Megatouch Swings to Operating Profit in Q1, but Credit Downgrade and Bad Debt Risk Remain

Q1 2026 revenue 15.9B won (↑69.7% YoY from 9.35B), operating profit 1.94B (from -4.17B loss), net profit 2.0B (from -3.61B loss), EPS 81 won (from -174 won)
Total assets 82.2B, liabilities 11.4B, equity 70.8B (equity up 35.2% from year-end)
January 2026 third-party allotment: 5,192,749 shares @3,165 won, raised 16.4B won
Post-reporting (Apr 29) additional allotment: 3,115,362 shares @3,660 won, raised 11.4B won
Credit rating downgraded by Nice Investors Service from BBB- to BB+ (Apr 10, 2026)
Trade receivable allowance 5.21B won (26.7% of gross receivables), 4.87B won specific customer fully provisioned
No dividend or share buyback/cancellation plan
R&D expense 496M won (3.13% of sales)
Construction in progress 3.82B won (facility expansion)
CEO change: Yoon Jae-hong resigned, Park Jin appointed (Mar 26, 2026)
Customer concentration: top two customers account for 60.8% of sales

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