1Q 2026 Operating Loss, Continued Deficit & Deteriorating Financial Structure

Consolidated sales: KRW 9,640 million (down 7.5% YoY)
Consolidated operating loss: KRW 294 million (vs profit of KRW 38 million in 1Q 2025)
Consolidated net loss: KRW 529 million (widened from KRW 317 million loss in 1Q 2025)
Debt-to-capital ratio: 52.43% (net debt KRW 22,591 million, total borrowings KRW 24,463 million)
High credit risk: allowance for bad debts 66.1% of trade receivables (KRW 13,914 million)
Accumulated deficit: KRW 44,206 million; financial structure weak but not capital impaired
New battery equipment contract on track but no revenue yet
No shareholder return activities (share buyback/cancellation, dividends)

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