Vessel 2026 Q1: Continued Operating Loss, CB Conversion Price Adjustment, Investment Caution Designation

2026 Q1 separate revenue: 3.92 billion KRW, operating loss: 0.05 billion, net loss: 0.64 billion (loss narrowed vs 1.27 billion in Q1 2025)
Consolidated: operating loss 0.14 billion, net loss 1.19 billion (loss narrowed vs 1.38 billion previous year)
Designated as investment caution stock due to 5 consecutive years of operating losses (2026.03.23)
7th CB conversion price lowered to 1,124 KRW and maturity extended by one year (to June 2027) reflecting stock price decline
10th CB of 8 billion KRW (conversion price 1,355 KRW) remains outstanding, potential dilution of 5.9 million shares
74.3% of sales dependent on a single customer (Company A)
Consolidated assets: 57.3 billion, liabilities: 17.2 billion, equity: 40.1 billion (debt ratio 32.8%)
Cash and cash equivalents: 4.05 billion (up from 1.83 billion year-end), short-term financial instruments: 3.5 billion
Loss on disposal of FVPL financial assets: 1.13 billion
Chinese subsidiary (Vessel Technology Beijing) net loss: 0.09 billion
Equity method loss from associate (Grecter) recognized: 0.46 billion

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