Bumhan Fuel Cell Q1 2026 Swings to Operating Loss with Sharp Revenue Decline; Order Backlog Healthy

Q1 2026 consolidated revenue 5.05 billion KRW (down 51.6% YoY from 10.45 billion)
Operating loss 2.15 billion KRW (vs. loss of 0.15 billion KRW in prior-year period)
Net loss 1.67 billion KRW (vs. profit of 0.005 billion KRW)
Order backlog: fuel cells 57.5 billion KRW, hydrogen stations 75.9 billion KRW (total 154.7 billion)
Major order: SK Plug Hybus 8 liquid hydrogen stations (67.6 billion won) in progress
Debt ratio 118%, increased reliance on borrowings: total borrowings 127.4 billion, cash 21.1 billion
Short-term loan to parent Bumhan Industrial 42 billion KRW (for working capital)
R&D expenditure 1.89 billion KRW (37.5% of revenue) continues
Building fuel cell production utilization rate 0% (no production in Q1)

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