Hanwool Semiconductor: Q1 Operating Loss of 4.2B KRW, Credit Rating Downgraded to BB+, Rights Offering Decided

Q1 2026 consolidated revenue 11.3B KRW, operating loss 4.2B KRW, net loss 6.1B KRW (vs prior year standalone revenue 2.2B, net loss 2.4B)
Consolidated accumulated deficit 32.3B KRW, not yet capital impairment (equity 40.4B vs deficit 32.3B)
Credit rating downgraded to BB+ by NICE D&B (from A- in 2023, BBB- in 2025)
Total borrowings 57.7B, cash 11.9B, net debt 45.8B, consolidated debt-to-equity ratio 215%
Total financial liabilities including derivatives 77.2B (convertible bonds 20.7B, bonds with warrants 15.6B, derivative liabilities 11.1B, etc.)
5:1 share consolidation (face value from 100 to 500 won) and rights offering of 4.7M shares for debt repayment and working capital
Business diversification via new subsidiaries (Bitro, Hanwool&Jeju): IP (light sticks) 4.6B, F&B (beverage) 3.3B revenue

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