S-Connect: Consolidated Net Loss in Q1 2026; Revenue and Operating Profit Plunge

Consolidated revenue: 58.1B KRW (down 30% YoY from 83.4B)
Consolidated operating profit: 0.34B KRW (down 93% from 5.0B)
Consolidated net loss: 2.1B KRW (vs net profit 14.3B in Q1 2025)
Separate revenue: 8.7B KRW (down 35% from 13.3B)
Separate operating loss: 1.6B KRW (worsened from 0.6B loss)
Separate net profit: 2.3B KRW (down 73% from 8.4B, supported by other income)
Key drivers: revenue decline, high processing costs, inventory valuation losses
Allowance for doubtful accounts: 100% provision on loans to related parties (~25B KRW)
New subsidiary S Connect MALAYSIA included (secondary battery sector)
No dividends, no share buyback/cancellation