ICD Reports Q1 2026 Revenue Growth but Operating Loss, Credit Downgrade and Share Buyback

Consolidated Q1 2026 revenue of KRW 22.4 billion (up 28.6% YoY from KRW 17.5 billion) but operating loss of KRW 5.0 billion (prior year Q1 operating profit/loss not disclosed). Net loss of KRW 3.6 billion, EPS loss of KRW 218.
On April 20, 2026, decided to retire 400,000 treasury shares (~2.15%) as capital reduction. Total shares outstanding decreased from 18,574,275 to 18,174,275.
Credit rating: As of April 2026, corporate credit rating B, cash flow rating D (down from BB- and E respectively in prior year). D indicates actual credit risk.
High customer concentration: Customer A (61.5%) and D (27.9%) account for majority of sales. Order backlog of KRW 179.6 billion plus additional KRW 9.9 billion in orders after report date.
R&D expenditure at 15.9% of sales (KRW 2.7 billion), significantly up from 3.1% in 2025.
Consolidated debt ratio of 86.9%, cash and cash equivalents of KRW 15.8 billion, short-term borrowings of KRW 17.3 billion, resulting in small net debt position.
No outstanding convertible bonds (early repayment in 2025).

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