Seojeon Electric 2026 Q1: Sales Up but Operating Loss Persists; Lawsuit and Regulatory Risks
Revenue 7,441 million won (vs 4,403 million in prior year, +69.0%), operating loss 4,160 million (vs 4,627 million), net loss 4,117 million (vs 4,693 million)
Zero borrowings, debt ratio 52.48% (improved from 79.38% at year-end 2025)
Cash and cash equivalents 0.53 billion won (down from 6.61 billion at year-end 2025; used for receivable/payable settlements)
Litigation risks: Korea Gas Corporation damage claim 0.97 billion (remanded), KEPCO damage claim 2.0 billion (trial pending)
Regulatory penalties: Fair Trade Commission fine 0.505 billion for bid rigging; KEPCO bidding restriction for 3 months and suspension of qualified supplier status for 1 year
Dividends: None (confirmed at 2025 and 2026 shareholder meetings)