Globon Continues Q1 Operating Loss of 840M Won... New Fertilizer Sales but Weak Financials
Q1 revenue 2.78B KRW (up from 2.24B in prior quarter), operating loss 0.84B KRW (vs 0.5B loss), net loss 0.77B KRW (vs 0.43B loss) – losses widened
Debt ratio 96.19% (improved from 112.73% at year-end), but accumulated deficit of 86.3B KRW (retained earnings -86.3B)\- New fertilizer by-product sales of 2.30B KRW (export); cosmetics sales 0.48B KRW
Series 5 convertible bonds (face value 4.2B KRW, conversion price 2,860 won, issued 2025.11.07) outstanding 3.97B KRW, put option exercisable from 2026.11.07
Short-term borrowings 2.16B KRW (down from 4.85B), cash and equivalents 1.42B KRW (sharply down from 5.24B)
Multiple lawsuits: 1 case as defendant (damages 0.29B), many as plaintiff (payment orders, seizures, total claim amount over 15B KRW)
Auditor (Hyundai Accounting Corp.) expressed 'material uncertainty related to going concern' in FY2024 audit opinion
CEO Han Sang-ho provided collateral of USD 6M and guarantee of USD 5M for import L/C; company pledged lease deposit receivables