Wonil TNI Q1 2026: Operating Loss Widens, Financial Structure Improves, Order Backlog Increases

Q1 2026 revenue: KRW 3.99 billion (down 41.5% from KRW 6.82 billion in Q1 2025)
Operating loss: KRW 2.01 billion (compared to full-year 2025 operating loss of KRW 1.75 billion; Q1 loss already exceeds full-year loss)
Net loss: KRW 1.37 billion
Debt ratio: 21.29% (improved from 25.17% at end-2025 and 93.43% at end-2024)
Cash and cash equivalents: KRW 11.29 billion (up 156% from KRW 4.41 billion at end-2025)
Order backlog: KRW 41.96 billion (mainly SCV KRW 12.63 billion, hydrogen storage alloy KRW 5.96 billion)
R&D expenditure: KRW 1.06 billion (26.58% of sales)
Major customers: Hanwha Ocean (41.88%), Samsung C&T (14.60%), GS E&C (12.96%)
Litigation: Korea Electric Power Corp claims KRW 3.19 billion for defect repair (company won first trial, appeal pending; company considers loss unlikely)
No dividends or share buyback/cancellation
Short-term borrowings: KRW 8.0 billion (unchanged from year-end)