ITeyes: Consolidated Operating Loss Widens to KRW 2.77 Billion in Q1 2026, Credit Rating Downgraded

Consolidated revenue decreased 12.2% YoY to KRW 18.696 billion; operating loss widened to KRW 2.769 billion (from KRW 1.092 billion loss), net loss to KRW 2.749 billion.
Separate revenue KRW 15.452 billion, operating loss KRW 2.281 billion, net loss KRW 2.429 billion.
Credit rating downgraded to BBB+ (e-4+) from A- (e-3-).
Pending litigation: damage claim of KRW 2.074 billion (outcome uncertain) and delay penalty dispute of KRW 3.370 billion (lawsuit filed).
Total shares increased to 7,037,189 due to convertible bond conversion; treasury shares of 80,000 held.
Cash and cash equivalents KRW 0.996 billion, short-term borrowings KRW 2.502 billion, net debt-to-equity ratio 68.6%.
R&D expenses KRW 0.32 billion (0.84% of revenue), continued development including GENAI Codebooster GS Grade 1 certification.
Consolidated basic loss per share KRW 412 (vs KRW 443), separate KRW 364 (vs KRW 390).

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