Wings Foot Q1 sales plunge 79%, operating loss 4.4 bn won, net loss continues

Q1 2026 sales: 1.45 bn won (down 79% YoY from 7.07 bn)
Operating loss: 4.43 bn won (vs operating loss of 0.82 bn won in Q1 2025)
Net loss: 7.16 bn won (similar to Q1 2025 net loss of 7.07 bn, persistent large loss)
Debt ratio: 94.2% (up from 72.8% at year-end 2025), equity: 24.37 bn (down from 31.53 bn)
CB (face value 10 bn won) put option exercisable from Apr 30, 2026, increasing liquidity risk
Financial costs of 2.87 bn won (including derivative losses) worsen net loss
Cash: 4.43 bn won, short-term borrowings: 0.34 bn, limited liquidity