Neosem 2026 Q1: Revenue declines but strong backlog and next-gen products fuel positive outlook

Consolidated Q1 2026 revenue: KRW 14.52B (est. -2.4% YoY), operating profit KRW 0.6B (vs KRW 0.41B in Q1 2025), net income KRW 2.31B (vs KRW 1.76B)
Order backlog USD 26,712K (approx. KRW 36B), increased from end-2025; additional orders of USD 13,064K secured in April-May 2026
Cash and short-term financial assets: KRW 70.7B, total borrowings KRW 16.05B, net cash position KRW 54.65B
World's first commercialization of Gen6 SSD Tester with mass orders; CXL 3.1 Memory Tester development completed and demo testing underway
High customer concentration: top customer accounts for 66.6% of revenue (KRW 9.66B)
R&D expenses KRW 1.69B (11.6% of revenue) in Q1 2026, continuing investment in next-gen memory test equipment
Exchangeable bond balance reduced to KRW 2B from KRW 10B at year-end 2025, with KRW 8B converted, improving financial health
Separate net income KRW 1.6B (vs KRW 1.7B in Q1 2025), operating loss of KRW 0.14B but turned to profit due to financial income