Huneed Tech Q1 2026 Operating Loss 3.3B KRW...Order Backlog 3.7T, Credit Rating Downgraded to A0

Q1 2026 revenue 21.6B KRW (down 38.5% YoY), operating loss 3.3B KRW, net loss 2.4B KRW
Order backlog 3.66T KRW (defense 958B, overseas 2.705T) maintained
Credit rating downgraded to A0 (from A+ in March 2025)
Total borrowings 125.6B KRW (up from 96.1B), cash 7.8B KRW (down from 43.0B), gearing ratio 44.3% (up from 27.8%)
Exchangeable bonds issued 8.9B KRW (Dec 2025, maturity 2030, exchange price 9,351 KRW, underlying 1,025,525 treasury shares)
R&D expenses 3.5B KRW (16.0% of sales, up from 10.5%)
Major contracts: Boeing H-47/F-15EX avionics supply (total 168.6B), Hanwha Systems TICN PBL (40B)
Shareholder return: No new share buyback/cancellation or dividends

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