KX Innovation 2026 Q1: Credit Rating Downgraded to BB+, Net Loss Persists

Credit rating downgraded two notches: BBB+(2023) → BBB-(2024) → BB+(2025) by 이크레더블
Consolidated revenue KRW 71.9B (+14% YoY); controlling interest net loss KRW 3.6B (improved from KRW 4.0B loss in Q1 2025)
Consolidated operating profit KRW 3.8B (prior year Q1 operating profit not disclosed in the quarterly report)
Standalone net loss KRW 1.0B (improved from KRW 2.6B loss in Q1 2025), but annual losses in 2024 and 2025 persist
No dividends or share buybacks announced
Major lawsuits: KRW 30.9B claim from Korea Securities Finance (appeal pending); total claims ~KRW 43.7B
Net debt KRW 94.6B; debt-to-capital ratio 20.3%, indicating high leverage
Allowance for doubtful accounts at 38.9% of total receivables, signaling significant collection risk
Majority shareholder (Choi Sang-ju and related parties) holds 52.85% of shares