CreoSG's Q1 2026 Sales Up 30%, Loss Narrows; Debt Ratio Rises, CB Risks Remain

Consolidated revenue: KRW 2.63bn (+30% YoY); operating loss KRW 0.81bn (vs KRW 2.01bn loss); net loss KRW 1.9bn (vs KRW 3.02bn loss)
Separate revenue: KRW 2.39bn (+34%); operating loss KRW 0.91bn (vs KRW 1.05bn loss); net loss KRW 1.9bn (vs KRW 3.01bn loss)
Debt ratio 90.06% (FY'25-end: 84.95%); net borrowing ratio 61.39% (FY'25-end: 57.73%) → worsening financial health
Bio segment: zero revenue; R&D spending KRW 0.16bn; HIV vaccine Phase II preparation
Convertible bonds outstanding: KRW 3.94bn (Series 22: KRW 1.7bn, maturity Aug 2026; Series 23: KRW 2.0bn, maturity Dec 2028)
Post-report: 5:1 stock consolidation, KRW 3.0bn new CB (Series 24)
KOSDAQ delisting risk: market cap < KRW 30bn triggers managed issue → delisting
Capital impairment ratio 3% (FY'25-end: 3.3%) – below 50% threshold but monitored
Equity-method losses from associates: KRW 0.93bn (Curo Holdings, Genco, etc.)
Order backlog: Hana Bank SM contract (KRW 1.46bn), National Forestry Cooperative maintenance (KRW 3.94bn)

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