Seoul Auction Q1 Sales Surge 4x But Net Loss Persists; Debt Ratio Rises

Q1 2026 consolidated revenue KRW 153.0 billion (up 310% YoY from KRW 37.3 billion)
Operating profit of KRW 0.29 billion (turned positive); net loss of KRW 0.95 billion (vs KRW 3.44 billion loss YoY), narrowing loss
Debt ratio rose to 145.8% (from 125.4% at year-end 2025); separate debt ratio 177.0%
Cash and equivalents decreased to KRW 4.47 billion (from KRW 9.36 billion); short-term borrowings surged to KRW 62.1 billion (from KRW 19.1 billion)
Trade receivables jumped to KRW 11.3 billion (from KRW 0.88 billion); inventories fell to KRW 57.7 billion (from KRW 67.5 billion)
Exchangeable bonds outstanding KRW 12.5 billion (conversion price KRW 16,640); derivative liabilities KRW 2.8 billion (put/call options)
Appeal ongoing in customs law violation case (potential penalty of KRW 50 million each)
No treasury share buyback, cancellation, or dividend during the quarter