Wonpoong Moolsan Q1 2026: Sales decline and operating loss persist, OCI improved by Relmada valuation gain, 2:1 reverse stock split approved
Q1 2026 revenue decreased 15.7% YoY to 4.44 billion won, operating loss narrowed to 775 million won (from 926 million won), net loss narrowed to 760 million won (from 1.11 billion won).
Fair value of Relmada Therapeutics equity investment (0.9%) increased by 1.06 billion won from 2.04B to 3.11B, recorded in other comprehensive income.
Related party receivables (trade receivables, loans, accrued income) totaled 9.76 billion won, with allowance of 8.08 billion won (83%), indicating low recoverability.
On March 31, 2026, shareholders approved a 2:1 reverse stock split; trading suspended on April 20 and resumed on May 12. Shares reduced from 40,693,679 to 20,346,839, face value from 500 won to 1,000 won.
No dividends paid for the last 5 years.
Prior year (2025) internal accounting control review identified material weakness in loan-related controls; corrective measures under review.
Associate Sundiode (30.4% stake, carrying value zero) continues to have negative equity and losses. Company has provided loans of 3.19 billion won to Sundiode, fully impaired.