INNOSIMULATION: Q1 2026 Revenue Up, Net Loss Narrows, New Defense Contracts

Q1 2026 revenue: 2,446 mil KRW (+10.7% YoY); operating loss 460 mil (vs 1,439 mil); net loss 524 mil (vs 1,333 mil, -60.7%)
Order backlog 18,418 mil; new major contracts: KF-16 flight trainer (3,400 mil), E-mobility test (708 mil), GVA PHASE-3 (770 mil)
Net debt ratio 48.55% (from 24.51%); cash 3,184 mil (from 11,215 mil) – due to debt repayment and working capital increase
No consolidated subsidiaries, no dividend, no share buyback
Credit rating B+ (Nice), R&D expense 157 mil (6.44% of sales)