Hanssak: 2026 Q1 Operating Loss Continues, Credit Rating Downgraded... Treasury Share Cancellation Decided

Consolidated Q1 2026 revenue: 3.52 billion KRW (down 16.2% YoY from 4.20 billion), operating loss 1.81 billion, net loss 1.93 billion (continued losses)
Corporate credit rating downgraded to BBB- by NICE (as of May 6, 2026), one notch down from BBB0 last year
Short-term borrowings increased to 9.57 billion (from 9.52 billion at year-end 2025), debt ratio rose to 34.57% (from 29.48%)
R&D expenses 1.38 billion (39.1% of revenue), continued investment in AI and cloud solutions
Board resolved on April 24, 2026 to cancel 23 treasury shares as profit cancellation (small-scale shareholder return)
Subsidiary Incom's stake diluted from 100% to 50.65% due to a rights issue in Dec 2025; consolidated results reflect this
Cash and cash equivalents decreased to 2.89 billion (from 5.02 billion); operating cash flow -2.18 billion