[제노코 줌인]③ CB 털고 현금 유입…MRO 중심 구조 전환 기대

Xenoco's aggressive financial restructuring—including CB-to-equity conversion reducing debt ratio from 69% to 37%—signals renewed capacity to win and execute long-cycle aerospace defense projects. The strategic shift from development-centric to MRO-heavy operations unlocks significant operating leverage, as recurring maintenance and support revenue typically carries lower fixed-cost burden. Tightening ties with parent company KAI, combined with new satellite communication and helicopter system orders, suggest the company is transitioning through its profitability inflection point.