ISU Petasys (007660.KS) Q1 2026: 41% Profit Surge, ₩76B Cash Burn
Record quarterly revenue and operating margins confirm a structural step-up in AI-server PCB profitability, but a ₩104 billion accounts receivable surge drained operating cash flow into steep deficit — making collection cycle normalization the single most important near-term metric.
Source: Q1 2026 (55th Fiscal Year, January–March 2026) Quarterly Report — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
ISU Petasys delivered the strongest quarterly financial result in its history during Q1 2026, with consolidated revenue of ₩340.3 billion rising 34.8% year-on-year and operating profit of ₩67.2 billion surging 41.0%, pushing the operating margin to 19.8% — the highest level on record, eclipsing FY2025's full-year figure of 18.8%. The result surpassed not only the prior-year period but also Q4 2025, with sequential revenue and operating profit gains of approximately 14% and 19%, respectively, both setting new all-time quarterly records. The driver is an accelerating mix shift toward high-layer-count multi-layer boards for AI accelerators and 800G network switches, which has lifted blended average selling price to ₩4.56 million per square meter from ₩3.72 million two years ago. Yet the headline numbers mask a serious cash conversion problem: operating cash flow swung to -₩76.5 billion from +₩47.0 billion in Q1 2025, as accounts receivable ballooned by ₩104.4 billion in a single quarter. Whether this growth is translating into cash — or is being warehoused in receivables — sits at the center of this report.
