Qualitas Semiconductor Q1 2026: Revenue Surges, Loss Narrows, Convertible Bond Risk Remains

Q1 2026 revenue: 5,153 million KRW (up 174% YoY from 1,880 million, nearing full-year 2025 revenue of 5,351 million)
Operating loss: 4,740 million KRW (improved from 6,769 million in Q1 2025, significantly narrowed from full-year 2025 loss of 24,472 million)
Net loss: 4,161 million KRW (improved from 4,733 million in Q1 2025)
R&D expenses: 7,106 million KRW (138% of revenue), up from 5,496 million in Q1 2025
Cash and cash equivalents: 764 million KRW (down sharply from 12,736 million at end-2025), operating cash flow -3,489 million
Convertible bond of 30 billion KRW (conversion price 12,942 won) poses dilution risk and debt burden
Key revenue: PCIe IP 59.7%, MIPI IP 31.8%
Exemption from designated management item requirements as a technology growth company until 2028