Mintech Q1 2026 Sales Up 63% but Operating Loss and Net Loss Persist; Credit Rating Downgraded
Q1 2026 sales at KRW 1.615 billion, up 63.0% YoY from KRW 0.990 billion.
Operating loss narrowed to KRW 2.678 billion (from KRW 4.176 billion), but net loss continued at KRW 2.906 billion (vs KRW 4.400 billion).
Operating cash flow negative KRW 1.771 billion; cash and cash equivalents plunged to KRW 4.415 billion from KRW 12.321 billion at year-end.
Debt ratio increased to 67.9% (from 65.2%); credit rating downgraded to B- by 이크레더블 (from B in 2025, BB- in 2024).
High customer concentration: top 5 customers account for 99.13% of sales, with customer A at 55.73%.
Order backlog at KRW 2.901 billion (unchanged); inventories slightly decreased to KRW 1.181 billion.
R&D expenditure of KRW 1.251 billion (77.48% of sales) maintained; holds 53 domestic and 16 overseas patents.
Borrowings at KRW 11.053 billion (vs KRW 11.393 billion); net debt is negative but cash trend declining.
No share buyback, cancellation, or dividend distribution during the period.
Redeemable convertible preferred shares liability at KRW 5.360 billion and embedded derivative liability at KRW 0.590 billion; no conversion exercised.