SecuLetter: Q1 Revenue Surges, Loss Narrows

Q1 2026 revenue: 1,298M KRW (approx. 7x increase from 163M in same period last year)
Product sales of 767M KRW (vs. 0) drove growth; 59% dependency on single customer (C Corp)
Operating loss: 242M KRW (loss narrowed YoY), net loss: 243M KRW (vs. 1,832M)
R&D expenses: 157M KRW (12.1% of revenue), down from 98.5% in prior year
Credit rating: B- (Nice Information Service), improving trend (from CCC)
Largest shareholder: Im Cha-sung, 29.16% stake, unchanged
Post-report: borrowed 2B KRW secured by real estate
No dividends, no share buybacks