Ranix: Q1 Operating Loss of KRW 2.4B, Net Loss of KRW 1.8B… Going Concern Uncertainty

Consolidated Q1 2026 revenue: KRW 1.56B (down 24.6% YoY from KRW 2.07B), operating loss KRW 2.43B, net loss KRW 1.81B.
Standalone revenue: KRW 1.56B, operating loss KRW 1.50B, net loss KRW 1.73B.
Accumulated deficit: KRW 27.53B (consolidated); not yet capital impairment but persistent losses.
2024 audit report expressed material uncertainty related to going concern (operating loss KRW 5.19B, negative operating cash flow KRW 5.47B, current liabilities exceeding current assets by KRW 8.28B).
Convertible bonds (3rd & 4th series) issued worth KRW 6.0B; complex derivative valuation.
Top 5 customers account for 86.9% of sales; high customer concentration.
R&D expenses: KRW 1.36B (87% of revenue) sustained.
Decision to liquidate Chinese subsidiary; new borrowing of KRW 1.0B from Woori Bank.