Icure Posts Operating Profit in Q1 but Faces Ongoing Delisting Risk

Consolidated Q1 2026 revenue of KRW 32.2 billion, operating profit of KRW 0.2 billion (turn to black), but net loss of KRW 0.7 billion continues
Adjusted debt ratio (separate) 173.75%, weak financial health; accumulated deficit of KRW 121.5 billion
Subject to delisting review by KRX, granted 8-month improvement period until July 12, 2026; delisting decision pending improvement plan results
Former executive Choi Young-kwon indicted for breach of trust/embezzlement; company involved in multiple lawsuits including damage claims and tax penalties
Donepezil patch export license agreements with Celltrion etc.; supply contract valued at KRW 390.7 billion
No dividends for last 3 years; basic EPS -15 won (consolidated)