Moadata Q1 2026: Loss Widens, Financial Health Deteriorates

Consolidated Q1 2026 revenue decreased 27.5% YoY to 4.39 billion won from 6.05 billion won.
Net loss widened to 3.46 billion won (vs 1.77 billion won in Q1 2025), EPS -100 won.
Debt ratio surged to 372.3% from 303.8% at year-end, worsening financial health.
Cash and cash equivalents fell to 1.87 billion won from 3.68 billion won, increasing liquidity risk.
High customer concentration: 57.1% of sales from a single client (H Co.).
Potential dilution from convertible bonds and warrants (approx. 21.6 million shares exercisable).
No share buyback, cancellation, or dividend plan.
Credit ratings remain speculative: BB- (public) / B+ (private).
R&D spending at 43.5% of revenue continues, but near-term profitability improvement unlikely.
Allowance for bad debts ratio increased to 17.1% from 13.9%, indicating higher collection risk.

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