Nsys Q1 2026 Operating Loss Continues, Order Backlog of 67.8 Billion KRW Secured

Consolidated Q1 2026 revenue 11.4B KRW (down 8.8% YoY from 12.5B), operating loss 1.6B KRW, net loss 1.0B KRW (vs net profit 1.5B in prior year)
Standalone revenue 11.4B KRW, operating loss 1.3B KRW, net loss 0.7B KRW (vs net profit 1.9B in prior year)
Order backlog 67.8B KRW (up 27% from year-end 53.2B), new orders 26.0B (defense mixer from Hanwha Aerospace 7.5B, LIG 7.3B, India formation turnkey 8.6B, etc.)
Net cash position 4.0B KRW (short-term financial instruments 3.7B, cash 10.4B, total borrowings 12.7B including convertible bonds 10.4B)
Paid dividend of 40 won per share (total 0.41B) for FY2025 despite net loss
Trade receivables allowance for bad debts 4.0B KRW (gross 15.5B), 55% of receivables overdue >1 year indicating high credit risk
New businesses: formation (charge/discharge) and mixing (defense) in progress; selected as lead for national solid-state battery project
Credit rating BBB+ (Korea Data Rating, Apr 2026), downgraded from A- in prior period

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