SK IE Technology Q1 2026: Continued Losses, High Debt, No Dividend or Buyback

Consolidated Q1 2026 revenue of KRW 35.9B (decline YoY), operating loss of KRW 73.2B, net loss of KRW 81.8B, continuing losses
Total borrowings of KRW 1.02T, cash and equivalents of KRW 266.2B, net debt of KRW 752.7B
Debt ratio of 68.3% (within covenant of 400%)
In July 2025, issued 10.49M new shares via third-party allocation (14.7% dilution), increasing share capital by KRW 81.8B
No dividends or share buybacks/cancellations; no distributable earnings, thus no shareholder returns
Production capacity of 14.0B sqm (flat YoY), Poland expansion ongoing (remaining investment estimated ~KRW 100B)
R&D expense of KRW 4.3B (12% of revenue)
After reporting date, resolved to borrow KRW 200B in short-term debt