Pintel: Revenue up in Q1 2026 but operating loss persists; risks from terminated controlling shareholder change deal

Revenue: KRW 2,826M (up 143% YoY) but operating loss of KRW 670M persists (vs. loss of KRW 786M in Q1 2025)
Net loss: KRW 626M (vs. loss of KRW 819M YoY). Accumulated deficit: KRW 12,678M
R&D expenses: KRW 1,304M (46.14% of revenue), net of government grants of KRW 1,061M
Strong liquidity: cash & cash equivalents KRW 7,678M, long-term financial instruments KRW 2,789M
Credit rating: BB+ (Korea Rating & Data, as of June 2025)
Termination of share purchase agreement for controlling shareholder change and cancellation of third-party allocated capital increase and convertible bond issuance (April 2026)
Subject to designation as a managed issue due to revenue below KRW 3B and recurring losses
No dividends due to deficit; no shareholder return plan
Debt ratio: 16.1% (low)