Alpha AI Posts Q1 Operating Loss of 4.4B Won Amid AI Business Shift
Company changed name from Alphanox to Alpha AI in July 2025 and added AI business purposes, undergoing business transformation.
Healthcare business discontinued in September 2025; incurred discontinued operation loss of 149 million won in the period.
Consolidated Q1 2026 revenue of 12.4 billion won (decrease from 17.5 billion year-on-year, but excluding healthcare, revenue increased from 11.3 billion to 12.4 billion), operating loss of 4.4 billion won (improved from 5.5 billion loss), net loss of 6.1 billion won (improved from 7.1 billion loss).
Separate Q1 2026 revenue of 12.4 billion won, operating loss of 4.4 billion won, net loss of 5.6 billion won.
During 2025, sold subsidiaries Solgopyroelec and Solrendos, and acquired AP Holdings (new consolidation).
Issued 16th and 17th series convertible bonds (5.5 billion and 5.0 billion won) and plans to issue 15th series (9.0 billion won), continuing fundraising.
Total borrowings at period-end: 23.9 billion won (short-term 5.6 billion, long-term 9.4 billion, convertible bonds 8.0 billion), plus derivative liabilities of 5.9 billion won, indicating heavy financial burden.
Recognized intangible asset of 8.75 billion won for partnership right in Woongchon apartment project (cost 10 billion, impairment 1.25 billion).
Tax loss carryforwards of 48.1 billion won at period-end; deferred tax assets not recognized due to uncertainty of future taxable income.
Pending litigation at Seoul Central District Court for 5.3 billion won claim for repayment of purchase price, posing contingent liability.
Major shareholder changed to AI Innovation Growth Equity in September 2025, raising 5.0 billion won via rights issue.
No dividends declared due to accumulated deficits.