GIS Co. Corrects Quarterly Report; Q1 Performance Deteriorates with Operating Loss, High Debt, Liquidity Risk

Correction: Revised sales item descriptions (expanded product names for equipment, electronics, automation)
Consolidated revenue 13.9B KRW (↑83% YoY from 7.6B), operating loss -1.4B, net loss -1.8B (vs -3.3B Q1 2025), continued losses
Debt ratio 276.2% (year-end 2025: 233.2%), net debt ratio 56.4% (52.8%), cash 0.8B (plunge from 7.7B)
Derivative liabilities 12.5B, convertible/bond with warrants/exchangeable bonds outstanding 24.6B, interest expense 1.0B (Q1 2025: 0.4B)
Litigation risk: claim by Vision Science for 5.9B damages, property seizure of 6.5B
Subsequent events: sold 5.35B of 6th CB, resolved to issue 9th CB (11.5B, conversion price 3,562 won)
Completed absorption merger of subsidiary GIS (Jan 1, 2026), reflected in consolidated financials