SKIET (361610.KS) Q1 2026: Revenue Dives 38%, ₩1.1T Due This Year
An EV demand freeze exposes the full penalty of ₩3.6 trillion in fixed assets against throughput that cannot cover even half the cost of goods sold — and a ₩1.1 trillion debt wall is now within twelve months.
Source: Q1 2026 Quarterly Report (8th Fiscal Year, 1st Quarter) — Filed with DART | Consolidated Financial Statements | Unit: ₩ billions
SK IE Technology posted a ₩81.8 billion net loss in the first quarter of 2026, nearly four times the ₩21.7 billion loss recorded in Q1 2025, as consolidated revenue contracted 38.3% year-on-year to ₩35.9 billion — a level at which cost of goods sold, at ₩87.9 billion, ran 2.4 times the top line. The gross loss alone reached ₩52.0 billion before a single won of selling, general, and administrative expense was counted. Underpinning every figure is a ₩3.607 trillion fixed-asset base built for a battery separator market that is structurally growing but cyclically depressed: the company is paying the full overhead burden of idle capacity with no compensating revenue to absorb it. Against this operating backdrop, the balance sheet now shows ₩1.1 trillion of financial debt maturing within the next twelve months, set against immediately available liquidity of roughly ₩311 billion — making the terms and timing of refinancing the single largest financial variable for the year ahead.
