Shindo Eng. Lab. Q1 2026: Net profit turns positive despite operating loss, plans share cancellation

Consolidated Q1 2026: Revenue 1.34B KRW (vs 0.64B YoY), operating loss 1.33B (continued loss), net profit 0.54B (vs -0.98B YoY, turnaround due to forex gains).
Plans to cancel all 193,198 treasury shares (1.21%) within H1 2026 for shareholder value.
Debt ratio 6.7%, financially stable. Cash and equivalents 29.3B KRW.
Order backlog 10.83B KRW. Major contracts: Cardinal IG CLiC (22.3B), LG Display Vietnam (6.3B), etc.
AEM Mobility filed for rehabilitation, causing contract changes (risk) for 3.3B deal.
Inventory 8.01B (6x increase from 1.27B at end-2025), inventory turnover 1.2x (vs 24.6x). Operating cash flow -7.22B.
R&D expenses 0.43B (31.96% of sales), new businesses in smart window and hydrogen fuel cell MEA equipment.
Allowance for doubtful accounts 1.81B (21.9% coverage ratio), long-term trade receivables allowance 97.3%.