STX Green Logis: Quarterly Revenue Plummets, Losses Persist; Litigation, Disclosure Failure, and Major Shareholder Stake Reduction Mount
Consolidated Q1 2026 revenue KRW 15.9B (down 67% YoY from KRW 47.9B), operating loss KRW 1.4B, net loss KRW 2.1B (loss widened from KRW 0.9B net loss in prior year)
Separate Q1 2026 revenue KRW 15.9B, operating loss KRW 1.4B, net loss KRW 1.3B
Net debt-to-equity ratio 64.49% (improved from 71.34% at year-end 2025), equity KRW 38.4B
Credit rating BB+ (speculative grade), two lawsuits ongoing (joint liability dispute with KDB, claim KRW 9.9B)
Designation as unfaithful disclosure corporation (delayed disclosure of debt guarantee from 2023)
Post-reporting period: largest shareholder stake reduced from 46.1% to 37.18% (possible block sale)
Conversion price of CB lowered (2nd issue: from KRW 15,085 to KRW 10,560), potential dilution risk
Operating cash flow positive KRW 6.6B (improved from negative KRW 23.7B in prior year period)