SI Resources: Q1 2026 Sales Surge 853% but Operating Loss of 1.2 Billion Continues; Litigation and Contingent Liability Risks

Q1 revenue KRW 9,544M (vs KRW 1,118M in prior year, +853%), operating loss KRW 1,218M (vs loss of KRW 932M, 22% improvement), net loss KRW 1,122M (vs KRW 419M).
Total assets KRW 15.96B, liabilities KRW 6.56B, equity KRW 9.41B. Accumulated deficit KRW 21.79B, equity ratio 58.9%.
Despite revenue surge, operating loss persists; biofuel segment accounts for 99% of sales.
Allowance for doubtful accounts at 99.7% for trade receivables; full allowance on related party loans of KRW 5.74B.
Seven ongoing lawsuits (e.g., revocation of shareholder resolution, injunction against new share issuance); outcome uncertain.
Convertible bond of KRW 500M in default (loss of term benefit); contingent liabilities for overdue interest.
High dependence on Russian related parties; uncertainty due to Ukraine crisis.
Fundraising in 2025: rights issue KRW 1.5B and convertible bond KRW 3.0B.
No dividends (no payout for last 3 years).

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