Revenue KRW 21,934k (0.2B), down 98% YoY from KRW 1,019,232k. Net loss KRW 3,134,675k (includes non-cash items: stock compensation KRW 149,718k, CB amortization KRW 352,768k).
Negative equity: Total equity -KRW 749,154k (vs +KRW 2,235,803k at year-end 2025). Debt ratio -1,871.9%. Net debt to equity turned negative from 376.9%.
In March, borrowed KRW 3.5B from major shareholder and related parties at 4.6% (due Mar 2027). CB (3rd series) KRW 10B face value, conversion price KRW 3,670, put option from Apr 2027. Derivative asset KRW 472,420k.
Operating cash flow -KRW 2,259,588k. R&D expense KRW 1,797,685k (8,195.9% of revenue). Cash and cash equivalents KRW 3,157,577k (vs KRW 286,698k at prior year-end).
Passed final performance evaluation from global leading customer. In discussions with multiple global customers for mass production models. Holds 890 patents (234 filed, 656 registered).
Past 3 years revenue forecast vs actual discrepancy over 99%: 2023 forecast KRW 148.4B vs actual KRW 10.5B; 2024 forecast KRW 354B vs KRW 5.9B; 2025 forecast KRW 383.5B vs KRW 1.8B.
No dividends, no share buybacks or cancellations. No shareholder return policy.