Ewon Comfortech Q1 2026: Operating Loss of 0.86B Won, Debt Ratio Soars to 207%
Consolidated Q1 2026 revenue: 8.55B won (down 40% YoY from 14.32B won). Operating loss of 0.86B won (vs profit of 1.58B won in Q1 2025). Net loss of 1.54B won (vs net loss of 4.91B won in Q1 2025).
Debt ratio soared to 207.4% (end 2025: 148.7%), net borrowing ratio 60.4% (end 2025: 32.3%). Total equity only 7.29B won.
Material uncertainty related to going concern. Company plans to obtain additional 4,373,603 Liminatus Pharma shares via Hana Immunotherapeutics LLC liquidation, but those shares face Nasdaq delisting risk.
Fair value of Liminatus Pharma shares in FVOCI financial assets: 0.29B won (acquisition cost 13.03B won, 97.8% impairment). Full loss possible if delisted.
Derivative financial liabilities related to convertible bonds: 2.27B won (end 2025: 0.92B won). Issuance of 11th CB (42B won) provided cash, but interest expense of 0.65B won and bond redemption loss of 0.18B won incurred.
Revenue concentration on Hyundai Motor and Kia: 74.3%. Commercial vehicle seat market share 70.24%, but domestic and export uncertainty.
Investment in associate Innovation Bio (29.41%): net assets negative 24.9B won, full allowance for loan of 1.69B won.
R&D expense: 0.27B won (3.1% of sales). Developing new air suspension seat and electric swivel module.