Kec (092220) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was KRW 64.3 billion, a slight increase from KRW 63.6 billion in Q1 2025, but the company posted an operating loss of KRW 4.8 billion and a net loss of KRW 5.1 billion, continuing the negative trend from previous quarters.

• Gross margin remained under pressure, with cost of sales at KRW 59.5 billion, resulting in a gross profit of KRW 4.9 billion.

• The company maintains a strong presence in the global non-memory power semiconductor market, with significant sales to major domestic and overseas clients.

Financial highlights

• Total assets at Q1 2026 stood at KRW 447.5 billion, with equity of KRW 323.7 billion and liabilities of KRW 123.8 billion.

• Cash and cash equivalents decreased to KRW 7.5 billion from KRW 9.0 billion at the end of 2025.

• Operating cash flow was negative at KRW -1.9 billion, and investing cash flow was also negative at KRW -2.1 billion.

• Earnings per share for Q1 2026 was KRW -25, compared to KRW -11 in Q1 2025.

Outlook and guidance

• The company expects continued growth in the global semiconductor market, with the SSTR segment projected to grow 5.1% year-over-year in 2026.

• Management is focused on expanding into automotive semiconductors and maintaining R&D investment to enhance competitiveness.