Canvas N Q1 2026: Operating Loss Improves, but Debt Ratio Soars to 301% and Emergency Fundraising

Operating loss improved to 80 million KRW (from 463 million in Q1 2025), net loss widened to 1,055 million KRW (from 991 million)
Debt ratio soared to 301.4% (from 257.6% at year-end 2025), high risk of capital erosion
Cash increased to 2.59 billion KRW (from 0.83 billion), short-term debt 12.9 billion, convertible bonds 5.2 billion
Major shareholder DB Investment (12.13%), emergency fundraising: 14 billion equity placement and 20 billion convertible bonds approved by board
Pending lawsuits: two as defendant (total 1.26 billion), one as plaintiff (3 billion)
Convertible bond repricing (refixing) and partial buyback and resale

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