LS THiRA-UTECH: 1Q26 Revenue Up 15.4% Yet Operating Loss Persists, RCPS Reduction Completed

Revenue: 1Q26 consolidated KRW 13,984mn (vs 12,123mn in 1Q25, +15.4%); operating loss KRW 2,601mn (vs loss 2,906mn, slight improvement)
Net loss: consolidated KRW 2,743mn (controlling -2,327, non-controlling -416); prior year same period controlling loss KRW 2,818mn
Total assets KRW 99,940mn, liabilities 42,449mn, equity 57,491mn (controlling 56,821, non-controlling 670)
Redeemable Convertible Preferred Shares (RCPS) debt: KRW 11,000mn + derivative liabilities KRW 10,107mn (consolidated)
FVTOCI financial assets (including Clobot shares) KRW 32,910mn; valuation loss of KRW 9,972mn recognized in 1Q
Post-reporting period: sold entire Clobot shares (Apr 28, 2026); decided to close US subsidiary THIRA CORPORATION
RCPS stock reduction (1:0.8867) completed on May 7, 2026, reducing preferred shares by 122,267
R&D expenses KRW 569mn (6.82% of revenue, before gov't subsidies of KRW 58mn)
Largest shareholder: LS Electric Co., Ltd. (31.85%); LS Group affiliation deferred until Nov 7, 2031