ENplus Quarterly Report: Persistent Operating Loss and Going Concern Uncertainty Reaffirmed

Revenue KRW 6.3bn (up 50% YoY from KRW 4.2bn), operating loss KRW 0.6bn (improved from KRW 2.9bn loss)
Consolidated debt ratio 136.4% (improved from 200.5% at year-end), net loss KRW 0.6bn for the quarter
Material uncertainty about going concern: current liabilities exceed current assets by KRW 12.8bn; auditor disclaimed opinion
Liquidity plans: real estate sale, additional equity offering, debt maturity extensions
Allowance for doubtful accounts KRW 20.1bn (76.8% of total receivables), financial health risk
Many convertible bonds reclassified as short-term borrowings due to loss of maturity benefit, default risk
Largest shareholder ENP Stability Growth Fund (16.34%); KRW 50bn rights issue completed in Feb 2026