Billions Q1 2026: Revenue Up 65%, Operating Loss Narrows; CB Conversion & Equity Issuance Reshape Capital Structure

Q1 2026 separate revenue: 7,887 million KRW (+64.6% YoY), entertainment segment share expanded to 68%
Operating loss: 149 million KRW (vs -599 million KRW in Q1 2025), net loss: 130 million KRW (vs -1,547 million KRW)
In April 2026: issued 7th CB worth 15 billion KRW, completed 10 billion KRW third-party allotment capital increase; full conversion of 5th & 6th CB (113 billion KRW) into common shares
Cash: 9.8 billion KRW; total borrowings (incl. bonds & CB): 172.3 billion KRW; debt-to-equity ratio 106% (net debt ratio 59.5%)
Capital surplus: 96.1 billion KRW; accumulated deficit: 83.4 billion KRW; no tax burden due to loss carryforwards
Largest shareholder Humasis holds 33.92%; related parties hold 11.5 billion KRW in CB (potential dilution upon conversion)
In 2025: reverse stock split (face value from KRW 500 to 100) and rights offering of 40 million shares; total shares now 80.66 million
After merging subsidiary XYG Studio in Jan 2026, no consolidated financial statements (separate basis)

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