NDFOS 2026 Q1: Turnaround to Profit and Fundraising Success, but Legal Risks Persist


  • Q1 2026 consolidated revenue: 12.9 billion won (down 12.6% YoY), operating profit 1.3 billion won, net profit 2.1 billion won, showing turnaround
  • Issued 5th convertible bonds of 11 billion won (conversion price 2,871 won), third-party allotment of 6.4 billion won, small public offering of 1 billion won
  • Invested 38.6 billion won in related companies (JK New Technology Unions No.15 & 16) and other securities
  • Major shareholder (주)대유 delisted in August 2025; former director's breach of trust lawsuit pending (1.47 billion won)
  • Subrogation payments of 6.3 billion won related to sales units under litigation (appeal in progress); other lawsuits totaling 2.5 billion won
  • Debt ratio 22.65% (vs 13.80% at year-end 2025), net debt ratio 7.69% (net cash at year-end)
  • Holds 780,757 treasury shares (2.56%); no further buyback or cancellation announced
  • Cash and equivalents 5.2 billion won, short-term borrowings 3.9 billion won, convertible bonds 9.9 billion won

KOSDAQ Filing Information


  • Filing: Quarterly Report (2026.03)
  • Company: NDFOS (238090)
  • Submission: NDFOS CO., LTD.
  • Receipt: 05-15-2026