Isaac Engineering: Credit Downgrade and Continued Losses

Credit rating downgrade: From BB+ to BB by 이크레더블 in April 2026 (down from BBB- in 2023).
Consolidated net loss of 3.03 billion won (vs 3.23 billion in Q1 2025), continuing losses. Revenue fell 9% to 14.1 billion won.
Debt ratio rose to 131.4% (from 124.1%). Total borrowings of 15.3 billion won, cash of 16.9 billion won, but financial structure weakening.
Convertible bond of 10 billion won (maturity 2030) remains, conversion price 6,668 won, potential dilution of 1.499 million shares (18.1%). Conversion period starts September 2026.
R&D expenses of 0.05 billion won (0.34% of revenue) low. No patents held.
Top 5 shareholders each hold 11.28%; minority holds 43.6%.

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