NanoSilikhan Advanced Materials: Expanded Operating Loss and Credit Rating Downgrade in Q1 2026

Consolidated revenue in Q1 2026 was KRW 1.98 billion, up 93.5% YoY (KRW 1.02 billion), but operating loss widened to KRW 1.35 billion (vs. KRW 0.80 billion loss in Q1 2025).
Consolidated net loss was KRW 1.41 billion, compared to KRW 1.31 billion loss in Q1 2025. Basic loss per share was KRW 44 (vs. KRW 61 loss).
Credit rating agency NICE D&B downgraded the corporate bond rating to BB- in August 2025 (from BB0 in June 2025 and BB+ in 2023).
Total borrowings (including convertible bonds) stood at KRW 11.50 billion, with derivative liabilities of KRW 6.71 billion, increasing financial burden. Net debt ratio was 46.48%.
Issued 3rd unsecured private CB of KRW 5.5 billion in March 2026 (coupon 6.5%, maturity 2029). Subsequently, repurchased KRW 3.7 billion of the 2nd CB in April 2026.
No dividends paid in the last 5 years. Accumulated deficit reached KRW 39.36 billion.
Designated as an unfaithful disclosure corporation by KRX three times in 2025 (January, July, August) and fined KRW 56 million.
Silicon anode new business is in sample testing stage with no material sales yet. R&D expenditure was KRW 0.27 billion (14% of revenue).

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