Satoshi Holdings Reports Q1 Consolidated Net Loss of 10.36 Billion Won; Losses Widen and Financial Structure Deteriorates

Q1 2026 consolidated revenue of 6.24 billion won (up from 4.33 billion YoY), operating loss improved to 1.44 billion (from 2.13 billion)
However, financial costs surged leading to net loss of 10.36 billion (vs 2.79 billion loss YoY)
Non-recurring factors: loss on redemption of convertible bonds (3.81 billion) and derivative valuation loss (2.38 billion)
Accumulated deficit reaches 124.64 billion won, total equity only 6.84 billion
Convertible bonds outstanding: 27.43 billion, bank loan 10 billion
High credit risk: allowance for doubtful accounts of 6.3 billion on receivables
Pending lawsuit and contingent liabilities
New businesses (drone, digital assets) under development but not yet profitable