COTS Technology Reports Q1 2026 Revenue of KRW 16.9B, Operating Profit KRW 1.4B... Defense Orders Grow and Dividend Maintained

Revenue KRW 16.9B (+24.5% YoY), operating profit KRW 1.4B, net profit KRW 1.5B
Cash dividend of KRW 150 per share (payout ratio 150%), total dividend KRW 680M
Order backlog: KRW 58.0B in 2026, KRW 41.9B in 2027, total KRW 108.4B
Issued KRW 15B convertible bonds (Jul 2025, maturity 2030, conversion price KRW 28,061, exchangeable for treasury shares)
Total assets KRW 121.2B, liabilities KRW 66.4B, equity KRW 54.8B
Long-term borrowings KRW 27B (Woori Bank, maturity 2027, rate 2.56%), no short-term debt
Inventory KRW 40.5B, trade receivables KRW 6.7B (decreased from year-end)
Major customers: LIG Nex1 KRW 8.0B, Hanwha Systems KRW 3.7B, Hyundai Rotem KRW 2.6B
Credit rating BBB+ (eCredible), new orders for KF-21 and Poland K2 tank export supply contracts