NanoTIM 1Q26: Loss Widens, Debt Ratio 141%…Focus on New Business Growth

Consolidated 1Q26 revenue KRW 9.84bn (+8.8% YoY), operating loss KRW 0.64bn (vs -0.51bn), net loss KRW 0.98bn (vs -0.46bn).
Standalone revenue KRW 8.14bn, operating loss KRW 0.31bn, net loss KRW 0.64bn.
Debt ratio 141.25% (FY25 end: 140.69%), total borrowings KRW 52.3bn, net debt (ex-cash) ~KRW 46.9bn.
Convertible bonds KRW 10bn (conversion price KRW 5,500, 1,818,182 shares, call option KRW 5bn, put option from Nov 2027).
Operating cash flow negative: -KRW 0.66bn (consolidated), -KRW 1.68bn (standalone).
Customer concentration: 66% from Company A (Hyundai Motor Group); overseas subsidiaries (Czech, US) remain loss-making.
Credit rating BBB- (Korea Rating & Data, Apr 20, 2026), no dividend history.
New thermal runaway prevention pad business expected to generate KRW 54.3bn (2026) to KRW 94.5bn (2030); factory expansion underway.