B2EN Issued 150 Billion Won CB, Debt Surges; Losses Continue

Consolidated Q1 2026 revenue: KRW 2.76 billion (down from KRW 3.91 billion YoY)
Operating loss: KRW 1.38 billion (vs KRW 2.14 billion loss YoY); Net loss: KRW 0.43 billion (vs KRW 2.71 billion loss, includes gain from subsidiary disposal)
Issued 6th private CB of KRW 15 billion on March 30, 2026 (conversion price: KRW 1,051, maturity 2029)
Debt ratio surged to 94% (from 45% at year-end 2025); total liabilities KRW 29.02 billion
Cash and equivalents: KRW 20.23 billion (from KRW 3.40 billion, CB proceeds)
Disposed 100% stake in subsidiary Bibidatabric (gain of KRW 2.28 billion)
Credit rating BB+ (as of April 2026); no dividends; accumulated deficit KRW 26.24 billion

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