Winhitech Q1 2026 Operating Loss of 3.1 Billion Won, Turn to Deficit & Deteriorating Financial Health

Consolidated sales KRW 14.3B (down 26% YoY from 19.4B), operating loss 3.1B (vs 1.0B loss prev. year→deeper loss), net loss 3.8B
Debt ratio 90.81% (up from 77.84% at end-2025), net debt 62.4B, total borrowings 58.8B (short-term 43.6B, long-term 14.7B)
Cash and equivalents 18.1B (down from 23.9B), trade receivables 10.7B (up from 7.6B), inventories 50.5B
Conv. bond balance 0.7B (matures Oct 2026), bond with warrant 7.0B (matures Feb 2030)
Total equity 68.7B (down from 72.5B), retained earnings 37.0B (down from 40.8B)
New plant investment (3rd factory) suspended (originally 12.5B→3.85B, deadline extended to 2029)
Most real estate development subsidiaries loss-making; Taepyeong and Sinhae Development have negative equity