ILJIN HYSOLUS 2026 Q1: Sales Surge, Loss Narrowed (FCEV Market Share 67%)

Consolidated Q1 2026 revenue KRW 27.1B (+149% YoY), operating loss KRW 2.0B (improved from KRW 3.0B loss in Q1 2025)
Net loss KRW 50M (vs. KRW 487M loss in Q1 2025), boosted by KRW 1.7B interest income and KRW 190M gain on financial asset disposal
Hydrogen segment revenue KRW 27.0B (vs. KRW 10.4B in Q1 2025), global FCEV market share 67.3% (from 35%) driven by Hyundai Nexo new model
Strong financials: debt ratio 8.9%, net cash KRW 231B (cash + ST financial instruments KRW 239.4B minus lease liabilities KRW 1.0B), no borrowings
Customer concentration: 68% of sales from customer A (Hyundai), KRW 18.4B; customer B KRW 8.2B
R&D expense KRW 1.5B (5.6% of revenue), 100 patents held
Legal risk: case with Leo International finalized at KRW 135M loss, provision for onerous contracts KRW 1.34B
German subsidiary (asset management) operating loss KRW 127M, additional capital injection KRW 1.7B this quarter