Kwangmu's 2025 Net Loss of 29.1B Won, Debt Ratio Improves to 7.1%, Share Buyback and Cancellation Executed

Consolidated net loss of 29.1B won in 2025 (vs net profit of 104.2B won in 2024), operating loss of 4.2B won (improved from 4.7B won loss in 2024)
Revenue increased 16% to 7.6B won
Debt ratio improved sharply to 7.1% from 21% in prior year; current ratio rose to 1,667% from 485%
Share buyback and cancellation: acquired 2,160,732 shares for 5B won in 2025, cancelled in March 2026; also 1,756 thousand shares retired in December 2025
Issued 8,607 thousand new shares via convertible bond conversion
Change in largest shareholder: from Atlas Palcheon Co., Ltd. to Hyeopjin Co., Ltd. (now N Robotics Co., Ltd.)
Net loss driven by financial asset valuation losses (derivatives): recognized derivative valuation gain of 449M won and loss of 3,212M won
Prior period error correction: accounts receivable overstated by 1.07B won
No sales from secondary battery materials business; outstanding convertible bonds of 1.01B won (39th series)
Litigation risk: two lawsuits pending in second trial (Korea Technology Finance Corporation and Cosnine Co., Ltd.)
Subsidiary Asher Corporation recorded net loss of 838M won; recognized impairment loss of 190M won
Cash and cash equivalents of 17.3B won (down from 56.4B won); restricted deposits of 13.7B won (TRS collateral)