SOS LAB Q1 2026: Revenue Plunge, Losses Widen, Credit Rating Downgraded

Q1 2026 revenue: 0.58 billion KRW, sharp decline from prior year (estimated 61% drop vs quarterly average of ~1.5 billion in 2025)
Operating loss of 5.5 billion KRW, net loss of 6.47 billion KRW; losses accelerating
Credit rating downgraded from BB0 to B0 by NICE D&B (as of July 2025)
Total borrowings including convertible bonds reach 48.92 billion KRW; capital gearing ratio 68.79% indicating high leverage
No dividends or share buybacks; accumulated deficit of 95.9 billion KRW
R&D expenses remain high at 1.82 billion KRW (313% of revenue)
Pending lawsuit at appeal stage with Hansol Technics (contingent liability of 2.87 billion KRW)
On-going projects in automotive and robotics sectors but no mass production revenue yet

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