4by4 Q1 2026: Revenue Growth but Continued Operating Loss and Higher Debt Ratio

Consolidated revenue 7,335M KRW (YoY +8.2%): Content production 3,908M (53.3%), e-sports 1,446M (19.7%), e-sports cultural content 1,927M (26.3%), AI solution 54M (0.7%)
Consolidated operating loss 2,503M KRW (improved from 2,603M loss in Q1 2025)
Consolidated net loss 2,375M KRW (improved from 2,767M loss in Q1 2025, parent company basis)
Debt ratio 101.96% (up from 88.57% at end of 2025, deteriorating financial health)
Cash and cash equivalents 4,726M KRW (sharply down from 25,136M at end of 2025, cash burn)
Order backlog 10,029M KRW (based on ongoing projects)
Subsidiary PX (피어엑스) in capital deficit (equity -3,289M, liabilities 20,709M) - risk
AI solution 'PIXELL' commercialization: SaaS, desktop app, AWS Marketplace launched; ongoing technology advancement
Ongoing lawsuit against Seoul Haengsung Co. for 1,930M KRW (receivables collection)
Allowance for doubtful accounts on trade receivables 3,147M KRW (48.5% of gross, overdue >12 months 3,124M)