Revenue Decline and Continuing Operating Loss, Credit Rating Downgrade, Business Expansion via Digital Asset Exchange Acquisition

Consolidated Q1 2026 revenue of KRW 8.11 billion, down 19.6% YoY (KRW 9.68 billion); net loss of KRW 3.47 billion, continuing losses
Separate Q1 2026 revenue of KRW 7.78 billion, operating loss of KRW 2.48 billion, net loss of KRW 3.21 billion
Credit rating downgraded: Ecredible B+ in Jan 2026 (vs BB- in 2025), NICE D&B BB+ in Apr 2025 (vs BBB- in 2024)
Acquired 42.5% stake in Busan Digital Asset Exchange in Feb 2026, recognizing goodwill of KRW 10.95 billion; consolidated as subsidiary
Total financial liabilities of KRW 34.39 billion (consolidated): borrowings KRW 4.45 billion, convertible bonds KRW 8 billion, CRPS KRW 2.07 billion
Cash and cash equivalents: KRW 16.5 billion (consolidated) vs KRW 5.05 billion (separate), decreased from year-end (KRW 9.68 billion separate)
Accumulated deficit of KRW 16.78 billion (separate); equity not impaired (KRW 24.59 billion)
No dividends paid in current or prior period; no share buyback or cancellation
Subsequent event: Related party J-Planning acquired KRW 5.2 billion of convertible bonds, resulting in removal of mortgage on company property

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