T&R Biofab Q1 2026 consolidated revenue up 46% YoY to 8.7 billion won... Cosmetics boom narrows losses, but high debt and convertible bond dilution risks persist
Q1 2026 consolidated revenue of 8.72 billion won, up 46.4% YoY (5.96 billion)... Cosmetics (freeze-dried and blister) segment accounts for 59% of total revenue, driving growth
Operating loss of 0.93 billion won, significantly reduced from 3.58 billion loss in Q1 2025... Net loss of 1.66 billion won vs 5.39 billion won a year ago
Total liabilities 70.75 billion won, equity 21.42 billion won, debt-to-equity ratio 330%... Outstanding convertible bonds (2nd & 3rd) 7.5 billion won, conversion prices (2,626 won / 2,619 won) above current stock price (2,300 won) limiting dilution risk, but derivative liabilities (put options) amount to 35.2 billion won
Cosmetics subsidiary Blisspack (acquired in 2024) reported revenue of 5.98 billion won and operating profit of 1.1 billion won, turning profitable... Legacy medical device segment (biodegradable scaffolds, ECM) recorded 2.74 billion won in sales, flat
R&D expense ratio 9.6% of sales (0.83 billion won), down from 16.8% last year... Pipeline (heart failure cell therapy) remains at preclinical stage
Cash and cash equivalents 7.3 billion won, operating cash flow positive at 0.36 billion won vs -4.8 billion won last year... Investing cash flow -0.57 billion won due to capex
Largest shareholder CEO Yoon Won-soo holds 10.7%... No share buybacks or dividends; accumulated deficit of 174.7 billion won prevents dividend payments