Simplatform 1Q26: Operating Loss 23.7B, R&D Ratio 204%, Credit Rating BB

Revenue 472M KRW (up from 102M in previous quarter, seasonal pattern)
Operating loss 2.37B KRW, net loss 2.32B KRW (losses expanded from previous quarter)
R&D expenses 961M KRW (203.5% of revenue), net R&D ratio 204% after grants
Credit rating upgraded to BB from B+ (NICE D&B)
Cash & ST financial instruments 8.03B KRW, total equity 12.49B KRW (accumulated deficit 21.29B KRW)
No dividends or share buyback; 6,340 new shares issued from stock options (additional 21,421 shares after reporting date)