Continued losses and accumulated deficit of 95 billion won, capital improvement via 35.6 billion hybrid securities

Consolidated 2025 revenue of 2.85 billion won (up 12.6% from 2.53 billion), operating loss of 8.38 billion (vs 8.62 billion), net loss attributable to controlling interest of 15.71 billion (vs 10.91 billion); accumulated deficit of 95.04 billion
Cash and cash equivalents fell sharply to 80 million won from 1.26 billion; negative operating cash flow of 5.18 billion, worsening liquidity risk
Issuance of 35.6 billion won hybrid securities to (Yoo) Human Data increased total equity to 28.62 billion, improving debt ratio to 55.75% (from 255.28%)
Going concern uncertainty noted; mitigation plans include sale of Daechi-dong property (approx. 30 billion won) and investment in new businesses such as data centers
Shareholder meeting agenda: amendment of articles (increase authorized shares to 300 million, CB limit to 400 billion, etc.), election of 5 inside directors (including CEO Kang Seong-min), approval of director/auditor compensation limits
Subsequent events: borrowing of 5 billion from related party, completion of 3.21 billion capital increase via third-party allotment to RealityGen, and registration of property transfer

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