GITSN: Q1 Loss Continues, Debt Ratio Rises, Cash Declines

Q1 2026 revenue: 2,460M KRW (up from 2,189M in prior year), operating loss 1,890M, net loss 1,871M; losses persist.
Debt ratio 189.54% (up from 155.28% at year-end), cash 1,223M (down from 3,351M).
Accumulated deficit 33,627M, total equity 6,028M.
Short-term borrowings 2,950M, long-term 580M, convertible bonds 860M (partially converted).
R&D expenses 696M (28.3% of revenue).
Completed SPAC merger in July 2025, listed on KOSDAQ.
New products Alpha-V and Alpha-L under development (target completion 2026).
No dividends (accumulated losses).