Byon: Q1 Net Loss 720M Won, Going Concern Uncertainty, Current Liabilities Exceed Assets by 9B Won

Consolidated net loss of 720M won in Q1 2026 (vs 990M loss YoY); separate net loss of 284M won
Material uncertainty about going concern: current liabilities exceed current assets by 9.06B won (consolidated) and 4.99B won (separate)
Consolidated sales of 512M won, down sharply from 1.18B won YoY (hydraulic motor 498M, bio-medical 14M)
Total borrowings 24.9B won, net debt 24.8B won, debt ratio 60.3% (high interest burden)
Accumulated deficit: consolidated 105B won, separate 98.2B won (deep capital erosion)
Outstanding convertible bonds (No.42) of 11.7B won (conversion price 500 won), dilution risk
Pending lawsuit seeking suspension of delisting decision by Korea Exchange
No share buyback, cancellation, or dividend (zero shareholder return)