MEKICS Posts Q1 2026 Turnaround to Profit; Revenue and Net Income Improve
- Consolidated Q1 2026 revenue of 38.795 billion won (up 33% YoY), net income attributable to parent of 589 million won vs loss of 1.086 billion won in Q1 2025
- Separate revenue of 36.795 billion won (up 17% YoY), net income of 428 million won vs loss of 903 million won in Q1 2025
- Operating loss reduction trend continues (from 9.4 billion in FY2024 to 1.3 billion in FY2025) and sales mix improvement (high-margin respiratory therapy devices) drive turnaround
- Disposable business growth: sales volume increased 300% from 10,000 units to >30,000 units in FY2025, contributing 18% of total revenue
- North America market entry: FDA 510(k) clearance for OmniOx 750U respiratory therapy device (May 2025), expecting meaningful sales from 2026
- Digital healthcare platform 'Meerkat' launched with central monitoring system; developing paid AI service model for home ventilator users
- Glocalization strategy: established local subsidiaries in India and Turkey, expanded SKD business, Indian and Turkish subsidiaries reported profit
- Associate company Mek Healthcare achieved #1 market share in sleep apnea devices and turned profitable
- R&D investment sustained: Q1 2026 R&D expenses 769 million won (20.9% of revenue), net of government grants 364 million won
- Financial position: short-term borrowings 11 billion won, long-term borrowings 4.49 billion won (consolidated), cash and equivalents 4.24 billion won; subsidiaries Yantai Sejong and WH Engineering have negative equity
- New stock options granted in March 2026: 172,224 shares at exercise price of 2,000 won, vesting conditions: 2 years service and stock price above 4,000 won
- CEO provides payment guarantees (844.5 million won), collateral provided for associate borrowings, payment guarantee for WH Engineering (954 million won)
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KOSDAQ Filing Information
- Filing: Quarterly Report (2026.03)
- Company: MEKICS (058110)
- Submission: MEKICS Co., Ltd
- Receipt: 05-13-2026