone but loss consolidated)
Consolidated inventory 61.4B won (+64% from year-end), cash 40B won (-49% from year-end)
Debt ratio ~110% (debt 126.4B, equity 115.1B)
Operating cash flow -32.9B won (worse than -20.3B won in prior year)
No share buyback/cancellation; disposal of 266,192 treasury shares for employee bonuses (Feb 2026) and additional 100,000 shares (May 2026)
FY2025 dividend: 100 won per share cash (vs 50 won + stock dividend in prior year)
Credit ratings: BBB+ ~ BB+