EMnI Q1 Revenue Plummets, Losses Widen; India New Business Progress

[Revenue and Profit] Q1 2026 consolidated revenue KRW 1.73bn (down 71% YoY), operating loss KRW 1.27bn, net loss KRW 1.22bn, EPS -45 won.
[Financial Position] Cash and equivalents KRW 1.95bn (down 47% from year-end), debt ratio 52.5% (up from 31.7%). Issued new convertible bonds of KRW 1.5bn.
[New Businesses] Signed India drone battery supply contract (Advantex, ~KRW 10bn), secured heavy water (D2O) import license and initial shipment from India.
[Subsidiary] Subsidiary Emerge Labs (46% owned) recorded loss of KRW 0.48bn, widening non-controlling interest deficit.
[Key Issues] Share consolidation proposal rejected at AGM; minority shareholder rights exercised (injunction for director appointment) and litigation in progress.
[Dividend] No dividends or share buybacks/cancellations.

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