Jusung Engineering (036930.KQ) Q1 2026: Revenue Halves to ₩54.9B as R&D at 46% of Sales Drives ₩7B Operating Loss
Gross margins held at 52% through the cyclical trough, but the gap between record share prices and a ₩7.03 billion operating loss demands scrutiny of what the market is pricing in.
Source: Q1 2026 Quarterly Report (32nd Fiscal Year, 1st Quarter) — Filed May 14, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Jusung Engineering's first quarter of fiscal 2026 (January–March 2026) delivered the sharpest illustration yet of how operating leverage works against a semiconductor capital-equipment manufacturer when the customer investment cycle turns. Consolidated revenue collapsed 54.6% year-on-year to ₩54.88 billion — barely half the ₩120.85 billion recorded in the same quarter a year earlier. Yet gross margin, at 52.2%, remained well above the levels typical of diversified industrial peers, confirming that the demand drought has not impaired unit economics. What erased profitability was the collision between that compressed revenue base and ₩25.40 billion in research and development expenditure — equal to 46.3% of quarterly sales and consuming nearly 89% of gross profit before any other overhead was allocated. The result was a ₩7.03 billion operating loss, the company's first in recent memory, against a ₩33.91 billion operating profit a year earlier. The net loss, however, was contained to ₩1.19 billion: rental income from a ₩256.23 billion investment property portfolio and foreign exchange translation gains together absorbed the bulk of the operating shortfall, a structural cushion most pure-play equipment companies do not possess.
