2026 Q1 Revenue +42%, OP Turns Positive, Order Backlog KRW 438B

Consolidated Q1 2026 revenue KRW 52.04B (+42.1% YoY), operating profit KRW 0.58B (vs loss KRW 0.17B in prior year Q1), net profit KRW 2.48B (+114% YoY)
Revenue growth driven by heater segment overseas sales (KRW 32.55B, up from KRW 1.03B YoY)
Order backlog KRW 437.9B including a KRW 406.6B contract with BPCL (India) signed in Oct 2025
Debt ratio surged to 93.0% (from 58.2% at end-2025) due to increase in short-term borrowings to KRW 63.3B (from KRW 43.8B)
Credit rating BBB (adequate, with negative factors for future stability)
One pending lawsuit (KRW 0.4B, first trial in progress)
Hydrogen segment operating loss widened to KRW 1.16B (vs loss KRW 0.17B YoY)
Cash & cash equivalents KRW 109.96B (vs KRW 69.4B at end-2025) – strong liquidity
No share buyback/cancellation or new dividend in the current quarter

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