Vitzro Nextech 1Q26: Revenue +12.6% to 7.1B, Operating Loss 3.4B, Net Debt Ratio 45%

Revenue 7.12B KRW (+12.6% YoY), operating loss 3.37B (widening 26% YoY), net loss 2.96B (widening 52% YoY)
Segment revenue: Aerospace 2.63B (37%), Plasma 2.32B (32.5%), Fusion 1.63B (22.8%), Accelerator 0.48B (6.8%)
Total assets 118.8B, liabilities 62.8B, equity 56.0B (decreased), net debt ratio 45.07% (from 35.25% year-end)
Cash 16.9B (from 22.7B), short-term borrowings 15.4B (unchanged), long-term borrowings 1.75B
Planned capex 2026-2030: total 15.7B (machinery 9.8B, buildings 5.9B)
R&D expense 0.41B (5.7% of revenue), government grants 0.14B
Major orders: Next-gen launch vehicle combustor (4.53B), integrated wind tunnel (27.27B), superconducting conductor test facility (6.31B)
No dividends or share buyback