DYD Turns Operating Profit in Q1, Debt Ratio Improves to 95.9%, Credit Rating Downgraded to B+

Quarterly revenue: 15.56 billion won (up 74.8% YoY from 8.9 billion)
Operating profit: 1.08 billion won (turned positive from -0.55 billion)
Net income: 0.28 billion won (vs -6.12 billion in prior year)
Debt ratio: 95.86% (improved from 189.28% at year-end 2025)
Equity: 17.58 billion won (up from 10.12 billion, due to capital increase)
Credit rating: B+ (down from BB-; assessed by nice d&b on Jan 29, 2026)
Change in largest shareholder: from Legtech Co., Ltd. to OULANGE TRADE LIMITED (Feb 4, 2026, via 6 billion won third-party allotment)
Ongoing litigation: 2 cases (injunction for sales ban of 12.5 million won, capital market law violation) - outcome uncertain
Collateral: land worth 2.44 billion won pledged for convertible bonds (max 2.3 billion)
Audit report: going concern uncertainty noted (capital impairment 79.9%, current liabilities exceed current assets, early redemption risk on CBs)
No dividends paid in the quarter