Flask Co., Ltd.: Q1 2026 Consolidated Net Profit Turns Positive, but Delisting Risk Persists

Revenue: KRW 2,566 million (up 13.4% YoY from KRW 2,262 million)
Consolidated net profit: KRW 239 million (swing from -KRW 1,680 million in Q1 2025)
Operating loss: KRW -778 million (narrowed from -KRW 2,192 million)
Cash & equivalents: KRW 12,820 million (up 169% from KRW 4,774 million at year-end 2025, due to asset sales and disposal of financial assets)
Debt ratio: 14.19% (vs 13.79% at year-end), maintaining low leverage
Net profit mainly driven by fair value gains (KRW 275 million) and disposal gains (KRW 358 million) on financial assets, not operations
Subsidiary Fandom Korea bankrupt (Sep 2025), deconsolidated; game development business discontinued
Business purpose changes: removed renewable energy, blockchain, virtual assets, game, IT; added real estate consulting
Stock trading suspension continues (since Mar 2024). Delisting decision (Jul 2025) appealed; grace period until Mar 29, 2026
Pending lawsuits totaling KRW 18,335 million all closed as of report date
Allowance for doubtful accounts ratio: 70.8% (trade receivables 26.4%, short-term loans 98.5%)
No dividends or share buybacks (accumulated deficit precludes distributions)

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