CrowdWorks Q1 2026: Revenue Up 50% YoY but Losses Persist; Credit Rating Downgraded

Revenue 2.85 billion won (up ~50% YoY), operating loss 2.16 billion won, net loss 2.91 billion won (improved from 3.42 billion loss in Q1 2025)
Credit rating downgraded from BB- to B+ (NICE D&B, Apr 2026)
Debt ratio improved from 141.66% to 93.42% due to ~9 billion won equity issuance in Q1 2026
Accumulated deficit 32.9 billion won, total equity 21.7 billion won
No dividend or share buyback
Most subsidiaries continue to incur losses

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