Kostecsis Completes Exchangeable Bond Conversion, Turns to Profit, Financial Structure Improves
Q1 2026 revenue 5,448 million KRW (up 64.5% YoY from 3,312 million), operating profit turned positive, net profit 947 million (vs -353 million)
All exchange rights of 2nd exchangeable bonds exercised (Feb-Mar 2026) → disposal of 442,778 treasury shares, extinguishment of bonds and derivative liabilities (~1,968 million), gain on treasury share disposal 2,742 million
Debt ratio improved: Net debt/equity ratio 46.7% (vs 59.1% at year-end), total equity 28,598 million (vs 22,304 million)
Cash and cash equivalents increased to 2,444 million (from 1,490 million)
Major sales: RF communication package 3,946 million, power semiconductor spacer 1,502 million, export share 67.3%
R&D expenses 227 million (4.16% of sales), 30 patents registered/filed
One pending lawsuit (242 million) → management deems immaterial
Expanding AI data center and power semiconductor thermal management solutions