OpenEdges Technology: Q1 2026 Revenue Declines, Losses Widen, Debt Ratio Soars to 310%

Revenue 2.674 billion KRW, down 44% YoY (4.801 billion). License revenue 1.859 billion.
Operating loss 9.017 billion, net loss 9.135 billion, widening from net loss 6.367 billion a year ago.
Debt ratio 310.9% (end-2025: 178.5%). Total equity 9.662 billion, plummeted from 17.069 billion.
Cash and cash equivalents 2.918 billion, down from 5.923 billion. Operating cash flow -10.361 billion.
Short-term borrowings maintained at 15 billion, derivative liability (put option) 1.735 billion.
All convertible preferred shares converted to common shares in Jan 2026. Additional 20 billion KRW convertible preferred issued in April 2026.
R&D expenses 9.502 billion, 355% of revenue, continuing heavy investment.