Sugentech Q1 2026: Revenue Up but Operating Loss Widens, Exchangeable Bonds Issued

Q1 2026 consolidated revenue KRW 2.35B (up 24% YoY), operating loss KRW 4.68B (vs KRW 3.97B loss in Q1 2025), loss widened
Net loss KRW 4.30B (vs KRW 3.14B), basic EPS -279 won (vs -203 won)
R&D expenses KRW 1.40B (59.8% of revenue), continued heavy investment
Strong liquidity: cash & equivalents KRW 20.2B, short-term financial instruments KRW 18.0B; net debt KRW 1.3B
Exchangeable bonds issued Sep 2025: KRW 12.5B (outstanding KRW 10.5B), exchange price KRW 8,604 (current stock price ~KRW 5,000), underlying treasury shares 1.45M (8.7%)
Convertible redeemable preferred stock liability KRW 0.9B, derivative liability KRW 0.5B
Inventory impairment loss KRW 0.8B recognized
China JV technology transfer in progress, milestone payments received
Product portfolio: Multiplex Immunoblot, POCT, Digital Healthcare (FemTech), Health & Beauty (new entry)
No dividend or share buyback plans