APTN Continues Losses in Q1, Credit Rating Downgraded; New Business Investments Accelerate

Consolidated Q1 2026 (3 months): Revenue 4.5B won, Operating loss 1.8B won, Net loss 13.2B won (continued losses vs FY2025 operating loss 11.2B).
Credit rating: B+ (speculative) as of March 2025, down from BBB- in 2023 (3-notch drop).
Accounting error correction on convertible bond redemption rights restated 2024 financials (net assets decreased by 0.5B won).
After new major shareholder Aprogen, entered into 35B won joint R&D contract for Parkinson's disease and acquired technology for 4.95B won.
New businesses (lithium via Xtralit investment, virtual assets via US subsidiary) have no revenue yet.
No share buyback, cancellation, or dividend plans.
Persistent losses and deteriorating financial structure (Debt ratio 80.3%, Retained earnings deficit -57.3B won).

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