Pamtek: Q1 Sales Up 64% but Operating Loss Continues; Debt Ratio Rises (Negative)

Consolidated revenue: 5,144 million KRW (+64.5% YoY), operating loss: 3,014 million KRW (vs 3,227 million loss in prior year Q1), slight improvement
Net loss: 2,753 million KRW (vs 3,178 million), basic EPS loss: 99 KRW (vs 111 KRW)
Debt ratio rose to 60% (from 42% at year-end), long-term borrowings increased to 15,470 million KRW (from 10,470 million)
Cash & equivalents: 7,994 million KRW (up from 3,834 million), inventory surged to 12,636 million KRW (from 7,139 million)
Trade receivables decreased to 5,301 million KRW (from 10,219 million), allowance for bad debts stable
R&D expenses: 1,308 million KRW (vs 1,119 million), focusing on AI semiconductor test equipment
No share buyback, cancellation, or dividends
High customer concentration: A company (53.7%), B company (39.8%)
All three subsidiaries (Vietnam, China, Korea) reported operating losses