Wonik PNE Reports Sharp Revenue Drop and Operating Loss in Q1 2026, Raising Financial Concerns

Q1 2026 consolidated revenue fell 82% YoY to 27.3 bn won (from 154.7 bn won)
Operating loss of 6.1 bn won and net loss of 5.8 bn won
Net debt-to-equity ratio of 62.6% (609.4 bn won net debt), borrowings of 76.9 bn won, cash and equivalents of 16.0 bn won
Credit ratings: BB+ ~ BBB- (speculative grade) from Korea Ratings, NICE D&B, and Ecredible
Lawsuit pending for payment claim of 0.77 bn won
Core businesses: secondary battery equipment (64.7% of sales), EV charging infrastructure (9.3%), power supply (3.5%)
Merger with PNE Systems in Dec 2025 completed; Hungarian subsidiary liquidation completed in Apr 2026
Treasury stock disposal plan approved, but no dividends or share buyback