KS Industry: Q1 Loss Narrows and Cash Improves, but Accumulated Deficit and High Debt Persist

Consolidated revenue KRW 10.4B (+15.3% YoY), operating loss KRW 0.79B (improved by KRW 0.96B YoY), net loss KRW 1.03B (improved by KRW 0.92B YoY)
Separate revenue KRW 7.98B (+12.3% YoY), operating loss KRW 0.87B (improved by KRW 0.86B YoY), net loss KRW 1.19B (improved by KRW 0.67B YoY)
Cash and cash equivalents surged to KRW 22.6B (from KRW 3.4B at year-end 2025) due to rights issue (KRW 8.0B in Jan) and convertible bond issuance (KRW 10.1B in Mar)
Debt-to-equity ratio rose to 86.7% (from 74.8%); total borrowings KRW 12.3B, convertible bonds face value KRW 16.2B
Accumulated deficit KRW 49.3B (consolidated), total equity KRW 42.0B
Credit rating remains low at B (BB)
Cosmetics subsidiary SNC: revenue KRW 2.42B, operating profit KRW 0.07B
AI business planned with over KRW 50B investment; aircraft business under review
9 litigation cases ongoing; Hanam factory pledged as collateral (KRW 1.45B)
Post-report: acquired 13.71% stake in Inscobee

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