Chasys: Slight Revenue Growth in Q1 but Operating Cash Flow Turns Negative and Debt Ratio Rises

Consolidated revenue: 24.58 billion won (vs. 24.43 billion won, +0.6%), net income: 2.19 billion won (vs. 2.39 billion won, -8.5%)
Operating cash flow: -3.85 billion won (vs. +5.72 billion won), sharp increase in trade receivables (14.73B→23.73B) and short-term borrowings (9.99B→14.04B)
Debt ratio: 98.92% (year-end 2025: 89.64%), increased borrowings and working capital pressure
Credit rating upgrade: BBB- (from BB+ in 2025, as of April 2026)
Stock split 5:1 effective April 16, 2026; 1,750 treasury shares acquired for fractional shares, expected to be cancelled
R&D expenses: 0.29 billion won (1.2% of revenue)