Ecoeye: Q1 Operating Loss of 3.7B, Net Debt Ratio Surges, Credit Downgrade

Revenue 5.38B KRW (+51.6% YoY), operating loss 3.71B, net loss 3.54B (wider than YoY loss of 1.88B)
Net debt ratio 19.83% (vs 8.55% at year-end), sharp increase
Cash fell to 1.61B from 6.95B; inventory rose to 114.6B from 102.8B
Full impairment of goodwill 75.1M and intangible assets 95.6M
Credit rating by iCreable: downgraded from A- (2024) to BBB- (2025, maintained 2026)
Declared cash dividend of 70 won per share for FY2025
Signed CORSIA trading contract on May 6, 2026 (~3.84B KRW)
EUA trading accounts for 83.97% of revenue