BITMAX: Q1 Operating Loss of 1.1B KRW, Capital Impairment and 14.6B KRW Digital Asset Impairment Loss
Consolidated Q1 2026 revenue of KRW 6.1B, operating loss of KRW 1.1B, net loss of KRW 16.6B (vs. prior year same period: revenue KRW 7.7B, operating loss KRW 3.4B, net loss KRW 4.4B; revenue decline and net loss widened).
Net loss surged due to a KRW 14.6B impairment loss on digital assets (Bitcoin, etc.). Held 551.238 BTC and 119,784 USDT.
Total equity negative at KRW -4.8B, fully capital-impaired. Total liabilities KRW 85.3B, borrowings and bonds KRW 81.3B (including KRW 78.9B convertible bonds).
4:1 reverse stock split (effective April 9, 2026) reduced outstanding shares from 42,777,440 to 10,694,360; capital stock reduced from KRW 21.4B to KRW 5.3B.
Post-report: decision to issue 6th convertible bonds of KRW 61.65B and a third-party allotment equity offering of KRW 6.0B.
Designated as a managed stock in March 2026 due to pre-tax losses exceeding 50% of equity in at least two of the last three years and in the most recent year.
No dividends possible due to accumulated deficit. Pending lawsuit (defendant, KRW 549M) in first trial.