ANP Posts Q1 2026 Consolidated Operating Loss of KRW 1.1B…Narrowing Losses, Financial Structure Improvement Needed

Q1 2026 consolidated revenue KRW 27.8B (down 8.9% YoY), operating loss KRW 1.1B (narrowed from KRW 2.2B loss), net loss KRW 2.7B (narrowed from KRW 3.9B).
Separate basis: operating profit of KRW 0.7B (turned positive), but net loss of KRW 0.9B continued.
In Feb 2026, issued 2,000,000 new shares via rights issue, increasing capital by KRW 1.0B; share premium decreased slightly.
Issued 26th series unsecured private bond of KRW 0.88B (coupon 7.36%) for working capital.
Consolidated net debt ratio rose to 73.31% (from 70.71%), total borrowings KRW 53.9B, cash and equivalents KRW 2.4B.
Subsidiary Woojin's capital erosion deepened (equity -KRW 34.4B); Studio2046 remained slightly profitable.
Operating cash flow turned negative to -KRW 1.8B (vs +KRW 2.4B in prior year).
Allowance for doubtful accounts on trade receivables maintained at KRW 1.2B (6.5% loss rate).
Incurred tax penalty of KRW 0.13B from 2022 corporate tax audit.
Outstanding convertible bond (KRW 9B, conversion price KRW 500) poses potential dilution.