Continuing losses, rising leverage, credit downgrade, and no shareholder returns

Consolidated revenue at 39.3 billion won (increase from 11.5 billion won in prior year), operating loss of 1.1 billion won, net loss of 3.4 billion won (vs 0.9 billion won prior year), widening losses.
Net debt ratio 57.9% (vs 51.6% at year-end), total borrowings 296.5 billion won, cash 19.8 billion won, increasing debt burden.
Credit rating downgraded to B- (eCredible) from BB0 in 2024, a two-notch drop.
Acquired 60% stake in cosmetics manufacturer Egg Cosmetic in March 2026 (consideration 0.5 billion won, goodwill 0.8 billion won).
Stock split (face value from 100 won to 500 won) scheduled for May 2026, continuous equity issuance and convertible bond conversion increasing share count.
Customer concentration deepened: 72.5% of sales to Major Customer A (Samsung Electronics).
No shareholder returns (no dividends, no share buybacks/cancellations).

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