GNCO Reports Continued Net Loss of KRW 2.28B in Q1 2026, Going Concern Uncertainty

Consolidated Q1 2026 revenue KRW 22.50B, operating loss KRW 1.10B, net loss KRW 2.28B
Consolidated accumulated deficit KRW 84.33B, standalone KRW 85.13B; total equity maintained (consolidated KRW 126.98B)
Auditor's 2025 report highlights going concern: current liabilities exceed by KRW 39.53B, short-term borrowings KRW 71.06B vs cash KRW 2.82B
2025 rights offering KRW 11.69B (899 won, 13M shares) and 16th CB issuance KRW 10B (855 won, 3%)
March 2026 stock split decision (effective April), May 2026 third-party allotment rights offering
Debt ratio consolidated 83.2%, standalone 200.7% / net borrowing ratio consolidated 57.6%, standalone 158.8%
No dividends or share buyback/cancellation
Weak operating cash flow: consolidated KRW 1.03B, standalone KRW 0.65B (this quarter)
Related party loans: Quro Holdings KRW 11.0B, K Partners KRW 10.48B, etc.