VIRNECT Q1 2026 Consolidated: Revenue Growth & Loss Narrowing, Financial Burden Remains

Q1 2026 consolidated revenue of KRW 3.8bn surpassed full-year 2025 revenue (KRW 3.1bn), signaling recovery
Operating loss narrowed to KRW 1.47bn (Q1) from KRW 8.49bn (FY2025 full year)
Net loss of KRW 1.71bn, improving from KRW 5.03bn in FY2025
Total assets KRW 45.5bn, liabilities KRW 17.0bn, equity KRW 28.5bn (debt-to-equity ratio 59.6%)
Net debt-to-equity ratio increased to 32.24% from 24.84% at year-end 2025
Cash and equivalents KRW 7.8bn, slightly down from KRW 8.6bn
R&D expenditure KRW 1.36bn, representing 230.5% of revenue
Revenue from acquired steel processing subsidiary (신원스틸) contributed to product sales growth
Order backlog of KRW 912mn, up from KRW 152mn at year-end 2025
FY2025 actual revenue (KRW 3.1bn) fell 86.4% short of forecast (KRW 22.9bn)
Accumulated deficit of KRW 50bn; no dividends or share buybacks
Credit rating maintained at B+ (stable)