PIE Reports Q1 2026 Operating Loss of 3.1B KRW, Credit Rating Downgraded

• Q1 2026 consolidated revenue: KRW 9.84B (up from KRW 7.26B in Q1 2025, but sharply down from KRW 76.34B in FY2024); operating loss KRW 3.10B; net loss KRW 3.14B (continuing operations)
• Credit rating downgraded: Korea Data Rating from BBB to BB+ (April 23, 2026, valid until April 21, 2027)
• Sold entire stake in subsidiary BizHigh System (March 20, 2026, for KRW 0.37B); recognized discontinued operations loss of KRW 1.52B
• Debt ratio 164.9% (total liabilities KRW 84.34B / equity KRW 51.14B); convertible bonds KRW 46.0B (carrying amount KRW 32.2B)
• Cash and cash equivalents KRW 17.86B; short-term borrowings KRW 5.08B; long-term borrowings KRW 1.55B; lease liabilities KRW 11.69B
• R&D expenses KRW 0.36B (5.39% of revenue); pursuing new businesses in AI vision, smart factory, and physical AI