HVM Q1 2026: Sales Surge 79%, Operating Profit Turns Positive

Q1 2026 sales: KRW 23.27bn (YoY +79.4%), operating profit: KRW 4.42bn (vs operating loss of KRW 0.11bn in Q1 2025), net profit: KRW 3.41bn (vs net loss of KRW 0.08bn)
Order backlog: KRW 48.59bn (as of Mar 31, 2026), led by aerospace/defense (KRW 35.97bn)
R&D expenditure: KRW 0.99bn (4.3% of sales), net R&D after government grants: KRW 0.29bn
Total liabilities: KRW 90.93bn, total equity: KRW 95.60bn (debt ratio 95.1%, vs 92.3% at end of 2025)
Derivative liabilities from convertible bonds: KRW 10.51bn (put option), derivative assets: KRW 7.49bn (call option)
Total borrowings and bonds: KRW 50.72bn (short-term 15.64bn, long-term 12.08bn, bonds 6.97bn, CB 21.93bn)
EPS: KRW 286 (FY2025: KRW 1,060; diluted EPS same)
After reporting period: issuance of 2nd convertible bonds worth KRW 92bn on Apr 10, 2026 (for factory expansion and working capital)
No disclosure on share buyback/cancellation or dividends