OBZEN's Sales Surge from Zalessia Merger, but Turns to Net Loss and Debt Ratio Rises

Consolidated revenue 13.09bn KRW (up 161% YoY from 5.01bn), standalone revenue 8.0bn (up 60%) - driven by Zalessia merger
Consolidated net loss 1.05bn KRW (vs net profit of 4mn KRW in Q1 2025), standalone net loss 0.48bn KRW
Debt ratio: consolidated 400% (397% at year-end 2025), standalone 425% (334%)
Convertible bonds and bonds with warrants total 20bn KRW classified as current liabilities; derivative liabilities 17.16bn KRW
Cash and cash equivalents: consolidated 19.14bn (down from 21.95bn), standalone 19.08bn (up from 9.05bn)
Launched Agentic AI platform 'Obzen Quasar' and first supply to KB Kookmin Card project
Completed merger with Zalessia (Feb 24, 2026) - strengthens full-stack AI data platform capabilities
New major order: Gyeongnam Bank hyper-personalized marketing system construction (1.97bn KRW)
R&D expenses 1.12bn KRW (8.5% of revenue)
Credit rating maintained at BB0 (NICE D&B)