APRO's Q1 2026: Consolidated Revenue Decline and Operating Loss, but Separate Net Profit Rises
Q1 2026 consolidated revenue: 43.87 billion KRW (down 35.6% YoY from 68.14 billion), operating loss of 0.97 billion, net profit attributable to parent of 1.00 billion (EPS 69 KRW).
Separate revenue: 43.96 billion KRW (down 34.1% YoY from 66.76 billion), operating profit of 3.09 billion (similar to 3.11 billion), net profit of 4.30 billion (up 6.3% from 4.04 billion, EPS 298 KRW).
Consolidated debt ratio 66.3%, net debt 117.95 billion, total borrowings 132.80 billion.
R&D expenses 4.41 billion (10.04% of sales), up from 3.32 billion in prior year same period.
New order: LGES Michigan Inc. contract for battery activation equipment (2026.02.13~2027.12.31).
Subsidiary APROSemiCon has negative equity of -23.97 billion and net loss of 4.01 billion.
Derivative liabilities related to convertible bonds and RCPS: 23.72 billion.
Credit rating maintained at BBB (Korea Data) since 2023.
Expected additional listing in April 2026 due to exercise of conversion rights on convertible bonds.