Q1 2026 Operating Loss, Virtual Asset Treasury Launch and Merger Progress

Q1 2026 revenue of 2.7B KRW, operating loss of 311M, net loss of 362M (loss widened QoQ)
Acquired 8,692 ETH; intangible assets surged to 27.4B KRW (including 1.6B revaluation gain)
Cash and cash equivalents fell from 14.2B to 3.4B KRW (ETH purchase and ST financial product maturity)
Largest shareholder changed to Parataxis Korean Fund IV LLC (22.08%); stock split (1→5) and rights offering completed
Signed absorption merger with Parataxis Korea Co., Ltd. (expected Oct 1, 2026)
Data security revenue rose to 2.7B from 1.98B YoY, but R&D costs led to operating loss
Debt ratio improved to 19.33%, net debt ratio remained negative
Credit rating upgraded to BBB+ (Korea Credit Rating)