B.U Technology: Zero Revenue in Q1 2026, Rehabilitation Filing Signals Deep Financial Crisis

Consolidated and separate revenue of 0 won in Q1 2026, with operating and net losses continuing (consolidated net loss of 22.3 billion won).
Consolidated debt ratio of 349% (289% at year-end 2025) and net borrowing ratio of 176%, indicating extremely weak financial structure.
Consolidated accumulated deficit of 75.8 billion won; separate deficit of 64.5 billion won, reflecting massive accumulated losses.
Subsidiaries Korea Media Tech (73.86% owned) and Grid (100% owned) are both in capital impairment (equity of -1.1 billion and -1.0 billion won, respectively).
Convertible bonds outstanding of 10 billion won (10th series: 1 billion, 11th series: 9 billion) with conversion prices of 489 won and 506 won; additional dilution risk if stock price falls.
Rehabilitation procedure commenced on April 25, 2025; currently underway as a subsequent event after the reporting period.
Ongoing management dispute and multiple lawsuits including criminal complaints for breach of trust and embezzlement.
Auditor has disclaimed opinion on internal accounting management system for three consecutive years.
Trading suspension of shares continues (since March 21, 2024) and subject to listing eligibility review.
Negative operating cash flow in both separate and consolidated statements for the current quarter.

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