Thinkware 2026 Q1: Revenue decline and operating loss, stock dividend and BMW contract ongoing

Consolidated Q1 2026 revenue: 119.7 billion KRW (down 16% YoY from 142.7 billion), operating loss of 4.6 billion KRW (vs. operating profit of 0.6 billion in Q1 2025).
Home appliances segment accounted for 67.1% of revenue (80.3 billion), black boxes 30.0% (36.0 billion), and maps 2.9% (3.4 billion).
Approved stock dividend of 318,577 treasury shares (approx. 2.7 billion KRW) at March 2026 AGM, paid on April 17, 2026.
BMW global black box ACE 3.0/3.1 order contract worth 43.6 billion KRW, with 10.1 billion delivered and 33.5 billion remaining.
Credit rating downgraded: from e-4+ (BBB+) in April 2025 to e-40 (BBB0) in April 2026 by NICE D&B.
Redeemable convertible preferred shares (RCPS) of 20.4 billion KRW (convertible to 2,257,800 shares) maturing on June 15, 2026.
Consolidated debt-to-equity ratio 91.8%, high reliance on borrowings (short-term 94.1 billion, long-term 10.0 billion).
R&D expenses of 2.2 billion KRW (1.9% of sales), holding over 2,000 intellectual property rights globally.