PIM Korea Reports Operating Loss of KRW 7.5B in Q1 2026; Continued R&D Investment

Consolidated Q1 2026: Revenue KRW 8.31B (down 3.8% YoY), operating loss KRW 0.75B (vs undisclosed YoY operating profit), net loss KRW 0.04B (vs net profit KRW 0.30B in prior year Q1).
Revenue mix: Turbocharger parts 53%, Transmission parts 22%, Electronics 7%, Others 18%.
Operating loss drivers: Gyeongsan plant utilization 3% (Ti conversion), Vietnam plant utilization 75% (down from 86%), R&D expenses KRW 8.6B (11.6% of revenue).
Financial position: Assets KRW 89.2B, liabilities KRW 31.1B, equity KRW 58.2B (debt ratio 53.4%). Cash & equivalents KRW 9.6B. Borrowings KRW 21.1B. Credit rating BB- (eCredit).
Order backlog: KRW 39.5B (key clients A, B).
R&D: Humanoid robot parts, PEM electrolysis, Ti lightweight components – future growth engines.
Subsidiaries: PIM VINA (Vietnam) Q1 net loss KRW 0.09B; Daemyung Precision capital deficit KRW 1.7B, net loss KRW 0.11B.
Stock option exercise of 70,000 shares (Mar 2026), share capital KRW 3,037M, outstanding shares 6,074,457.