Paseco Q1 2026 Swings to Operating Loss, Sales Down 18.1%, Debt Ratio Surges

Q1 2026 revenue fell 18.1% YoY to 28.1 billion won
Operating loss of 3.37 billion won (net loss widened to 2.87 billion won from 2.07 billion won in Q1 2025)
Debt ratio surged to 42.32% from 29.42% at year-end 2025
Cash and equivalents decreased 40% to 118.4 billion won
Inventory increased to 241.2 billion won
Short-term borrowings increased to 60.3 billion won (from 58.7 billion)
Loans to related party HNC tripled to 4.54 billion won
69.4% of sales from a single customer (Coway)
Dividend declared: 3.0 billion won (dividends payable of 3.0 billion won)
R&D expenses of 0.7 billion won (2.51% of sales)
Derivative liabilities of 0.24 billion won for FX hedging