Stacolink: Capital Impairment, Continuing Operating Losses, and Delisting Risk
Consolidated total equity negative at -853 million KRW, capital impairment continues (debt ratio -2,319.6%)
Operating loss of 1.01 billion KRW, net loss of 0.86 billion KRW in Q1 2026 (vs operating loss of 1.68 billion KRW and net loss of 1.96 billion KRW in Q1 2025)
Audit opinion for FY2025: 'disclaimer of opinion', going concern uncertainty
Stock trading suspended since April 2025, delisting review in progress
Allowance for doubtful accounts ratio on receivables at 88% (38.5 billion KRW out of 43.8 billion KRW total)
Subsidiary Taigon Mobile continues to have negative net equity
Multiple pending lawsuits (injunction against delisting, wage claims, model fees, etc.)
Rights offering decided in March 2026 (2,186,987 shares at 1,829 KRW per share)