Continued Losses and Rising Debt, Credit Rating BB- Maintained

Q1 2026 consolidated revenue of 33.2B KRW, down 37.5% YoY from 53.0B; operating loss of 4.1B and net loss of 3.7B.
Total borrowings 71.6B KRW, net debt 53.9B, debt-to-equity ratio 292% (vs equity of 66.0B).
Corporate credit rating maintained at BB- (Korea Data, Apr 2026).
Top 3 customers account for 61% of revenue, indicating high customer concentration.
R&D expenditure of 3.1B KRW (10.86% of revenue) continued.
Convertible preferred shares and redeemable convertible preferred shares outstanding; no dividends paid.
One pending lawsuit with claim amount of 0.32B KRW.