KMW 2026 Q1: Operating Loss of KRW 57.3B, Persistent Deficit and Inventory Risks
Revenue KRW 21.49B, operating loss KRW 5.73B, net loss KRW 5.12B (vs. prior Q revenue KRW 26.13B, net loss KRW 5.74B; revenue down, net loss slightly narrowed)
Credit rating B- (Ecredible), speculative grade
Total borrowings KRW 66.26B, cash equivalents KRW 37.85B, net debt KRW 28.41B, debt-to-equity ratio (net debt/equity) 20.4% (prior year 23.7%)
Accumulated deficit KRW 66.87B, total equity KRW 139.33B
Inventory valuation loss KRW 2.29B (up from KRW 1.20B in prior Q), total inventory KRW 27.25B
Allowance for doubtful accounts KRW 9.14B (prior year KRW 8.78B)
Convertible bonds outstanding KRW 6.91B (prior year KRW 11.39B), derivatives for call/put options held
High customer concentration: Samsung 34.9%, ZTE 23.7%