Pixelplus Q1 2026: Revenue up 14% but net loss widens; strong R&D investment

Revenue: KRW 12.1bn (vs KRW 10.6bn in Q1 2025, +14.1%)
Operating loss: KRW 2.0bn (prior-year Q1 operating loss not disclosed; net loss widened to KRW 1.14bn from KRW 0.84bn)
Net loss: KRW 1.14bn (vs KRW 0.84bn)
R&D expense: KRW 2.66bn (21.9% of revenue), before government grants of KRW 0.1bn
Sales by region: China 72.2%, Domestic 17.6%, Taiwan 7.0%, Japan 2.8%
Application: Automotive 90.0%, Security 3.1%, Home Appliance 3.2%
Major customers: Top 4 account for 63.6% (A 21.8%, D 21.2%, B 18.5%, C 2.1%)
Financial position: Cash & cash equivalents KRW 8.7bn, financial assets KRW 12.0bn, total borrowings KRW 16.2bn (net cash approx. KRW 4.5bn)
Litigation: Unjust enrichment claim in second trial (defendants: NH Investment & Securities, Hana Bank, etc.)
Stock options: 120,000 new shares granted in Feb 2026
Dividends and share buyback/cancellation: None