GIS Q1 Revenue Up 83% But Operating Loss Persists; Debt Ratio 276%

Consolidated Q1 2026 revenue: KRW 13.89bn (up 83% YoY), operating loss KRW 1.41bn
Net loss KRW 1.79bn (attributable to parent: KRW 1.84bn), improved from KRW 2.65bn loss in Q1 2025
Debt ratio 276.16% (up from 233.21% at FYE2025), net debt ratio 56.37%
Cash & cash equivalents plunged to KRW 0.62bn from KRW 7.72bn at FYE2025 (operating cash flow -KRW 6.35bn)
Inventory surged to KRW 47.68bn (from 27.76bn), trade receivables to KRW 28.91bn (from 21.47bn)
Complex financial debts: convertible bonds, bonds with warrants, exchangeable bonds totaling KRW 24.95bn; derivative liabilities KRW 12.49bn
Merged with wholly-owned subsidiary GIS on Jan 1, 2026 (no new shares); company name changed
R&D expenses KRW 1.11bn (7.79% of sales), similar to Q1 2025
Post-report period: sold KRW 5.35bn of 6th CB, resolved to issue 9th CB of KRW 11.5bn
Lawsuit from Vision Science for unjust enrichment (KRW 4.6bn claim; asset seizure KRW 6.47bn)