CSACosmic: Continued Operating Loss in Q1, Listing Suspension and Litigation Risks Mount

Consolidated Q1 sales KRW 7.08bn, operating loss KRW 1.58bn, net loss KRW 2.08bn, continuing losses
Separate Q1 sales KRW 5.49bn, operating loss KRW 0.72bn, net loss KRW 1.28bn
Outstanding convertible bonds: 3rd issue (KRW 606/share), 4th issue (KRW 471/share) totaling KRW 8bn; stock options granted for 10.49mn shares (exercise price KRW 293) pose dilution risk
Ongoing lawsuits: shareholder litigation (KRW 0.3bn) and Korea Land & Housing Corp defect claim (KRW 1.0bn)
Listing suspension by KRX until lawsuit resolution, delaying equity issuance, capital reduction, and stock split
Key IP contracts (e.g., 'Josungah22') expiring end of April 2026, threatening revenue
Acquired Blueone (casino) generating KRW 10.3bn goodwill, but casino segment also loss-making (operating loss KRW 0.73bn)
Debt ratio 95.5% (consolidated), current ratio 114.6%, accumulated deficit KRW 71.2bn, weak financial health
No dividend