Huge net loss from derivative valuation losses; debt ratio surges to 364%

Consolidated Q1 2026 revenue: KRW 17.58bn (YoY -4%), operating profit: KRW 42mn (turned positive)
Net loss: KRW 15.96bn (vs loss of KRW 0.34bn in Q1 2025), mainly due to derivative valuation loss of KRW 38.37bn
Debt ratio: 363.76% (from 197.26% at year-end 2025), total borrowings: KRW 78.85bn
Operating cash flow: KRW 4.29bn (improved from KRW 0.59bn)
Derivative liabilities on convertible bonds: KRW 50.37bn (from KRW 11.99bn), using stock volatility of 81.82%
R&D expenses: KRW 0.81bn (4.6% of revenue)
Diversification into defense, robotics, AI cooling underway but not yet reflected in earnings

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