KNR Systems: 1Q Losses Widen, Debt Ratio Surges to 140%; Issued 15.8B Won CB

1Q26 revenue 1.85B won, operating loss 2.54B won, net loss 2.46B won; losses widened YoY due to lower sales and higher costs.
Debt ratio surged to 139.91% (from 105.14% at end of 2025) as total debt reached 35.3B won, partly from CB issuance.
Issued 15.8B won 5th private CB in Feb 2026 (conversion price 32,161 won, maturity 2031, includes put option).
Completed absorption merger of subsidiary KNR Automotive (ratio 1:0), increasing capital surplus by 2.35B won.
Cash and cash equivalents jumped to 21.35B won (from 5.49B) mainly from CB proceeds.
Order backlog at 15.4B won (robot 9.5B, test equipment 5.9B), maintaining growth.
R&D spend at 486M won (26.35% of revenue), continuing high investment.
Accumulated deficit of 24.4B won; retained earnings remain negative.