Hyulim A-Tech Posts Q1 Operating Loss; Rights Offering Delayed and Capital Reduction Add to Headwinds

Q1 2026 operating loss of 89 million won (vs operating profit of 248 million won in prior-year period), net loss of 1,181 million won (vs net profit of 1,304 million won)
Revenue of 15.8 billion won (down from 64.4 billion won in prior-year period); 94% reliance on Hyundai and Kia
Shares increased to 99,918,197 (from 69,955,655 at year-end) due to CB conversion; debt ratio improved to 25.87% (from 66.74%); net debt ratio 9.74% (from 15.84%)
Issued 10 billion won in 16th CB (Jan 30, 2026, maturity Jan 30, 2029, conversion price 845 won); 16 billion won of 14th & 15th CB fully converted (conversion price 534 won)
Capital reduction (10:1) resolved, rights offering of 6 million shares (approx. 295 billion won) delayed due to FSS request for amendment; deemed withdrawn if not refiled within 3 months
NICE credit rating downgraded to BB0 (from BB+)
FSS fine of 29.8 million won for disclosure violation; additional information request
Derivative valuation loss of 3,366 million won (none in prior period); FVTPL gain of 1,534 million won
Equity method loss of 16.8 million won from associates (vs gain of 2,415 million won); accumulated deficit of 269.7 billion won
New construction in progress of 126 million won; added robotics business purpose; signed business transfer agreement (May 6, 2026)

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